Schmoozing clients stuck in lockdown can be a thankless task, what with virtual meetings plagued by glitchy audio, childcare intrusions and the monotony of the ubiquitous bookcase in the background.
A U.S. watchdog has some good news.
The Financial Industry Regulatory Authority Inc., which oversees Wall Street brokers, said it would allow bankers and traders to expense meals as entertainment costs even if they’re just hosting an online get-together.
Finra’s strict limits on gifts have always included an exemption for entertainment, which typically means restaurant excursions. So what happens in a video-only world?
“A key distinction between gifts and business entertainment is that the latter involves an associated person of a member personally hosting employees of institutional customers,” Finra said in a notice on its website this week. For virtual business-entertainment events or meetings, the authority said it would view food and beverage costs as exempt from its $100 gift limits.
Finra’s only request: The host shouldn’t set up a video call, order the meal and disappear. Fancy care packages to cheer up clients are still prohibited.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
