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The latest in financial #AdviserTech — July 2022
This month's roundup looks at Schwab's $187 million settlement with the SEC, Bento Engine's funding round, and RIA In A Box's launch of a RolloverAnalyzer solution.
Adviser helps millennials save for retirement — and see the world along the way
Richard Cooke has found a niche serving clients just like himself — millennials who love to travel.
Signs of stability, finally, at Wells Fargo Advisors?
Annualized revenue per financial adviser increased at Wells Fargo Advisors, according to second-quarter earnings, even though the market tanked during the first half of this year.
Hiring of financial advisers slows at First Republic in Q2
The bank's wealth management division has added just one team of advisers since mid-April, but it continues to see growth in new customers.
‘Following the money’ not so easy in a world of remote work
Remote work could be a double-edged sword for advisers in cities poised for growth in population and wealth, providing a local opportunity on one hand, but new competition from virtual advisers on the other.
Fidelity’s outgoing RIA boss, David Canter, joining Bluespring Wealth as president
After a decade at Fidelity, Canter will take over leadership of Bluespring, the RIA roll-up subsidiary of Kestra Holdings, with a focus on M&A, firm strategy and organic growth.
Edelman Financial Engines names new head of technology
One of the largest investment advisers in the U.S. has promoted a relative newcomer to oversee the firm’s technology.
Finra bars would-be brokers for cheating on online qualification exams
It's the first time the regulator has taken an enforcement action related to remote test taking.
Expand, extend client relationships with communication amplifying trust, values
The post-Covid economy serves up an array of new opportunities for women advisers to win and keep clients, according to speakers at the Women Adviser Summit in Denver.
Virginia credit union program exits CUNA for Ameriprise
The five-adviser, $335 million unit rebrands as VACU Investment Group.
Integrated Partners hires former BNY Mellon CIO
Stephen Kolano will head investments for the firm’s integrated family office.
Tom Naratil to leave UBS
Iqbal Khan, who had served as co-president of Global Wealth Management with Naratil, was promoted to president. Naureen Hassan will succeed Naratil as president of UBS Americas.
Schwab enhances digital onboarding to support multiple account opening
The latest update to Schwab Advisor Services' digital onboarding technology lets independent financial advisers open and fund up to 10 new client accounts in a single workflow.
Diversifying investment firms’ supply chains poses challenges
Large investment firms make big diversity promises but overall fail to convert those promises to structured spending with women- and minority-owned firms.
David Canter to exit Fidelity’s RIA custody business
The popular Fidelity exec has been in charge of the firm's registered investment adviser business since 2017, and has worked for Fidelity since 2009.
Lawyer for alleged Philly fraud settles with the SEC
The attorney, John W. Pauciolo, provided the legal approval for years of commercials advertising the unregistered Par Funding investments.
UBS considers promoting Khan to sole wealth management head
The move would potentially position Iqbal Khan as the eventual successor to CEO Ralph Hamers.
Statement shock is the beginning, but longevity may be clients’ biggest risk
Longer lifespans increase the chance that your clients will outlive their money or have to drastically downgrade their lifestyle.
Envestnet acquires fee and billing fintech Redi2 Technologies
The acquisition brings more than 700 RIAs using Redi2's billing and invoicing software, BillFin, into the Envestnet ecosystem.
The advantage of tiering your advisory fees
The AUM fee model works well in rising markets, but when markets begin to decline, the model means revenues are falling as the needs of clients increase.
