Practice Management

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The decline of internal succession in the age of integrators and aggregators
OPINION SEP 14, 2022
The decline of internal succession in the age of integrators and aggregators

Remember that almost any carefully developed plan is going to be better for your family, employees and clients than to have no plan in place at all.

By Pat McClain
Wells Fargo plans third-party racial equity audit
PRACTICE MANAGEMENT SEP 14, 2022
Wells Fargo plans third-party racial equity audit

The announcement that the bank hired law firm Covington & Burling to do an assessment comes as CEO Scharf prepares to appear at a pair of congressional hearings.

By Bloomberg
Merrill Lynch boosts CFP Board diversity efforts with $1.25 million donation
PRACTICE MANAGEMENT SEP 13, 2022
Merrill Lynch boosts CFP Board diversity efforts with $1.25 million donation

The firm becomes a founding sponsor of the Center for Financial Planning, whose mission is to build a more inclusive talent pipeline.

By Mark Schoeff Jr.
Investors see inflation as top concern
EQUITIES SEP 13, 2022
Investors see inflation as top concern

Research from State Street Global Advisors exposes a generational divide when it comes to seeking out financial advice.

By Jeff Benjamin
New foundation offers startup grant to aspiring women advisers
PRACTICE MANAGEMENT SEP 13, 2022
New foundation offers startup grant to aspiring women advisers

A new grant to help women launch their own advisory firm is offered by a foundation honoring an adviser who died young

By Joanne Cleaver
Bank of America forms wealth management banking and lending group
PRACTICE MANAGEMENT SEP 13, 2022
Bank of America forms wealth management banking and lending group

The new organization, which comprises about 3,500 employees, seeks to expand the firm's offerings for affluent clients increasingly sought by rivals.

By Bloomberg
Goldman plans to eliminate several hundred positions in new round of job cuts
PRACTICE MANAGEMENT SEP 13, 2022
Goldman plans to eliminate several hundred positions in new round of job cuts

The reductions are a resumption of Goldman’s annual culling cycle that it had largely paused during the pandemic.

By Bloomberg
How women advisers can create white space for new ideas
OPINION SEP 12, 2022
How women advisers can create white space for new ideas

Staying busy may seem like the path to success, but without time to reflect, advisers could be using their time and energy on the wrong things.

By Kristine McManus
AmeriFlex RIA acquisition model aims to keep sellers on board
PRACTICE MANAGEMENT SEP 12, 2022
AmeriFlex RIA acquisition model aims to keep sellers on board

The aggressive startup has plans to acquire more than 300 RIAs within three years, and its model even includes an option to reverse the sale of an RIA.

By Jeff Benjamin
Tax ‘advice’ more important than ever
PRACTICE MANAGEMENT SEP 12, 2022
Tax ‘advice’ more important than ever

Advisers who help business-owner clients steer clear of possible tax traps in coming years will be performing a service unlikely to be forgotten.

By InvestmentNews
SEC orders 9 advisory firms to pay more than $1 million for custody violations
PRACTICE MANAGEMENT SEP 09, 2022
SEC orders 9 advisory firms to pay more than $1 million for custody violations

The firms managed private funds and fell short of custody compliance by failing to give investors audited financial statements about the funds.

By Mark Schoeff Jr.
Finra cuffs another broker-dealer over GPB sales
ALTERNATIVES SEP 09, 2022
Finra cuffs another broker-dealer over GPB sales

The actions outlined in Finra settlement with Sanctuary predate Sanctuary’s acquisition of David A. Noyes, a company spokesperson notes.

By Bruce Kelly
Finra penalizes Long Island B-D $1 million for churning
PRACTICE MANAGEMENT SEP 08, 2022
Finra penalizes Long Island B-D $1 million for churning

Excessive trading in clients' accounts at Joseph Stone Capital occurred from January 2015 to June 2020, according to Finra.

By Bruce Kelly
Smaller RIAs weathered the pandemic better than larger firms, DeVoe reports
PRACTICE MANAGEMENT SEP 08, 2022
Smaller RIAs weathered the pandemic better than larger firms, DeVoe reports

The key to success is maintaining employee connections and getting people back to the office.

By Jeff Benjamin
Putnam hires ESG leader from BofA
PRACTICE MANAGEMENT SEP 08, 2022
Putnam hires ESG leader from BofA

Jackie VanderBrug has been appointed Putnam’s head of sustainability strategy, reporting to CEO Robert Reynolds.

By Emile Hallez
CFP Board revokes 7 designations in latest round of sanctions
PRACTICE MANAGEMENT SEP 07, 2022
CFP Board revokes 7 designations in latest round of sanctions

The CFP Board announced public sanctions on 33 individuals Tuesday, including seven who have lost the right to use the CFP designation.

By Ryan W. Neal
Ameriprise terminates adviser in Texas
PRACTICE MANAGEMENT SEP 07, 2022
Ameriprise terminates adviser in Texas

Dusty Sternadel of Wichita Falls was fired for misappropriating funds, according to her BrokerCheck record.

By InvestmentNews
Why doesn’t mentoring seem to work?
PRACTICE MANAGEMENT SEP 06, 2022
Why doesn’t mentoring seem to work?

Employers reflexively promote mentoring to cultivate diverse talent, but metrics have been scarce — until now.

By Joanne Cleaver
Eric Heaton joins Rockefeller to head strategy
PRACTICE MANAGEMENT SEP 06, 2022
Eric Heaton joins Rockefeller to head strategy

The former Morgan Stanley executive will expand the firm's product offerings.

By InvestmentNews
Accusations intensify in Wendy Williams' fight with Wells Fargo
PRACTICE MANAGEMENT SEP 06, 2022
Accusations intensify in Wendy Williams' fight with Wells Fargo

An attorney who formerly represented the TV talk show host claimed that Williams was 'left to die' by her adviser at Wells Fargo and her former business manager.

By Bruce Kelly