Allison Herren Lee has been named acting chair of the Securities and Exchange Commission by President Joe Biden. Lee has served as an SEC commissioner since 2019.
Biden has nominated Gary Gensler, the former chairman of the Commodity Futures Trading Commission, to serve as SEC chairman, but that nomination must be approved by the Senate.
Former SEC Chairman Jay Clayton departed on Dec. 23. Former President Donald Trump had appointed a Republican commissioner, Elad L. Roisman, as acting chairman on Dec. 28.
Roisman and the other two members of the SEC, Hester Peirce and Caroline Crenshaw, issued a statement congratulating Lee. “We look forward to continuing our work together to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation,” they said in the statement.
Before becoming a commissioner, Lee had been a member of the SEC staff for more than 10 years, serving as counsel to former commissioner Kara Stein and working in the enforcement division.
Meanwhile, LPL attracted a five-advisor team managing $380 million in Kansas, while a veteran with stripes from Morgan Stanley, UBS, and Fidelity has joined Prime Capital Financial.
At Goldman Sachs’ RIA conference, Dynasty’s Shirl Penney said an AI clone trained on his emails and speeches could be the first of “hundreds of digital employees.”
The top-ranked RIA by total AUM continues to scale its wealth management arm, bringing its Pennsylvania presence to five offices.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
Chicago Partners Wealth Advisors is helping shape the platform's product roadmap after switching from a legacy system.
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
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
