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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
