William Galvin wins again in Massachusetts

William Galvin wins again in Massachusetts
In a primary race that turned ugly in the final weeks, the state's secretary of the commonwealth handily defeated his challenger.
SEP 06, 2018

The odds increased earlier this week for Massachusetts Secretary of the Commonwealth William Galvin to continue to be a thorn in the side of the securities industry for another four years. That's because Mr. Galvin, who has held the office since 1994, fended off a challenge from Boston City Councilor Josh Zakim in a Democratic primary race that turned caustic in its closing weeks, according to a report by the Associated Press on Boston.com. Mr. Galvin, 67, earned the ire of of many senior executives at broker-dealers across the country by taking an aggressive stance on securities regulation, imposing fines and taking legal actions against high-profile firms, both during and after the financial crisis. Over one 12-month period six years ago, he ordered fines totaling at least $56 million against broker-dealers. In June, Mr. Galvin's future appeared to be in question. He lost a vote for the state Democratic Party's endorsement during its convention. At the time, Mr. Galvin seemed confident he would win the primary. He noted that he had lost the state's Dmocratic endorsement twice in the past only to win the general election, where his appeal is broader. And he easily defeated Mr. Zakim earlier this week. With 641,224 votes cast, Mr. Galvin won 68% to Mr. Zakim's 32%, according to an unofficial tally posted by the New York Times. In the November general election, Mr. Galvin will face Republican Anthony Amore, the director of security at Boston's Isabella Stewart Gardner Museum. Mr. Galvin was not available to comment Thursday morning because he was involved in the recount of a Democratic House of Representative district, said Debra O'Malley, a spokesperson for the office of the Secretary of the Commonwealth.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.