The average account balances in self-directed brokerage accounts within retirement plans such as 401(k)s held at Charles Schwab & Co. grew by 19% in 2019, to $294,105.
Asset allocation in those accounts remained largely the same over last year, according to a recent company report, with participants holding the largest portion of their assets in the form of mutual funds (37%), followed by equities (29%), exchange-traded funds (19%), cash (12%) and fixed income (3%).
Information technology dominated equity sector holdings (27%), with Apple continuing as the top overall equity holding, at 11%. The other equity holdings in the top five include Amazon (5.5%), Microsoft (2.6%), Berkshire Hathaway (2.4%) and Facebook (1.6%).
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
