Net flows to long-term responsible funds quadrupled in 2019 to $20 billion, from $5 billion in 2018, and continued to grow during the first half of 2020 to reach $21 billion, according to a report by Broadridge Financial Solutions.
The report also found that 68% of environmental, social and governance assets in the U.S. are now in actively managed funds. Flows into ESG active equity funds during the 12 months ending in August reached 10% of average fund assets in the U.S.
According to a separate survey by Broadridge of more than 400 financial advisers, 81% of wirehouse advisers have assets in ESG products today, followed by those in the independent broker-dealer (68%) and registered investment advisory (60%) channels.
Twenty-four percent of financial advisers reported that they saw an increase in client interest in ESG as a result of the COVID-19 pandemic.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
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
