RIA News

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Fisher Investments moving headquarters to Texas from Washington state
RIAS RIA NEWS MAR 27, 2023
Fisher Investments moving headquarters to Texas from Washington state

Its decision follows a ruling Friday by the Washington State Supreme Court allowing the state to impose a capital gains tax.

By InvestmentNews
Franklin Templeton makes ESG hire from CalPERS
ADVISOR NEWS RETIREMENT PLANNING MAR 27, 2023
Franklin Templeton makes ESG hire from CalPERS

James Andrus had been at the pension system since 2014 and most recently served as its interim managing investment director for sustainable investing.

By Emile Hallez
John Hancock Retirement taps industry veteran Wayne Park as CEO
ADVISOR NEWS RETIREMENT PLANNING MAR 27, 2023
John Hancock Retirement taps industry veteran Wayne Park as CEO

Park will lead the company's US retirement plan and record-keeping unit, overseeing all aspects of the business.

By Gregg Greenberg
LPL adds $220 million team from Cadaret Grant
ADVISOR NEWS INDEPENDENT BROKER DEALERS MAR 27, 2023
LPL adds $220 million team from Cadaret Grant

Bellevue, Washington-based SC Financial Group was founded in 2008 and has four advisors.

By InvestmentNews
Green funds have run out of ‘investible’ assets, Impax CEO says
RIAS RIA NEWS MAR 27, 2023
Green funds have run out of ‘investible’ assets, Impax CEO says

Without more green investments, the likelihood of avoiding the worst impacts of climate change becomes increasingly remote, according to the IPCC.

By Bloomberg
First Citizens to buy Silicon Valley Bank after run on lender
ADVISOR NEWS REGULATION AND LEGISLATION MAR 27, 2023
First Citizens to buy Silicon Valley Bank after run on lender

The deal transforms North Carolina-based First Citizens into one of the top 15 U.S. banks, as it buys about $72 billion of SVB's assets at a discount of $16.5 billion.

By Bloomberg
Look before leaping onto platforms offering elevated FDIC-insured deposits
RIAS RIA NEWS MAR 24, 2023
Look before leaping onto platforms offering elevated FDIC-insured deposits

Fintech firms are falling over themselves to court cash deposits, with both Betterment and SoFi announcing expanded FDIC coverage over the past week.

By Jeff Benjamin
American Funds gets the trophy at Lipper Awards
INVESTING EQUITIES MAR 24, 2023
American Funds gets the trophy at Lipper Awards

In the economic aftermath of the pandemic, some strategies performed better than others.

By Emile Hallez
Retirement plan coverage at small firms heading higher: Study
ADVISOR NEWS RETIREMENT PLANNING MAR 24, 2023
Retirement plan coverage at small firms heading higher: Study

Companies are also likely to add financial wellness benefits, such as emergency savings funds, over the next few years, according to experts polled by Transamerica.

By InvestmentNews
How stocks of wealth management firms are holding up this year
INVESTING EQUITIES MAR 24, 2023
How stocks of wealth management firms are holding up this year

Focus Financial is going private. There’s a banking crisis. What has the impact been on these companies?

By Bruce Kelly and Jeff Benjamin
UBS, Credit Suisse among banks facing US probe into Russia sanctions
ADVISOR NEWS WIREHOUSES MAR 24, 2023
UBS, Credit Suisse among banks facing US probe into Russia sanctions

As the Justice Department investigates whether financial professionals helped Russian oligarchs evade sanctions, subpoenas also went to employees of some major US banks.

By Bloomberg
Citi sues advisor who jumped to Morgan Stanley over $636 million book
RIAS PRACTICE MANAGEMENT MAR 24, 2023
Citi sues advisor who jumped to Morgan Stanley over $636 million book

Citi alleges Steven Taub is violating a 12-month nonsolicitation agreement and has already convinced clients to move more than $100 million.

By Bloomberg
Assessing risks, opportunities in transition to a more sustainable economy
ADVISOR NEWS OPINION MAR 23, 2023
Assessing risks, opportunities in transition to a more sustainable economy

Analysis of ESG factors is a tool that helps investment managers do a better job of evaluating the opportunities and risks arising from global sustainability challenges.

By Ian Simm and Joe Keefe
Wealthspire Advisors acquires Heron Wealth
RIAS RIA NEWS MAR 23, 2023
Wealthspire Advisors acquires Heron Wealth

New York City-based Heron oversees $300 million in assets and is led by president David Edwards.

By InvestmentNews
Former advisor, financial planner charged with defrauding NBA players
RIAS PRACTICE MANAGEMENT MAR 23, 2023
Former advisor, financial planner charged with defrauding NBA players

Four people face federal indictments in the scheme, and the former advisor is being charged by the SEC.

By Emile Hallez
SEC’s dive into messaging apps poses new compliance challenge
ADVISOR NEWS FINTECH MAR 23, 2023
SEC’s dive into messaging apps poses new compliance challenge

The agency's document requests seek details on how firms monitor, review and retain 'off-channel' communications — all the way up to the senior executive level.

By Mark Schoeff Jr.
Crack appears in First Republic wealth management business
RIAS PRACTICE MANAGEMENT MAR 23, 2023
Crack appears in First Republic wealth management business

Vishal Bakshi, an advisor who reportedly has $1.5 billion in client assets, left to join Morgan Stanley late last week, after signing on at First Republic less than a year ago.

By Bruce Kelly
Sanctuary adds Morgan Stanley team overseeing $170 million
RIAS RIA NEWS MAR 23, 2023
Sanctuary adds Morgan Stanley team overseeing $170 million

Columbus, Ohio-based Matthew Terwilliger and his team will operate as Iterhic Wealth Advisors.

By InvestmentNews
FDIC moves bid deadline for Silicon Valley Private Bank to Friday
RIAS RIA NEWS MAR 23, 2023
FDIC moves bid deadline for Silicon Valley Private Bank to Friday

Bids are also still due Friday for the so-called bridge bank that the FDIC set up this month to seize the assets and liabilities of Silicon Valley Bank.

By Bloomberg
GeoWealth investment platform expands down-market with deal for First Ascent
RIAS RIA NEWS MAR 23, 2023
GeoWealth investment platform expands down-market with deal for First Ascent

The First Ascent Asset Management TAMP will operate as a separately branded subsidiary of GeoWealth.

By Jeff Benjamin