Waning confidence in banks creates opportunity for advisors to manage clients’ cash
Just 59% of households surveyed indicate they're confident about the stability of the banking system, creating a tailwind for fintechs that help advisors offer cash management.
Finra fines 5 brokerages $185,000 for Reg BI, Form CRS violations
The actions illustrate Finra’s continuing crackdown on compliance shortcomings related to the conduct standard that was implemented in June 2020.
Efforts to sway public opinion on ESG aren’t working, survey suggests
A Gallup poll shows that people's familiarity with ESG and views about it might not have been affected by the culture wars.
Education still seen as important even as 529 awareness drops
The portion of respondents who correctly identified a 529 plan as an education savings tool came in at its lowest level since 2020, an Edward Jones survey shows.
Sales of nontraded REITs remain weak in April
Nontraded real estate investment trusts reported $485 million of sales in April, the lowest level since August 2020, according to Stanger.
Merit notches 19th deal since taking PE capital
The acquisition of Planned Futures, which manages $460 million, expands Merit's footprint in Pennsylvania.
Swiss Re quits net zero group
The world's second-largest reinsurer is now the fourth major company to walk away from the Net Zero Insurance Alliance.
Team managing $475 million jumps to RayJay from Ameriprise
The three advisors operate as Leeward Financial Group in Lighthouse Point, Florida.
Top-earning CEOs at broker-dealers in 2022
Chief executives at leading brokerage and advisory firms are earning more money than ever. Here are the numbers on last year’s compensation for some of the highest-profile executives.
Orion CEO Eric Clarke announces retirement plans
Clarke informed the company's board of directors that he plans to step down at the end of the year.
Insurers take heat from shareholders over oil and gas coverage
Resolutions asking companies to phase out coverage for new projects aren't doing as well as those pushing insurers to disclose plans for their climate goals.
JPMorgan raises year net interest income view to $84 billion due to First Republic deal
The biggest US bank said the integration costs tied to the acquisition would total about $3.5 billion, about half of which will be borne this year.
Merrill Lynch continues management reshuffle
The executive team under Lindsay Hans and Eric Schimpf is taking shape; Ken Correa takes on an expanded role as head of business and client development, while Erik Vatter was named head of advisor development.
Income Lab launching retirement stress test tool for advisors
Key features of the test include the ability to see how a retirement plan would perform through real historical scenarios such as the Great Depression, 1970s stagflation, the dot-com bubble and the global financial crisis.
BNY Mellon ups its cash management game
Its expanded LiquidityDirect platform provides access to various short-term cash management funds, strategies and even community banks.
Survey shows inflation increases retirement savings worries
The American Council of Life Insurers included questions in the poll that it says show a DOL fiduciary rule would hinder access to retirement advice.
Wells Fargo team with $240 million in assets goes indie with LPL
Bruce Pienton and Scott O’Mara launch Bridgewright Wealth Partners in Grand Rapids, Michigan.
Florida firm overseeing $1.2 billion joins Commonwealth
Jacksonville-based Aegis Consulting includes principals Michael Cirino and Alexander Harrison, along with 11 advisors.
Finra arbitrators order Fidelity to pay options trader nearly $4 million
The dispute revolved around an account that was liquidated following the sharp market downturn at the beginning of the Covid pandemic.
Here are the top 3 candidates to replace Gorman as Morgan Stanley CEO
Andy Saperstein, Ted Pick and Dan Simkowitz are thought to be executives in the running to succeed James Gorman, who says he will step down in the next 12 months.
