Results for "registered investment advisers (RIA)"

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Edelman Financial Engines is bringing financial planners to small 401(k) plans

September 20, 2019

Edelman Financial Engines is bringing financial planning to participants in small 401(k) plans over the next six months as the advisory firm emerges from its recent integration and seeks to expand distribution. The firm will leverage a recently...

Are 401(k) advice fees headed to zero?

September 19, 2019

Vanguard Group has thrown down the gauntlet on costs for 401(k) managed accounts. InvestmentNews reported Wednesday that the asset manager plans to launch a digital-only financial planning and automated investing service for 15 basis points....

Rockefeller Capital buys wealth firm for Silicon Valley rich

September 18, 2019

Rockefeller Capital Management, the wealth adviser led by former Morgan Stanley executive Greg Fleming, is boosting its Silicon Valley credentials. The firm that traces its roots to oil baron John D. Rockefeller agreed to acquire Financial Clarity,...

Private-equity firm acquires stake in Mercer Advisors

September 17, 2019

Private-equity firm Oak Hill Capital is buying a stake in Mercer Advisors, a registered investment adviser with $16.5 billion assets under management, from current owners Genstar Capital and Lovell Minnick Partners. When Genstar first invested...

Wells Fargo reps managing $575 million to open RIA

September 17, 2019

Sarah Berry and Michael Machnowski, two veteran brokers who managed $575 million with Wells Fargo Advisors, are leaving the firm to open The Berry Group, a fee-only registered investment advisers in Worcester, Mass. [More: See more adviser moves...

Vanguard offers new framework for financial advice

September 16, 2019

Vanguard Group issued a new framework for financial advice Monday that's meant to assess the overall value of advice by looking more holistically at the end result for clients beyond what Vanguard considers to be the industry norm. The framework...

RIA takes dispute with Fidelity to the Supreme Court

September 16, 2019

A defunct registered investment adviser and two former clients locked in a legal battle with Fidelity Investments are appealing their case to the U.S. Supreme Court. The petition involves allegations by now defunct AER Advisors that Fidelity...

SEC charges RIA with fiduciary failures

September 16, 2019

McDermott Investment Advisors and chief executive Dean McDermott have been charged by the Securities and Exchange Commission with defrauding clients by charging improper transaction costs related to unit investment trusts. According to the civil...

RIAs put marketing, technology and growth on the docket for 2020

September 13, 2019

As the year closes in on the fourth quarter, some financial advisers are ramping up plans to become more competitive in 2020. And for most, it's not the financial markets or the outlook for the economy they're focusing on. "Economic cycles will...

Advisers have much to learn about next generation clients

September 12, 2019

Millennials remain largely underserved by the financial advice industry, and it may not be due to their disinterest in working with advisers. Instead, advisers may be underestimating the opportunity and misunderstanding the needs of millennials....

Schwab to cut 600 jobs in 'challenging' economic climate

September 11, 2019

Charles Schwab Corp. said it is cutting 600 jobs, or about 3% of the workforce, as the San Francisco-based broker-dealer and wealth advisory firm faces "an increasingly challenging economic environment." "These actions are a prudent step to...

Social media savvy advisers meet in real life at new conference

September 11, 2019

Scottsdale, Ariz., a seasonal town that is ideal for baseball and golf three-quarters of the year, but unsuitable for human life in the summer, was home this week to Wealth/Stack, a new financial adviser conference that promises to "bridge the...

$1 billion team becomes part of fast-growing Atria

September 11, 2019

Schorn Wealth Management, a $1 billion Pennsylvania-based advisory firm, announced today it is joining Sorrento Pacific Financial, a wholly-owned subsidiary of Atria Wealth Solutions. [More:​ See more adviser moves in InvestmentNews' Advisers...

SEC sued by seven states to kill Reg BI investment-advice rule

September 10, 2019

Seven states and the District of Columbia sued the Securities and Exchange Commission and agency Chairman Jay Clayton to overturn an investment-advice rule that is meant to overhaul how brokers work with their clients but that plaintiffs claim...

LPL fired Mark Lamkin. Now he's fighting back

September 10, 2019

LPL Financial fired Mark Lamkin last year. Now the Louisville, Ken.-based adviser is fighting for his professional life. After Mr. Lamkin faced allegations in August 2018 that he received loans from clients, failed to disclose outside business...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

When strong performance sends ETF investors to the exits

September 6, 2019

In the latest sign of growing investor caution, strong performance is not enough to keep assets from moving out of some focused exchange-traded funds. For example, the $105 million Amplify Traditional Data Sharing ETF (BLOK) is up 21.5% from...

Mercer acquires $100 million Albuquerque-based RIA

September 5, 2019

Mercer Global Advisors has acquired Sage Future Financial, a registered investment adviser managing $100 million in Albuquerque, N.M. [More: Lightyear's Wealth Enhancement Group acquires $1 billion RIA] Sage serves approximately 45 high-net-worth...

Testing the breakaway waters

September 4, 2019

Breakaway, transition, "going indie" — no matter how you characterize it, a wave of financial advisers is moving away from traditional wirehouses and big-name brokerage firms in favor of launching or joining more independent-minded businesses....

'Shark Tank' for RIA fintech looking for new investments

September 4, 2019

ScratchWorks, an accelerator for financial technology targeting the independent adviser market, is launching its third annual program to identify innovative startups worthy of investment. Applications are being accepted from entrepreneurs to...

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