Results for "registered investment advisers (RIA)"

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Broker-dealer CEO sees rapid escalation of brokers abandoning commissions in favor of fees

November 9, 2018

The chief executive of a leading independent broker-dealer is seeing a rapid escalation of brokers abandoning commissions in favor of charging clients annual fees. Wayne Bloom, the CEO of Commonwealth Financial Network, said these brokers are...

USAA retreats from asset management business with $850 million sale to Victory Capital

November 8, 2018

After several years of celebrated efforts to expand the distribution of its investment products beyond its loyal membership base of veterans and active-duty military members, USAA has found a solution in selling the $69.2 billion asset management...

Increase of enforcement cases against RIAs, advisers suggest compliance may need a boost

November 3, 2018

When it comes to stereotypes about advice industry participants, investment advisers often wear the white hats. But the 2018 enforcement report from state securities regulators may put a dent in that image. The report shows that in 2017, for...

New Schwab adviser technology chief Andrew Salesky brings veteran pressure to his team

November 3, 2018

If Andrew Salesky, head of adviser technology at Charles Schwab, is in the hot seat, he's not showing it. The Schwab veteran, who took up his latest post in June, possesses an unexpected calm as he talks about Schwab's efforts to convince its...

Chief operating officers lift advisory firms to the next level

November 2, 2018

If you're not sure whether your advisory firm is ready to hire a chief operating officer, it probably is. While COOs are often dismissed as simply an added expense, adding one can be a key ingredient in helping a firm grow to the next level,...

SEC enforcement actions involving advisers jump in 2018

November 2, 2018

Securities and Exchange Commission enforcement actions involving registered investment advisers and investment companies increased 31.7% for its fiscal year ending in September, according to the SEC enforcement division report on its annual...

SEC panel pushes strengthening Regulation Best Interest, in line with a fiduciary duty

November 1, 2018

The Securities and Exchange Commission's Investor Advisory Committee is pushing to "strengthen and clarify" rules requiring broker-dealers to act in the best interest of investors, potentially sharpening the rules to take the form of a fiduciary...

David Bach and Ric Edelman lock horns in cease-and-desist tit-for-tat

October 31, 2018

With financial services industry consolidation hitting record levels, it's only logical that breakups will also become more common, and some breakups are messier than others. The latest example is the ongoing tit-for-tat between David Bach and...

Advisers carve wealth management unit out of $16 billion asset manager

October 30, 2018

The wealth management ranks inside Madison Investment Advisors have gotten a little thinner after veteran advisers Walter Dewey and Benjamin Dickey spun off last week, along with $400 million in client assets, to launch their own firm, Resonant...

LPL recruits $800 million advisory business from Signator

October 30, 2018

LPL Financial has recruited Seattle First Asset Management from Signator Investors. Seattle First, which has $800 million worth of brokerage and advisory assets, was founded in 2012 by Steven Jones, who stated that the transition to LPL is designed...

Top lessons learned during a breakaway transition

October 30, 2018

More than two years ago, our team began to explore whether the registered investment adviser platform was better for us than the independent broker-dealer world we were in. Although business was good, we felt it would be beneficial to learn...

Schwab reassures RIAs its brokerage advertising won't take business away from them

October 29, 2018

Charles Schwab Corp. chief executive Walt Bettinger tried to reassure registered investment advisers who custody their assets with the firm that its advertising push for brokerage clients isn't taking business away from them. During the opening...

Schwab makes greater effort to help smaller RIAs

October 26, 2018

Schwab Advisor Services ran the numbers and realized smaller advisory firms can represent a bountiful future for the $1.3 trillion custody business. With that in mind the nation's largest custodian has been ramping up its new Center of Excellence...

For first time, state regulators pursue more cases against RIAs than against broker-dealers

October 24, 2018

Strong growth in the number of registered investment advisory firms brings with it the greater likelihood that they'll be enforcement targets, recent state statistics show. In its 2018 enforcement report, the North American Securities Administrators...

Wealth Enhancement Group buys second Philly-area RIA in as many months

October 23, 2018

The buying spree continues at Wealth Enhancement Group as the $9.7 billion Minneapolis-based hybrid firm agreed to acquire its ninth independent advisory firm in the past five years. The most recent deal, announced Tuesday, involves GDM Advisory...

RIA firm valuations climbing, but not yet back to 2008 levels

October 22, 2018

A dearth of formal succession plans combined with record-level equity markets continues to drive consolidation among registered investment advisers. An analysis by DeVoe & Co. of third-quarter acquisition activity shows RIAs are being purchased...

Market volatility brings alternative investments back into focus

October 19, 2018

At least on paper, it should be easy to make the case for allocating portfolio assets toward more alternative strategies designed to reduce some of the risk imbedded in a 10-year bull market for stocks. Reality, however, shows that investors...

RIA consolidation on pace for sixth straight record year

October 18, 2018

The pace of consolidation among registered investment advisers slowed slightly during the third quarter but remains on track for a sixth consecutive record year. The latest report from Echelon Partners counted 43 RIA acquisitions during the...

LPL and Independent Financial Partners lose $10 billion retirement group

October 18, 2018

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which...

Cheap is great; free will usually cost you

October 17, 2018

There is a basic, fundamental foundation upon which all of economics is built: Everything has a cost. The effort to get around this concept is described informally by the phrase "there's no free lunch." What is a free lunch? The notion historically...

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