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Insurance-focused B-D received $550,400 PPP loan last year
The sum, received by The Leaders Group Inc., appears to be in the middle range of government loans received by privately held broker-dealers who obtained Covid-19 business relief.
Climate change fight is adding to global inflation scare
Industries from glass to steel to autos are being left with little choice but to change how they make products and ultimately what they sell. The technical hurdles and investment involved mean it’s going to cost much more.
U.S. sues to block Aon’s $30 billion Willis Towers deal
The Justice Department says the deal, which would create the world's largest insurance brokerage, is anticompetitive.
Bank of America makes Juneteenth a holiday, joining JPMorgan, Wells Fargo
The banks told U.S. employees they'll receive a floating paid day off to mark the holiday commemorating the end of slavery in the U.S., which President Biden signed into law Thursday.
Team managing $1 billion at Wells Fargo goes to RBC
The four-adviser Seidler Cattich group is joining the firm in San Francisco.
Prudential Retirement’s head of sales leaving for OneAmerica
Michael Domingos, the firm's head of sales and strategic relations, has been at Prudential for 28 years and was appointed to his current role in 2019. The news comes several months after a report that Prudential was considering a sale of its retirement business.
New York IARs register with state for first time
Two deadlines are looming this summer for investment adviser representatives working in New York state related to the new regulation, which will allow potential clients to more easily review advisers' backgrounds.
Sigma Financial faces $4.5 million in investor claims
The Ann Arbor, Mich.-based independent broker-dealer, which has close to 600 reps and advisers, reported $124.3 million in total revenue in 2019.
Focus Financial borrows $800 million in push to acquire more RIAs
Citing a robust pipeline of potential deals, the aggregator raised its debt level to $2.4 billion in order to stay active in the M&A space.
MassMutual reps managing $400 million switch to LPL
Alicia Curtis and Jyl Barnard of Curtis Barnard Financial Services and Chris Dearing of Riverfront Financial share an office in Peoria, Illinois.
JPMorgan Chase to buy UK robo-adviser Nutmeg
The acquisition, subject to regulatory approvals, is meant to complement the launch of Chase as a digital bank in the UK later this year. Nutmeg manages more than $4.9 billion in assets.
Fed sees two rate hikes by end of 2023
Federal Reserve officials signaled that the pace of the U.S. economic recovery is bringing forward their expectations on how quickly they will reduce policy support.
DC industry must cooperate to resolve forgotten-accounts problem
Anyone who has tried to roll assets out of a DC plan knows how difficult and time-consuming it can be.
Ever hear of a ‘lay fiduciary’? There are 17.5 million of them
Group says nonprofessional plan fiduciaries who oversee assets in pension plans, foundations, endowments and trusts often don’t understand their responsibilities
Crown Capital prepares for $1.38 million SEC penalty
The broker-dealer is potentially facing a penalty from the Securities and Exchange Commission due to sales of high-fee mutual funds. The regulator launched its Share Class Selection Disclosure Initiative in February 2018.
The flip side to auto 401(k) design: Forgotten accounts
An academic study posted this month on the Social Science Research Network found that about $790 million in IRA assets were in limbo in 2017, with account owners 72½ and older failing to take RMDs.
Hightower lands conditional approval for national trust charter
Establishing a national trust charter has been a priority since CEO Bob Oros took over in January 2019. The new Hightower Trust Company is expected to be open for business later this year.
Women dissatisfied with retirement industry’s work-life balance
The survey also finds sense among women that their compensation has not kept pace with their experience and responsibilities.
Goldman Sachs enters custody business with Steward Partners as first client
Steward will use Goldman for assets held at Umpqua Investments, which it acquired recently.
Beware the sleight of hand in ProPublica’s pitch to tax the wealthy
A sensational report arguing that the wealthy don't pay their fair share of income taxes starts to crumble when percentages are replaced with real money.
