SEC says 79 firms will return $125 million to clients as part of clemency program
Agency offered incentives to advisers to turn themselves in.
Wells Fargo Advisors sweetens the pot for both older and younger advisers
Under the changes, retiring reps get a 25% bonus and younger advisers get help acquiring the business of those leaving the firm.
When clients work past 70, RMDs are still required — and begrudged
They claim current rules requiring those 70½ to start withdrawing funds from retirement accounts are outdated.
2019 Lipper Awards: Faith-based fund takes a starring role
Annual awards recognize more than 300 funds for performance.
GE expects $1.7 billion in rate increases for long-term care policies
The announcement comes a year after GE said it would need to inject roughly $15 billion to shore up its long-term care reserves.
UBS escalates its pursuit of rich Americans with staff promotions
Bank names 96 managing directors in Americas, including 60 financial advisers, as it targets more billionaire clients.
Wall Street levy gains steam among Democrats
While legislation proposing a financial transaction tax has been introduced in the House and Senate, it's not likely to be enacted during the Trump administration.
Fidelity faces Galvin inquiry over fees charged for 401(k) plans
Massachusetts' Secretary of the Commonwealth joins the Labor Department in questioning charges some mutual funds face for using Fidelity's platform.
As donor-advised funds grow in popularity, they may draw more scrutiny
Vehicles offer way to get tax breaks for bundling donations while delaying the giving part.
Key Senate Democrat raises concerns about SEC advice reform proposal
During hearing, several bills affecting advisers and brokers receive initial Senate consideration.
Fidelity says it fully discloses fund fees in 401(k) plans
Department of Labor is allegedly investigating asset manager's infrastructure fee that is the focus of a 401(k) lawsuit.
Morningstar study says advisory clients are stuck on investment performance
Citing Vanguard's research, Morningstar says advisers need to emphasize the value of behavioral coaching over portfolio management
Warburg Pincus to buy majority stake in Kestra Financial
Current owner Stone Point Capital, Kestra management and some advisers will retain equity positions in the indie B-D.
SEC Regulation Best Interest allows harmful broker practices, state regulators say
NASAA asserts industry support of proposal proves it needs to be beefed up.
Cross-selling can be lucrative — and dangerous — for big brokerages
Merrill embraces it, while Wells Fargo has moved away from the practice.
Look for more changes at Cetera Financial Group
CEO Robert Moore's resignation signals further adjustments at the IBD network.
The AMT is no longer a problem for many clients
With income thresholds higher and a lower SALT deduction after tax reform, the AMT will realistically only apply to wealthy Americans with out-of-the-ordinary tax events.
Robert Moore, Cetera CEO, stepping down for health reasons
Chairman Ben Brigeman will serve as interim chief executive while a search for a permanent CEO is conducted.
Warburg Pincus among private equity managers interested in acquiring Kestra Financial
Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.
Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison
He pleaded guilty to securities fraud in 2017; charged clients excessive commissions.
