Industry News

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Avantax attracts $330M team to its employee-based model
NEWS RETIREMENT PLANNING AUG 23, 2023
Avantax attracts $330M team to its employee-based model

The two advisors and support staff join the firm in Minnesota.

By Steve Randall
US futures rise but markets await Nvidia, rate signals
NEWS INDUSTRY NEWS AUG 23, 2023
US futures rise but markets await Nvidia, rate signals

Data and Fed chair's Jackson Hole speech all ahead.

By Bloomberg
Gold continues to shine as a hedge against uncertainty
NEWS INDUSTRY NEWS AUG 23, 2023
Gold continues to shine as a hedge against uncertainty

Fund managers are holding or increasing allocations despite recent price decreases.

By Bloomberg
Why are big asset managers buying Japanese hotels?
NEWS INDUSTRY NEWS AUG 23, 2023
Why are big asset managers buying Japanese hotels?

Goldman Sachs, KKR, and Blackstone are among the firms loading up on the assets.

By Bloomberg
Gold IRA, rare coin sellers find a home with inexperienced investors
NEWS RETIREMENT PLANNING AUG 22, 2023
Gold IRA, rare coin sellers find a home with inexperienced investors

Regulators have taken numerous actions against metals dealers that target older customers through TV ads.

By Emile Hallez
Altruist vs. Altruist: An RIA claims digital custodian violates his trademark
NEWS RIAS AUG 22, 2023
Altruist vs. Altruist: An RIA claims digital custodian violates his trademark

Michigan RIA owner says case is a 'true David and Goliath situation' and that company name has caused significant confusion in the market.

By Ryan W. Neal
Arbitrators order Morgan Stanley to pay senior investor $1.8M
NEWS WIREHOUSES AUG 22, 2023
Arbitrators order Morgan Stanley to pay senior investor $1.8M

A broker in the firm's Garden City, New York, office put way too much WisdomTree stock in his aunt's portfolio.

By Mark Schoeff Jr.
Are LPL and Osaic in the hunt for the old United Capital?
NEWS RIAS AUG 22, 2023
Are LPL and Osaic in the hunt for the old United Capital?

One analyst pegs the purchase price for Goldman's RIA in the range of $270 million to $360 million.

By Bruce Kelly
Schwab to issue debt after news of job cuts
NEWS FIXED INCOME AUG 22, 2023
Schwab to issue debt after news of job cuts

The longest-dated portion of the firm's senior unsecured notes, an 11-year fixed-to-floating-rate note, may yield about 2.05 percentage points over Treasuries.

By Bloomberg
Raymond James adds $300 million advisor from Merrill
NEWS BROKER DEALERS AUG 22, 2023
Raymond James adds $300 million advisor from Merrill

Burdette Park will launch eponymous firm in Louisville, Kentucky.

By InvestmentNews
LPL adds UnionBanc advisor managing $385 million
NEWS BROKER DEALERS AUG 22, 2023
LPL adds UnionBanc advisor managing $385 million

Matthew Holbrook is joining Linsco and will launch Coastline Wealth Advisory in Irvine, California.

By InvestmentNews
Team of 16 advisors with $1.5B AUM switch firms to build on 14-year growth
NEWS BROKER DEALERS AUG 22, 2023
Team of 16 advisors with $1.5B AUM switch firms to build on 14-year growth

The firm, founded in 2009 during the financial crisis, is ready for its next phase.

By Steve Randall
Citigroup's Fraser weighs executive reshuffle after Ybarra exit
NEWS INDUSTRY NEWS AUG 22, 2023
Citigroup's Fraser weighs executive reshuffle after Ybarra exit

CEO Jane Fraser targets 'flatter and leaner' organization.

By Bloomberg
Most Americans don't know how long an average retirement lasts
NEWS RETIREMENT PLANNING AUG 22, 2023
Most Americans don't know how long an average retirement lasts

Clients want to talk about retirement planning, so let's start with one of the basics.

By Steve Randall
Nasdaq futures suggest enduring tech rally
NEWS INDUSTRY NEWS AUG 22, 2023
Nasdaq futures suggest enduring tech rally

Treasuries also steadied in early trade Tuesday.

By Bloomberg
S&P cuts ratings for multiple US banks
NEWS INDUSTRY NEWS AUG 22, 2023
S&P cuts ratings for multiple US banks

Ratings downgrade follows action from Moody's two weeks ago.

By Bloomberg
Schwab to cut staff and close offices to save $500M a year
NEWS PRACTICE MANAGEMENT AUG 21, 2023
Schwab to cut staff and close offices to save $500M a year

The downsizing will cost Schwab $400 million to $500 million, it says in a regulatory filing.

By Bloomberg
SEC's lawsuit is a stretch to regulate insurance, lawyer says
NEWS LIFE INSURANCE AND ANNUITIES AUG 21, 2023
SEC's lawsuit is a stretch to regulate insurance, lawyer says

A case against an advisor and insurance agent over his failure to disclose commissions could have wider consequences.

By Emile Hallez
Titan hit with $1 million penalty in 'perfect compliance cocktail'
NEWS RIAS AUG 21, 2023
Titan hit with $1 million penalty in 'perfect compliance cocktail'

Compliance experts have their say after SEC's first enforcement action based on new marketing rule highlights dangers of hypothetical-performance ads.

By Mark Schoeff Jr.
Joe Duran returning to the RIA game
NEWS RIAS AUG 21, 2023
Joe Duran returning to the RIA game

Duran's United Capital sold to Goldman Sachs in 2019 for $750 million in cash.

By Bruce Kelly