Industry News

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Missing Goldman Sachs analyst found dead
NEWS INDUSTRY NEWS AUG 02, 2023
Missing Goldman Sachs analyst found dead

John Castic, last seen after attending a concert Saturday night, was found in a creek in Brooklyn.

By Bloomberg
Student loan debt assistance programs become higher priority for employers
NEWS OPINION AUG 02, 2023
Student loan debt assistance programs become higher priority for employers

Employers' interest in various types of assistance has increased this year, partly as a result of the passage of SECURE 2.0 late last year.

By Sara Vipond
Hightower partner Fairport Wealth's AUM reaches $4.5B on acquiring RIA firm
NEWS RIAS AUG 02, 2023
Hightower partner Fairport Wealth's AUM reaches $4.5B on acquiring RIA firm

It's the fifth sub-acquisition since Fairport joined Hightower in 2017.

By Steve Randall
Mercer Advisors acquires $720M high-net-worth focused RIA firm
NEWS RIAS AUG 02, 2023
Mercer Advisors acquires $720M high-net-worth focused RIA firm

National registered investment advisor firm expands its Californian presence with latest acquisition.

By Steve Randall
Which are the best and worst states to retire to?
NEWS RETIREMENT PLANNING AUG 02, 2023
Which are the best and worst states to retire to?

States ranked by affordability, weather, crime, and quality and cost of health care.

By Steve Randall
Stocks slump following Fitch's US downgrade
NEWS INDUSTRY NEWS AUG 02, 2023
Stocks slump following Fitch's US downgrade

The rating agency's decision sparked a pullback from riskier assets.

By Bloomberg
BlackRock, MSCI probed by lawmakers over China investments
NEWS INDUSTRY NEWS AUG 02, 2023
BlackRock, MSCI probed by lawmakers over China investments

Congressional committee is investigating whether the asset managers facilitated investments into blacklisted firms.

By Bloomberg
Bitcoin rally could endure if US manages a soft landing
NEWS INDUSTRY NEWS AUG 02, 2023
Bitcoin rally could endure if US manages a soft landing

But further tightening by the Fed could put a swift end to the crypto rally.

By Bloomberg
Another summer rebrand: CI Private Wealth is now Corient
NEWS RIAS AUG 01, 2023
Another summer rebrand: CI Private Wealth is now Corient

'It's a weird little portmanteau,' one marketing executive said.

By Bruce Kelly
Goldman Sachs analyst is missing after Brooklyn concert
NEWS INDUSTRY NEWS AUG 01, 2023
Goldman Sachs analyst is missing after Brooklyn concert

John Castic disappeared around 3:00 a.m. Saturday.

By Ryan W. Neal
Raymond James signs up Merrill advisor managing about $360 million in assets
NEWS BROKER DEALERS AUG 01, 2023
Raymond James signs up Merrill advisor managing about $360 million in assets

Forbes-recognized advisor in Ponte Vedra, Florida, leaves bank for independent.

By InvestmentNews
Goldman wealth exec exits abruptly
NEWS PRACTICE MANAGEMENT AUG 01, 2023
Goldman wealth exec exits abruptly

Lisa Opoku, a Goldman partner, had been running the firm's family office for its top brass since last year.

By Bloomberg
Why are advisors overlooking Peak 65 women's retirement needs?
NEWS RETIREMENT PLANNING AUG 01, 2023
Why are advisors overlooking Peak 65 women's retirement needs?

'Advisors better wake up' — study reveals 61- to 65-year-old women are more likely to buy an annuity than men of the same age.

By Gregg Greenberg
401(k) balances highlight major wealth gap, GAO says
NEWS RETIREMENT PLANNING AUG 01, 2023
401(k) balances highlight major wealth gap, GAO says

State auto-IRAs and provisions of the Secure 2.0 Act could help, but there are numerous factors underlying wealth inequality.

By Emile Hallez
LPL Financial welcomes $650M Morgan Stanley advisor team for new business
NEWS BROKER DEALERS AUG 01, 2023
LPL Financial welcomes $650M Morgan Stanley advisor team for new business

The trio of advisors have launched their new firm, Pinnacle Private Wealth Advisors, in Bellevue, Washington.

By Steve Randall
Stocks down on mixed earnings, dollar up slightly
NEWS INDUSTRY NEWS AUG 01, 2023
Stocks down on mixed earnings, dollar up slightly

Apple and Amazon earnings are due this week.

By Bloomberg
FTX draft bankruptcy plan could see cash for creditors
NEWS INDUSTRY NEWS AUG 01, 2023
FTX draft bankruptcy plan could see cash for creditors

But the size of the pool of claims means they are unlikely to get back what they invested.

By Bloomberg
SEC charges New York rep with stealing $2.4M from elderly client
NEWS REGULATION AND LEGISLATION JUL 31, 2023
SEC charges New York rep with stealing $2.4M from elderly client

Charges 'about as serious as it gets' after advisor allegedly tricks client into signing a power of attorney to enable ripoff.

By Mark Schoeff Jr.
Advisors tilt toward ETFs, growth stocks and investment-grade bonds: Fidelity
NEWS RIAS JUL 31, 2023
Advisors tilt toward ETFs, growth stocks and investment-grade bonds: Fidelity

Advisors hail traditional benefits of ETFs while trend toward aggressive equity exposure shows how 'soft landing has replaced recession.'

By Jeff Benjamin
More turnover at top of Wells Fargo brokerage group
NEWS PRACTICE MANAGEMENT JUL 31, 2023
More turnover at top of Wells Fargo brokerage group

'New leadership has been making big strides,' says industry source.

By Bruce Kelly