Industry News

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CEO pay falls, but still 271 times higher than median workers'
NEWS PRACTICE MANAGEMENT AUG 04, 2023
CEO pay falls, but still 271 times higher than median workers'

Data published by the AFL-CIO reveal the emerging role of AI.

By Emile Hallez
LPL, Ameriprise wade into AI applications for advisors
NEWS FINTECH AUG 04, 2023
LPL, Ameriprise wade into AI applications for advisors

'When I left Ameriprise earlier this year, the company was just starting to talk about AI,' one financial advisor said.

By Bruce Kelly
Ray Dalio says policymakers may be forced to raise taxes if Fed hikes fail
NEWS INDUSTRY NEWS AUG 04, 2023
Ray Dalio says policymakers may be forced to raise taxes if Fed hikes fail

The multibillionaire founder and CIO of Bridgewater Associates says the Great Wealth Transfer is why the Fed's inflation levers aren’t working as expected.

By Steve Randall
Stifel adds new flagship offices and $673M AUM with three advisory teams
NEWS INDUSTRY NEWS AUG 04, 2023
Stifel adds new flagship offices and $673M AUM with three advisory teams

The firm's new additions boost its total assets under management to more than $6.5B.

By Steve Randall
Raymond James welcomes $250M AUM Edward Jones team as independents
NEWS INDUSTRY NEWS AUG 04, 2023
Raymond James welcomes $250M AUM Edward Jones team as independents

The team will establish a new SilverTree Wealth office in Tucson, Arizona.

By Steve Randall
Markets await US jobs data, Amazon up 9%
NEWS INDUSTRY NEWS AUG 04, 2023
Markets await US jobs data, Amazon up 9%

Global equities were higher in early trading Friday as key labor market report is anticipated.

By Bloomberg
BofA clients exit stocks fearing recession
NEWS INDUSTRY NEWS AUG 04, 2023
BofA clients exit stocks fearing recession

The bank's private clients have favored bonds in the past week.

By Bloomberg
High-yield bonds in, leveraged loans out
NEWS INDUSTRY NEWS AUG 04, 2023
High-yield bonds in, leveraged loans out

Issuance of secured notes in the junk-bond market has surged in 2023.

By Bloomberg
Envestnet revenue falls short of expectations in Q2
NEWS FINTECH AUG 03, 2023
Envestnet revenue falls short of expectations in Q2

Company did meet Wall Street’s expectations for earnings per share at $0.46 and CEO says he expects the Data and Analytics business to stabilize in the second half of the year.

By Ryan W. Neal
State regulators, PIABA continue to resist Finra’s plan for remote supervision  
NEWS PRACTICE MANAGEMENT AUG 03, 2023
State regulators, PIABA continue to resist Finra’s plan for remote supervision  

But LPL Financial, Fidelity back the idea of allowing supervisors to work from home, using technology to oversee reps, as they did during the pandemic.

By Mark Schoeff Jr.
GOP effort to curb ESG proves unsuccessful so far
NEWS RETIREMENT PLANNING AUG 03, 2023
GOP effort to curb ESG proves unsuccessful so far

'If you’re expecting any meaningful legislation to emerge from all the Republicans’ talking points, think again,' says Washington Research Group's John Miller.

By Bloomberg
Inflation is weakening 401(k) savings ability for millions of Americans, says Schwab
NEWS RETIREMENT PLANNING AUG 03, 2023
Inflation is weakening 401(k) savings ability for millions of Americans, says Schwab

Despite the challenging conditions, workers are trying to keep on top of retirement savings.

By Steve Randall
Advisor firms with combined 192-year history join forces with $5B AUM
NEWS RIAS AUG 03, 2023
Advisor firms with combined 192-year history join forces with $5B AUM

Deal brings together two of the longest-established US wealth management businesses.

By Steve Randall
Treasuries sell-off pushes 10-year yields to 2023 high
NEWS INDUSTRY NEWS AUG 03, 2023
Treasuries sell-off pushes 10-year yields to 2023 high

Equities decline amid earnings and economic policies.

By Bloomberg
IRS probes wealthy in Malta tax scheme but they’re not the target
NEWS INDUSTRY NEWS AUG 03, 2023
IRS probes wealthy in Malta tax scheme but they’re not the target

Tax experts believe the investigation of wealthy Americans is ultimately designed to snare the promoters.

By Bloomberg
Commodity ETFs gain as traders bet recession will be avoided
NEWS INDUSTRY NEWS AUG 03, 2023
Commodity ETFs gain as traders bet recession will be avoided

The asset class has benefitted from expectation that global growth will pick up.

By Bloomberg
Allworth’s Hanson, McClain stepping down as co-CEOs
NEWS RIAS AUG 02, 2023
Allworth’s Hanson, McClain stepping down as co-CEOs

Allworth's board has begun a search for a new chief executive.

By InvestmentNews
Advisors take US debt downgrade in stride: ‘More to do with politics than economic stability’
NEWS FIXED INCOME AUG 02, 2023
Advisors take US debt downgrade in stride: ‘More to do with politics than economic stability’

'Not worth panicking about' — advisors caught off guard by Fitch's timing but remain sanguine.

By Mark Schoeff Jr.
Will Elon Musk's X take over financial services? Don't hold your breath
NEWS FINTECH AUG 02, 2023
Will Elon Musk's X take over financial services? Don't hold your breath

Advisors raise a collective, skeptical eyebrow as billionaire goes where many other Silicon Valley companies have already tried and failed.

By Ryan W. Neal
Will adding annuities to 401(k) plans alleviate the retirement crisis?
NEWS RETIREMENT PLANNING AUG 02, 2023
Will adding annuities to 401(k) plans alleviate the retirement crisis?

Client feelings of certainty and happiness are main benefits of adding annuity option to retirement plans, says advisor.

By Gregg Greenberg