The Kestra settlement and other recent ones demonstrate the SEC’s concern is extending to revenue sharing.
The ripped-off investors allege Pershing looked the other way when it serving as custodian and clear agent for the fraudster.
Although the biggest reward of giving is psychological, the tax benefits can make doing good feel even better financially.
Introducing clients to tax-efficient ways to give, such as using a donor-advised fund, can help them do more with their gifts. But charitable intent, rather than tax benefits, should be the primary motivation for clients to give.
While the executive order is designed to promote competition in the economy, the Securities and Exchange Commission will likely need to get involved for it to have a direct impact on the advice sector.
The Massachusetts lawmaker expressed concern that digital-asset markets lack the same investor protections as the New York Stock Exchange and Nasdaq.
Chairman Gary Gensler says agency is looking into what asset managers mean when they call funds 'sustainable.'
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
Legislation introduced by Reps. Anthony Gonzalez, R-Ohio, and Gregory Meeks, D-N.Y., would lift restrictions on closed-end funds' investments in unregistered securities.
Sens. Patrick Toomey, R-Pa., and Ron Johnson, R-Wisc., say proxy votes by BlackRock and State Street Global Advisors promote 'left-leaning' ESG priorities over investment returns
