Industry News

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Morgan Stanley reports $78M in severance to axed wealth management employees
NEWS PRACTICE MANAGEMENT JUL 18, 2023
Morgan Stanley reports $78M in severance to axed wealth management employees

It's not clear what type of employees were laid off, but one industry executive says big firms are rethinking the hiring of administrative assistants.

Charles Schwab results are in — and they're down
NEWS INDUSTRY NEWS JUL 18, 2023
Charles Schwab results are in — and they're down

'Significant near-term headwinds' hit the giant financial company in the bottom line.

LPL Financial welcomes $235 million advisor Laura Evans from Edward Jones
NEWS BROKER DEALERS JUL 18, 2023
LPL Financial welcomes $235 million advisor Laura Evans from Edward Jones

Georgia-based Laura Evans marks the move with the launch of a new independent financial practice.

Bond rally continues as traders eye end of rate hikes
NEWS INDUSTRY NEWS JUL 18, 2023
Bond rally continues as traders eye end of rate hikes

Global traders are anticipating an end to interest rate rises by the Fed and European central banks as inflation eases.

Investors tell BofA poll that soft landing is expected
NEWS INDUSTRY NEWS JUL 18, 2023
Investors tell BofA poll that soft landing is expected

The Wall St. firm's latest global survey also reveals that being long big tech is the most overcrowded trade.

Morgan Stanley deepens strategic alliance with MUFG
NEWS INDUSTRY NEWS JUL 18, 2023
Morgan Stanley deepens strategic alliance with MUFG

The two firms will integrate some operations and some employees will move firms as the partners shore up operations for the long term.

IRS provides limited RMD relief
NEWS RETIREMENT PLANNING JUL 17, 2023
IRS provides limited RMD relief

After the SECURE 2.0 Act's new rules resulted in confusion, the IRS issues notice providing relief on required minimum distributions.

Stifel advisor facing $23.5 million in investor claims over structured notes
NEWS ALTERNATIVES JUL 17, 2023
Stifel advisor facing $23.5 million in investor claims over structured notes

The Miami Beach, Florida-based advisor, Chuck Roberts, is a 33-year industry veteran and has worked at Stifel since 2016.

401(k)s need private equity and real estate, study says
NEWS RETIREMENT PLANNING JUL 17, 2023
401(k)s need private equity and real estate, study says

If plans can address liquidity and valuation concerns, they could benefit from higher returns, Georgetown CRI found.

Pathstone tops $100 billion with latest acquisition
NEWS RIAS JUL 17, 2023
Pathstone tops $100 billion with latest acquisition

The New Jersey-based mega RIA is adding $17 billion by buying Veritable from Affiliated Managers Group.

How to save your clients' 'Benjamins'
NEWS RETIREMENT PLANNING JUL 17, 2023
How to save your clients' 'Benjamins'

With several major provisions of the Tax Cuts and Jobs Act due to sunset by the end of 2025, advisors should be talking to clients about their tax-deferred savings.

Exec charged over JPMorgan fraud case
NEWS REGULATION AND LEGISLATION JUL 17, 2023
Exec charged over JPMorgan fraud case

$175 million sale snares another defendant with charges of securities fraud, wire fraud and conspiracy.

China disappoints but Wall Street banks should delight
NEWS INDUSTRY NEWS JUL 17, 2023
China disappoints but Wall Street banks should delight

Investors are awaiting US big banks' earnings which have benefitted from rising rates.

Investors want Musk to focus on Tesla as EV competition grows
NEWS INDUSTRY NEWS JUL 17, 2023
Investors want Musk to focus on Tesla as EV competition grows

The eccentric billionaire is seen a risk to Tesla's share price as he often appears focused elsewhere.

Advisors pulled out of equities, increased exposure to alts in 2022
NEWS ALTERNATIVES JUL 14, 2023
Advisors pulled out of equities, increased exposure to alts in 2022

Just because alts have been democratized doesn’t mean they're a fit for everyone, advisor warns.

Biden unveils new student debt forgiveness plan  
NEWS REGULATION AND LEGISLATION JUL 14, 2023
Biden unveils new student debt forgiveness plan  

After being shot down by the Supreme Court, the administration has unveiled a revamped plan that could benefit more than 800,000 borrowers.

DFA request for ETF share classes marks tipping point for legacy fund companies
NEWS RIAS JUL 14, 2023
DFA request for ETF share classes marks tipping point for legacy fund companies

The $614 billion asset manager is applying a full-court press to take advantage of an expired Vanguard patent.

How to keep junior advisors from washing out before they get started
NEWS PRACTICE MANAGEMENT JUL 14, 2023
How to keep junior advisors from washing out before they get started

Wealth management firm explains how it bucked the trend with a 90% retention rate.

Rising assets, rates stabilize wealth management at Wells Fargo
NEWS WIREHOUSES JUL 14, 2023
Rising assets, rates stabilize wealth management at Wells Fargo

Along with net interest income, the bank’s total client assets also grew.

Wells Fargo shares jump after Q2 results exceed estimates
NEWS WIREHOUSES JUL 14, 2023
Wells Fargo shares jump after Q2 results exceed estimates

Bank's net interest income soars on back of Fed rate hikes.