Industry News

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Fidelity will pay for undergraduate degrees of its customer service reps
NEWS PRACTICE MANAGEMENT OCT 25, 2022
Fidelity will pay for undergraduate degrees of its customer service reps

Entry-level employees working at the company's regional call centers are eligible for the program, which will fully pay for tuition, books, fees and taxes.

Clock is ticking on 9.62% I bond yields
NEWS RIAS OCT 25, 2022
Clock is ticking on 9.62% I bond yields

Financial advisers have until Nov. 1 to help clients lock in the current rate, which drops by a third to 6.48%.

UBS points to financial adviser hiring in reporting results
NEWS PRACTICE MANAGEMENT OCT 25, 2022
UBS points to financial adviser hiring in reporting results

The bank added that it had a 'strong quarter' in financial adviser recruitment in the Americas but gave no details in its earnings information.

Reimagine retirement by focusing on 'future self,' new book urges
NEWS RETIREMENT PLANNING OCT 25, 2022
Reimagine retirement by focusing on 'future self,' new book urges

Eric Weigel suggests figuring out what type of life you want to lead and then working backward to the steps you need to take to close the gap between where you are today and where you want to be in the future.

The Coterie eyes tech's young and wealthy
NEWS INDUSTRY NEWS OCT 25, 2022
The Coterie eyes tech's young and wealthy

The startup, which has about $500 million in assets under management, gives access to Coatue and other venture funds.

Fed prepares to roll out another super-sized rate hike in early November
NEWS INDUSTRY NEWS OCT 25, 2022
Fed prepares to roll out another super-sized rate hike in early November

Policymakers are beginning to lay the groundwork for shifting to smaller moves while leaving the door open to going further if inflation doesn’t abate.

Big firms propelled soaring profits for RIAs in 2021
NEWS RIAS OCT 24, 2022
Big firms propelled soaring profits for RIAs in 2021

The high profitability seen last year proved especially rewarding to the owners and partners of top firms.

Fidelity ramps up efforts to offer direct indexing through financial advisers
NEWS RIAS OCT 24, 2022
Fidelity ramps up efforts to offer direct indexing through financial advisers

The asset manager's new platform is aimed at financial intermediaries who want to offer their clients customized separately managed accounts.

Majority of workers say they're behind on saving for retirement
NEWS RETIREMENT PLANNING OCT 24, 2022
Majority of workers say they're behind on saving for retirement

A new Bankrate.com survey shows more than a third say they're 'significantly behind,' while 20% feel 'slightly behind.'

Cetera takes minority stake in $2.5 billion firm
NEWS BROKER DEALERS OCT 24, 2022
Cetera takes minority stake in $2.5 billion firm

The firm is investing in a Boston-area-based firm that's been affiliated with Cetera since 2000; it suggests such investments could provide a new option for broker-dealers.

Democrats urge JP Morgan, Wells Fargo to cease funding of anti-ESG group
NEWS ESG OCT 24, 2022
Democrats urge JP Morgan, Wells Fargo to cease funding of anti-ESG group

Federated Hermes has indicated that it will end membership of the State Financial Officers Foundation.

Four states move to shut down investment scheme tied to metaverse casinos
NEWS ALTERNATIVES OCT 24, 2022
Four states move to shut down investment scheme tied to metaverse casinos

State regulators filed cease-and-desist orders against an organization based in the country of Georgia that was selling non-fungible tokens known as Slotie NFTs.

Bond market doesn't see volatility fading away anytime soon
NEWS FIXED INCOME OCT 24, 2022
Bond market doesn't see volatility fading away anytime soon

While the high volatility can provide buying opportunities, any effort to call a bottom has been thwarted as yields drifted higher.

UBS intrigue pits CEO against a rising star
NEWS FINTECH OCT 24, 2022
UBS intrigue pits CEO against a rising star

While CEO Ralph Hamers pursues his vision of harnessing automated tools and boosting the firm's standing in the US, wealth business head Iqbal Khan and his disciples are concerned about diluting UBS' private banking brand.

Independent advisers are not gig workers
NEWS INDUSTRY NEWS OCT 24, 2022
Independent advisers are not gig workers

Let’s hope that by skillful lobbying, thoughtful consideration or through sheer dumb luck, financial advisers can stay independent.

High stakes in midterm elections
NEWS ESG OCT 24, 2022
High stakes in midterm elections

There’s a lot more than control of the House and Senate on the ballot in November, especially for Gary Gensler and the SEC.

Midterm elections a matter of personal politics for financial advisers
NEWS RIAS OCT 24, 2022
Midterm elections a matter of personal politics for financial advisers

Advisers surveyed preferred that Republicans control Congress when it convenes in 2023 by a margin of 60% to 25%.

Merrill team managing $564 million goes indie with Sanctuary Wealth
NEWS WIREHOUSES OCT 21, 2022
Merrill team managing $564 million goes indie with Sanctuary Wealth

Plano, Texas-based Valorous Advisors specializes in retirement plan consulting.

IRS boosts 401(k) contribution limit by record amount amid inflation
NEWS RETIREMENT PLANNING OCT 21, 2022
IRS boosts 401(k) contribution limit by record amount amid inflation

The limit on contributions to retirement savings account will rise by $2,000 to a maximum of $22,500 next year, reflecting the change in the consumer price index.

Finra smacks Raymond James with $1.15 million penalty over compliance shortcomings
NEWS BROKER DEALERS OCT 21, 2022
Finra smacks Raymond James with $1.15 million penalty over compliance shortcomings

Raymond James Financial Services overlooked 'multiple red flags' related to the activities of two brokers, according to Finra.