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Robinhood settles with Vermont for $640,000 over outages
ALTERNATIVES MAR 18, 2022
Robinhood settles with Vermont for $640,000 over outages

The Vermont Department of Financial Regulation said at least 40 customers in the state complained.

Two years later, financial services firms still searching for balance on remote work
RIAS MAR 18, 2022
Two years later, financial services firms still searching for balance on remote work

Some of the biggest brands in wealth management are trying to figure out what normal looks like, and how and whether it makes sense to bring employees back to the office.

SageView partners with Pontera to help advisers manage held-away accounts
RETIREMENT PLANNING MAR 17, 2022
SageView partners with Pontera to help advisers manage held-away accounts

Pontera, formerly known as FeeX, allows advisers to work with client accounts that are held away from the firm, like 401(k)s.

Robinhood readies feature that lets users lend out stocks
FINTECH MAR 17, 2022
Robinhood readies feature that lets users lend out stocks

The feature appeared in a beta version of its iPhone app. Code describing the service — dubbed Stock Loan Income Program, or SLIP — was discovered by developer Steve Moser.

SEC's Gensler takes aim at robo-adviser investing strategies
FINTECH MAR 17, 2022
SEC's Gensler takes aim at robo-adviser investing strategies

The Securities and Exchange Commission chairman raised questions about the effect that behavioral prompts — like encouraging clients to trade more often or using algorithms to steer them into high-risk, high-fee products — might have on investing outcomes.

Fired Merrill broker who threw smoothie lands at Aegis Capital
PRACTICE MANAGEMENT MAR 17, 2022
Fired Merrill broker who threw smoothie lands at Aegis Capital

James Iannazzo, 48, was arrested in January, faces three charges and is seeking probation.

Finra board approves remote-inspection proposals, sends them to SEC
PRACTICE MANAGEMENT MAR 16, 2022
Finra board approves remote-inspection proposals, sends them to SEC

Finra didn't provide details about the rules, which will be made public when they're submitted to the Securities and Exchange Commission.

JPMorgan to buy share-plan software company
RETIREMENT PLANNING MAR 16, 2022
JPMorgan to buy share-plan software company

Global Shares, which will be integrated into the bank's asset and wealth management arm, has almost $200 billion in assets under administration and roughly 600 corporate clients.

Want to buy a Banksy? This fintech has an answer
ALTERNATIVES MAR 16, 2022
Want to buy a Banksy? This fintech has an answer

The digital alternative investment provider Yieldstreet launched a new art equity fund with exposure to contemporary international artists like Banksy and Takashi Murakami.

Wells Fargo Advisors sees another senior manager leave
PRACTICE MANAGEMENT MAR 16, 2022
Wells Fargo Advisors sees another senior manager leave

John Alexander is the second senior manager with two decades at the firm to leave Wells Fargo Advisors in recent months.

Ex-Wells, LPL broker arrested, charged with stealing more than $500,000 from clients
PRACTICE MANAGEMENT MAR 16, 2022
Ex-Wells, LPL broker arrested, charged with stealing more than $500,000 from clients

The broker, Mario E. Rivero Jr., 38, was registered with Wells Fargo Advisors from December 2010 through October 2020 and then at LPL Financial until last June, when he was barred from the securities industry.

Raymond James adds Wells duo managing $350 million
BROKER DEALERS MAR 16, 2022
Raymond James adds Wells duo managing $350 million

Houston-based advisers Brandon Glasscock and Mandy Haskell are joining the firm’s independent adviser channel.

Edward Jones to spend $1 billion on tech in 2022
FINTECH MAR 15, 2022
Edward Jones to spend $1 billion on tech in 2022

The company is investing in its technology infrastructure — including digital initiatives and virtual tools — to improve the relationships between clients and their financial advisers. 

Advisers must embrace fintech risks, opportunities to keep up with retailers
RIAS MAR 15, 2022
Advisers must embrace fintech risks, opportunities to keep up with retailers

A new report from Celent shines light on the trend of traditional retailers like Walmart migrating into the wealth management space.

Raymond James nabs Edward Jones adviser managing $207 million in Texas
BROKER DEALERS MAR 15, 2022
Raymond James nabs Edward Jones adviser managing $207 million in Texas

Lance Murphy, who's based in Houston, has 26 years of experience, much of it with asset management companies.

Wells Fargo boosts CEO Scharf's pay 20% for 2021
PRACTICE MANAGEMENT MAR 15, 2022
Wells Fargo boosts CEO Scharf's pay 20% for 2021

Charlie Scharf earned $24.5 million last year, up from $20.3 million for 2020.

Advisers flock to RIAs in the new normal
RIAS MAR 14, 2022
Advisers flock to RIAs in the new normal

The RIA channel saw a net gain of 1,530 financial advisers in 2021, while the wirehouses had a net loss of 2,065.

How bear markets wreak havoc on succession plans
OPINION MAR 14, 2022
How bear markets wreak havoc on succession plans

When the equity markets decline, as they have this year, they take the value of your firm down with them.

Pro bono work gives advisers way to go beyond helping the rich get richer
PRACTICE MANAGEMENT MAR 14, 2022
Pro bono work gives advisers way to go beyond helping the rich get richer

The payoff for pro bono work doesn't show up on the bottom line. It’s in the returns you get from touching someone’s life at a vulnerable moment.

Advisers struggle to grow new business: AssetMark
FINTECH MAR 14, 2022
Advisers struggle to grow new business: AssetMark

The vast majority of advisers reported having problems finding enough time to focus on business development and client relationships, according to a new study.