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Digital client acquisition fuels growth at top RIAs: Schwab
RIAS JUL 27, 2021
Digital client acquisition fuels growth at top RIAs: Schwab

As a result of increased digital business development, 68% of all advisers met or exceeded their client growth goals.

PRO Act opponents target new bill that could curtail independent advisers
PRACTICE MANAGEMENT JUL 27, 2021
PRO Act opponents target new bill that could curtail independent advisers

The bill, drafted by Senate Finance Committee Chair Ron Wyden, D-Ore., is aimed at reforming the unemployment compensation system, and could restrict use of the independent contractor classification. However, the proposed legislation lacks bipartisan support.

Ameriprise recruiting stalls in Q2
RIAS JUL 27, 2021
Ameriprise recruiting stalls in Q2

'As we went through the quarter, we didn’t expect it to slow down as much,' CEO James Cracchiolo said in an earnings call. The company reported 10,047 financial advisers across its platform at the end of June, compared to 9,894 a year earlier.

Hightower adds $2 billion DC-based advisory firm
RIAS JUL 27, 2021
Hightower adds $2 billion DC-based advisory firm

With the acquisition of Farr Miller & Washington, Hightower will install founder Michael Farr as its new chief market strategist.

Alternative investments platform iCapital lands $440 million in fresh funding
ALTERNATIVES JUL 27, 2021
Alternative investments platform iCapital lands $440 million in fresh funding

Assets serviced by iCapital have exploded to $80 billion across more than 780 funds to date, up from $46 billion in March 2020.

How neuroscience is illuminating the relationship between leadership and fiduciary responsibility
PRACTICE MANAGEMENT JUL 27, 2021
How neuroscience is illuminating the relationship between leadership and fiduciary responsibility

Preliminary research results indicate there's a strong correlation between genuine leaders and authentic fiduciaries.

SEC fines 27 firms in first-ever Form CRS actions
PRACTICE MANAGEMENT JUL 26, 2021
SEC fines 27 firms in first-ever Form CRS actions

The agency charged 21 investment advisers and six brokerages with missing delivery or posting deadlines. The customer relationship summary outlines fees, services and potential conflicts of interest and is supposed to help clients understand business practices.

Wells Fargo Asset Management rebrands with new CEO
PRACTICE MANAGEMENT JUL 26, 2021
Wells Fargo Asset Management rebrands with new CEO

Legg Mason vet Joe Sullivan is bullish on the future of Allspring Global Investments. The $604 billion asset management arm of Wells Fargo & Co. is being acquired for $2.1 billion by GTCR and Reverence Capital Partners.

High-net-worth investors are itching to change advisers
OPINION JUL 26, 2021
High-net-worth investors are itching to change advisers

Twenty percent of high-net-worth clients say they're likely to switch their primary financial adviser this year, according to a Northwestern Mutual survey.

By casting a wide net, Finra hinders diversity
PRACTICE MANAGEMENT JUL 26, 2021
By casting a wide net, Finra hinders diversity

Should something that happened when applicants were teenagers still be held against them?

It's all coming together
PRACTICE MANAGEMENT JUL 26, 2021
It's all coming together

Across the financial advice world, convergence is the name of the game.

Spotlighting good work, eye on future
PRACTICE MANAGEMENT JUL 23, 2021
Spotlighting good work, eye on future

Fortunately, this is an industry that’s primarily focused on serving all communities.

Banks making cheap loans to the ultra-rich
PRACTICE MANAGEMENT JUL 23, 2021
Banks making cheap loans to the ultra-rich

Rock-bottom interest rates have fueled the biggest borrowing binge on record, and even billionaires with enough cash to fill a swimming pool are loathe to sit it out.

Spark announces best practices to protect against retirement fraud
RETIREMENT PLANNING JUL 23, 2021
Spark announces best practices to protect against retirement fraud

The Spark Institute's standards build upon DOL cybersecurity guidance to provide more clear-cut practices designed to defeat retirement account fraud.

Focus Financial continues expansion into Canada
RIAS JUL 23, 2021
Focus Financial continues expansion into Canada

Acquisition of Toronto-based Gavin Hockey Wealth Specialists gives Focus Financial another foothold in a market moving toward independence.

Why are so many Merrill Lynch advisers leaving?
OPINION JUL 23, 2021
Why are so many Merrill Lynch advisers leaving?

Whether they're inclined to stay or to go, advisers owe it to their clients and themselves to pay attention to the subtle, but important, changes happening at the company.

Working canine to 5: Dogs in office help reduce stress
PRACTICE MANAGEMENT JUL 23, 2021
Working canine to 5: Dogs in office help reduce stress

Employers that are dog-friendly might be more likely to have happy workers, especially after the pandemic.

JPMorgan to double advisers in broker unit
PRACTICE MANAGEMENT JUL 23, 2021
JPMorgan to double advisers in broker unit

The bank is planning to hire more than 500 advisers in its traditional brokerage business in coming years, bringing the total in that unit to 1,000.

Goldman spinoff Simon Markets raises $100 million in latest funding round
ALTERNATIVES JUL 22, 2021
Goldman spinoff Simon Markets raises $100 million in latest funding round

The financial technology platform, which provides financial advisers with access to alternative investments, saw its valuation top $800 million with the funding round led by WestCap.

A-Rod backs online brokerage Tornado in $10 million funding round
FINTECH JUL 22, 2021
A-Rod backs online brokerage Tornado in $10 million funding round

The seed round also featured other prominent participants like founder of Barstool Sports Dave Portnoy and New Enterprise Associates managing general partner Tony Florence.