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Wells Fargo adviser managing $300 million leaves for RIA
RIAS JUL 29, 2021
Wells Fargo adviser managing $300 million leaves for RIA

Chad Bester is joining Mount Yale Capital Group in Minneapolis.

Empower Retirement sues Empower Geographics over web domain
RETIREMENT PLANNING JUL 29, 2021
Empower Retirement sues Empower Geographics over web domain

The rights to the use of the empower.com domain are at the heart of the suit, which was filed in federal court in Illinois.

Robinhood makes public debut after wild year
FINTECH JUL 29, 2021
Robinhood makes public debut after wild year

Robinhood hit the public market after experiencing dramatic growth and heightened scrutiny throughout a pandemic year.

Raymond James sees boost to adviser recruiting
BROKER DEALERS JUL 29, 2021
Raymond James sees boost to adviser recruiting

The company's success in 2021 in recruiting advisers comes at a delicate time as the financial advice industry tries to figure out the best way to return to the office amid the Covid-19 pandemic.

T. Rowe President Sharps to succeed Stromberg as CEO
PRACTICE MANAGEMENT JUL 29, 2021
T. Rowe President Sharps to succeed Stromberg as CEO

Chief Executive Bill Stromberg is retiring after 35 years at the Baltimore-based asset management company.

Robinhood under investigation by Finra ahead of IPO
FINTECH JUL 28, 2021
Robinhood under investigation by Finra ahead of IPO

Robinhood, whose IPO is slated for Thursday, disclosed in a filing that Finra is seeking registration information about its personnel, including the non-registration status of CEO Tenev and co-founder Bhatt.

CFP Board proposes tougher penalties for hiding misconduct
PRACTICE MANAGEMENT JUL 28, 2021
CFP Board proposes tougher penalties for hiding misconduct

The proposals would impose public censure for CFPs who fail to self-report ethical problems. The guidelines are the first recommendations to come from the Commission on Sanctions and Fitness, which was established earlier this year.

Communications glitches between advisers and clients
OPINION JUL 28, 2021
Communications glitches between advisers and clients

Some of the most engaging practice stories arise from things we tell clients that they don’t hear or don’t remember, things we don’t think to tell them, and things they forget to tell us.

Hub names chief investment officer
RETIREMENT PLANNING JUL 28, 2021
Hub names chief investment officer

Brian Collins joins from Harbor Capital Advisors, a Chicago-based investment manager for Harbor Funds and pooled investment vehicles.

Duo managing $740 million join LPL’s employee channel
BROKER DEALERS JUL 28, 2021
Duo managing $740 million join LPL’s employee channel

Kyle Smith and Michael Sandlin are leaving Truist Investment Services in Raleigh, North Carolina.

Duo managing $239 million at Wells Fargo leave for Stifel
PRACTICE MANAGEMENT JUL 28, 2021
Duo managing $239 million at Wells Fargo leave for Stifel

Tim Devlin and Michael Jeremiah are joining the firm in Spokane, Washington.

How one breakaway RIA brought over more assets than it expected
OPINION JUL 27, 2021
How one breakaway RIA brought over more assets than it expected

Not all of our old clients came with us. But the overwhelming majority came and — because of their enthusiasm for our move — some asked us to oversee even more of their assets, while others pointed brand-new business our way.

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.