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Galvin takes swipe at Charles Schwab over unregistered adviser
RIAS JUL 21, 2021
Galvin takes swipe at Charles Schwab over unregistered adviser

The Massachusetts Securities Division discovered the alleged illegal activities while investigating a complaint of exploitation of senior citizens.

Inside Vestwell's $70M funding and retirement deal with Morgan Stanley
RETIREMENT PLANNING JUL 21, 2021
Inside Vestwell's $70M funding and retirement deal with Morgan Stanley

The latest cash influx adds to more than $42 million in prior funding rounds and seed capital. Vestwell will also be a retirement plan record keeper available through Morgan Stanley’s workplace business.

Three reps managing $200 million join Virginia Asset Group
PRACTICE MANAGEMENT JUL 21, 2021
Three reps managing $200 million join Virginia Asset Group

Two of the advisers came from VCB Financial Group and one joined from Merrill Lynch.

Reeling in clients who like to fish — and hunt, too
PRACTICE MANAGEMENT JUL 20, 2021
Reeling in clients who like to fish — and hunt, too

Jared Reynolds, co-founder and senior wealth adviser at WR Wealth Planners in Columbia, Missouri, built his passion for fishing and hunting into a booming advisory practice, where prospecting for clients can be exhilarating.

BlackRock voted against 255 directors because of climate issues
PRACTICE MANAGEMENT JUL 20, 2021
BlackRock voted against 255 directors because of climate issues

According to its stewardship report, the asset manager supported 35% of 843 shareholder proposals that it voted on in the recent proxy season, compared with 17% in the previous year.

Titan Invest secures $58 million, preps crypto offering
ALTERNATIVES JUL 20, 2021
Titan Invest secures $58 million, preps crypto offering

The robo-adviser has experienced rapid growth over the last 12 months, reaching its first $500 million in assets under management in March with 26,640 users on the platform.

Janney nabs three wirehouse teams managing almost $1.4B
BROKER DEALERS JUL 20, 2021
Janney nabs three wirehouse teams managing almost $1.4B

Four reps from Merrill Lynch join Janney, along with six advisers in two groups from Wells Fargo.

UBS wealth management boosts assets as adviser head count slips
PRACTICE MANAGEMENT JUL 20, 2021
UBS wealth management boosts assets as adviser head count slips

UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.

Morgan Stanley trio managing $700 million goes indie
PRACTICE MANAGEMENT JUL 20, 2021
Morgan Stanley trio managing $700 million goes indie

Los Angeles-based PBC Private Wealth will use LPL’s strategic wealth services, a unit that supports breakaways.

ETF sponsors perform well on diversity, equity and inclusion, study finds
PRACTICE MANAGEMENT JUL 20, 2021
ETF sponsors perform well on diversity, equity and inclusion, study finds

Nearly 90% of exchange-traded fund sponsors received the highest score in Sage Advisory's study of ETF stewardship.

Apex’s Tricia Rothschild resigns after 1 year
FINTECH JUL 19, 2021
Apex’s Tricia Rothschild resigns after 1 year

Rothschild made a quiet exit from the firm as Apex beefs up its leadership team with a new chief technology and chief marketing officer.

SEC orders UBS to pay $8 million over sales of complex exchange-traded products
ALTERNATIVES JUL 19, 2021
SEC orders UBS to pay $8 million over sales of complex exchange-traded products

Investments pegged to market volatility remained in client accounts for up to a year when they were meant to be short-term investments.

RBC adviser fired following arrest on domestic violence charges
PRACTICE MANAGEMENT JUL 19, 2021
RBC adviser fired following arrest on domestic violence charges

Florida-based adviser Scott Jay Matalon was fired from RBC after facing charges of kidnapping, domestic battery and false imprisonment.

Rise of 'middle office' providers for RIAs
OPINION JUL 19, 2021
Rise of 'middle office' providers for RIAs

One option for advisers starting an RIA is to outsource in one fell swoop such responsibilities as custodial relationships, tech stack design and integration, client billion, tamp solutions and marketing expertise.

Robinhood aims for $35B valuation in IPO
FINTECH JUL 19, 2021
Robinhood aims for $35B valuation in IPO

The company at the center of this year's meme stock frenzy will market 55 million shares for $38 to $42 each, according to a filing with the SEC.

The latest in financial #AdviserTech — July 2021
FINTECH JUL 19, 2021
The latest in financial #AdviserTech — July 2021

This month's #AdviserTech roundup includes SmartAsset’s achieving unicorn status, Broadridge acquiring AdvisorStream, and Principal shutting down RobustWealth.

Private banker carves out his niche with clients that hold illiquid assets
RIAS JUL 16, 2021
Private banker carves out his niche with clients that hold illiquid assets

Boston Family Advisors has a narrow focus on wealthy families that have most of their assets invested in private equity and venture capital.

'Salary plus bonus' will arrive at the wirehouses
OPINION JUL 16, 2021
'Salary plus bonus' will arrive at the wirehouses

The switch in the compensation model will arrive silently, via death from a thousand cuts.

M1 Finance funding pushes valuation to $1.4 billion
FINTECH JUL 16, 2021
M1 Finance funding pushes valuation to $1.4 billion

With a total of $300 million in funding in a matter of months, the robo-adviser has grown employee head count to over 250 and AUM to $4.5 billion.

Wells Fargo says return to office will look ‘mostly’ like pre-Covid
PRACTICE MANAGEMENT JUL 16, 2021
Wells Fargo says return to office will look ‘mostly’ like pre-Covid

The bank, with almost 260,000 employees, will start calling workers back to the office on Sept. 7, a process that will continue through October, according to an internal memo.