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Vanguard CEO Buckley tiptoes around ESG, embraces AI
FINTECH MAY 24, 2023
Vanguard CEO Buckley tiptoes around ESG, embraces AI

'ESG funds are not the next great innovation,’ Tim Buckley said at an Investment Company Institute conference. 'They’re a client preference, and we need to treat it as such.'

Ritholtz Wealth files for new robo-advisor
FINTECH MAY 24, 2023
Ritholtz Wealth files for new robo-advisor

The new product, called Good Advice, requires a $15,000 minimum investment and will charge a maximum fee of 50 basis points.

Modernize your service model, both for your next client and your succession plan  
OPINION MAY 24, 2023
Modernize your service model, both for your next client and your succession plan  

You’ll have a tough time acquiring new clients, or eventually selling your firm and retiring, if your service model is stuck back in the '90s.

The latest in financial #AdvisorTech — May 2023
FINTECH MAY 24, 2023
The latest in financial #AdvisorTech — May 2023

This month's highlights include Betterment's $9 million settlement with SEC and whether it points to more SEC scrutiny of RIAs' tax-loss harvesting promises, as well as Altruit's latest fundraising round and GeoWealth's acquisition of First Ascent.

Waning confidence in banks creates opportunity for advisors to manage clients' cash
FINTECH MAY 23, 2023
Waning confidence in banks creates opportunity for advisors to manage clients' cash

Just 59% of households surveyed indicate they're confident about the stability of the banking system, creating a tailwind for fintechs that help advisors offer cash management.

Finra fines 5 brokerages $185,000 for Reg BI, Form CRS violations
PRACTICE MANAGEMENT MAY 23, 2023
Finra fines 5 brokerages $185,000 for Reg BI, Form CRS violations

The actions illustrate Finra’s continuing crackdown on compliance shortcomings related to the conduct standard that was implemented in June 2020.  

Top-earning CEOs at broker-dealers in 2022
BROKER DEALERS MAY 23, 2023
Top-earning CEOs at broker-dealers in 2022

Chief executives at leading brokerage and advisory firms are earning more money than ever. Here are the numbers on last year’s compensation for some of the highest-profile executives.

Orion CEO Eric Clarke announces retirement plans
FINTECH MAY 22, 2023
Orion CEO Eric Clarke announces retirement plans

Clarke informed the company's board of directors that he plans to step down at the end of the year.

Merrill Lynch continues management reshuffle
PRACTICE MANAGEMENT MAY 22, 2023
Merrill Lynch continues management reshuffle

The executive team under Lindsay Hans and Eric Schimpf is taking shape; Ken Correa takes on an expanded role as head of business and client development, while Erik Vatter was named head of advisor development.

Here are the top 3 candidates to replace Gorman as Morgan Stanley CEO
PRACTICE MANAGEMENT MAY 19, 2023
Here are the top 3 candidates to replace Gorman as Morgan Stanley CEO

Andy Saperstein, Ted Pick and Dan Simkowitz are thought to be executives in the running to succeed James Gorman, who says he will step down in the next 12 months.

ESG jobs in finance come with a bigger paycheck, data show
PRACTICE MANAGEMENT MAY 19, 2023
ESG jobs in finance come with a bigger paycheck, data show

Hiring and compensation for industry position with 'ESG' in the title have increased, Revelio Labs found.

Sustainable investing practice brings advisor 'perfect' clients
PRACTICE MANAGEMENT MAY 19, 2023
Sustainable investing practice brings advisor 'perfect' clients

Ninety-eight percent of Eric Souder's clients are invested in socially responsible portfolios he runs that are built with institutional shares of mutual funds.

What keeps these top securities regulators awake at night?
RIAS MAY 19, 2023
What keeps these top securities regulators awake at night?

"I call it B-D/IA arbitrage," Finra's Christopher Kelly said, describing his concern about advisors flouting the boundaries between charging clients fees and commissions.

New diversity report makes familiar recommendations
PRACTICE MANAGEMENT MAY 19, 2023
New diversity report makes familiar recommendations

The report from the CFP Board outlines specific steps proven to establish and cultivate equity for employees at all levels with financial services organizations.

Morgan Stanley CEO Gorman stepping down within 12 months
PRACTICE MANAGEMENT MAY 19, 2023
Morgan Stanley CEO Gorman stepping down within 12 months

Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, will assume the role of executive chairman after exiting as chief executive.

Impax North America president Keefe to retire
PRACTICE MANAGEMENT MAY 18, 2023
Impax North America president Keefe to retire

Joe Keefe, who has led the group and its precursor since 2005, will be replaced by Ed Farrington, the group's head of distribution.

When fiduciary duty is at odds with what's right for clients
COMPLIANCE MAY 18, 2023
When fiduciary duty is at odds with what's right for clients

It's time for the financial services industry to rethink its rules when it comes to offsetting fees.

Over a difficult year, these robo-advisors performed the best
FINTECH MAY 18, 2023
Over a difficult year, these robo-advisors performed the best

Fidelity Go, Wealthfront and Ellevest had the best showings, relative to a benchmark, over the one-year trailing period ended March 31, according to Condor Capital Wealth Management's latest 'Robo Report.'

Cetera goes more RIA-ish by hiring Durbin from Fidelity
RIAS MAY 18, 2023
Cetera goes more RIA-ish by hiring Durbin from Fidelity

It's in the best interest of Cetera's owner, Genstar Capital, to make the broker-dealer network look as much like a registered investment advisor as possible.

Durbin joins Cetera as CEO of parent company
BROKER DEALERS MAY 17, 2023
Durbin joins Cetera as CEO of parent company

While at Fidelity, Durbin oversaw the company’s 2015 acquisition of eMoney Advisor.