Trader Talk

The Internal Revenue Service’s Criminal Investigation Division issued a warning Thursday about a new wave of COVID-19 scams tied to the latest round of stimulus payments, especially targeting taxpayers in the District of Columbia. The warning comes amid heightened tension in Washington after a riot last week at the Capitol that left five people dead
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Clients subject to required minimum distributions from retirement accounts were allowed to skip them last year, but RMDs resume in 2021. So, what strategies are on the table? Going Steady“We recommend using RMDs as a monthly supplement for Social Security,” says Jessica Hovis Smith, president of Longview Financial Advisors in Huntsville, Alabama. Account owners subject
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President-elect Biden’s $1.9 trillion COVID-19 relief plan is designed to both pump money into the economy and contain the coronavirus pandemic. The plan includes a wave of new spending, including more direct payments to households, an expansion of jobless benefits, more money for state and local governments and an expansion of vaccinations and virus-testing programs.
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BlackRock CEO Larry Fink said his firm will consider eliminating its political action committee after last week’s attack at the U.S. Capitol. The incoming administration must work to “bring people together,” Fink said in an interview Thursday, after BlackRock reported fourth-quarter results. Fink joins a chorus of corporate voices reconsidering their roles in the political
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RBC recruiting is barrelling into the new year. The regional BD picked up two UBS teams that managed a combined $900 million in client assets, furthering its recruiting streak from 2020. The advisors joined RBC in Lincoln, Nebraska. “RBC’s local leadership and strong presence in Lincoln, combined with the firm’s advisor-friendly culture, made this the
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Three partners in a major enterprise sold the firm to their longtime independent broker-dealer, Cetera Financial Group. John Brackett, Eric Huck and Anthony Tarantino formed Concord, Calif.-based BAR Financial in 2003 out of the merger of Brackett’s father-in-law’s firm and a former IBD named T.H.E. Financial Group. After growing to nearly 300 advisors and $4
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Nearly 30 years after two financial advisors started their practice with a couple of telephones and Rolodexes, they sold it to one of the largest private equity-backed RIA acquirers. Julianne Andrews and Cathy Miller of Atlanta Financial Associates have “not a few but many clients who were with us” when they launched in 1992, Andrews
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Wealth management could use a greater injection of emotional intelligence in its system. Industry leaders who lack emotional intelligence (also known as emotional quotient or EQ) wreak havoc on the workplace by exuding dominance over team members. By focusing on financial figures with a production-line mentality, they suppress innovation in exchange for control. In turn,
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Janney Montgomery Scott’s aggressive recruiting efforts during the pandemic landed the company 43 new advisors by year-end 2020. While many companies shut their doors and sent their employees home to work when the coronavirus pandemic hit the U.S., Janney determined early on to keep its offices open. To do so, it has put in place
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The private equity investors fueling record consolidation in wealth management are seeking out firms at the industry’s intersection with related professional services. In separate deals announced on consecutive days this week, PE-backed buyers respectively purchased Truist Financial’s $10-billion 401(k) plan advisory business and a wealth management and tax consulting practice with $3.29 billion in assets
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The Internal Revenue Service and the Treasury Department released guidance Wednesday on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven. The guidance in Revenue Ruling 2021-02 also reverses previous guidance issued last year by the IRS and the Treasury when Treasury Secretary Steven Mnuchin fiercely opposed the ability to
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