Trader Talk

International and cross-border financial planning is a common, yet not well-understood area of professional expertise in financial planning. There are more than 40 million foreign-born individuals living in the United States and 9 million Americans abroad. Serving these clients requires specialized knowledge to avoid major pitfalls. Financial planning for the average client comes with its
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After further postponing in-person hearings due to the coronavirus pandemic, FINRA may make video conferences a permanent option for arbitration cases. “I think Zoom is here to stay in some capacity,” Laura McNamire, regional director of FINRA Dispute Resolution Services, said Oct. 21 during a virtual panel at PIABA’s annual meeting. “It’s something that we
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Wealth management giant UBS added new benefit offerings on Thursday aimed to improve employees’ personal finances, including a partnership with Morningstar and other vendors to address student loan debt, retirement and overall financial wellness. The offerings will be added to the existing UBS Workplace Wealth Solutions platform — launched in January — which received a
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Six thousand UBS financial advisors are getting a new platform for market data, investment research, portfolio analytics and risk assessment. UBS Wealth Management is leaving behind the legacy Thomson One product for Refinitiv’s web-based Workspace for Financial Advisors suite. It is available now through UBS’s existing workstation, and will play a starring role on the
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A London-based wealth manager with global ambitions aims to extend its reach into the U.S. marketplace via a special purpose acquisition company. Kingswood Acquisition’s plan is to raise $150 million through an IPO of 15 million units at $10 apiece to make acquisitions focusing on the “highly fragmented” independent wealth management industry, according to an
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For some of the industry’s biggest actively managed funds, neither market volatility sparked by the coronavirus pandemic nor the upcoming presidential election have deterred outsized gains. The 20 top-performing active products with at least $1 billion in assets under management have generated an average 10-year annualized return of more than 20%, Morningstar Direct data show.
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In the wake of much-needed attention on diversity, equity and inclusion, here’s a universal recommendation for advisors and clients alike: Don’t get ahead of yourself. As financial planners, we follow these steps with clients: exploratory conversations, data gathering, analysis, recommendations, plan delivery, implementation and monitoring. As a strategy consultant for wealth management firms, I find
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William Blair expects to pursue a “hybrid” staffing model combining in-office and remote work, Chief Executive Officer John Ettelson said. The investment bank’s businesses are all functioning well with about 90% of employees at home during the pandemic, Ettelson said Monday at SIFMA’s annual meeting, held virtually this year. William Blair, with roughly 1,500 workers
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Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation. The firm determined that the staffers defrauded the Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo reviewed by Bloomberg. The
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Are advisors finally catching a break? In some courthouses, it seems they are indeed. In recent rulings, courts appear to be reevaluating their thinking on departing advisors who transport client assets to new firms — and looking askance at claims by major Wall Street firms that these advisors have done them “irreparable harm.” That’s part
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Morgan Stanley Wealth Management saw fee-based asset flows jump 54% year-over-year, a surge accelerated in part by the wirehouse’s stepped-up recruiting efforts, said CFO Jonathan Pruzan during the firm’s third-quarter earnings call Oct. 15. “We’re seeing Morgan Stanley become the destination of choice for financial advisors,” Pruzan said. Morgan Stanley reported fee-based asset flows of
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Fidelity Investments plans to hire 4,000 people over the next six months as the money manager benefits from this year’s turmoil while some of its rivals struggle. The Boston-based firm said Tuesday the additions will be in areas including financial advisors and customer service agents, and represent a 15% increase in associates who focus on
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