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Ameriprise is back to “business as usual,” resuming in-person meetings with prospective financial advisors after doing away with them during the coronavirus, its top recruiting executive says. The wealth manager resumed corporate office tours in Minneapolis and New York with potential recruits in the second quarter, says Manish Dave, Ameriprise’s senior vice president of business

M&T Bank has launched a new service to provide its customers with digital advice and planning. Called Wilmington Advisors @ M&T, the advice comes from Wilmington Advisors through a technology platform provided through LPL Financial, says Matt McAfee, senior vice president and head of affluent markets at M&T Bank. He says that over the past

Citigroup is taking another step into the world of cryptocurrencies. The Wall Street giant will help its richest clients bet on crypto as part of a new digital assets group inside Citigroup’s burgeoning wealth management unit, according to a memo to staff seen by Bloomberg News. The new effort will be led by Alex Kriete,

Clients needed grit and perseverance last year as they whipsawed through a pandemic, a market crash, a record-setting rebound and massive government stimulus. This year may require that they summon up the same qualities to face a much-altered investing environment. Investors are gradually emerging from a COVID-19 world into what could be an optimistic time

I moved to New York City a decade ago at the tender age of 22. I worked three jobs that first year to make ends meet and didn’t earn more than $25,000. I remember thinking, “If I could make $80,000, I could really enjoy living in this city.” By 2016, I was earning $80,000 a

(Bloomberg) — Peter Thiel, the billionaire co-founder of PayPal who is a vocal opponent of higher taxes, had amassed $5 billion in a tax-free Roth individual retirement account by 2019, ProPublica reported, citing confidential IRS records. Investment gains in Roth IRAs are never taxed, and the accounts are subject to contribution and income rules designed

An independent consulting firm has launched a mobile application that will bring training programs, tools and insights straight into the hands of financial advisory firms. From Herbers & Company, the Academy mobile app, available on desktop, iOS and Google, will give users practice-management ideas with a subscription fee. Angie Herbers, the company’s founder and CEO,

Advisors generally believe that if an investor is not over-allocated in cryptocurrencies, the volatility of the asset class won’t cause too much financial harm. ‘Big Short’ investor Michael Burry sounded the alarm over cryptocurrencies this month, warning of the impending “mother of all crashes” shortly before Bitcoin’s dip beneath $30,000 June 22. Many advisors disagree

Cetera Financial Group lost a major enterprise out of an incoming group from a firm it acquired earlier this month, despite retaining more than 800 financial advisors after the deal. Brian M. Woods Financial Services, an office of supervisory jurisdiction spanning 30 advisors with $1.6 billion in advisory, brokerage and retirement plan assets, left Voya

RBC Wealth Management added a five-person advisor team from Wells Fargo with $1 billion in client assets. In a statement, Joseph Seidler, a managing director of the Seidler Cattich Group, says RBC meets their needs for clients who live or own property overseas. “As part of RBC, one of the largest financial services companies in

We are pleased to announce the launch of the first-everFinancial Planning Rising Stars award recognizing fee-only planners with no more than five years of experience in the industry. The award is intended to identify and celebrate young RIA professionals and career changers who are advancing the industry through their accomplishments, contributions and service to the

Form CRS doesn’t work — but there’s hope under the new SEC. That was the consensus of fiduciary experts and ex-regulators at an online press conference hosted by the Institute for the Fiduciary Standard yesterday. Despite last year’s activation of the hyper-concentrated disclosure document, which requires advisors to lay out their obligations and conflicts to

Gary Gensler Andrew Harrer | Bloomberg | Getty Images Securities and Exchange Commission Chairman Gary Gensler is fleshing out his thoughts on climate risk and human capital disclosure. The SEC recently concluded a public comment period on expanding corporate climate disclosures. It has also launched a climate and ESG enforcement task force. In a speech

A group of eight internationally-focused financial advisors have left Wells Fargo for the independent RIA channel in part because the wirehouse halted its wealth management business outside the U.S. earlier this year. “We needed to find a new home for our clients,” says Marlen Lopez, a senior wealth advisor at Excelsis Global Private Wealth, on

In this article VOTE Traders on the NYSE, May 3, 2021. Source: NYSE Can you make an exchange-traded fund out of activist investing?  Earlier this month, Engine No. 1 came out of nowhere and won three Exxon Mobil board seats after a six-month proxy fight. The company says Exxon needed to significantly reduce emissions and

Black households trail white ones in terms of savings in part because of historical and institutional obstacles, including a lack of financial wisdom passed down within generations of families. What’s surprising is that while Black households still lag behind their white counterparts, even after a college education, racial wealth gaps disappear once adjusted for income.

Betterment for Advisors has partnered with a trio of wealthtech companies on a software bundle for independent advisors, but says it’s not trying to compete with RIA networks that offer technology suites to members. The RIA Tech Suite includes Betterment’s for-advisors digital advice platform, RIA in a Box for compliance and cybersecurity, financial planning from

A midsize wealth manager seeking to expand its advisory business is taking a novel approach from rivals by outsourcing broker-dealer services to its custodian. It’s a move that falls into the industry’s ongoing trend away from commissions and toward advisory fees, and illustrates a new twist in firms’ hunt for costs to cut as business

A billion-dollar wirehouse team seeking greater independence chose LPL Financial’s breakaway channel out of more than a dozen suitors. LPL Financial LLC announced June 21 that financial advisor Larry Boggs launched an independent practice, Boggs & Company Wealth Management, with the help of LPL’s Strategic Wealth Services (SWS) model. Headquartered in Cumberland, Maryland, Boggs’s prior

Hello and welcome! My name is Laura J. LaTourette, and I use “she/her/hers” pronouns. It’s great to meet you. I’m looking forward to spending time with you today. Wasn’t that easy? I have been sharing my pronouns professionally for some time now on social media, during video meetings, and in discussions. The more I share

1986: Ric and Jean Edelman found Edelman Financial Services. 1996: Financial Engines is born. Co-founded by Nobel economics laureate William Sharpe, former SEC chief Wiliam Grundfest and Silicon Valley lawyer Craig Johnson, Larry Raffone joins the firm as an executive vice president, coming from Fidelity Investments’ institutional side. He becomes CEO of Financial Engines in

When women with STEM degrees decide to go into financial services, they have to turn down other opportunities that are often more directly related to their fields of study. So why do they choose to work in a bank or fintech instead of a chemistry lab or research vessel? The top factors are resource accessibility,

A major LPL Financial enterprise is turning wealth managers’ constant fight for assets into its own potential recruiting gambit for financial advisors who prefer a different broker-dealer. Last month, Good Life Companies took the unusual step of opening its second hybrid RIA entity with a different BD affiliation under Harbor Financial Services and a rival

The percentage of U.S bank employees who work at least partially from home nearly doubled over the past year, and more than half of the industry’s workers want to keep performing job duties remotely. At the same time, more than seven out of 10 bank staffers believe that their employer is likely to allow some

Wells Fargo named Julie Caperton as the new head of its wealth management arm for high-net-worth clients. She succeeds Julia Wellborn, who left the company in April, as the head of Wells Fargo Private Bank. Caperton, a 19-year veteran at Wells Fargo and predecessor organizations, is currently the head of the company’s Banking, Lending &

Morningstar Investment Management and asset manager Dimensional Fund Advisors are launching an automated managed accounts service for financial advisors and RIAs, to bring customizable planning and investment advice to clients in retirement plans. The platform expands the Morningstar Retirement Manager user interface to bring clients with smaller account sizes “high-quality, personalized advice at scale, just

PMorgan Chase agreed to buy U.K. digital wealth manager Nutmeg Saving and Investment as it seeks to expand its mobile banking service for retail investors in the country. Nutmeg has more than 140,000 customers and manages over 3.5 billion pounds ($4.9 billion) of assets, according to a statement from the U.S. bank Thursday. JPMorgan’s digital

A midsize wealth manager owned by the U.S. subsidiary of a giant global insurer is folding into a rebranded entity combining business lines with the goal of boosting its advisory clients. Effective July 19, independent broker-dealer ProEquities will become Concourse Financial Group Securities, forming a single firm that will also include fellow Protective Life subsidiaries

Commonwealth Financial Network launched a new committee for advisors, Women of Commonwealth, and hired a breakaway advisor from Merrill Lynch; Wealth Enhancement Group bought a Maryland team with $446 million in client assets; and NASAA released guidance on CE credits. Scroll down for more quick takes and people news from the week in financial advice.

Traders on the floor of the New York Stock Exchange. Source: NYSE The Federal Reserve, which has played a big part in confusing the markets, may be helping to clear things up. What happened to the argument that inflation would blow up bond yields? So far, it has been wrong.  With bond yields lower, not