Trader Talk

Merrill Lynch President Andy Sieg speaks at an event in 2017. Merrill Lynch will continue its unconventional hiring process — looking for advisors from inside Bank of America to save money, improve advisor retention rate, and capitalize on “home-grown talent,” the wirehouse’s president, Andy Sieg, affirmed on Monday. “We have for many years been out

The term “ally” has been bandied about incessantly since the racial protests of 2020. Admittedly, I have struggled with the term, not knowing when to apply it. What I’ve observed in recent months is that most of my white colleagues and peers are convenient allies. Their willingness to be allies on the issue of racial

Just three years after leaving its former broker-dealer to escape restrictive RIA policies, Macro Consulting Group is returning to LPL Financial after Wealth Enhancement Group acquired the firm. It’s the latest transaction in a year that’s seen record RIA dealmaking. Marco Consulting, based out of Parsippany, New Jersey, has more than $900 million in client

Outdated technology infrastructure makes it difficult for financial services institutions to keep pace with the rapid pace of digital innovation happening in other industries. New products are often slow to market, and integrations can get bogged down in complexity. Not to mention, the longer it takes, the more expensive it gets. For example, it took

Aiming to turn its hybrid arm into a destination for “purpose-driven” advisors, financial services firm Thrivent picked 30-year industry veteran Carolyn Armitage to lead the RIA. Thrivent Advisor Network spans 180 advisors managing $6.5 billion in client assets. It launched in 2019 with 130 former representatives from the fraternal benefit society’s legacy insurance broker-dealer, Thrivent

In this article STT Traders on the floor of the New York Stock Exchange. Source: NYSE This will be a very tricky Federal Reserve meeting for traders, but it won’t be much easier even after the gathering. Even if the Fed adopts a best-case, stay-the-course-on-tapering-and-rate-hikes scenario at the end of its two-day meeting Wednesday afternoon,

Digital media is key for financial advisors. From LinkedIn, Facebook, Twitter, and Instagram to newsletters, blogs, and podcasts, digital media has become an integral part of our daily lives. The coronavirus pandemic accelerated the social selling landscape shift among financial advisors. Gone were in-person communications, replaced by social media shouldering more of the burden of

A Department of Labor reevaluation of the bloodied-but-still-standing fiduciary rule could well result in its restoration to Obama-era levels of stringency, advocates say. The Employee Benefits Security Administration plans to issue a Notice of Proposed Rulemaking addressing the definition of fiduciary, according to the Labor Department’s just-released Spring 2021 Regulatory Agenda. Regulatory rulemaking schedules can

Dennis Rodman is one of the greatest basketball players of all time, but you would never know by looking at his numbers. He averaged only 7.3 points per game in his professional career, and is the lowest-scoring inductee in the National Basketball Association’s Hall of Fame. He’s better-known for his tattoos, piercings, hairstyles and excursions

Dimensional Fund Advisors just became one of the biggest players in the $6.5 trillion exchange-traded fund arena. In a milestone moment for the money management industry, the $637 billion quant pioneer founded by David Booth has converted four equity mutual funds with $28.8 billion of assets into ETFs. David Booth, co-founder and executive chairman of

Many White Americans are retiring earlier than planned because they can afford to. But for Black Americans, health problems or disabilities are more likely to force them to stop working prematurely. That’s one of the findings of a survey released Thursday that focused on challenges facing Black and Hispanic Americans when saving and preparing for

In the late 1980s, three friends living in a cramped New York City apartment had the wacky idea of painting themselves blue after donning bald head wigs. They proceeded to put on shows entertaining people without speaking a single word. The group, Blue Man, began performing unique, fun-filled performances that drew ever-increasing audiences and stellar

After two massive bank-channel recruiting wins for LPL Financial this year, the No. 1 independent broker-dealer has reeled in an even larger one for next year. CUNA Brokerage Services, which is the wealth management arm of insurer and financial services firm CUNA Mutual Group, plans to move to LPL’s Institution Services Platform in early 2022,

The disclosure of the personal income and tax data of some of the wealthiest Americans has been referred to additional federal investigators to probe the leak of confidential information, an Internal Revenue Service official said. “Treasury announced yesterday that they made investigative referrals to their Office of Inspector General as well as the FBI, and

In the age of Apple, Netflix, and Spotify, clients want a more flexible approach to the services offered to them, and the subscription-based planning model is the next financial industry evolution. Advisors are seeking ways to adapt their offerings to meet changing client needs, including how, when, where and what type of financial guidance is

As the fallout from UBS Puerto Rico closed-end fund losses soared past $100 million in arbitration settlements last month, a central figure in a drama still unwinding years later warns that something just like it could happen again. Jose G. Ramirez Arone, Jr. seems far removed from the man who was once one of UBS’

Warren Buffett, until last year a devoted shareholder of big U.S. banks, has moved on to their challengers. Does that spell the end of his faith in the traditional financial sector? This week, Berkshire Hathaway Inc. poured $500 million into Brazil’s Nubank — the fintech company’s largest single investment — giving it a valuation of

The outlook for the global asset management industry, plagued in recent years by unmerciful downward pressure on fees, is starting to look brighter. With memestocks, decentralized finance and non-fungible tokens capturing the headlines, money managers need to keep up with the zeitgeist. A new report suggests that the cryptocurrency markets offer a great opportunity for

A former registered client associate for one of the largest wealth managers alleges two financial advisors sexually harassed her and the company retaliated against her for reporting it. Stephanie Henninger accuses Ameriprise of a hostile work environment due to the conduct of advisors Michael S. Maher and Stephen M. Waite II and unlawful retaliation including

A two-advisor team managing $975 million at Truist has joined Raymond James’ employee channel. Advisors John Gill and Bryan Horner were joined in the move by Mari Hurd, business practice coordinator, and Katie Bosler, senior registered client service associate. John Gill “As financial advisors, we feel a responsibility to choose a partner that shares our

Financial advisors using RobustWealth are now looking for a new technology provider. Principal Financial Group, which acquired the digital advice startup in 2018, has informed customers that it made “a strategic business decision” to close down RobustWealth’s for-advisors business on September 6. “This means that as of this date, we will no longer trade and

In what may be the biggest departure from the No. 1 IBD in years, a tax professional-focused enterprise acquired a midsize broker-dealer and its CEO left LPL Financial. Dallas-based Level Four Advisory Services’ CEO Edmon “Jake” Tomes changed his broker-dealer registration to Harbor Financial Services on Dec. 10, and the parent firm of the office

Traders working at the New York Stock Exchange (NYSE), on May 19, 2021. NYSE Is the great value rotation over?  The S&P 500 is at a historic high, but investors who earlier this year overweighted their portfolios into reopening stocks like Caterpillar and banks, and away from tech and other growth stocks, appear to be

Amazon.com Inc. founder Jeff Bezos has the resources to launch himself into space. Elon Musk does, too. In many ways, though, the richest people left the vast majority of the world behind long ago. The world’s wealthiest 500 individuals are now worth $8.4 trillion, up more than 40% in the year and a half since

More than a year after the end of a controversial SEC self-reporting program, a midsize wealth manager that didn’t participate has settled the regulator’s case against it. Centaurus Financial agreed to pay $1.3 million in disgorgement, interest and a fine after the SEC alleged the Anaheim, California-based independent broker-dealer failed to adequately disclose conflicts of

At BNY Mellon Pershing’s annual INSITE conference, held virtually this week, the custodian revealed a new multi-custodial managed accounts software for financial advisors and an integration portal for software developers building fintech apps on the Pershing platform. On Tuesday, Pershing announced new multi-custodial managed accounts that will allow wealth management firms to oversee their business

So much for trying to make amends with family. A multimillion-dollar battle has flared up again between a wealthy Florida grandmother and her two grandsons whom she accused of mishandling her money while working at J.P. Morgan Securities, a new court filing shows. Beverley Schottenstein, 94, the heir to a retail empire that grew to

In a deal that will push its tens of billions of dollars in client assets to more than triple the size of two years ago, a private equity-backed hybrid RIA is purchasing another massive practice. Hoover Financial Advisors agreed to fold into Wealth Enhancement Group under a transaction with an undisclosed price tag that’s expected

In a sign of resiliency and an example of a nation coming together in the wake of COVID-19, many Americans have amplified their usual donations to charities — and in some cases have made their first charitable contribution. Further good news is that the market for charitable contributions has been able to accommodate the growth,

Edelman Financial Engines co-founder Ric Edelman is stepping down from his role as chairman at the end of 2021. He will serve as a strategic advisor and remain on the board of directors, according to a statement by the company. Amid the change, Edelman continues to be the firm’s largest shareholder. Edelman launched Edelman Financial