In a new episode of the Financial Planning podcast, U.S. Rep. John Larson explains his comprehensive plan for ensuring the solvency of Social Security into the next century. The Democrat from Connecticut’s 1st District — which spans 700,000 residents in the capital city of Hartford and two neighboring counties — has introduced the Social Security
Trader Talk
Fidelity Investments is giving teenagers access to financial markets with a new type of brokerage account. The fund manager will provide investing and savings accounts and debit cards to 13- to 17-year-olds whose parents are clients, Boston-based Fidelity said Tuesday in an emailed statement. They will be able to trade U.S.-listed stocks, Fidelity mutual funds
After promoting a veteran ex-executive from one wirehouse rival to be its CEO, J.P. Morgan Advisors grabbed a billion-dollar team from another competitor. Financial advisors Mark Donohue and Gordon Sommer of The Donohue Group left Morgan Stanley May 14 to join the rebranded J.P. Morgan Securities unit led by Phil Sieg since his promotion last
After alerting broker-dealers to compliance problems involving anti-money laundering rules, the SEC charged a prominent firm with running afoul of the law. The BD of one of the largest retirement plan recordkeepers failed to file adequate suspicious activity reports for more than three years, the regulator says. GWFS Equities — an affiliate of Empower Retirement
What’s on advisors’ bedside tables? We asked industry leaders and wealth management executives what books they would recommend about business, finance or economics. Some told us that they would suggest reading books on innovation or even life hacks, because they’re useful for practice management (and managing the rest of your life). Here are their suggestions.
Despite efforts from many firms to increase the racial diversity in wealth management, progress remains slow. Fewer than 1.7% of CFP holders are Black, according to CFP Board data. And out of an estimated 514,000 financial advisors in 2020 tracked by the U.S. Bureau of Labor Statistics, just 8% were Black. Part of the problem
Catherine Keating isn’t just seeing the jump in consumer prices; she knows she’s part of the reason for it. The head of BNY Mellon’s wealth-management business, which oversees $292 billion of client assets, was finally able in April to get back on the road after the pandemic curtailed business travel and in-person meetings. After getting
President Biden wants to give the IRS sharper teeth. He’s proposed increasing the agency’s funding by almost 70% so it can better police tax avoidance and evasion. The focus is supposed to be on wealthy taxpayers and corporations, since they’re the ones who account for the majority of tax misconduct, but what does that mean
Wealth management leaders often flaunt the concept of “return on investment” when wielding money around firm initiatives — including recruiting and hiring. When dealing with cold dollars and cents, ROI represents a prudent measure to assess if you’ve earned more than you invested. Yet when it comes to investing in human capital, ROI requires much
J.P. Morgan, Commonwealth Financial and D.A. Davidson brought new advisor teams on board; RBC announced two new complex directors and recruited a $460 million team from Wells Fargo; Raymond James and Neuberger Berman hired new executives; plus news from the fintech world, financial crimes, retirement data, and more in quick takes from the week in
It’s typically the financial advisor who educates the client on an investment — but when it comes to cryptocurrency, it might go the other way around. “Clients are coming to advisors for the first time knowing more about this than [them],” says Tyrone Ross, CEO of Onramp Invest, a startup crypto tech platform for financial
After a year of human deprivation, no travel and endless Zoom calls it’s no wonder many Baby Boomers are thinking of taking an early retirement to make the most of the time they have left. Data from Pew Research Center estimates 3.2 million more people retired last year than the year before. A survey from
A billion-dollar quartet of financial advisors including a former mayor with a specialty in socially responsible investing dropped their wirehouse of ten years for RBC Wealth Management. Advisors Michael Gara, Bruce Berman, Chad Goerner and Dustin Illgen of Princeton Financial Partners left UBS for RBC’s branch in Princeton, New Jersey. The team managed $1.6 billion
People crowd outdoor seating at a restaurant as coronavirus disease (COVID-19) restrictions are eased in Ann Arbor, Michigan, U.S., April 4, 2021. Emily Elconin | Reuters A new book by Nobel Economics Prize winner Daniel Kahneman asks, why does everyone make such bad decisions and what can we do about it? Why do we all
Nearly six years after an annuity issuer first allegedly raised concerns with a midsize wealth manager about a representative using a variation of the “infinite banking” life insurance strategy, the firm may have put the case in the rearview mirror. On April 30, O.N. Equity Sales agreed to pay $1.3 million to settle FINRA’s case
The GameStop saga of earlier this year has one silver lining. Although the serious concerns about massive instantaneous trading by unsophisticated Robinhood users aren’t going away, neither are the tools and lessons that wealth managers could use to help a new generation of clients invest for the long term. In a panel at Financial Planning’s
Sales of variable annuities reached their highest quarterly level in more than five years, with the hottest flavor of the insurance-like contracts driving the upswing, according to preliminary data from a research group. Registered index-linked annuities (RILAs), insurance-industry jargon for consumer contracts that are tied to stock indexes but that allow investors to set the
What does inflation do to stock prices? Stocks are reacting negatively this week to modestly higher inflation figures, but it’s not at all clear that the current figures are a long-term negative for stocks. Higher inflation is usually looked on as a negative for stocks, because it increases borrowing costs, increases input costs (materials, labor),
President Biden’s Department of Labor dealt the independent broker-dealer community a setback when it rescinded a Trump-era regulation regarding independent contractors, a favored business structure for registered reps. The original rule would have made it easier for businesses to deem workers as independent contractors. It was not sector-specific, instead relying on what the DoL calls
The COVID pandemic, and more than a year of preventative lockdowns, have transformed the way we interact. As the world gets vaccinated and moves closer to normalcy again, investors should take note of these 5 trends, which took off during the pandemic and are likely to continue. An accelerated technological revolution Technological innovation is a
By choice — but mostly by necessity — learning has accelerated during the coronavirus pandemic due to the embrace of new platforms. That’s a good thing when life has become much more complicated for those juggling work, kids and a host of other “IRL” factors. Advisors and their firm partners should be no different, continuing
Freaking out over looming tax increases for your wealthy clients? You might not need to tear up their retirement plans just yet. Many rich Americans may have less cause than they realize to fear President Biden’s proposed tax hikes, which threaten to slash long-standing benefits for investment profits and estates passed on to heirs. Advisors
Tech is taking over financial services — but which trends are here to stay? In this session, Maria Gotsch, President and CEO of the Partnership Fund for New York City, speaks with Chana Schoenberger, Editor-in-Chief of Financial Planning, about what’s innovative and exciting in fintech right now. Among the topics we’ll discuss are: – What
CI Financial is back at it — this time scooping up a $5.7 billion RIA in its second largest acquisition since entering the U.S. market. The Canadian asset manager announced May 10 that it was buying Dowling & Yahnke, a San Diego-based RIA serving over 1,300 individuals, families and non-profits. The deal is expected to
After a temporary pause in its recruiting of financial advisor trainees due to the coronavirus, one of the largest wealth managers is restarting its hiring with a different approach. The ranks of Edward Jones advisors — the largest brokerage force in the industry — slipped during the pullback, according to the May 7 first-quarter earnings
UBS Group AG is in the early stages of planning to offer wealthy customers digital currency investments, joining U.S firms in seeking to give broader access in response to client demand. The Swiss firm is exploring several alternatives for offering the asset class, people familiar with the plan said. Any investment offering would be a
Alexandra Armstrong, one of the first individuals to obtain a CFP certification, still remembers walking into Ameriprise more than 25 years ago and asking for a $10 million donation. Armstrong, now 81, and the late financial planning pioneer Don Pitti didn’t have a formal business plan for the seedling non-profit foundation they were launching, and
These are exciting times for financial advisors seeking independence in wealth management. Rising capital markets, increased consumer demand, innovative technologies and products and creative practice management models have created a surge in demand for advice. “The wealth management industry and the regulations that guide its practices should move toward a modern framework that allows advisors
President Biden proposes to impose steep new taxes on high earnings and lucrative investments to help pay for expanded child care and other social programs. But if he’s serious about requiring wealthy Americans to pay more, he missed one of the most obvious places to start. That would be by curtailing a gift to business
Want to align the core of your investment strategy with climate-change values? Or build a sustainable equity portfolio for the long-term by focusing on ESG goals? A variety of ESG ETFs have made these and other promises. But as the table below shows, they mostly hold the same large capitalization technology stocks as the S&P
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