Trader Talk

In this article VIAC GS MS The Viacom office in Hollywood, California. Lucy Nicholson | Reuters Chinese stocks listed in the U.S. fell sharply last week, after several weeks in correction mode. A trader who participated in some of the wild trading in Chinese internet stocks on Friday confirmed that the primary cause of the

Q: Can a negative response letter be used in a bulk transfer situation? A: Without knowing the exact details of the situation, I can’t give you a definitive answer. I can tell you that FINRA Rule 11870 describes the customer account transfer process and does permit member firms to use negative response letters rather than

JPMorgan Chase said it plans to hire 300 additional Black and Latino wealth advisors by 2025 to serve more clients from those communities and allow employees from diverse backgrounds to advance in their careers. “We want to drive a step change in the representation of financial advisors” at JPMorgan, Kristin Lemkau, chief executive officer of

The race to the bottom continues as two of the largest ETF issuers are slicing what investors pay in the $6 trillion industry’s battle to manage the most cash. Just a day after BlackRock cut fees on $7.6 billion of its style ETFs, competitor State Street Global Advisors slashed them on two of its bond

It used to be the ultimate Wall Street insider deal: Buy into the latest hot company before its shares start trading. Now, at least two retail brokerages are looking at giving their customers early access to initial public offerings and the opportunity to buy shares at the same time as professional asset managers. SoFi, which

With broad swaths of the U.S. economy locked down for more than a year, those with good-paying jobs have had fewer opportunities to spend. The result is the highest saving rate on record and an estimated $1.7 trillion stockpile of pandemic savings. It’s widely assumed — and even encouraged — that consumers will spend a

Asking questions about the facts behind a recommendation can help sort out an advisor’s biases and conflicts of interest, a new study suggests. The findings of the experimental study, released March 19 in The Accounting Review, are relevant to financial advisors, both as they advise clients and as they themselves receive advice from fund or

Two former Morgan Stanley advisors, whose short-lived tenures at the wirehouse ended in litigation and termination, are suing their former employer’s attorneys for alleged malpractice. Christopher Armstrong and Randall Kiefner claim they got bad transition advice from law firm Shumaker, Loop & Kendrick — guidance that left them in a court battle without legal representation

In this article KWEB Chinese and U.S. flags outside the building of an American company in Beijing, China January 21, 2021. Tingshu Wang | Reuterss A new Securities and Exchange Commission rule that will require foreign companies to submit documentation about government affiliations and government influence is causing headaches for China investors. It’s one of

As a surge of interest in stock trading has driven many first-time investors to look for financial advice beyond meme stocks promoted on Reddit, Bank of America is making it easier for consumers to sign up for its robo advisor. Merrill Edge Guided Investing grew assets under management 33% year-over-year in the fourth quarter of

Raymond James’ Alex. Brown division picked up five advisors managing approximately $700 million in client assets, according to the company. The unit, which Raymond James bought from Deutsche Bank in 2016, serves high-net-worth and ultrahigh-net-worth clients. And like its corporate parent, Alex. Brown, has been trying to recruit talent from its rivals. Last year, the

BNY Mellon Pershing has bolstered the digital connections between its custodial platform and Orion Advisor Solutions growing suite of technology for advisors. Pershing’s advisor workstation, NetX360, now supports bi-directional data flow with Orion’s software, letting advisors move more easily between the two platforms without having to manually re-enter data. Advisors can also use Orion’s digital

Thousands of advisors are working from home due to Covid-19. Christian D’Urso took the unusual step of giving up the office for the open water. Since June, D’Urso has been running his $110 million advisory practice from a sailboat off the East Coast. He had long wanted to work remotely, but the pandemic and the

Analysis of long-term mutual fund outflows reflects an industry in flux. The 20 mutual funds with the biggest net outflows of the past 15 years, and at least $100 million in assets under management, shed nearly $793.4 billion over the period, Morningstar Direct data show. In the past year, the same funds lost almost $83.5

A trio of planners including a mother-daughter team launched a business training program for fellow advisors aiming to keep up with the growing demand for financial advice. 3rivers, founded in October by Judy and Lisa VanArsdale and Nancy Knous, is an online service for instructional practice management videos and resources at a cost of $599

It was a bad day for Cathie Wood.  And it was a very strange trading day.  For weeks, stocks have been held hostage to Treasury yields, particularly the 10-year.  As yields moved up, stocks, particularly high-multiple megacap stocks, moved down.  If yields dropped, tech rallied. That relationship has broken down. Yields have been down three

ETFs may make up a minority of most client portfolios, but clients want to buy more of them. Over the next five years, investors plan to raise their exposure to ETFs, to a mean of 38% of their portfolios, up from 29% today, according to Charles Schwab’s new ETF Investor Study, which surveyed more than

UBS’s business in the Americas is weighing some workplace changes following feedback from employees on issues such as diversity, job flexibility and community engagement. The bank is seeking to improve its engagement in underrepresented communities following requests from staff, said Tom Naratil, co-head of wealth management at UBS globally. It plans to deepen efforts through

What is money? The answer is different to many, but at its core, money is stored value. Now the way we all think about money can be different depending on a variety of factors like where it came from (work vs. a gift) or to whom you’ve mentally allocated it to (yourself or someone else).

Rockefeller Capital Management’s latest recruiting spate has netted it three wirehouse teams in Texas, Cincinnati and Los Angeles — one of which caters to Native American tribes. The outgrowth of the family office of the same name, led in part by ex-wirehouse executives, Rockefeller has been poaching talent from its largest rivals as it expands

Traders work on the floor of the New York Stock Exchange. NYSE It’s the anniversary of the big drop: What’s changed?  Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen are testifying Tuesday before the House Financial Services Committee on the state of the economic recovery from the Covid pandemic. Investors are expecting Powell to

The tax season just got more confusing. A flurry of unexpected announcements from the IRS regarding the latest pandemic relief package has sent advisors and accountants scrambling to suss out tax savings for their clients. Even with the filing deadline extended to May 17, it hasn’t been easy. “It’s a disaster. It’s a mess. It’s

BlackRock’s revamped $7.6 billion lineup of style ETFs will feature new benchmarks, different tickers and a perk: rock-bottom fees. The world’s biggest ETF issuer is cutting the expense ratios on nine iShares Morningstar U.S. Equity Style Box ETFs to a range of 0.03% to 0.06%. That’s down from previous charges that varied between 0.25% and

When it comes to fostering equality in the workplace, RIA owners are in a unique position to affect change. While bigger organizations housed across multiple locations have to contend with tradition, bureaucracy, and the sheer number of employees, the independent RIA owner can set his own agenda when it comes to fairness in the workplace.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report. The report, released Thursday by Syracuse University’s Transactional Records Access Clearinghouse, found that while the ranks of millionaires have nearly doubled since fiscal year 2012,

Could Vanguard’s antiquated systems make it the high-cost low-service provider, and seal its fate as the Eastern Airlines of financial services? Historically speaking, changing an industry for the better doesn’t assure survival. For a few years now, I’ve been hearing incidents of Vanguard customer service nightmares from my clients that have caused some to give

Two advisors will once again have clean BrokerCheck records after a FINRA arbitrator agreed to expunge a seven-year old client complaint related to a Merrill Lynch product snafu that cost the firm millions in regulatory penalties. Last week, in an unusually long arbitration award that featured a note from the client, a FINRA arbitrator found

With prospective clients increasingly searching online for financial advisors, many practice websites desperately need an overhaul, wealth management marketing experts say. Boilerplate websites that ease compliance headaches are missing leads generated by pages capable of turning visitors to clients. As large broker-dealers compete for top talent with marketing support for advisors and varying degrees of

If knowledge is power, many retirement savers in America are feeling pretty powerless. Half of people in their mid-40s to late 50s saving for retirement don’t know how their money is divvied up between stocks, bonds and cash, according to a survey released on Thursday by Schroders. That was true even for respondents between the

Q: I’m confused as to when I should list something on my U4 in Section 12 (Employment History) and when should it be listed in Section 13 (Other Business). Or should my outside business activities be listed in both places? A: As noted in the instructions to the FINRA Form U4, Section 12 requires you