Trader Talk

Home to nearly $260 billion in assets, the 20 ETFs with the biggest gains of the decade had an average return of nearly 20%, according to Morningstar Direct data. In a year defined by coronavirus-driven market volatility, the same funds have continued to outperform with gains more than four-times their peers. For comparison, the SPDR

In an era of free trading and index-based investing, helping clients with taxes is an increasingly important service for advisors to demonstrate their value to investors. And to do it, firms are now arming advisors with new technology to manage portfolios with greater tax efficiency. The latest example: J.P. Morgan Asset Management has partnered with

Wilmington Trust, the wealth management arm of M&T Bank, is extending its hiring spree and considering acquisitions of RIAs. Wilmington is open to “targeted” purchases of RIAs in key markets, though it’s not currently in talks with specific firms, said Doris Meister, the company’s head of wealth management. It also plans to expand services to

With its acquisition of TD Ameritrade officially closed, Charles Schwab has begun laying out a roadmap for the future of its former rival’s advisor division. The decisions Schwab makes could affect the technology, custodial and other services that thousands of RIAs use. The firm didn’t have total insight into TD’s operations prior to the deal

It was the last time Tom Nally would stand on a stage as the president of TD Ameritrade Institutional, addressing RIAs. Two months earlier, the company had surprised its advisors with an announcement that long-time rival Charles Schwab would acquire it. After all, the custodian had been around since the 90s and was known for

The IRS published final regulations for Achieving a Better Life Experience, or ABLE, accounts for disabled Americans. ABLE accounts aim to help people with disabilities and their families save and pay for disability-related expenses. While the contributions aren’t deductible, distributions such as earnings are tax-free to the designated beneficiary if they’re used to pay for

RBC is furthering its recent recruiting streak with another big hire.. The regional BD picked up a Morgan Stanley team that managed $625 million, RBC said. The multigenerational group — which includes a grandfather, father and son — joined the firm in Princeton, New Jersey. “When looking to move our business, it was important to

A Securities America financial advisor allegedly earned 4% on his own account and negative 13% for his clients as part of a cherrypicking scheme that lasted more than a year, according to the SEC. Corbin L. Lambert used option purchases in his hybrid RIA’s omnibus trading account with Charles Schwab that he allocated between accounts

The IRS issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic. Trump’s tax law eliminated the deduction for so-called entertainment expenses — golf outings, cruises and concert tickets, although it

SPACs, direct listings, traditional IPOs. No matter how companies have made the switch from private to public markets, they’ve been met with exuberance. The market for newly minted stocks has exploded this year, with U.S. initial public offerings raising more than $80 billion so far, surpassing prior highs from the dot-com era, according to Bespoke

Starting with the fourth quarter, UBS will calculate advisory fees on an average daily account basis rather than quarterly. The amended billing follows similar changes at other big brokerages. Last year, Morgan Stanley switched to monthly billing. UBS is able to make the switch in part due to technology advances. “Twenty years ago, the amount

Raymond James is reorganizing its custody division and modifying its marketing strategy amid a year of big changes in the custodial marketplace. The St. Petersburg, Florida-based firm will consolidate its two custody divisions into one unit, the RIA & Custody Services Division, which services broker-dealers and hybrid RIAs as well as standalone independent advisory firms,

The world’s largest debt market may not be as sleepy as it seems. One of the best-known measures of volatility in Treasuries — an ICE Bank of America gauge that’s calculated using one-month options — is about as low as it’s ever been since its launch in the 1980s. The Federal Reserve has a lot

Want to garner more client referrals? J.D. Power has three letters for you: ESG. Clients are more likely to refer their wealth management firm to friends and family if the company excels in incorporating social causes into their investment strategy, according to a new J.D. Power research report which compiled survey data from 2019 and

Bank of America plans to stand by its pledge of avoiding staff cuts this year as some of its biggest rivals resume workforce reductions amid the pandemic. “We’ve said no layoffs for this year and we’ll stick by that,” Bank of America Chief Executive Officer Brian Moynihan said Thursday in a Bloomberg Television interview. Banks

Six Black former registered representatives of Voya Financial Advisors allege the firm discriminated against them by steering business to white agents. Voya’s retirement advisors distribution channel provided more leads and opportunities to white reps and agencies and retaliated against the Black advisors when they complained, according to a lawsuit filed by O.V. Williams in Tampa,

U.S. House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) speak to reporters after their coronavirus relief negotiations with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows at the U.S. Capitol in Washington, U.S. August 7, 2020. Jonathan Ernst | Reuters The trading community is actively debating the

Nearly a year after a task force uncovered “significant failures” in the CFP Board’s enforcement programs, it’s taking more steps that its chair says will modernize the organization’s governance. The certifying organization for wealth management’s most prominent designation unveiled a raft of changes to its board on Oct. 1 that will alter director tenures, nominations

A pedestrian outside the New York Stock Exchange in New York, July 29, 2020. Wang Ying | Xinhua News Agency | Getty Images The October market story is really complicated. If you thought September was confusing, October is not likely to be any better, and it could be significantly rockier. That’s because the “buckets” that

Bankrupt companies, obscure electric-vehicle makers, options fliers, SPACs — each has captured the attention of Robinhood users this year, prompting mockery and taunts from professional investors. But the image of the investing app’s clients spending their days loading up on fad stocks doesn’t accord with reality, according to a new working paper published by the

What’s the biggest RIA in the business? Well, it depends on your definition. For Financial Planning’s 7th RIA Leaders ranking, the answer came down to three main factors: whether the firms receive commissions, maintain broker-dealer or insurance company affiliations and have client bases that are at least 50% individuals or high-net-worth individuals. To make this

After passing a key regulatory hurdle, Charles Schwab is set to close its acquisition of TD Ameritrade Oct. 6, according to the company. The Board of Governors of the Federal Reserve System gave its approval Sept. 30 for TD Bank, the second largest bank in Canada, to hold a minority stake in Schwab, the regulator

RBC notched three wirehouse advisor hires, concluding a strong September for the firm’s recruiting team, according to the company. The regional broker-dealer has been an aggressive courter of advisor talent this year, luring over a number of hires with promises of better tech and a more advisor-friendly culture. In early September, RBC announced one of

Goldman Sachs shuffled its business lines and announced a raft of management changes, carving out new divisions aligned with a strategy pivot unveiled earlier this year. The firm is combining asset management and merchant banking as part of its push to raise more client funds for investing instead of betting its own money. The bank

Wells Fargo’s CEO makes me wonder: Which other leaders in the financial services quietly share his views? In a company memo this past summer, Wells’ Chief Executive Charlie Scharf blamed his company’s lack of diversity on “a very limited pool of Black talent to recruit from.” The day after it became public this month, Scharf

Earnings season kicks off in a couple weeks and here’s why it may be better than expected. The S&P 500 is down 4% for the month, the first down month since March, but investors are expecting big things from corporate earnings reports, which begin Oct. 13 when JPMorgan releases results. “September has been a rough

If 2020 has taught us anything, it’s that the key is to stay nimble, adaptive, and be prepared for unexpected change. This year has caused financial services firms to rethink business models, client communication channels and business development tactics. As we change and adapt to the new norm, it’s crucial that our technology evolve and

The executive who helped guide Goldman Sachs’ embrace of Main Street is giving up his post in a management shuffle at the consumer unit. Harit Talwar, the face of Goldman’s five-year-old dive into mom-and-pop banking, will step aside, according to people with knowledge of the matter. Omer Ismail will take over as the new global

When advisor Ryan Pine and his partners left Morgan Stanley to open an RIA in 2013, they had their work cut out for them. The team had to negotiate office space and figure out branding for the new enterprise. But building a technology stack from top to bottom — Pine remembers that as one of

Julius Baer is deciding whether to start a wealth management business in the U.S. as it seeks partnerships or acquisitions in its core Latin American markets. “I would not be doing my job as somebody that is totally committed to making our Americas’ business a top competitive business for Julius Baer if I wasn’t seriously