Trader Talk

A new FBI reminder about an old cyber threat should be a code red for bankers: With so many newcomers to mobile banking, financial institutions need to protect customers from unwittingly downloading malicious apps. To be sure, hackers have long tried to trick consumers into downloading trojans hidden in fake banking or gaming apps in

In his post-Federal Open Market Committee meeting press conference, Fed Chair Jerome Powell noted the panel discusses yield curve control in addition to forward guidance and asset purchases. Many observers expect the Fed to move to yield curve control in September. In doing so, the Fed would cap interest rates for certain maturities — and

Billionaires are getting a clear message from nonprofits, lawmakers and even other billionaires: Many of you already got tax breaks for giving away your money. Now, amid the pandemic and recession, it’s time to ensure cash actually gets to charities quickly. For the past several years, wealthy Americans have poured billions of dollars into donor-advised

In the battle to control financial advisors’ desktop, integration is a key weapon. Custodians, broker-dealers, advisor networks, fintech vendors and even asset managers are investing in digital dashboards that tightly connect advisors’ various tools in a single location. Wirehouses are often left out of the discussion, dismissed for having out-of-date legacy systems, mandating which technology

While non-transparent ETFs will likely entice more active managers into the exchange-traded market, there remain obstacles to financial advisors embracing them. First hurdle? They don’t know them. “It’s an interesting concept,” advisor Tim Ellis says of the new ETF model. But Ellis, who sits on the investment committee at Memphis-based RIA Waddell & Associates, says

A midsize IBD that’s grown steadily in recent years has a new foothold in one of the nation’s largest markets. Securian Financial tapped veteran financial advisor P.Q. Le to launch Providential Legacy Group in Atlanta, where Le says he aims to recruit a team of 35 representatives and other employees by 2023. He sees potential

Alternative asset manager Owl Rock Capital Partners has committed $5 million to a loan program for minority-owned small businesses in the U.S. that have been hammered by the COVID-19 pandemic and other economic and social crises. “There is an emphasis on these funds supporting full employment, so the goal is to have a positive ripple

It’s a tale of two sets of asset flows: long term intake, short term stumbling blocks. “You’ve just seen such dramatic swings of the market this year… it’s now June and if you’ve been on a deserted island for the last five months you couldn’t have fathomed the movements we’ve seen,” says Marc Pfeffer, CIO

Morgan Stanley expects to make acquisitions in the asset management industry, according to CEO James Gorman. “We’ll do deals,” Gorman said Tuesday at the firm’s virtual financials conference. “I’ve been very clear about that. I am not shy about doing deals that hit our sweet spot.” The asset management industry faces pressure on fees from

Former Morgan Stanley advisor Eric Bost had been mulling over the idea of going independent for a few years, but it never seemed to be the right time. That is, until the summer of 2019, when his brother-in-law was diagnosed with Creutzfeldt-Jakob disease. “That’s when I realized life is too short, and I either needed

About a third of large institutional investors own digital assets such as Bitcoin, according to a survey from Fidelity Investments. Across the U.S. and Europe, 36% of the survey’s 774 respondents said they own cryptocurrencies or derivatives. In the U.S., 27% of institutions — including pension funds, family offices, investment advisers and digital and traditional

In this photo illustration a Robinhood Markets logo seen displayed on a smartphone. Rafael Henrique | SOPA Images | LightRocket via Getty Images The interest in beaten-up stocks in energy, travel and leisure is taking some, well, bizarre turns. I’ve written recently about the importance of retail traders in the recent rally, but the interest

Is Merrill Lynch setting a new benchmark for advisor workstations? The firm’s new digital platform, which uses a custom-built web browser to help advisors serve more clients, is a sign of how the biggest players in wealth management hope to advance their growth by tapping big technology budgets. In development for 18 months, the Client

Fed officials don’t like to talk about asset inflation. This is hardly surprising. The levels of stocks and corporate bonds, after all, aren’t part of their stated dual mandate of maximum employment and stable prices. Moreover, the central bank has tried desperately to come off as not just catering to Wall Street interests since the

Hundreds of older LGBT Americans shut out from Social Security benefits after the death of their spouses are set to gain access to them under a federal court decision. Plaintiff Michael Ely can receive benefits as a widower even though his partner of more than 40 years, James Taylor, died of cancer just six months

U.S. stocks climbed, with the S&P 500 erasing its losses for 2020, as easing lockdowns bolstered economic optimism. The dollar fell. The equity benchmark extended a rally from this year’s lows to more than 40%, rising to a 15-week high. Occidental Petroleum surged after Bloomberg News reported the company is reviewing options for its Middle

U.S. Bank has launched a new Altitude credit card aimed at the value-minded consumer who spends money closer to home. Among the most notable features of the new $0-annual-fee U.S. Bank Altitude Go Visa Signature Card: It earns 4 points per dollar spent at restaurants. That’s a huge rewards rate for a card with no

Fidelity Investments is launching three ETFs that will partially conceal their holdings. The Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF and Fidelity New Millennium ETF will begin trading Thursday. The three equity-focused funds will be actively managed and reveal their holdings once a quarter — unlike traditional ETFs, which do so daily.

BlackRock is moving ahead with plans to launch a new kind of ETF that doesn’t report its holding on a daily basis. The world’s largest asset manager filed to license the structure of Precidian Investments’ ActiveShares product, which requires funds to publish an indicative value of the holdings every second. The model also uses an

The stock-pickers are shining again at Fidelity Investments. Fidelity Magellan, the mutual fund made famous in the 1980s by Peter Lynch, is trouncing its benchmark and peer group this year. Magellan returned 6% through Wednesday while the S&P 500 index lost 2.5% with dividends reinvested. The $19 billion fund was beating 95% of its competition

BNY Mellon, having recently launched a new suite of ETFs, is taking steps into a fast-growing sector for asset management: model portfolios. The bank’s foray in the $3 trillion model portfolio market comes as it also implements new price benefits for Pershing RIAs who invest clients in their eight ETFs. The proprietary models will be

“Kimberly, I can’t sleep at night. I’d really appreciate it if you’d just take a look at my portfolio and honestly tell me what you think.” It was early April and the caller was a small business owner whose marriage had recently ended. That, along with the problems the coronavirus pandemic was causing for her

In-school repayment options: In-school deferment: You won’t make payments while enrolled at least half-time in an approved school; payments start six months after leaving school. Immediate repayment: Payment of principal and interest begins 30 to 60 days after the final disbursement. The minimum monthly payment is $50. There is no grace period. Interest-only: Pay interest-only

Adapting to a strange new normal can pay surprising dividends. Our newly independent practice turned the challenging shift to virtual events into charity for a good cause, a great time together with existing and prospective clients preparing delicious food from one of our favorite local restaurants. Before the pandemic, we primarily used Zoom for out-of-town

A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. Spencer Platt | Getty Images The stunning jobs report caps a near-perfect week for market bulls. Three main “buckets” have moved

After months of inquiry, the Department of Justice closed its antitrust investigation into Charles Schwab’s anticipated acquisition of TD Ameritrade, according to Schwab. Schwab CEO Walt Bettinger said in a statement he was “pleased to be clearing an important milestone.” Shareholders at both companies voted in favor of the acquisition later on June 4 and

American Express is offering a deal that may send some good vibes to stressed-out customers. For a limited time, AmEx consumer and corporate cardholders can get a free year of Calm Premium, plus half off the subscription for the following year. Terms apply. Calm is a sleep, relaxation and mediation app that offers audio programming

(Editor’s note: As protesters march worldwide in response to the death of George Floyd at the hands of police, we are highlighting stories that address racism and inequality in the wealth management industry. This first ran March 8, 2019.) There’s been a lot of talk lately about diversity and inclusion in the financial services industry,

The Trump administration paved the way for the industry to tap a massive pot of money that has long been off limits: the trillions of dollars held in Americans’ retirement accounts. The Labor Department issued guidance Wednesday effectively allowing 401(k) plans to invest in buyout firms. The agency said the move will bolster investment options

Advisors and their clients who are serious about ending police violence against black Americans should recognize that investing in for-profit prison companies undermines those values, a financial planner and social justice activist says. “If your portfolio includes private prisons,” says Rachel Robasciotti, founder and CEO of Robasciotti & Phllipson, “you are part of the problem.