May 2022

Receive instant alerts when news is published about your stocks. Claim your one week free trial for StreetInsider Premium here. MARKHAM, Ontario, May 31, 2022 (GLOBE NEWSWIRE) — Worldsource Wealth Management Inc. (Worldsource), a subsidiary of Guardian Capital Group Limited (Guardian), today announced the launch of cutting-edge financial planning fromRead More →

We are pleased to announce the launch of the second Rising Stars in Financial Planning award recognizing planners with no more than five years of industry experience. The award is intended to identify and celebrate young RIA professionals and career changers who advance the professions through their achievements, contributions andRead More →

Having a child is a big change in the life of every human being. It is a virtue to nurture another human to grow into an adult and face life one day. Therefore, it is also a great responsibility. Abhishek Gupta, Founder and CEO of High School Moms and INACERead More →

Four years after an Ameriprise subsidiary sent disciplinary letters to some employees over variable annuity swaps, the company has settled a related SEC case that is the first of its kind. Ameriprise’s RiverSource distributors improperly switched or replaced their variable annuities “in an effort to generate additional selling costs” forRead More →

The needs of high net worth investors are unique. Many HNW investors have achieved their status through a C-level business or job that has created wealth beyond retirement security and a great lifestyle, and many have built that wealth in one or two positions such as the business itself andRead More →

With most financial advisors at Merrill Lynch now working as a team, the wiring powerhouse plans to adopt a 100% team approach by the end of the decade without any mandate from head office. The share of advisers on the firm’s teams has risen to around 80%, up from justRead More →

Two of the industry’s biggest hiring and M&A deals this year reflect a market that experts say is not slowing from its record pace, despite some signs of slowing. On May 21, the approximately 550 financial advisers of CUNA Mutual Group CUNA Brokerage Services and the first $11 billion ofRead More →

The former head of wealth management at one of the country’s largest RIAs accuses the company and industry giants of colluding in anti-competitive and harmful practices. In a lawsuit filed May 19 in Chicago federal court against Creative Planning, company founder Peter Mallouk, Charles Schwab, TD Ameritrade, Fidelity Investments, andRead More →

Financial adviser John Bovard, owner of Incline Wealth Advisors, said hiring talent has become a headache lately. To fill vacancies, the Cincinnati-based company began expanding the range of acceptable qualifications from those with traditional financial backgrounds to a broader pool, including younger applicants who were business majors at the collegeRead More →

My mother died at 61, when I was 31. Seeing her gravestone in a field of others hit me with a stark, yet obvious fact: everyone, including parents of all the world will die. I promise you I’m not trying to depress you. I want to prepare you, because thisRead More →

The Social Security Administration pays out $1 trillion in annual benefits to tens of millions of people. Widely regarded as the most popular government program, it doesn’t deserve these plaudits thanks to its customer service. People who need help from one of Social Security’s 1,230 field offices often find thatRead More →

Wealth managers still wrap their arms around the best interests of SEC regulation, even as they try to discredit the view that the 2020 rule has failed. changed industry practices. That was the key takeaway from a May 18 panel at FINRA’s annual conference featuring two industry governors from theRead More →

Financial planning continues its annual analysis of advisers’ base pay by looking at payout rates for those with $600,000 in production in 2022. Scroll to see where each business is located. To view last year’s data, please click here. To see what industry experts expect from advisor compensation this year,Read More →

A giant wealth manager looking to tap into opportunities in a consolidating industry channel has struck a deal to make its biggest acquisition in more than two years. Advisor Group will buy Infinex Financial Holdings, the parent company of a growing but still mid-sized wealth manager, which has around 750Read More →

SEC Chairman Gary Gensler once again speaks out on robo-advisors and fintech brokers, raising concerns about potential conflict of interest in these algorithm-based platforms. Speaking at the North Americans Securities Administrators Association symposium On Tuesday, Gensler said digital engagement practices such as robo-advisors and brokerage apps should be scrutinized toRead More →

With the recent market downturn, I’ve received a lot of questions about bear markets and how best to answer them. Here are some frequently asked questions that might be helpful. Q: What is a bear market and how is it different from a market correction? A: There is no “official”Read More →

Depending on whether you are a wealth manager, solution provider or regulator, the question “what is fintech?” can be answered in a slightly different way. But the bond that unites us is innovation. Industry players and industry watchers agree that without it, you might just be making apps. “It goesRead More →

Financial planning continues its annual analysis of advisor base pay by looking at payout rates for those with $400,000 in production in 2022. Scroll to see where each business is located. To view last year’s data, please click here. To see what industry experts expect from advisor compensation this year,Read More →

When Santiago Burridge founded Lumiant in 2020his more than 15 years of experience as a financial advisor were instrumental in the process. Now a solutions provider, Burridge said he wanted to find a way to leverage technology to harness “every advisor’s superpower” – the ability to guide and coach clients.Read More →

What motivates top advisers who drop the ball to risk disrupting the momentum by making a move? There’s no doubt that every advisor wants to improve their ability to grow their business. But ultimately, most will share that the quest to provide more – and better – service for customersRead More →

This year’s Morningstar Annual Investing Conference in Chicago touched on big themes and new ideas on its first day: the individualization of investing, inflation, changes in sustainable investing and the risk of recession due to Russia’s invasion of Ukraine. From “active customization” to “shoring friends” to SUVs and Formula 1Read More →

A screenshot from FINRA’s annual conference in May 2022 shows CEO Robert Cook in conversation with SEC Chairman Gary Gensler during a session at the event.FINRA Add SEC Chairman Gary Gensler to the growing chorus of regulators and critics calling for tougher rules on complex products, despite cries of protestRead More →

Funds specializing in artificial intelligence or gender equality might attract investors’ attention, but financial advisers should think twice about its risks and returns before recommending thematic ETFs to their clients. Research from the EU business school suggests that thematic ETFs and their related underlying indices are at odds with theRead More →

Although market conditions are making the life of financial advisors more complicated by the day, answering the question of what planners will be paid in 2022 is quite simple. In many cases, it will be the same as last year, with the exception of inflation which potentially plays with payments.Read More →

Wells Fargo has promoted Sol Gindi to head Wells Fargo Advisors, turning to a former JPMorgan Chase executive to lead its team of financial advisors. Gindi will replace longtime Wells executive Jim Hays, who has held the position for nearly three years and is retiring after 35 years in theRead More →

Disclosures: This document does not provide personalized investment advice. It has been prepared without taking into account the personal financial situation and objectives of the people who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate specific investments and strategies, and encourages investors to seekRead More →

NEW YORK–(BUSINESS WIRE)–May 11, 2022– Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE: EQH), has launched a unique partnership and curriculum with Columbia University. The program invites finance professionals to study a specific curriculum focused on holistic financial planning and supporting clients in achieving their lifeRead More →

NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE: EQH), has launched a unique partnership and curriculum with Columbia University. The program invites finance professionals to study a specific program focused on holistic financial planning and supporting clients in achieving their life goals and dreams.Read More →

Henderson Loggie Financial Planning has appointed Jonathan McDowall and Ricky Clark to the board. Both Jonathan and Ricky are very experienced financial planners and have been instrumental in the significant growth of Henderson Loggie Financial Planning over the past five years. These appointments further strengthen the leadership team under newRead More →

With RIA reaching new milestones every year, a billion-dollar practice has gone to an old friend who helped get it started when the two companies started a decade ago. Financial advisers Brad Kowalczyk, Mark Moshier and Scott McCartney of Ascent Wealth Partners, an RIA with three offices in upstate NewRead More →

The human brain is amazing. Although the average human brain weighs only about 3 pounds and is just under 6 inches long, it can do things that no supercomputer can match. He can reason, create and show empathy. It can remember the past, plan the future, and live the presentRead More →

A financial adviser faces charges of theft, conspiracy and impersonation of a law enforcement officer after detectives linked him to a bizarre botched crime in the summer of 2020. Anthony A. Naso was arrested May 4 in Paramus, New Jersey, after investigators reviewing DNA evidence, surveillance footage, vehicle records andRead More →

Budgeting and financial planning are two terms that are easily confused. Both apply to personal finance and both are activities that can help you succeed financially now and in the future. Yet, even though the two go together, they are not the same. Here’s how they differ and how theyRead More →

People come and go. But financial advisory firms are seeing a bit more lately these days. Last year, about 7% of FINRA-registered representatives left the industry while only 6% entered the space, according to a FINRA Instant Report. As a result, the total number of representatives registered with FINRA continuedRead More →

What do you want to know Orion’s new tool helps advisors keep clients calm during market volatility and improves financial results. Envestnet announces several spring updates that improve its platform. Snappy Kraken acquired industry website builder and advisor website from existing integration partner. Orion Advisor Solutions has added behavioral financeRead More →

Acquiring wealth management group Fairstone has completed the purchase of a Cumbrian financial planning firm as the latest addition to its growing portfolio. North East-based Fairstone said Carlisle-based Financial Concepts directors Darren Turnbull, Anthony Phillipson and Nigel Shackleton decided to join Fairstone to support growth ambitions. Financial Concepts joined Fairstone’sRead More →

Financial advisors play a major role in preventing fraud and exploitation of older adults, but in some situations they must rely on their firm’s hardened teams and systems, experts say. Wealth managers and advisers from companies such as Wells Fargo Advisors, Morgan Stanley, Fidelity Investments, Commonwealth Financial Network and LincolnRead More →

There’s a lot of wisdom in simplicity, especially when it comes to investing. You don’t need advanced degrees and genius intelligence to be a successful investor. Above all, it requires common sense and a lot of discipline. Warren Buffett mentioned this idea in a 2010 interview published in Forbes magazine.Read More →

For most people looking for a financial advisor in 2022, the process begins where many of the quests for answers, clarity and direction sprout in the modern world. Google. This means that long before they’ve ever had the chance to meet their prospective planner face to face – or ZoomRead More →

With compliance risk and expense increasing across wealth management, two of the largest firms have settled cases alleging thousands of reporting and record-keeping errors. Morgan Stanley and UBS Financial Services have agreed to pay a combined fine of $575,000 under respective settlements on April 25 and April 27 after FINRARead More →

NEW YORK, May 3, 2022 /PRNewswire/ — ALM has released a new headline, The psychology of financial planningdeveloped in partnership with the Certified Financial Planner Board of Standards, Inc. (CFP Board). The psychology of financial planning is the first title to cover the six core knowledge topics in the fieldRead More →

In a rare move with huge potential impact on FINRA arbitration, a state regulator is seeking to reverse the removal of a client’s complaint from a UBS broker’s record. Harvey R. Linder’s decision last year allowing five client complaints to be expunged from financial adviser Kent Kirby’s file was theRead More →

Dear Liz: While preparing my 2021 tax returns, I was dismayed to learn that my first required minimum distributions from my retirement account pushed me into the highest tax bracket of my life and caused 85% of my modest Social Security benefit to become taxable. Since retiring five years agoRead More →

More than four years after the demise of an alternative mutual fund should have taught wealth managers a lesson, FINRA says some companies still haven’t learned it. The February 2018 stock plunge, later dubbed the “Volmageddonwould have wiped out more than $1 billion of client assets who invested in theRead More →