Topic: The Practice

Technology

Morgan Stanley Agrees to Pay $200M Over Employee Communications

August 8, 2022No Comments

The firm has reached a settlement with the SEC and the CFTC over record-keeping practices related to its staff’s use of unapproved devices.

Robinhood CEO: Schwab's Not Buying Us, We’ll Do the Acquiring

August 5, 2022No Comments

Vlad Tenev dismissed the possibility of the firm getting acquired by Charles Schwab or by the crypto exchange FTX.

Finra Proposes Remote Inspections Pilot Program

August 4, 2022No Comments

The self-regulator wants to assess the potential of extending remote inspections of all branch offices in light of the temporary change implemented for the Covid-19 pandemic.

New Senate Bill Aims to Give Crypto Oversight to CFTC

August 4, 2022No Comments

Securities and Exchange Commission chair Gary Gensler, meanwhile, has long pushed for the commission to regulate digital assets.

LPL is Boosting FAs’ Value Proposition to Clients. Here’s How

August 4, 2022No Comments

Lending solutions and cash management are part of the strategy.

Fees and compensation

Corporate Bond ETFs' Hidden Cost: 48 Bps

No Comments

New research calls for greater regulatory oversight of the relationship between ETF issuers and authorized participants.

LPL's FA Headcount Jumps 9% YoY

August 3, 2022No Comments

However, the firm saw steep drops in both its advisory and brokerage assets, with the total falling by 8% compared to March and by 4% year-over-year.

Here's Why Advisors Think They're Successful

August 2, 2022No Comments

Male and female advisors approach the impact of other people on their success quite differently, according to survey findings.

Home Office News: Morgan Stanley Simplifies Fees, Merrill Gaining More Clients Under 40, and More

July 29, 2022No Comments

A roundup of key updates from major broker-dealers, registered investment advisors, custodians and other distributors.

RayJay Private Client Group Pre-Tax Income Up 29% YoY

July 28, 2022No Comments

The unit saw healthy growth in revenues despite a significant drop in client assets during its fiscal third quarter that ended in June.

Staffing and recruiting

MAI Adds Ohio-Based Wealth Mgmt Firm

August 12, 2022No Comments

The latest acquisition is Pareto Wealth Management.

BNY Mellon Wealth Nabs JPMorgan Exec in Florida

August 12, 2022No Comments

William Eady brings 14 years of experience to the firm.

SVB Private Lures BNY Wealth Mgmt Exec

August 12, 2022No Comments

Tom Fickinger, who also previously worked at Merrill Lynch, has joined the firm as head of wealth advisory West.

Young Advisors Want Freedom, Not Schedules

August 11, 2022No Comments

Hamilton Capital Partners compliance chief says the registered investment advisor channel offers the freedom that younger advisors want.

Ex-Goldman Exec Joins Deutsche Bank’s Americas Wealth Unit

August 11, 2022No Comments

Rod Colburn built out Goldman Sachs' private bank lending business.

Regulatory/legal issues

Protecting Clients from Scams with Curiosity and Empathy

August 12, 2022No Comments

Scammers have capitalized on clients' vulnerability and loneliness, especially since the pandemic started, according to RBC Wealth Management's Tara Ambrose.

Clients Unaware that B-D Moved $54M of Securities: SEC

August 12, 2022No Comments

Alpine Securities allegedly deemed accounts worthless and closed them without notifying customers and moved tens of millions of dollars worth of clients’ securities.

Cetera Preps Advisors to Reap Benefits of New SEC Marketing Rule

August 11, 2022No Comments

The firm will be training its advisors on the rule beginning in September, according to director of regulatory affairs Mark Quinn.

Booming Alt Demand Triggers New SEC Reporting Rules

August 11, 2022No Comments

The proposed changes are aimed at making a better assessment of systemic risk among alts managers and giving the commission data to shape regulatory and policy proposals.

Ex-Morgan Stanley FA Ordered to Forfeit $3.2M by Federal Judge

August 11, 2022No Comments

Shawn Good, accused by the SEC of running a $4.8 million Ponzi scheme, was barred from selling securities earlier this month by federal judge in North Carolina.

Succession planning

Should FAs Be Tested for Cognitive Decline?

August 8, 2022No Comments

“None of us is immune from capacity issues down the line,” according to Kyle Witschen, director of compliance at Raymond James.

Clients Asked About FA's Retirement Plans. He Eased Their Minds

August 2, 2022No Comments

“I wanted them to know that if anything happens to me, they have someone I trusted to take care of them moving forward,” according to Ameriprise Financial advisor Michael Carretta.

Schwab Gaining More Assets from Smaller RIAs

July 29, 2022No Comments

Registered investment advisor firms with less than $500 million in client assets have been contributing the most to Charles Schwab’s net new assets under custody.

Being the New Kid on the Block Has Its Benefits

July 22, 2022No Comments

The financial advising industry is getting a makeover, one advisor says, thanks in large part to a new generation of advisors.

Successions Must ‘Look Like Synchronized Swimming’

July 21, 2022No Comments

Building a succession plan involves four steps, according to Bev Flaxington, co-founder of consulting firm The Collaborative.

Marketing

Cetera Preps Advisors to Reap Benefits of New SEC Marketing Rule

August 11, 2022No Comments

The firm will be training its advisors on the rule beginning in September, according to director of regulatory affairs Mark Quinn.

Most Advisors Favor LinkedIn Among Social Media Sites

August 10, 2022No Comments

The Covid-19 pandemic accelerated the use of digital communications, according to Investment Advisor Association chief executive officer Karen Barr.

Fidelity Taps Instagram Influencers to Reach Women

August 8, 2022No Comments

A social medial campaign that involved influencers with at least 100,000 Instagram followers is part of a broader appeal Fidelity is making to women.

Robinhood CEO: Schwab's Not Buying Us, We’ll Do the Acquiring

August 5, 2022No Comments

Vlad Tenev dismissed the possibility of the firm getting acquired by Charles Schwab or by the crypto exchange FTX.

Matt Damon, Tom Brady Endorsing Crypto? Watch Out

August 3, 2022No Comments

Bitcoin is down 60% since Matt Damon endorsed cryptocurrency exchange Crypto.com, while Mike Tyson’s non-fungible tokens have dropped 99%.