The deal for Financial Resources Group Investment Services, expected to help the firm's institutional sales, is priced at $140 million plus unspecified earn-out payments.

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

The company, which notified authorities about the breach last month, is facing a lawsuit alleging negligence and breach of fiduciary duty.

The Office of Management and Budget said the DOL’s rule would be finalized by December, according to FA-IQ sister publication Ignites.

A Republican bill purports to allow retail investors access to private markets to bolster retirement savings.

Meanwhile, Janus Henderson is facing allegations that it relied on underperforming proprietary funds with excessive fees in its 401(k) plan.

The latest addition is Direct Advisors, which serves the construction industry.

Fund shops and retirement plan recordkeepers would pay around $150,000 for a program that would also give them “prioritized review” of their new products and services.

Meanwhile, retirement plan providers are relying more on social media to engage with younger plan participants.

More plan participants view inflation as the main obstacle to their retirement goals than monthly expenses, market volatility and unexpected expenses, according to Charles Schwab.