U.S. stock futures slipped and Treasuries edged higher ahead of the Federal Reserve interest-rate decision and the US government’s new borrowing plan. Contracts on the S&P 500 and the Nasdaq 100 dropped by about 0.3%. WeWork Inc. plunged 42% in premarket trading after the Wall Street Journal reported that the...
Much of the fossil fuel industry may be facing an era of credit downgrades if producers prove too slow to adapt to a low-carbon future, according to Fitch Ratings. Oil and gas companies stand out as the most vulnerable issuers in an analysis by Fitch, which sought to gauge how...
Advisors who make one-off recommendations to 401(k) plans and participants may face a new reality under the latest fiduciary rule proposed by the Department of Labor: They will be fiduciaries, whether they like it or not. Tuesday, the agency proposed a rule that would again redefine “fiduciary” under the Employee...
As more financial advisors go independent, David Settanni will attest that making the switch to the RIA space was one of the best things he did for his career. “Being in the independent broker-dealer channel, I just felt that we didn’t have any necessarily brand recognition,” said Settanni, who’s advisor...
Shauna Mace, CHPCHead of Practice Management In 2022, the wealth management industry faced a whirlwind of challenges, ranging from unpredictable markets to rising costs. Advisory firms, however, demonstrated resilience by clocking an 8% growth in client relationships. Yet, beneath these encouraging numbers lie deeper insights and trends. The 2023 InvestmentNews Benchmarking...
This fall could be an unusually stressful time for families with children planning to start college next year. The cause: Many will be guessing about how much they will have to pay or borrow for tuition. Not only are they awaiting acceptance letters, but there’s a two-month delay in Federal Student...
State Street has announced some changes to its leadership structure as current president, chief operating officer, and head of Investment Services Louis D. Maiuri prepares for retirement. From January 1, 2024, Ron O’Hanley, the firm’s chairman and CEO will take on the additional responsibility as president of Investment Services, which...
Captrust has completed its seventh deal of the year and its 70th since 2006 with the acquisition of Column Capital Partners in Indiana. Its latest addition is in Indianapolis and is the firm’s second office in the state following Chesterton and will enhance Captrust’s overall capabilities in Indiana and beyond. “The...
A team managing approximately $250 million in assets has chosen LPL Financial to power its evolution into a more autonomous independent wealth management firm. Financial advisors Michael J. Pumo CFP, CEPA, AWMA and David A. DiRe have joined the firm’s broker-dealer, RIA and custodial platforms having previously been with UBS. The...
Central banks have loaded up on more gold than previously thought this year, offering crucial support to prices that have faced pressure from global monetary tightening. Countries expanded bullion reserves by 337 tons in the three months through September, the World Gold Council said in a report Tuesday. That follows...