This week, Charles Schwab Corp. CEO Walt Bettinger called the process of moving registered investment advisors working with TD Ameritrade onto Schwab’s custody platform “imperfect.” A day later, Dan Arnold, CEO of LPL Financial Holdings Inc., a broker-dealer that is increasingly focused on RIA custody, said “opportunity” often results...
The Securities and Exchange Commission has intervened to protect what it claims are vulnerable investors, securing an emergency asset freeze against Julie Anne Darrah, a Santa Maria, California-based investment adviser, and her hybrid RIA Vivid Financial Management Inc. The regulatory body alleges that Darrah and VFM engaged in a fraudulent...
Global wealth manager Fiduciary Trust International has expanded its growing footprint in South Florida, to serve high-net-worth clients in the region. The $94 billion AUM firm provides a customized investment and wealth management offering, including access to leading alternative investment managers, family office services, trust and estate management, and sustainable...
Baird Private Wealth Management has expanded its capabilities in Dallas with the addition of a $160 million team that joins from Carter. The Berg Group comprises two advisors, Joel Berg, who joins as a director and financial advisor, and Robert (Bob) Berg, who joins as a vice president and consultant....
Embattled debt investors like the look of 5% Treasury yields as they weigh the risk-versus-reward scales for the world’s biggest bond market. The rise in yields to levels last seen before the financial crisis reflects a run of solid data, with the US economy growing last quarter at the fastest pace since...
Byron Wien, the longtime market strategist whose annual list of “10 Surprises” made him one of the most influential voices on Wall Street during a career at Blackstone Inc. and Morgan Stanley, died Wednesday. He was 90. Wien was at Blackstone for the past 14 years and was most recently...
Saving for a rainy day has been sound financial advice for generations, but when the rain keeps coming it’s easy to fall behind. A new report from Bankrate.com reveals that 81% of Americans have not added anything to their emergency savings this year and six in ten say they feel...
Last year was a lot like a Sunday evening — pleasant and satisfying, but with the clear and gathering notion of hard work ahead. Losses in the financial markets and continued inflation created the expectation over the year that dire times may be on the horizon. As a result,...
Michael Reynolds, principal at Elevation Financial, is an entrepreneur at heart, having built and sold multiple businesses over two decades, including a digital marketing agency. For 23 years, he helmed the agency as it evolved from a fledgling startup to a thriving small business. But burned out by red tape,...
Fidelity Investments is seeking clearance that would allow some of its best-known mutual funds to also operate as exchange-traded funds, becoming the largest firm to challenge Vanguard Group’s former monopoly on the concept. The Boston-based firm applied Tuesday for a government waiver that would allow its actively managed mutual funds...