It appears that more advisors are making the move to go independent — and there’s no sign of that trend stopping. New Fidelity Investment research found that approximately 1 in 6 advisors have switched from a corporate firm to go independent over the past five years. Additionally, advisors cite independent...
A Department of Labor official said the agency’s next attempt at setting investment advice standards for retirement accounts will not just be a rehash of previous fiduciary rules. “We’re intentionally referring to it as the retirement security rule rather than the fiduciary rule,” DOL assistant secretary Lisa Gomez told reporters...
Despite the broad stock market’s rise over the past year, with the S&P 500 up almost 19% in that time, Bank of America’s Global Wealth and Investment Management group, which includes Merrill Lynch, reported net income Tuesday morning of $1 billion in the quarter that ended in September, a...
Raymond James will soon be integrating fintech 55ip’s cutting-edge tax management technology across its managed accounts platform, the firms announced Tuesday. The partnership marks an industry first, the announcement said, as it will provide custom, tax-smart management at scale for Raymond James advisors and their clients. “The enhancements will make tax-smart...
Mercer Global Advisors has acquired a registered investment advisor, Kingfisher Capital, that manages $630 million in assets for more than 200 clients, the company announced Tuesday. Charlotte, North Carolina-based Kingfisher was founded in 1989 by Alexander B. Miles and H.K. Hallett and takes a family office approach to supporting its...
Customer apathy towards life insurance and annuities is a decades-old challenge, but technology is helping the industry change perceptions. The latest generation of mobile apps and websites is boosting customer satisfaction as technology drives greater use of the products for financial planning and final planning (such as death benefits and...
A brief 10% surge in Bitcoin gave traders a glimpse into the possible impact of a looming US Securities & Exchange Commission decision on whether to allow exchange-traded funds that invest directly in the token. An erroneous report that BlackRock Inc. had won approval to launch a spot ETF rapidly...
JPMorgan Chase & Co. sold green bonds for the first time in over two years as global sales of the debt accelerate at a record pace. The biggest US bank raised $7.25 billion of bonds in three parts, according to a person with knowledge of the matter. The shortest portion...
Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth. Overall, shoppers are predicted to spend an average of $1,652, up 14% from last year,...
A Citi employee who bought a sandwich and coffee for his partner while on a business trip has lost his case for unfair dismissal after his expenses claim was challenged. Szabolcs Fekete was working for the Citibank UK business unit as a financial crimes analyst when he went to Amsterdam...