Rise Growth Partners, Joe Duran’s effort to build the next generation of national advisory firms, has hired Terri Kallsen as managing partner and senior operating advisor, the firm announced Monday. Kallsen most recently was chief operating officer at $70.5 billion Wealth Enhancement Group. Earlier, she was executive vice president of...
Even on Wall Street, there’s such a thing as too much of a good thing. And that goes double when it comes to stock ownership across a client’s portfolio. With an estimated 3,000 ETFs available in the U.S., stock overlap simply can’t be prevented. For example, even if a financial...
Wells Fargo Advisors, the broad marketing umbrella for close to 12,000 bank advisors, wealth management advisors and independent advisors, is betting big on its independent advisor business, in which an advisor works as either an independent contractor or registered investment advisor. With thousands of financial advisors leaving or retiring...
The world’s largest bitcoin fund is surging faster than the cryptocurrency itself as investors anticipate that an exchange-traded fund centered on the token could soon launch. The Grayscale Bitcoin Trust (GBTC) is trading about 14% below the value of its underlying holdings intraday, the narrowest such reading going back to...
A firm that had overseen $265 million in assets at Cadaret Grant & Co. has affiliated with LPL Financial and will use LPL’s broker-dealer, RIA and custodial platforms, the firm announced Monday. Infinity Wealth Group in northern New Jersey was founded in 1992 by Robert Doran, its president, after he...
Charles Schwab Corp. reported Monday that its net interest revenue sank 24% to $2.2 billion from the year prior as clients moved cash into higher-yielding products. The company’s bank deposits fell 28% to $284.4 billion in the third quarter from the year prior, beating the $268.8 billion average estimate of...
Two organizations representing financial services professionals are to merge into one association after their members voted in favor. The overwhelming support means that the National Association of Insurance and Financial Advisors will join with the Society of Financial Service Professionals to create a more impactful organization that will provide expanded...
A team of six has moved to the RBC Wealth Management branch in Philadelphia having managed $450 million in client assets at Morgan Stanley. The DeCaro Eisenberg Wealth Management Group comprises four financial advisors and two client associates and follows several big value defections in recent months including another team...
European stocks and US equity futures fluctuated while Treasuries dropped as traders tracked efforts by the US and its allies to prevent further escalation of the Israel-Hamas conflict. Technology stocks led declines in Europe’s Stoxx 600 index after Bloomberg reported that the US is considering further restrictions to curb China’s...
The tagline from Wall Street was that 2023 was the year of the bond. Instead, fund managers are coming to terms with one of the toughest years ever. Lacy Hunt, Hoisington Investment Management Co.’s 81-year-old chief economist, who’s been analyzing markets, Federal Reserve policy and the economy for around a half-century, says it’s...