There has been a flood of settlements this year in 401(k) plans lawsuits, netting plaintiffs and the law firms that built the cases millions of dollars. Several of those cases involved financial services firms, including MetLife, which recently indicated in court records that it has reached a deal to settle...
The mergers and acquisitions marketplace for registered investment advisors saw a summer surge this year, according to a report by Echelon Partners, a boutique investment bank focused on the investment management and wealth management industries. According to Echelon, in the quarter ended Sept. 30, RIA buyers announced 86 transactions,...
Allworth Financial announced that John Bunch will succeed co-founders Scott Hanson and Pat McClain as the wealth management firm’s chief executive. Bunch most recently was chief financial services officer at Evelyn Partners, a UK wealth management and professional services firm. Earlier, he served as chief operating officer and executive vice...
The Social Security cost-of-living adjustment will be 3.2% in 2024, down from the massive boost of 8.75% implemented this year. The increase, which the Social Security Administration announced Thursday morning, is higher than the average of 2.6% seen over the past 20 years. But the decline in the COLA from...
As short sellers target traditional green stocks being hammered by inflation, an executive at the fund management arm of Goldman Sachs Group Inc. says there’s one kind of ESG asset that has what it takes to defy such headwinds. John Goldstein, Goldman’s global head of sustainability and impact solutions for asset and...
InvestmentNews’ first Top Advisors will rank the industry’s best based on assets under management, AUM growth, and organic client growth introduced to the business over the last 12 months. Readers are invited to share the achievements and contributions of a colleague who has made a significant impact this year. Self-nominations...
A $170 million advisor team has joined Steward Partners Global Advisory to open an office in Sarasota, Florida. Sunshine Private Wealth is led by Faiza Kedir, CFP, and was previously with Hightower where Kedir was director, business development, and financial advisor, having started her FA career at the firm having...
Less than 10% of financial advisors in the U.S. are from Hispanic backgrounds, according to estimates, but what can the industry do to change the stats? It’s Hispanic Heritage Month and InvestmentNews asked Lorenzo Esparza, co-founder of Manhattan West in Los Angeles, to share his insights into the challenges and...
Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling that the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries. That’s pushed an indicator known as earnings-revision momentum — a gauge of upward-to-downward...
Federal Reserve Bank of Boston President Susan Collins said officials are taking a more patient approach to monetary policy now that rates are at or near their peak, though further rate increases are still possible. US central bankers can take more time to evaluate incoming economic data because they “are...