Cetera Advisor Networks has attracted a team of advisors from Hickory, North Carolina, via Convergent Financial Partners, the network’s newest region. Brent McDonald and his Tar Heel Wealth Management Team have a practice of around $145 million and McDonald’s specialties include small business planning, retirement and income planning, estate planning...
Stocks declined, while Treasury yields climbed after a stronger-than-estimated reading on the US services industry bolstered speculation the Federal Reserve will keep interest rates higher for longer. The S&P 500 closed below 4,500 and the Nasdaq 100 fell almost 1% — with Apple Inc. leading a slide in big tech...
The dollar’s recent strength has confounded naysayers, and according to some hedge funds, the rally isn’t over. K2 Asset Management says the greenback will continue to charge higher as US interest rates remain elevated while AVM Capital expects rising Treasury yields to boost the currency. Alternative asset manager Clocktower Group...
Gold investment has risen over the past year, driven by central bank purchases, with overall implied allocations by non-bank investors at the highest since end-2012, JPMorgan Chase & Co. analysts including Nikolaos Panigirtzoglou said in a note. The implied allocation to gold has been rising since the pandemic and looks...
With economic storm clouds gathering, Canada’s bank regulator is considering stricter capital requirements that some analysts say have the potential to force Royal Bank of Canada, the nation’s biggest lender, to sell equity. The banks, which make up the largest sector weighting on the S&P/TSX Composite Index, have dropped 4.6%...
Australian Retirement Trust, the country’s second largest pension fund, is scouring the world for a new chief executive officer after Bernard Reilly announced he was stepping down. Reilly, who will leave in February, oversaw the largest merger to date in Australia’s fast-growing pensions industry when Sunsuper and QSuper combined last...
The slide in the yen isn’t over, despite expectations the dollar may not be quite so strong in coming months, said the top forecaster for the currency. The yen will probably weaken to 152 against the dollar this year, and 155 in 2024, Tohru Sasaki, JPMorgan Chase & Co.’s head...
There’s more than one way to shine a penny—or in this case, to grow your advisory business. While adding new clients is critical, when you’re building a legacy, it’s not the only important approach. Another way to create a sustainable practice is by developing new talent. Hiring an associate advisor...
Validus Financial Associates, which oversaw approximately $800 million in assets at Lincoln Financial Group, has found a new home at LPL Financial, the firm announced Wednesday. Validus also joined LPL Financial’s broker-dealer, RIA and custodial platforms. The Peoria, Arizona-based firm is led by senior partners Ryan Kidd and Aaron Montez, who...
Commonwealth Financial Network has announced the expansion of its Talent Exchange Initiative, which aims to connect skilled students from top universities that offer certified financial planning programs with the firm’s affiliated advisers. The initiative is an expansion of the pilot program started at Bentley University last year. It will help...