Technology stocks are in trouble, with the buzz around artificial intelligence set to be overshadowed by the effects of higher-for-longer interest rates, according to Bank of America Corp. strategists. We see second-half “trouble rather than an era of new AI rules,” strategists led by Michael Hartnett wrote in a note...
LPL Financial Holdings Inc. and Prudential Financial Inc. announced Thursday morning that Prudential will move the retail brokerage and investment advisory assets of 2,600 financial advisors from Prudential Advisors’ current custodian, Fidelity’s National Financial Services, to LPL Financial. LPL is not buying Prudential’s retail wealth management business but instead...
Trader sentiment has improved in the early stages of the third quarter but there are still significant challenges according to a new survey from Charles Schwab. There has been a notable drop in the share of respondents who think the U.S. faces a recession – 69% compared to 86% in...
In the wake of restructuring efforts to distance itself from its founder, Leon Black, Apollo Global Management has another problem. On Wednesday, a lawsuit was lodged claiming that the company wrongfully agreed to pay $570 million for the personal tax bills of its key executives. The changes, hastily put in...
R. Kelly’s royalties of more than $500,000 held by Universal Music Group NV must be turned over to his sexual-abuse victims, a US judge ruled. US District Judge Ann Donnelly, in Brooklyn, New York, signed an order Wednesday directing Universal Music Group to turn over the money to satisfy unpaid...
David Canter is stepping aside as president of Bluespring Wealth Partners just one year after joining the firm. Canter will remain with Bluespring as a senior strategic advisor and will assist in the search for a new president, the company announced Wednesday. Stuart Silverman, who helped found the business...
Even though recruiting slowed down in the first half of this year to hit the lowest levels since the credit crisis, some broker-dealers and registered investment advisors are having success in hiring and recruiting from rivals. For example, LPL Financial recruited 47 financial advisors over the first half of...
When Herman Melville wrote Moby Dick, he had never actually visited the quaint Massachusetts isle of Nantucket. His multivolume novel spanned an epic battle — and now another, maybe less epic battle is being waged on the island dubbed “the most expensive in the world.” This time, the protagonists...
Hightower firm Highland Private Wealth Management has expanded its business in Washington with the acquisition of an advisor team with approximately $470 million in assets under management. Highland has acquired Trellis Advisors, a registered investment advisory firm based in Ellensburg, Washington, and founded by Ray Gilmour. “We have known Highland for...
Tax planning and wealth management firm Avantax has acquired a seven-member team managing around $330 million in client assets. Minnesota-based Summit Wealth Advocates comprises two financial advisors plus support staff, with the advisors joining Avantax’s employee-based model as financial planning consultants and the rest of their team joining in various...