An SEC proposal targeting potential conflicts of interest for financial advisors using artificial intelligence is not meant as a way to modify Regulation Best Interest, Chair Gary Gensler said Tuesday. The Securities and Exchange Commission introduced a proposed rule over the summer that w Learn more about reprints and licensing...
Clients on Monday won another arbitration decision, this time for $246,000, stemming from a broker-dealer’s sale of bonds from GWG Holdings Inc., a defunct life settlement business that is now in bankruptcy. The arbitration award, under the aegis of Finra Dispute Resolution Inc., was lost by Ages Financial Services...
The broker-dealer network Osaic Holdings Inc. boosted an all-important profitability measure over the first half of the year by almost one-third, according to a recent analysis of the privately held firm. Osaic posted an EBITDA — earnings before interest, taxes, depreciation and amo Learn more about reprints and licensing for this...
SS&C, a global provider of services and software for the financial services and healthcare industries, announced a new client relationship management technology last week that aims to “redefine the advisor experience.” The Black Diamond CRM module, designed exclusively for wealth managers and advisory firms, offers advisors “a comprehensive managed services...
Hub International Limited, the Chicago-based insurance brokerage and financial services firm, has purchased the assets of Renaissance Benefit Advisors Group, a retirement plan consulting firm that focuses on helping plan sponsors meet their fiduciary responsibilities, the company announced Monday. Learn more about reprints and licensing for this article.
In a strategic move to streamline its operations, UBS Group is offloading $5 billion in managed assets from its high-net-worth client portfolio, as it continues to integrate and reevaluate the recent acquisition of Credit Suisse components. According to its latest earnings report released Tuesday Learn more about reprints and licensing for...
UBS Group reported stronger-than-expected client inflows in its wealth management business, boosted by the first signs of stabilization at Credit Suisse as it carries out an expensive and complex integration of its former rival. The unit saw net new money of $22 billion in the third quarter, comp Learn more about...
Market maker and alternative asset manager Abacus Life is expanding into financial planning with the launch of a new wealth division to support its secondary insurance market clients. The firm has partnered with Dynasty Financial Partners for its ABL Wealth offering, which will help clients to un Learn more about reprints...
The large share of U.S. consumers who have an individual retirement account but have balances that make retaining the services of an advisor unrealistic are the focus of a new solution. Morningstar Investment Management and Envestnet plan to launch a managed accounts service that will provide per Learn more about reprints...
Stocks retreated and the dollar rose after a Federal Reserve policymaker dampened hopes of speedy interest rate cuts from the US central bank. Europe’s Stoxx 600 equity index opened around flat, and U.S. equity futures contracts slipped about 0.2% as it became clear central banks will lean against traders’ rate-cut...