Kestra Private Wealth Services has added two teams to its network, with a combined $850 million in client assets. Kindred Wealth Partners in Pittsburgh is led by senior managing partners Charles Palmer, Sean O’Riordan and Randall Klaiber, who were previously with Morgan Stanley Wealth Management. The $650 million team is supported...
U.S. stock futures slipped and Treasuries edged higher ahead of the Federal Reserve interest-rate decision and the US government’s new borrowing plan. Contracts on the S&P 500 and the Nasdaq 100 dropped by about 0.3%. WeWork Inc. plunged 42% in premarket trading after the Wall Street Journal reported that the...
Much of the fossil fuel industry may be facing an era of credit downgrades if producers prove too slow to adapt to a low-carbon future, according to Fitch Ratings. Oil and gas companies stand out as the most vulnerable issuers in an analysis by Fitch, which sought to gauge how...
Macro trades have bounced back to become the best performing hedge fund strategy in the third quarter, turning a page on a dismal first half that saw economic uncertainty weigh on managers. Asset-weighted returns for macro funds hit 3.07% in the three months through September, according to data from fund...
The Swiss franc is back on track to be the strongest performing G-10 currency against the dollar this year, beating all of its peers in October. Investors including Amundi and J.P. Morgan Private Bank say its rally has scope to run and options recently showed the highest bets for franc...
Advisors who make one-off recommendations to 401(k) plans and participants may face a new reality under the latest fiduciary rule proposed by the Department of Labor: They will be fiduciaries, whether they like it or not. Tuesday, the agency proposed a rule that would again redefine “fiduciary” under the Employee...
President Biden warned financial advisors Tuesday not to recommend high-fee investment products that line their own pockets rather than help their clients build a nest egg, as he promoted a proposal to raise advice standards for retirement accounts. “Most advisors give their clients good advice at a fair price and...
As more financial advisors go independent, David Settanni will attest that making the switch to the RIA space was one of the best things he did for his career. “Being in the independent broker-dealer channel, I just felt that we didn’t have any necessarily brand recognition,” said Settanni, who’s advisor...
A Southern California registered representative and a broker-dealer executive on Monday lost an arbitration claim of a little more than $1 million in damages to an investor who bought GWG Holdings Inc. L bonds in 2018. Dozens of broker-dealers sold about $1.6 billion in GWG L bonds, so-called because...
Creative Planning said Tuesday that it is acquiring Chicago-based Mesirow’s corporate retirement plan team, which oversees more than 350 retirement plans with roughly $13 billion in assets under advisement and management. The announcement comes just a couple of months after Creative Planning struck a deal to acquire Goldman Sachs’ RIA,...