Veteran dealmaker and CEO Larry Roth has taken a step back from financial advice but is still very active in the industry. As the former chief executive of Advisor Group and Cetera Financial Group, Roth ran giant broker-dealer networks during the financial crisis and the bull run in the...
Sequoia Financial Group is acquiring M Capital Advisors, a Nashville, Tennessee-based RIA that oversees $930 million in assets, the firm announced Friday. Terms of the transaction were not disclosed. M Capital, which was founded in 1993, provides portfolio management services to individuals and institutions. The firm, which also has an office...
It’s been quite the year for David Daglio. The former chief investment officer at BNY Mellon started his own tactical asset management firm and has now joined a $7 billion multifamily office which has acquired his firm. Daglio spent 22 years at Mellon where he united and integrated three distinct...
Raymond James has picked up a wirehouse breakaway team in Guam that includes two advisors who managed $287 million at their old firm. David Beaver and Aaron Sanchez have joined Raymond James & Associates, the firm’s employee advisor channel, from Merrill Lynch, along with client service associates Hope Chamberlain and...
Artificial intelligence is certain to change how financial advisors and wealth managers operate, with many applications streamlining and accelerating processes. Estate planning solutions firm Vanilla is aiming to leverage the power of AI to speed up everyday tasks such as turning estate documents into diagrams, creating projections for federal and...
Investor positioning in stocks has become so bearish that it’s triggered a “contrarian buy signal” in a custom Bank of America Corp. indicator, setting up the asset class for a short-term rally, according to strategist Michael Hartnett. The BofA bull-and-bear reading dropped to 1.9 from 2.2 in the week through...
Economists raised their U.S. growth projections through early 2024 and trimmed recession odds to a one-year low as consumers continue to spend. The economy probably expanded at an annualized 3.5% rate in the third quarter, the fastest in nearly two years, as forecasters marked up their household spending forecasts. And...
Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares. Musk, who is the richest person on the planet with a fortune of $209.6 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell...
War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade. Speaking to Kriti Gupta on Bloomberg Television, the Paris-based analyst placed a 20%...
The concept of retirement is changing, and many people preparing for it are realizing that they can’t fully quit their working lives as soon as they’d like. The reality is working longer or taking a gradual retirement, where part-time jobs help bridge financial gaps. The average age at which people in...