Two organizations representing financial services professionals are to merge into one association after their members voted in favor. The overwhelming support means that the National Association of Insurance and Financial Advisors will join with the Society of Financial Service Professionals to create a more impactful organization that will provide expanded...
A team of six has moved to the RBC Wealth Management branch in Philadelphia having managed $450 million in client assets at Morgan Stanley. The DeCaro Eisenberg Wealth Management Group comprises four financial advisors and two client associates and follows several big value defections in recent months including another team...
Gen Z and Millennials are used to the ‘on demand’ culture of today’s America, and they would rather not wait for retirement either. These young Americans would like to retire when they are 50 and are willing to sacrifice some pleasures today for the tomorrow they want, according to a...
European stocks and US equity futures fluctuated while Treasuries dropped as traders tracked efforts by the US and its allies to prevent further escalation of the Israel-Hamas conflict. Technology stocks led declines in Europe’s Stoxx 600 index after Bloomberg reported that the US is considering further restrictions to curb China’s...
The tagline from Wall Street was that 2023 was the year of the bond. Instead, fund managers are coming to terms with one of the toughest years ever. Lacy Hunt, Hoisington Investment Management Co.’s 81-year-old chief economist, who’s been analyzing markets, Federal Reserve policy and the economy for around a half-century, says it’s...
Birkenstock Holding Plc, the 249-year-old footwear brand, stumbled onto Wall Street last week in a debut that could quash the fledgling rebound of initial public offerings. The maker of cork-soled sandals closed down 12.6% on Wednesday for the worst first-day showing in a US IPO of $1 billion or more...
The Securities and Exchange Commission won’t ask a federal appeals court to reconsider a decision that paves the way for Grayscale Investments to launch a spot Bitcoin exchange-traded fund, according to a person familiar with the matter. In August, the DC Circuit Court of Appeals overturned the SEC’s rejection of...
A new Goldman Sachs survey shows investors are big fans of separately managed accounts. But what do advisors think of them? Are they worth the trouble for all their clients, or just a lucky few? “I have used SMAs and found them to be very beneficial due to several factors,...
SoFi is copying Robinhood’s play for retirement assets by offering owners of individual retirement accounts a 1% contribution match to win their business. The financial services company announced that perk Thursday, noting that the match applies to all new IRA contributions to SoFi Invest from outside accounts and those made...
Wealth Enhancement Group has added a new location in Los Angeles with its acquisition of KCS Wealth Advisory, an independent registered investment advisor, the firm announced Thursday. The deal brings Wealth Enhancement Group $373 million in assets under management and provides both firms with additional resources to enhance client services,...