Passive target-date funds remain a popular choice for many defined-contribution plans, often driven by the generally lower fees associated with these funds. While intuitively it may feel as if “lower cost” naturally translates into a more prudent option for plan participants, the reality is this may not always be...
SPS Family, the parent company of broker-dealers Sigma Financial Corp. and Parkland Securities, as well as RIA Sigma Planning Corp., announced this week that it’s rebranding as Axtella. The company said the new name was inspired by the words stellar, nexus, and constellation, and that those words relate to its...
Chicago-based registered investment advisor Hightower is laying off approximately 5% of its staff as part of an “ongoing strategic realignment,” a company spokesperson said. The Hightower representative added that the cutbacks were “aimed at optimizing our resources and ensuring the long-term success of our business.” The streamlining is occurring after a...
Advisors continue to break away from captive environments for independence, with some 6,873 making the leap in 2022, according to the Diamond Consultants Advisor Transition Report. The desire to become a business owner continues to be strong, especially as the support infrastructure, product access and upfront capital in the...
Savvy Advisors has added two new principal wealth managers to its growing network of advisors attracted by its technology platform. Erich Yost, CFA, was previously a portfolio manager as part of a team managing $2.5 billion of assets for ultra-high-net-worth clients at Veritable and has 12 years of experience in...
Millions of people are facing retirement without enough income to live comfortably and may struggle to address the issue. A proprietary model that looks at retirement readiness has been created by Vanguard for its inaugural retirement readiness report, in which it calculates rates of what it calls ‘sustainable replacement income’,...
A sell-off in global bond markets gathered pace, driving yields to the highest level in more than a decade as traders brace for an extended period of tight monetary policy. The yield on 30-year U.S. Treasuries hit 5% for the first time since 2007 on Wednesday, while the German 10-year...
The federal judge who ruled that Ripple Labs Inc.’s cryptocurrency doesn’t constitute a security when sold to the general public denied the Securities and Exchange Commission’s request to appeal the determination before trial. U.S. District Judge Analisa Torres on Tuesday ruled against the regulator in a case it filed against...
At the University of Tampa, Anthony Viggiano and three classmates faced off against another school in the 2018 “Ethics Invitational.” Hosted by the CFA Institute’s local branch, the competition tested which team could best tackle dilemmas they’d face as financial professionals. Viggiano’s team won and walked off with a $1,000 prize. A few...
A smaller share of wealthy households donated money to charitable causes in 2022 amid rising economic uncertainty, according to a new report from Bank of America Corp. About 85% of affluent U.S. households made charitable contributions in 2022, down from 88% in 2020, according to a biennial study by Bank...