Carson Group has acquired FAI Wealth Management, an advisory firm in Columbia, Maryland, that oversees $300 million in client assets, the firm announced Thursday. FAI, founded in 1987, has seven team members. The firm will rebrand as Carson Group, but it will continue to be led by Mark Stinson, its...
A Series B funding round has raised $31 million for Farther, as backers including Lightspeed Venture Partners joined existing investors to more than double its valuation to $131 million. For Taylor Matthews and Brad Genser, founders of the wealth management firm which combines expert advisors with cutting-edge technology, the total...
Saving for retirement is proving challenging for many American workers who are concerned that they are behind schedule. For more than one third of respondents to a Bankrate.com survey the target is to save at least $1 million for their retirement (13% say $1-2 million), but even for those aiming...
The Securities and Exchange Commission is finalizing settlements with about two dozen Wall Street firms to resolve probes into lapses in record keeping, Reuters reported. The settlements are with investment advisers and broker-dealers, according to the report, which cited people familiar with the matter. It marks the latest enforcement action in...
U.S. investment-grade bonds have swung to a loss for the year as the Federal Reserve’s determination to raise interest rates to counter inflation spreads pain across debt markets. The Bloomberg US Corporate Bond Index dropped 0.4% Wednesday, sending it into the red for the year after being up as much as 5%...
More junk-rated companies are likely to default on their debt as the U.S. economy slows, according to Franklin Templeton, which is waiting for wider spreads before buying the bonds. The $1.4 trillion asset manager, which is currently underweight U.S. high yield, may add exposure if spreads start to price...
The two-month sell-off in U.S. stocks threatens to intensify as options dealers on Wall Street and fast-money traders both turn against the market. Such is the warning from Goldman Sachs Group Inc.’s Scott Rubner, who has studied the flow of funds for two decades. With indexes such as the S&P 500 breaking...
Citigroup Inc. is in talks to sell its China onshore retail wealth business to HSBC Holdings Plc, as the latter continues to build out its presence in the mainland, according to people familiar with the matter. Citi’s China retail wealth business has about $4 billion of assets and deposits and...
Foreign investors sold the largest amount of Japanese stocks since March last week amid signs of risk aversion. They dumped ¥913 billion ($6.1 billion) of equities, more than three times as much as the previous week, data from Japan Exchange Group Inc. showed. It was the biggest sales on a...
SEC Chair Gary Gensler faced rounds of grilling and scolding at a House Financial Services Committee hearing Wednesday, with Republicans focused on the agency’s efforts on climate-related disclosures, crypto regulation, artificial intelligence, the Consolidated Audit Trail and overall pace of rulemaking. The hearing occurred just ahead of a likely government...