The highest court in Massachusetts upheld the state’s investment advice standard that imposes fiduciary duty on brokers, dealing a setback to online brokerage Robinhood’s effort to kill the regulation. The Massachusetts Supreme Judicial Court ruled Friday that the state’s top securities regulator, Secretary of the Commonwealth William Galvin, acted within...
The Securities and Exchange Commission Friday penalized Wells Fargo Advisors $35 million for overcharging advisory fees to certain clients who opened accounts prior to 2014 through the end of December 2022. “Certain financial advisors from Wells Fargo and its predecessor firms agreed to reduce the firms’ standard, pre-set advisory...
Republican presidential candidate Nikki Haley backed an increase in the retirement age that would be tied to life expectancy as a way to counter rising U.S. government debt a day after her standout performance in the first GOP debate. “We change retirement age to reflect life expectancy instead of cost-of-living...
The U.S. economy is holding up well against difficult economic conditions, a little too well for those with inflation as a primary focus. Boston Fed president Susan Collins says that the resilience of the economy has surprised her and believes there may be “more to do” to bring inflation down...
The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here’s what to expect from the two-day conference featuring central bankers from around the world: Federal Reserve Chair Jerome Powell leads the speaker line-up with a keynote speech on...
An abstract interest-rate metric is dominating discussions across trading desks ahead of the Jackson Hole symposium, with investors wondering if Federal Reserve Chair Jerome Powell will weigh in, and bracing for further declines in US Treasuries if he does. Fidelity International, Jupiter Asset Management and hedge fund Blue Edge...
Technology stocks are in trouble, with the buzz around artificial intelligence set to be overshadowed by the effects of higher-for-longer interest rates, according to Bank of America Corp. strategists. We see second-half “trouble rather than an era of new AI rules,” strategists led by Michael Hartnett wrote in a note...
Pontera is continuing its growth with yet another partnership with a large wealth management firm. The fintech company, which lets financial advisors manage assets in held-away retirement accounts, announced a deal Wednesday with Summit Financial Holdings, a firm for breakaway advisors with $9 billion in assets under advisement. Advisors affiliated...
LPL Financial Holdings Inc. and Prudential Financial Inc. announced Thursday morning that Prudential will move the retail brokerage and investment advisory assets of 2,600 financial advisors from Prudential Advisors’ current custodian, Fidelity’s National Financial Services, to LPL Financial. LPL is not buying Prudential’s retail wealth management business but instead...
Trader sentiment has improved in the early stages of the third quarter but there are still significant challenges according to a new survey from Charles Schwab. There has been a notable drop in the share of respondents who think the U.S. faces a recession – 69% compared to 86% in...