News

Wall Street gets shorter SEC leash

Agency says it will make it harder for financial firms to obtain waivers from knock-on sanctions when they settle enforcement cases.

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OneDigital acquires property and casualty brokerage

HM Employee Benefits and Risk Management is based in St. Louis; OneDigital says deal will help it provide 'holistic suite of employee-centric solutions.'

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JPMorgan sues advisor who moved 3 clients to Merrill Lynch

The legal tussle represents the latest effort by a brokerage firm to enforce non-solicitation agreements against advisors.

Betterment doubles down on its for-advisors channel

The robo's fastest growing business now offers custom model portfolios in a bid to attract more wealth managers.

LPL kicks off program to help advisers buy or sell practices

Its new effort, called M&A Solutions, includes ‘strategic support’ and online tools to help advisers considering a transaction.

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ETF TV Interview: Greg Friedman

Deborah Fuhr sits down with Greg Friedman, head of ETF Management and Strategy at Fidelity, to discuss the listing of the Fidelity Magellan ETF, the criteria investors should consider when deciding between using an ETF or a mutual fund.

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Goldman Sachs sells its first ESG bonds

Strong investor demand for sustainable investments pushes offering at the last minute up by $50 million to $800 million.

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Eight Must Reads for the CRE Industry Today (Feb. 12, 2021)

National Law Review looks at what real estate professionals need to consider about COVID-19 vaccination. ESG funds delivered attractive returns in 2020, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

Booth’s Dimensional Makes $700 Million Splash in ETF Debut

DFA's three ETFs have absorbed about $337 million so far in 2021.

Bumble’s 31-Year-Old CEO Becomes a Rare Female Billionaire

Of the 559 companies that have gone public in the U.S. over the past 12 months, only two, aside from Bumble, were founded by women.

Stocks Are Outperforming Bonds by the Widest Margin Since 2013

The S&P 500 climbed more than 4% in the first 28 trading days of 2021, while long-dated Treasuries lost more than 5%, according to data compiled by Bespoke Investment Group.

LPL’s M&A Program Goes Live

The new service, out of its pilot stage, is now available to all LPL advisors and promises to shorten the time it takes them to complete acquisitions from six to nine months to 60 to 90 days.

NYC Hotels Seek Relief from Penalty for Late Property-Tax Bills

A trade group that represents Marriott, Hilton and Sheraton as well as smaller boutique hotels is asking the city to forgive or reduce interest charges.

Kitces report reignites debate over advisory fees

Rick Ferri, a proponent of keeping fees low, rattles cages by suggesting asset-based pricing is a violation of fiduciary duty.

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SEC wants independent monitor to run GPB amid fraud charges

The regulator wants to install an industry veteran to run GPB to monitor its assets in auto dealerships and make sure investor interests are protected.

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$500M advisor joins fast-growing RIA to open new office

With offices in seven other states, Cresset Asset Management seeks to expand its reach to Texas.

The world’s biggest volatility ETF grows 40% in just 4 days

Activity in the fund is surging, with trading volume jumping to more than three times the one-year average.

Former Janney Advisor Arrested for Embezzling $400,000 from Clients

Paul Pitsironis allegedly stole more than $400,000 from clients to pay casino gambling debts and credit card bills, according to U.S. Attorney's office.

Brookfield Worth 40% More Than Its Current Price, CEO Flatt Says

Bruce Flatt said in a letter to shareholders Thursday that he believes the true value of the company is closer to $57 a share.

Wealthies Circle Podcast: SmartX's Managed Account Approach to Help Advisors

SmartX's Evan Rappaport explains how SMArtX’s managing account technology helps advisors rebalance their workflow.