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An industry lobby group applauds the Ministry of Labourthe failure of the courts to strike down a Trump-era rule on the distinction between employees and independent contractors. On Tuesday, the U.S. District Court for the Eastern District of Texas ruled that the DOL’s decision last May to delay and withdraw its independent contractor rule violated […]
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the Financial Sector Regulatory Authority reminds member firms of their obligations when it comes to trading complex products and options and solicits feedback on best practices and possible rule changes. The industry’s self-regulator warns companies that while trading in such products “can potentially expand investment opportunities for retail investors”, it also poses risks for inexperienced […]
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The Covid-19 pandemic appears to have made female investors more proactive when it comes to their finances – as well as being cooler than their male counterparts, according to a recent survey. Faced with a financial crisis, only 8% of women liquidated their retirement accounts, compared to 15% of men who did, At national scale […]
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the Financial Sector Regulatory AuthorityThe arbitration forum is currently under intense scrutiny following a court ruling that Wells Fargo Advisors and his attorney “manipulated” the arbitrator selection process. On February 1, the Public Investors Advocate Bar Association called for an investigation into Finra’s arbitration process after the judge Belinda Edwards of Fulton County Superior Court […]
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Blucorait’s Avantax said to have acquired a Washington-based financial planning practice. The latest addition is Gene Bell & Associatesled by a certified financial planner Gene Bellwhich has been affiliated with Avantax for several years, according to the firm. Bell, which is also a registered agent with the Internal Revenue Servicehas worked in the financial services […]
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the United Negro College fonds says he has expanded a scholarship program with which he runs JP Morgan Wealth management for black students studying any major to help them start a career as a financial advisor. Launched in 2021, the program added six more historically black colleges and universities, for a total of 17, whose […]
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JP Morgan settled his lawsuit against Cresset related to the alleged poaching of several advisers. In 2019, JPMorgan accused Cresset CEO and Co-Chairman Douglas Regan to sue JPMorgan staff for breach of their contractual obligations with the bank, according to an arbitration request filed with the American Arbitration Association through JPMorgan Securities and JPMorgan Chase. […]
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the Financial Sector Regulatory Authority decided to prohibit a dismissal Morgan Stanley financial adviser who allegedly defrauded his professional athlete clients. Morgan Stanley fired the adviser, Daryl Mathew Cohenin March 2021 regarding allegations related to his “activities with outside clients and transactions not disclosed or approved by Morgan Stanley and use of an unapproved platform […]
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Creative planning says he made another acquisition, this time in the greater St. Louis area. The latest addition is Paradigm Financial Advisorsa registered owner-operated investment advisory firm Jim Red which offers financial planning, investment management, tax planning and multigenerational estate planning to high net worth clients and their families, according to Creative Planning. Paradigm oversees […]
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This year the Certified Financial Planner Standards Board will prioritize financial education and the search for new talent, says new board chairman Kamila Elliott. Many people who become CFP professionals do so after working in a registered investment advisory firm or in corporate positions, but the CFP board wants to “deepen” via outreach to high […]
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A Financial Sector Regulatory Authority arbitration panel ruled in favor of Merrill Lynch and one of his financial advisers in a lawsuit against the company accusing him of negligence. The Amended and Restated Julian I. Stoopler Living Trust filed a lawsuit in July 2020 accusing Merrill of negligence, breach of fiduciary duty and breach of […]
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Raymond James appointed the former head of wealth planning and personal trust at Fidelity Investments senior vice president of private wealth management, the company said. Kevin ruth also previously oversaw the creation of private heritage programs at Merrill Lynch and UBS during his career of more than 25 years, according to Raymond James. He joins […]
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Mariner Heritage Advisors said to have acquired Granite Investment Advisors, a registered investment advisory firm based in Concord, New Hampshire. Mariner simultaneously added advisers Martha cottrill and Ed taylor, who were previously with the company RIA Taylor, Cottrill, Erickson & Associates, also based in Concord, he said. Along with Cottrill and Taylor, Granite oversees approximately […]
IQ Financial Advisor – Print Edition
Businesses are in various stages of reopening to employees and customers, and several plan to operate normally in September even as information about the Delta variant arrives. The following is a transcript of part of a speaker’s presentation given at an industry conference or interview. This transcript represents the point of view of the person […]
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the Financial sector regulatory authority suspended and fined a formerMorgan stanley broker for allegedly changing account credits for nearly 190 transactions over a 29-month period in order to earn larger commissions himself. John patrick miller received a 15-day suspension and a fine of $ 2,500, according to a letter of acceptance, waiver and consent dated […]
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According to a recent report, financial advisers and wealthy investors have a difference of opinion when it comes to tangible assets such as property, art collections and other valuables. While many wealth managers focus on investments, such as stocks, bonds and private equity, wealthy investors would prefer their wealth managers to take more account of […]
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Morgan Stanley paying customers have seen their rates drop an average of six basis points over the past three years, according to the bank’s report. reports to the Securities and Exchange Commission. Total customer fee rates fell on average to 70 basis points in 2020, from 73 in 2019, 74 in 2018 and 76 in […]
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BNY Mellon Wealth Management has attracted David Heck from WHY, Philadelphia NPR and PBS subsidiary, where he was director of philanthropy. Heck, who has over 20 years of fundraising experience, according to his LinkedIn account, was hired as a Senior Client Strategist at BNY Mellon. In his new role, Heck works with high net worth […]
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A banned financial advisor in Florida has been sentenced to more than seven years in prison for stealing millions of dollars from investors in fraudulent investment schemes. In June, Philippe Conley, of Jacksonville, Fla., pleaded guilty to one count of securities fraud, according to the United States Attorney’s Office for the Northern District of West […]
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Cetera Financial says an investor acquisition program used by just over 100 of the company’s advisers is now available across its network. The program, LeadEngine, is designed to generate leads for its advisors across the United States, Cetera explains. This year, LeadEngine converted more than $ 20 million in assets for advisors currently in the […]
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Illinois broker licensed by Edward jones this summer faces criminal charges accusing him of robbing customers with hundreds of thousands of dollars. Ronald Molo, of Shorewood, Illinois, began his career in the financial services industry in 2001 with Edward Jones and remained with the company until June of that year when he relieved him of […]
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FA-IQ contacted the advisors to ask them: What challenges have you overcome – or are you still overcoming – in the male-dominated consulting industry? Helene Andréoli, CFO and founding partner of Large Diamond The partners. Andreoli, based in Portland, Maine, has been in the industry for 21 years and has $ 650 million in client […]
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Ascensus, a recordkeeping service provider, third-party administrator and government savings facilitator, says it has entered into an agreement to merge with Newport Group. Newport, based in Walnut Creek, Calif., Is a retirement services provider with nearly 1,500 professionals, over $ 150 billion in retirement assets under management, and over $ 300 billion in retirement assets […]
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A federal grand jury has handed down a seven-count indictment against a former Ohio financial adviser who allegedly robbed investors with the help of a relative. In 2015, Thomas brenner, as president of a brokerage and investment advisory firm First American titles, allegedly conspired with an anonymous person to get Brenner’s clients to supposedly invest […]
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A consulting firm’s ability to differentiate itself from the rest will be the most critical factor for success over the next decade, according to a financial advisor and industry blogger. Michael kitces. And that applies to the types of clients advisors seek, Kitces noted at Carson GroupExcell conference last month, as well as the services […]
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LPL Financial targets independent advisers who are increasingly turning to industry’s biggest players for help, CEO says Dan Arnold. “We see this structural trend of moving from one… small vendor to one that has more capabilities or better capabilities that are going to help. [advisors] better serve their customers â€, Arnold analysts told analysts during […]
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A federal grand jury in Wisconsin has indicted a former financial adviser with nine counts of wire fraud and one count of bank fraud. The indictment accuses Michael shillin, the owner of a financial consulting firm Shillin Wealth Management, for carrying out a scheme in which he convinced clients that he had bought non-public shares […]
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A Financial sector regulatory authority arbitration group came out in favor of UBS in another claim related to a complex internal options trading strategy. Henri ingram and Henry Ingram, Jr. filed a lawsuit against the company in March 2019 alleging securities fraud, inadequacy, breach of fiduciary duty and failure to supervise, among other violations, in […]
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Technology helps counselors see the big picture. Advisors must adapt to the needs of young investors. And the wealth transfer tends to come at a difficult time, and there is a lot more advisers can do to help than they realize. These were the main takeaways from Joseph sweeney, Chairman of the Board and of […]
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FA-IQ contacted the advisors to ask them: What advice would you give to young women who are considering becoming a counselor? Jennifer barry, investment advisor and managing director of Aaron Wealth Advisors. Barry, based in Chicago, has been in the industry for 27 years and has $ 1 billion in client assets. “There are very […]
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According to Charles Schwab. And that makes them want more financial advice than older plan members, according to the results of the Schwab 2021 401 (k) Plan Member Survey. “Generation Z workers are just starting their careers in a time of upheaval at home and in the workplace – from new health and safety challenges […]
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Focus Financial Partners stated that his partner company Connectus Wealth Advisors acquires another wealth management practice. The latest addition is New England Investment and Retirement Group, a registered investment advisory firm based in North Andover, Mass., founded in 1995, according to Focus. NEIRG oversees about $ 766 million for nearly 2,200 accounts, according to its […]