E-Trade is finally emerging within the wealth management industry.
Tagged with "RIA"
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E-Trade Begins Picking RIAs for Referrals
Posted on July 18th, 2019 at 2:21 PM
SEC Clarifies RIAs Can Use “Fiduciary” in Customer Relationship Summary
Posted on June 24th, 2019 at 4:32 PM
A change in the introductory language of the Customer Relationship Summary (“Form CRS”) sparked debate this week. The original wording eliminated the word “fiduciary” when describing the Registered Investment Advisor (“RIA”) standard of care owed to the client. RIAs voiced their concerns on Twitter and elsewhere.
SEC Charged North-Carolina’s Financial Adviser with Defrauding Clients by Overcharging Advisory Fees
Posted on June 11th, 2019 at 5:34 PM
The Securities and Exchange Commission (“SEC”) charged a North Carolina financial adviser Stephen Brandon Anderson with defrauding his clients by overcharging asset-based advisory fees by at least $367,000 over two years. Mr. Anderson owned and operated River Source Wealth Management in Waynesville, N.C., between November 2010 and March 2017.
Goldman Sachs Expands Wealth Management Reach by Purchasing United Capital
Posted on May 16th, 2019 at 4:57 PM
In an effort to become a dominant player in the financial advice business, Goldman Sachs Group Inc. has announced that it has agreed to buy United Capital Financial Partners Inc. for $750 million.
Wirehouses Have Seen a Slow Down in Breakaway Brokers in 2019
Posted on May 8th, 2019 at 5:14 PM
The number of financial advisors breaking away from their firms has slowed during the first three months of this year. According to InvestmentNews, only 94 financial advisors have left the wirehouse channel in the first quarter, which is a 36% drop from the 147 breakaways recorded in the fourth quarter of 2018. The stock market correction is cited as one of the main reasons why there has been the lowest breakaway activity since the second quarter of 2017.
SEC Examiners to Focus on How RIAs are Protecting Elderly Clients
Posted on March 13th, 2019 at 11:25 AM
During the IAWatch compliance event in Washington D.C. this month, SEC officials emphasized that examiners will continue to focus on how RIAs serve their senior clients.
A Decade After the Financial Crisis of 2008, The Financial Planning Industry is Seeking Clarity Regarding Custody Status for RIAs
Posted on February 21st, 2019 at 5:06 PM
As a result of the financial crisis of 2008 and the Bernie Madoff Ponzi scheme, the SEC updated its custody rules for registered investments advisers in 2009.
Wells Fargo Launches New RIA Platform
Posted on February 14th, 2019 at 2:36 PM
In a recent press release, Wells Fargo announced the launch of its new service offering to help advisors become RIAs through its multi-channel business model. The goal of the model is to allow for ownership, independence and flexibility, as well as business growth. TradePMR, a privately held brokerage and custodian service provider, would provide middle-office support, while also utilizing First Clearing.
Wells Fargo Recruits First Adviser to Join Its RIA Channel
Posted on January 17th, 2019 at 9:46 AM
According to Wells Fargo Advisors, a Philadelphia-area advisor will be the first Wells Fargo private wealth employee to join the firm’s new registered investment advisor custody business.
RIA Found Guilty of Misappropriating Funds from Mike Tyson
Posted on February 24th, 2017 at 12:13 PM
Brian Ourand, a former registered investment adviser in Washington, D.C. was found guilty by the SEC for misappropriating funds from his clients, which included many professional athletes such as former heavyweight champion Mike Tyson and NBA star Glen Rice.
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