Dan is a business journalist who previously worked for various local newspapers and industry publications. He also worked for two years in Beijing as an editor at China Daily. A graduate of the University of Missouri-Columbia, he has written about banking, local governments and the legal profession, among other subjects. He now covers how politics, policy and regulation affect the financial planning industry.
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States can now adopt a model rule that will prevent brokers from holding themselves out to the public as "advisors" or "advisers."
April 9 -
As the head of the investment solutions group at Merrill and Bank of America Private Bank, Nancy Fahmy ensures the firm's advisors have access to investments they recommend to investors.
April 8 -
The deal, expected to close in the second half of the year, will bring in $16 billion in client assets and 110 advisors.
April 7 -
Meanwhile, former Charles Schwab CEO Walt Bettinger saw a 10% compensation increase for his final year on the job.
April 7 -
Also this week, Raymond James recruits from Morgan Stanley, and Mercer Advisors and EP Wealth Advisors make big M&A deals.
April 4 -
The LPL CEO says Commonwealth advisors have almost nothing to lose and much to gain by joining a firm whose headcount is fast approaching 29,000. (Plus, experts say he'll be writing big checks.)
April 3 -
Michael Bonevento and his team left Ameriprise in 2019 to join LPL Financial. He says too much time has elapsed for him to now be accused of misappropriating client information.
April 2 -
A court of appeals agreed with Commonwealth's contention that a jury should decide if investors were harmed by investment disclosures allegedly withheld from them.
April 2 -
UBS contends the nearly $70 million in punitive damages it has been ordered to pay a wealthy Iowa family are not justified under federal or state law.
April 1 -
Industry experts think LPL will have to work hard to retain Commonwealth advisors who were sold on the idea that they'd be working for a "boutique" firm.
March 31 -
The acquisition will bring LPL as much as $285 billion in AUM and 2,900 advisors when it closes in the second half of the year.
March 31 -
Also this week, Ameriprise CEO James Cracchiolo sees a 12% bump in compensation in 2024 and new LPL CEO Rich Steinmeier also sees a hefty pay bump.
March 28 -
Citi's proxy statement praises its head of wealth for bringing in net new assets and talent.
March 19 -
The public has until May 13 to comment on a proposal that would prevent brokers from having to list side hustles like online antiques stores or after-hours bartending gigs.
March 18 -
Not long after announcing a new set of services for high net worth clients, Edward Jones rewards CEO Penny Pennington with a $29 million compensation package.
March 17 -
With the Trump administration pledging to review recently passed federal rules, the Investment Adviser Association wants to submit new comments on an anti-money-laundering law for RIAs.
March 17 -
Stifel pulls a $1.35 billion team from Raymond James, while LPL draws from Edward Jones and Wells Fargo, in advisor moves this week.
March 14 -
Stifel follows closely on UBS's heels in getting hit with tens of millions in punitive damages.
March 13 -
Regulators accused Cambridge Investment Research of directing clients to mutual funds and other investments that generated revenue-sharing payments when cheaper options were available.
March 12 -
A federal judge agrees with Merrill that deferred compensation is a bonus used to reward employee loyalty rather than a retirement benefit protected by federal law.
March 12
