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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The avalanche of cases announced Friday included charges against a no-longer registered advisor and firm accused of misappropriating more than $20 million from clients.
January 21 -
Raymond James also recruited from Charles Schwab, and LPL from Raymond James and Merrill
January 17 -
Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.
January 17 -
Executives say the Bank of America subsidiary likely benefited from clients in 2023 seeking a safe harbor from teetering regional banks.
January 16 -
CEO Ted Pick said nearly half of net new assets Morgan Stanley brought in last year landed in fee-generating accounts — and that's right where he wants them.
January 16 -
Citi wealth head Andy Sieg told employees that net new investment assets — which surged last year — are the division's "North Star."
January 15 -
Wells Fargo and other large wealth managers have been under scrutiny from plaintiffs' lawyers and regulators for the returns they pay on uninvested cash. It hardly mattered for Wells' bottom line last quarter.
January 15 -
Michael Nathanson, CEO of the RIA aggregator, envisions a day in the not-distant future when firms like his will sit on $1 trillion or more in client assets.
January 14 -
The firm says a summer intern who was turned down for a full-time position sent harassing messages that led it to close its Atlanta office for two days in January.
January 13 -
LPL also drew from Osaic again, RIA aggregators made some big M&A deals and Merrill rehired an executive who left to go to Citi more than six years ago.
January 10 -
Michael and David Sztrom, who settled fraud allegations with the SEC in 2022, contend the regulators' "follow on" attempt to boot them from the industry violates their constitutional rights.
January 9 -
Industry experts say the new team of 25 investment specialists seems designed to tackle the more esoteric aspects of working with wealthy clients and leave asset gathering and relationship management to advisors.
January 8 -
While not denying the benefits of PE backing, a subset of RIAs and wealth managers remain determined to go it alone.
January 7 -
Even though some firms have been able to command top dollar selling themselves to large aggregators, plenty of variables are still helping to hold purchase prices in check.
January 7 -
Robert Daly was part of a star team that left Morgan Stanley in 2023 to join First Republic and has since been barred from the industry.
January 6 -
Focus Financial Partners also merges two of its RIAs and Captrust buys up two practices together managing nearly $2 billion.
January 3 -
The "model rule" for state regulators is meant to help clients distinguish between advisors who earn management fees and brokers who collect transaction-based commissions.
January 2 -
A FINRA arbitration panel sided with a claimant who contended Wells and one of its advisors should have recognized telltale signs of elder fraud when their client decided to give away tens of thousands of shares of Aflac stock.
December 31 -
Edward Turley, a once high-flying advisor booted from the industry in 2022, is at the center of a dozen client settlements costing JPMorgan upward of $63 million.
December 30 -
Fifth Third Wealth Advisors President Eric Housman thinks his bank's $2 billion advisory practice still occupies a distinct position in the industry. But it's not likely to stay that way.
December 27
