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 wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.
August 27 -
The arbitration decision comes more than a year after SW Financial was expelled from the industry for violating Regulation Best Interest.
August 26 -
UBS executives estimate their plan to raise rates on certain accounts will cost the firm $50 million. A new suit cites that as evidence that the firm "violated its obligations to its clients."
August 23 -
Analysts say that firms that are forced to start paying clients higher rates may have to raise their advisory fees and cut costs to make up for the revenue losses.
August 22 -
One of the most successful recruiting firms in recent years, LPL again finds happy hunting grounds at its rival giant in the independent brokerage channel.
August 21 -
The new rule comes after advisors had expressed concerns about personal safety and data privacy.
August 20 -
The deal marks the fourth purchase for CW Advisors since a private equity firm bought a majority stake in it last year.
August 19 -
Industry experts say they can't recall another time when an advisory firm has used a lawsuit for a wholesale indictment of a rival's recruiting practices.
August 16 -
An LPL independent contractor accuses the firm of not doing enough to stop salacious remarks directed at him that started after a top Bank of Springfield executive learned he was gay.
August 15 -
Regulators have been working their way steadily down from the biggest players in the industry to regional firms in their quest to stamp out abuses of "off-channel" communications.
August 14 -
The Swiss banking giant said a planned change to its yields on clients' uninvested cash will take a $50 million bite out of its net profits.
August 14 -
Cadaret Grant agreed to fines to clear up allegations that it had failed to disclose conflicts with costly mutual funds and sweeps accounts.
August 13 -
Recent years have taken the shine off of fixed income, both as a portfolio diversifier and a way to boost total returns. The prospect of falling rates next month promises to reverse that.
August 12 -
The regional wealth manager reports losing 41 advisors in the second quarter, although its headcount was still up 4%.
August 9 -
The litigation comes amid heated debate over a Department of Labor rule meant to prevent excessive fees on sales of insurance products.
August 8 -
A founder of Harbor Lights Financial Group said he and his partners scouted possible private equity buyers and decided LPL was the best option for preserving their firm's legacy.
August 8 -
The wealth management giant questions if there has ever been so large a civil sanction handed down in response to "negligent mistakes" made in an attempt to comply with "unwritten rules."
August 7 -
Researchers wonder if similar regulatory attention could eventually hit the bottom lines of independent broker-dealers and RIAs.
August 6 -
Financial planners have had to field plenty of questions about why they weren't more aggressively chasing returns. With the market correction, they now have a chance to show the benefits of a diversified strategy.
August 5 -
The hires add credibility to the wirehouse's renewed commitment to recruiting.
August 2
