Portfolio

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

Raymond James, LPL, Kestra, the SEC, Dynasty, Janney Montgomery Scott, Mercer Global Advisors, Adasina Social Capital, Fidelity and other quick takes from the week in financial advice.

Account openings on the app doubled in 2020 from a year earlier.

Once the cost of coverage is accounted for, the implied rate of return for investing through a return of premium term policy can be quite attractive, Derek Tharp writes.

The app offers investing and banking products to more than 4 million subscribers.

Wall Street is divided over the world’s biggest debt market as inflation breaks out and debt burdens swell.

The firm serves UHNW clients, and the advisors embarked on a search in order to enable clients to have more access to private investments.

The long-term leaders carry fees more than twice the broader industry.

The custodian has 15 firms scheduled to transition before the end of this year. It hopes to migrate each of them over in less than six weeks.

Biden’s approach might be politically astute, but from a fiscal-design point of view, it’s partially self-defeating, Bloomberg’s Clive Crook writes.