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The planner, joining from Robertson Stephens, also has worked for UBS and Merrill Lynch.

The biggest product in that category suffered over $161 million in outflows on Wednesday; its largest one-day withdrawal on record.

While workers are better off leaving their money in the plans, they’re allowed to make penalty-free withdrawals if it’s for out-of-pocket medical bills not covered by insurance.

The adviser misappropriated $268,680 from the brokerage accounts of five elderly clients, one terminally ill.

One of the major aims of asset allocation is to craft a portfolio with ingredients that don’t all behave in exactly the same way to protect against all assets heading south at the same time. But, of course, that downside protection can be a double-edged sword.

Advisers will create strategies and communicate the advice. Software will handle the execution and maintenance of the strategies.

Liquidations and delistings reached 98 in 2016, an all-time high.

Liquidations and delistings reached 98 in 2016, an all-time high.

While the bulk of the money flowed into products that track indexes, more than $50 billion was absorbed by active funds.

With a deep résumé representing Wall Street firms, Jay Clayton is seen as a business-friendly choice not expected to push major new regulations or ramp up RIA exams.