Portfolio

The firm’s chief investment officer spent as much as a third of that on high-yield funds, according to people with knowledge of the matter.

AUM is down 7% for the wirehouse, which now has 20,000 financial advisors and associated staff working remotely.

“People are just saying, ‘Why should I pay for an active manager when most of them lose to the benchmark anyway?’ This is a big deal,” an expert says.

Just as in the wake of the 2008 financial crisis, experts say there's rising interest in the products among advisors.

A rule designed to prevent simple deduction abuses brings significant complexity to planning.

While the central bank’s support may help keep credit flowing amid the coronavirus, “it doesn’t necessarily improve the outlook for bankruptcies.”

Nearly everything fell during the difficult first quarter: net income, advisory assets, IRA assets, and advisor headcount.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

The $349 billion stimulus package from the Small Business Administration provides loans to cover payroll, rent and utilities for up to eight weeks.

“I do believe that clients sometimes get too caught up in expense ratios,” an expert says.