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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.

Joe joined KBS in 1998 and has over 20 years of consulting and business leadership experience on his resume. Among his many responsibilities, Joe provides oversight and expert guidance for more than 30 clients and also manages a team of 30 benefit experts. Since 2006, Joe has been a Senior Vice President and Senior Consultant for KBS. In this role, more than $450 million in premium is under his management.

Firms like Morningstar and Savvy Wealth share their experiences in building guardrails around AI tools to prevent them from giving risky advice or creating regulatory concerns.

The former Amazon project manager now caters his firm to serving tech professionals.

The arbitration decision comes more than a year after SW Financial was expelled from the industry for violating Regulation Best Interest.

New rules for IRA beneficiaries, the expiration of the Tax Cuts and Jobs Act and guidelines for qualified stock make these strategies especially relevant.

Naish Berran is senior sales executive director, INSTANDA for North America. He has spent more than a decade in the insurance technology and software industry and is responsible for business development initiatives at INSTANDA. Naish, his wife and two young daughters live in the Greater Philadelphia area, where he is a die-hard Philadelphia sports fan. Naish earned a bachelor's degree in business administration from Bloomsburg University. He can be reached at Naish.Berran@Instanda.com.

Millionaires only accounted for 0.22% of total returns filed this year for the 2023 tax season.