While lawmakers focus on the transparency of 401(k) fees, Dow Jones Columnist Robert Powell suggests they pay more attention to the default investments allowed by last year’s Pension Protection Act. Powell notes that the usual suspects: target date, by which investors choose portfolios that morph slowly as they approach retirement, and target risk, though which investors decide what level of risk they are willing to take, but does not significantly change. “The two types of mutual funds that will soon become the default investment options for millions of Americans come with some drawbacks,” Powell wrote. Citing a study by
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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
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The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
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The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
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But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
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The accusations led to the end of 16 years at the firm.
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In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
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