As it set aside more money for an anticipated settlement over its mutual fund trading practices,
Net income for the firm fell to $37.8 million, or 36 cents per share, from $50.6 million, or 47 cents per share, in the second quarter of 2004.
According to the report, the results included a pretax charge of $6.6 million, including an increase of $5 million to the estimated cost of a settlement the firm expects to reach with government agencies over its trading practices.
Even if they must refer wealth families to a tax professional for a generation-skipping or dynasty trust, financial advisors can play a valuable role.
Jim Gold of Steward Partners thinks impending advisor retirements will continue driving smaller RIAs into M&A deals with big acquirers — even as AI turns many investors into "do-it-yourselfers."
Justin Brownlee started an RIA targeting energy, oil and gas employees. His hyperspecific marketing tactics have helped grow the firm into a thriving niche.
Fidelity Institutional Wealth Management Services faces competitive threats in an era of ETFs and multicustodian advisory practices. But it has big advantages.
A bipartisan proposal to create a 75-year sovereign wealth fund for Social Security is not promising, according to Boston College researchers.
According to a recent survey by Janus Henderson, 79% of clients said they would be upset to learn an advisor used AI without telling them.
