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Assets of the Primary Fund are currently frozen. RBCs U.S. wealth management unit has started a redemption request. RBC said they will mitigate client losses by up to 3 cents a share if they get less than $1.00 when the fund is liquidated.
RBC said the money market funds it manages have not been affected.
Compensation differences between wirehouses and regional firms become pronounced at the $2 million production level, with regionals rising to the top of the pay scale and wirehouses grouping together at the bottom.
A report from the industry tracking-firm DeVoe & Co. finds that 2026 is off to the strongest start for RIA acquisitions ever and broker-dealers like LPL are among the main purchasers.
While the megabank had previously announced an executive shakeup, it revealed that Pershing is part of a newly combined business line moving forward.
When it comes to compensation, firms really start to distinguish themselves at the $1 million production level. Janney has become one of the lower payers in recent years, while RBC and UBS have signaled a greater willingness to work with these advisors.
CEO Brian Moynihan said the firm recruited twice the number of advisors it did a year ago and is making progress fighting advisor attrition.
Behavioral finance expert Tim Maurer shares how planners can adjust their language and approach to help clients move toward their goals.
