Portfolio

President Biden has picked Allison Herren Lee, a member of the Securities and Exchange Commission, as the acting chair of the SEC, as nominee Gary Gensler waits in the wings as a more permanent chair once he is confirmed by the Senate.

"When you ask someone what their goals are for retirement in 10, 20 or 30 years, the truth is most people don’t even know what’s possible in the first place," Michael Kitces says.

ETFs targeting the hottest investment themes have lost as much as 5% per year on a risk-adjusted basis between 2000 and 2019, research shows.

The fund has returned about 42% since its April 7 launch compared to an 8.9% gain for its benchmark over the same period.

The top 20 carried an average expense ratio of more than three times the broader industry.

“There is an advantage to funding the debt, especially when interest rates are very low, by issuing long-term debt," Janet Yellen said during her Senate confirmation hearing.

The new fund, expected to begin trading next quarter, will carry an expense ratio of less than half the new actively managed offering.

The ex-Morgan Stanley and Merrill Lynch advisors join the wealth manager, which has been aggressively recruiting in recent months.

Firms affiliated with the broker-dealer can access the software for free through AdviceWorks.

The pending nominations send a clear signal that the rule-cutting and lax enforcement the industry has grown accustomed to under President Trump are over.