Subject Root Tag

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

“Financial wellness is front and center [for employers], so the partnership between Betterment and Lumity made perfect sense,” says Amit Ahluwalia, Lumity’s national employee benefits practice leader.

Beverley Schottenstein steps back into legal combat against her grandsons — two brothers — after a deal to hash out an agreement over their mishandling of her $80 million fell apart.

The PE-backed hybrid RIA is acquiring a practice with nine financial advisors managing $1.46 billion in client assets.

The technology debuted at the annual INSITE conference reveals how the firm is looking to expand market share among advisors and fintechs.

Merrill Lynch, Ameriprise Financial and Hightower Advisors are on the list for the 2021 Digital Wealth Management Impact Innovation Awards.

The firm’s head of advisors says implementation required significant additions and enhancements.

The China-based company is said to be working with Goldman Sachs to prepare for the share sale, which could take place as soon as this year.

DAFs come with a potential upfront tax deduction, allowing newly empowered investors to consolidate their giving flows, writes Tom Brilli.

The four largest U.S. banks face investor pressure to deliver the returns of smaller rivals, but they complain that the federal deposit cap and capital rules make that difficult. So they're pouring money into wealth management, payments and digital banking to seize more market share in existing businesses and fend off nonbank challengers.

The co-founder of Edelman Financial Services will now dedicate his energy to his recently launched RIA Digital Assets Council.

Some lawmakers have slammed legislatures for kicking their own residents while they’re down.

Cardea Capital signs up for the technology just weeks after a rival attacked the fintech’s methodology and levied accusations of racism.

A state treasurer’s program in collaboration with the Ford Foundation has attracted 18 firms including UBS, BlackRock, Morgan Stanley, Citi and Goldman Sachs.

Some world’s wealthiest individuals paid little to no federal income taxes, IRS records show.

Even with a 15-year window to pay taxes, a near-doubling of the capital gains rate and the elimination of the step-up in basis loophole will make a sale expensive.

It’s unclear whether the independent firm will retain any broker-dealer or RIA affiliation with Raymond James.

The trio of advisors leaving Commonwealth for the regional firm are its largest “reverse breakaways” ever.

“If you have a superb value proposition and an incredible platform, you’re able to give more of that money back to shareholders,” said CEO Jane Fraser.

The agency is headed back to the drawing board with its proposed revision of how brokers get complaints removed from their record.