Economy

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

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.

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

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.

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

Bob Doll, LPL, Advisor Group, Cetera, Northwestern Mutual, Thrivent, Commonwealth Financial, RIA in a Box and other news from around the industry.

Concurrent is catering to breakaway teams assessing their options after back-office frustrations during the coronavirus, co-founder Mike Hlavek says.

The private equity-backed wealth and 401(k) manager drew away an ex-Hightower team as part of its surging growth in the past year.

"The successful long-term players have the long-term tech driven trends right, and COVID just accelerated and magnified the trends," an expert says.

The custodian has 15 firms scheduled to transition before the end of this year. It hopes to migrate each of them over in less than six weeks.

A lack of faith gives investment and wealth management firms the lowest ranking among the least trusted types of financial services companies, a Morning Consult survey finds.

The program has historically been high-stakes and cold-calling friendly. Novice advisors can expect something different now.

Gabe Garcia had been working to transform E-Trade’s custodian since shortly after the retail brokerage purchased it in 2018.

Most foreign financial institutions have identified wealth management as a prime focus with investable assets estimated to double over the next few years.

After an initial phase of good-faith exams, regulators expect to see how firms have operationalized those programs.

Participants will instead be directed to use internal referrals or LinkedIn messages, according to a person familiar with matter.

Cypress Trust in Palm Beach is poised to pull off a rarity: the conversion of a wealth management firm into a community bank. It’s simply another way to take advantage of the ongoing melding of the two financial services sectors, CEO Dana Kilborne says.

With technology upgrades and the hiring of former TD Ameritrade recruiters, the No. 1 IBD eyes further expansion in the RIA channel.