Economy

Billion-dollar teams are voting with their feet. Here’s where they are going.

The privileged realms of American finance still look much the way they did a decade ago, or even two or three decades ago.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

The advisors defected from rivals UBS and Merrill Lynch.

LPL has reeled in about half of the reps changing their BDs so far this year, but the full RIA channel is also reaping big gains. Plus, other news in the indie space.

The wirehouse added more than a dozen advisors in the last month managing more than $1 billion in client assets.

Marylin Booker accuses the company of failing to support Black advisors and criticizes its use of mandatory arbitration to settle employee disputes.

The Small Business Administration and the Treasury Department unveiled a simpler loan forgiveness application for the Paycheck Protection Program to reflect changes under the PPP Forgiveness Act.

About 6% of the country’s family offices have more than $5 billion of assets under management, while roughly a third control $500 million or less.

SagePoint Financial failed to adequately supervise reps who recommended that clients exchange the products before maturity, the regulator says.