Wealth management

The largest deal ever for the private equity-backed, fee-only RIA will send it to new heights across 23 offices and 750 financial advisors and other employees.

Jane Fraser and other Citi execs point to the wealth unit's 9% bump in revenue and 24% increase in investment assets as signs that the firm's recent overhaul is working.

Merrill and Bank of America Private Bank report starting 5,500 new client relationships in the third quarter, more than a third of which came through recent graduates of its training program.

The firm reported $90.8 billion of total net new assets in the quarter, an 88% increase on the same period a year ago.

The week also saw BlackRock, JPMorgan Asset Management and Charles Schwab take minority stakes in the advisory-support firm Dynasty.

The chief financial planning nerd sees AI solutions that can significantly help financial advisors. But there are also overpromises, he said at ADVISE AI.

The giant universities that have their own investment arms are likely out of reach, but they represent only a small portion of the rapidly growing channel.

When a seasoned investor, ex-health plan CEO and lifelong baseball fan counsels executives on business success, he draws on past and present baseball greats for inspiration.

ESG has become more material to over two-thirds of asset owners' investment processes in the previous five years, Morningstar says.

Criticism of ESG investing has cut across the political spectrum, with accusations ranging from "woke capitalism" on one end, to "greenwashing" on the other.