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Robinhood to Beta Launch Cryptocurrency Wallets
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Morgan Stanley Selling
Morgan Stanley is selling parts of its Eaton Vance WaterOak Advisors business to
CI Financial and Pathstone. So reports Wealth Management....
Morgan Stanley Hires
In a recent memo, Morgan Stanley said it plans to launch an ETF platform later
in 2022. So reports CNBC....
Illinois Advisor Gets 4+
Illinois Advisor Naseem Salamah has been sentenced to four years and four months
in federal prison for financial fraud....
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UBS Buying Robo-advisor Wealthfront for $1.4B
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TD Bank Launches Robo-Advisor and Hybrid
CogniCor Launches Trio of AI-Powered Digital Assistants for FAs
Robo-advisors Moving to Hybrid Approach
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Tips for FAs on How to Tighten Cybersecurity Practices
How FAs Can Adapt to the Virtual Environment
CNET Ranks Best Robo-advisors of November
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Regulation BI Creates Huge Implementation Challenge
REGULATORY & COMPLIANCE
Illinois Advisor Gets 4+ Years in Jail for Fraud
Illinois Advisor Naseem Salamah has been sentenced to four years and four months
in federal prison for financial fraud.
Sunday, 03 April 2022
Read more
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Ex-Wells Fargo FA Suspended for Executing Trades for Dead Client Without
Permission
Sunday, 03 April 2022
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Advisor Says SEC 'Bullying' Her, Vows to Fight Lawsuit
Friday, 11 March 2022
*
Banned FA Headed to Jail Over Disability Benefits Scam
Tuesday, 01 March 2022
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Wells Advisor Stole $2.7M+ from Elderly Eye Doc, Lawsuit Alleges
Monday, 14 February 2022
MARKETS & INVESTMENTS
Morgan Stanley Hires Goldman, Blackrock Bigwigs to Launch ETF Platform
In a recent memo, Morgan Stanley said it plans to launch an ETF platform later
in 2022. So reports CNBC.
Sunday, 03 April 2022
Read more
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What Are the Economic Risks from Russia's Ukraine Invasion?
Tuesday, 01 March 2022
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Crypto Trends for FAs to Watch in 2022
Tuesday, 01 February 2022
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Robinhood to Beta Launch Cryptocurrency Wallets
Sunday, 02 January 2022
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New Crypto Index from Ritholtz, WisdomTree Aimed at Advisors
Friday, 03 December 2021
RETIREMENT
Gen Z Saving for Retirement Earlier Than Millennials: Report
Gen Z investors are more likely to start saving for retirement earlier than
Millennials. So reports the National Association of Plan Advisors.
Monday, 15 November 2021
Read more
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What Are the Best Places to Retire?
Friday, 15 October 2021
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DOL May Help Advisors with Challenges of Investor Cognitive Decline
Saturday, 13 February 2021
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Pandemic Hurting Women’s Retirement Prospects: Survey
Thursday, 28 January 2021
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Introducing the 'Securing a Strong Retirement Act of 2020'
Friday, 30 October 2020
TECHNOLOGY & COMMUNICATIONS
UBS Buying Robo-advisor Wealthfront for $1.4B
UBS is acquiring robo-advisor Wealthfront for $1.4 billion. The all-cash deal is
being made to help UBS accelerate growth in the U.S. and make inroads with the
next generation of affluent investors. So reports Bankrate.
Tuesday, 01 February 2022
Read more
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Saturday, 04 December 2021
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Top 10 Robo-Advisors Based on Assets Under Management
Friday, 15 October 2021
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Friday, 15 October 2021
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CogniCor Launches Trio of AI-Powered Digital Assistants for FAs
Saturday, 01 May 2021
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BREXIT, MARKET JITTERS CREATE OPPORTUNITIES FOR FINANCIAL ADVISORS
Financial advisors often promote their services by saying that they can help
remove emotions from investing. In theory, advisors can use a variety of risk
management tools, knowledge of capital markets, and long-term investing
perspectives to help their clients avoid making costly knee jerk reactions.
Brexit is just one example, but it can be a powerful case study for advisors
seeking to help clients understand why emotions should be curtailed by financial
professionals who are armed with capital markets expertise.
In the months leading up to the Brexit referendum, markets climbed and declined
in response to changing expectations for how the country’s citizens would vote.
In the final days before the vote, investor sentiment strengthened as pundits
increasingly said a vote in favor of the U.K. pulling out of the European Union
was unlikely.
Many investors had previously feared that Brexit would hinder economic growth in
Europe and create a challenging environment for U.S. companies and business in
other countries that sell products in the continent.
Indeed, Brexit is likely to mean that U.K. will have to forge new trade
agreements with individual members of the European Union and is likely to have
to do the same with U.S. exporters.
When the Brexit referendum surprisingly determined that voters want to leave the
U.K., panic ensured. On June 24, when the results were released, U.S. equities
dropped approximately 3%. It was the worst single-day decline for the S&P 500 in
nearly a year and wiped away the index’s gain for 2016, according CNBC.
By the end of June 27, the index had dropped 4.07%. The decline, however, was
only temporary. Indeed, during the last three days of June, the S&P climbed
4.95% and, as of July 8, had generated a total return of 4.21% year-to-date.
Investors who panicked by selling in the days immediately after Brexit are
likely to have sold during a dip, only to miss the strong returns when equities
bounced back. With that in mind, advisors should explain to their clients that
panic selling often results in selling low and then missing out on the strong
returns that typically follow market dips.
They should explain, furthermore, that using portfolio diversification to
cushion declines, maintaining a long-term perspective, and understanding the
role of corporate fundamentals can go a long way in helping investors avoid
panic selling.
Advisors should develop illustrations that show how having a mix of asset
classes could have reduced the impact upon a portfolio of the post-Brexit market
decline and that portfolio rebalancing may have resulted in buying equities
during the market dip.
They should also show index performance numbers that illustrate how riding out
historical market declines, including the correction associated with the Great
Recession, would have allowed investors to recoup losses and then eventually
achieve additional gains.
Finally, advisors should point out that corporate fundamentals don’t justify a
major prolonged market correction. While overall corporate earnings in the U.S.
have taken a hit due to cheap oil, many industries, such as Information
Technology, are experiencing strong sales and improving profits.
Innovation, meanwhile, is allowing companies like Amazon.com and Netflix to
rapidly grow their earnings by disrupting traditional business models with
technology. At the same time, corporations are holding near record levels of
cash, which is allowing them to buy back stock, launch dividends, and conduct
mergers and acquisitions at near record levels.
All of those actions provide additional support to stock prices. The U.S.
economy is also likely to support corporate fundamentals. While U.S. economic
growth has been slow, many developments are encouraging, with the labor market
strengthening, real estate values increasing, and consumers’ finances improving.
Brexit, Market Jitters Create Opportunities for Financial Advisors
COLLECTING SOCIAL SECURITY EARLY HAS SOME ADVANTAGES
Collecting Social Security early can help retirees assess how much they can
spend because the payments are consistent. So reports Wealth Management.
Also, proponents of waiting typically point to the 8% payment increase you get
for delaying the payments. However, the nominal annualized reture when waiting a
year is less than 8% and retirees will miss out on a full year of payments.
Lastly, collecting Social Security may be more attractive than withdrawing money
from an IRA when considering taxes.
Read the full article from Wealth Management.
Collecting Social Security Early Has Some Advantages
SEC AWARDS WHISTLE BLOWER $3M
The Securities and Exchange Commission recently awarded a whistleblower $3
million for information that helped the regulator crack a complex case of fraud.
So reports ThinkAdvisor. The program was established more than three years ago
and has paid out more than $50 million to whistleblowers.
Read the full article from Think Advisor.
SEC Awards Whistle Blower $3M
FOUNTAINHEAD CAPITAL MANAGEMENT RECRUITS SENIOR STRATEGIST
Robert Renshaw has joined Edison, N.J.-based Fountainhead Capital Management as
senior financial strategist. So reports TapintoEdison.
Fountainhead Managing Partner Marc Rock says Renshaw’s strength involves
understanding each client’s unique circumstances and partnering with the
appropriate team members to create customized strategies.
Read the full release from TapintoEdison.
Fountainhead Capital Management Recruits Senior Strategist
Markets & Investments
MORGAN STANLEY HIRES GOLDMAN, BLACKROCK BIGWIGS TO LAUNCH ETF PLATFORM
In a recent memo, Morgan Stanley said it plans to launch an ETF platform later
in 2022. So reports CNBC.
It is hiring Goldman Sachs’ Anthony Rochte as Global Head of ETFs and
BlackRock’s Allyson Wallace as Global Head of ETF Capital Markets to help lead
the platform.
The “first class ETF platform” will help the firm to match its “world class
investment capabilities with the diverse set of investment vehicles our clients
increasingly demand.”
Read the full article from CNBC.
Morgan Stanley Hires Goldman, Blackrock Bigwigs to Launch ETF Platform
WHAT ARE THE ECONOMIC RISKS FROM RUSSIA'S UKRAINE INVASION?
Prominent economist Nouriel Roubini is warning of six economic and financial
risks from the conflict in Ukraine. Roubini shares his view in a column on
Project Syndicate.
The risks he outlines include:
A global stagflationary recession: Roubini says this scenario is now highly
likely. “Analysts are already asking themselves if the Fed and other major
central banks can achieve a soft landing from this crisis and its fallout,” he
writes. “Don’t count on it.” He says the war in Ukraine will “trigger a massive
negative supply shock” to the world’s economy, which will reduce growth and
increase inflation even further. The biggest impact will be felt in Russia and
Ukraine, followed by Europe. However, the U.S. will feel pain too.
Limited ability for damage control: A deep stagflationary shock will make it
harder for central banks to do damage control. If they slow interest-rate hikes
to support growth, “slower policy tightening could accelerate the de-anchoring
of inflation expectations, further exacerbating stagflation.” However, if
central banks grow more hawkish, “the looming recession will become more
severe.”
A new-old problem: The West can’t count on fiscal policy to counter the
“growth-dampening effects” of the war in Ukraine. Many used most of the tactics
in their arsenal to combat the impact of the pandemic. “We are facing a negative
supply shock in a world where inflation is already rising and well above
target.”
Read Roubini’s full post on Project Syndicate.
What Are the Economic Risks from Russia's Ukraine Invasion?
CRYPTO TRENDS FOR FAS TO WATCH IN 2022
Crypto has been a hot topic with financial advisors and clients in 2022. Here
are some trends financial advisors may want keep an eye on in 2022, according to
a recent opinion piece published in Coindesk.
Advisor tech
Redtail Technology CEO Brian McLaughlin says there will be “a lot of stuff
coming in the financial space that will be focused on crypto.” New technology
will make it easier for advisors to keep clients in their sphere of influence.
Shifting public sentiment
UX Wealth Partners CEO Kyle Wiggs said the public’s opinion of digital assets is
shifting. He says that economic trends could bring about new interest crypto.
“If inflation continues, if we get three rate hikes or more this year, if we
continue to pump more money into the financial system, it will start to become a
real thing for advisors, and if they don’t embrace it, crypto becomes a real
threat to their business,” he says, according to the article. “Clients want
exposure; if you don’t offer it in a simple and compelling way, they will take a
percentage of their portfolio and go elsewhere.”
Blockchain and the metaverse
Dan Eyre, CEO of BITRIA, says blockchain technology is “leveling up the
fundamental infrastructure that the world operates on, and in the process, you
have a lot of centralized mechanisms being disintermediated across all of those
spaces.”
Eyre is also watching the metaverse, which represents “a step forward in the
ways humans learn, store and share information potentially as profound as the
advent of the internet. Yet even as the metaverse is born, many advisors are
still debating whether to offer tokens like bitcoin and ethereum to their
clients and wondering if cryptocurrency is right for their businesses.”
Read the full article from Coindesk.
Crypto Trends for FAs to Watch in 2022
ROBINHOOD TO BETA LAUNCH CRYPTOCURRENCY WALLETS
Robinhood said it will beta launch its cryptocurrency wallets in mid-January. So
reports Bitcoin.com
The trading platform said 1.6 million people have signed up already. In
September, the company first unveiled its crypto wallet project, which will
allow customers to trade and send cryptocurrencies using its app.
During the alpha phase of the crypto wallet, a small group of customers provided
feedback on the wallet’s first iteration.
Read the full article from Bitcoin.com.
Robinhood to Beta Launch Cryptocurrency Wallets
News Roundup
MORGAN STANLEY SELLING OFF EATON VANCE RIA BIZ ASSETS
Morgan Stanley is selling parts of its Eaton Vance WaterOak Advisors business to
CI Financial and Pathstone. So reports Wealth Management.
CI Financial will acquire about $11.4 billion in assets, while Pathstone will
grab about $3 billion.
Eaton Vance WaterOak Advisors had been known as the Eaton Vance Investment
Counsel. In 2020 it acquired WaterOak and then was purchased by Morgan Stanley
the following year.
Read the full article from Wealth Management.
Morgan Stanley Selling Off Eaton Vance RIA Biz Assets
CHARLES SCHWAB HIRING PUSH INCLUDES 1,000 WORKERS ACROSS ORGANIZATION
Charles Schwab is continuing its aggressive hiring push, seeking to add
approximately 1,000 professionals across the organization in nearly all areas
and roles. So reports Think Advisor.
“Schwab is hiring in nearly all areas and functions of the company, including
our client services group and among our technology teams, and we are hiring for
positions in multiple regions, including all of our service center locations,” a
spokesperson for the firm told the publication.
While there are approximately 1,000 job listings at the firm, Schwab didn’t
indicate how many new hires it expects to make for the full year. Most of the
current listings are for Schwab and not TD Ameritrade.
Read the full article from Think Advisor.
Charles Schwab Hiring Push Includes 1,000 Workers Across Organization
WELLS FARGO DISRESPECTS FEMALE WORKERS, CALLED CLIENT A ‘FAT PIG’: LAWSUIT
Vanessa Carney, a former worker at Wells Fargo Securities, said there is
widespread gender discrimination at the firm and that male employees called a
female client “a fat pig.” So reports Bloomberg Law.
The claims come in a lawsuit filed by Carney in state court in Los Angeles
County. Carney is suing the firm, claiming it passed her over for promotions,
paid her less than her male colleagues and then retaliated against her when she
complained about biased behavior.
“Despite all of its virtue signaling, Wells Fargo’s insidious discriminatory
conduct results in the sidelining of successful, long-term female employees, all
while providing a ‘free pass’ to their male counterparts who engage in serious
and substantial misconduct,” the lawsuit states.
Wells Fargo declined to comment to Bloomberg Law for the article.
Read the full article from Bloomberg Law.
Wells Fargo Disrespects Female Workers, Called Client a ‘Fat Pig’: Lawsuit
EX-FIDO BROKER SUSPENDED BY CFP BOARD OVER CHILD SEX ASSAULT CHARGE
The CFP Board said it has imposed an interim suspension on Anthony C. Fallahi’s
certification due criminal charges from the state of Texas. The suspension was
instituted on March 3, 2022.
The State of Texas has charged Fallahi with felony sexual assault of a Child
Under 17. The interim suspension will remain active until the CFP Board
completes its investigation and decides whether further disciplinary action is
needed.
Read the full news release from the CFP Board.
Ex-Fido Broker Suspended By CFP Board Over Child Sex Assault Charge
Practice Management
WHICH ADVISOR FIRMS ARE GROWING THE FASTEST?
Integrated Wealth Concepts LLC in Waltham, MA, Mutual Advisors, LLC in Casper,
WY and Oakmont Corporation in Los Angeles, CA are the top three fastest growing
financial advisors, according to a new ranking by from the Investment Advisor
Association and National Regulatory Services. So reports Yahoo! Finance.
The rankings were part of the organizations’ top 50 rankings. The report also
found that younger firms are among some of the fastest growing, with six of the
top 10 firms on the list having been founded in the last decade.
The report also found that growth is slower in the South, with just four firms
overall on the list, and none in the top ten, from the South. The highest
ranking firm from the South is Heritage Wealth Advisors in Richmond, Virginia,
which ranking 19th on the list.
Read the top 50 rankings and the full article from Yahoo! Finance.
Which Advisor Firms Are Growing the Fastest?
ADVICE ON GETTING QUALIFIED PROSPECTS
Canterbury Investment Management conducted a survey of financial professionals
about the challenges they face heading into the year. Ninety-five advisors
participated in the survey. So reports ETF Trends.
Canterbury discussed one of the biggest challenges with Brent Slinkard: building
a process for getting a steady stream of qualified prospects. Slinkard is a
consultant to independent financial advisors. Slinkard says that everyone wants
such a pipeline, but there is “no magic formula.”
“Generating quality leads requires a systematic process over time,” he says. “If
you look through the optics of an investor, it is about communicating properly,
informing, educating, and nurturing over time to a point where you can
ultimately convert that prospect to a quality client… I assert that it is
absolutely based on a systemic process that allows you to nurture leads over
time and bring them in, in an intelligent way to your advisory.
Tom Hardin, Chief Investment Officer at Canterbury Investment Management, notes
that when trying to retain and nurture clients “one of the biggest mistakes that
advisors make is scheduling these quarterly or semi-annual meetings where they
take this performance monitor, and they compare the performance of their
portfolio to either an index or combination of benchmark indexes.”
He says that approach puts the client in the "left brain" where they begin to
worry about the comparisons. They may even question the process if the
performance lags an index in a quarter. Hardin says he focuses on the “right
brain” and teaches concepts that reinforce the process.
“I want them to begin to connect me and my expertise to their dreams and their
goals and make the connection that I can help them get there,” he says
Read the full conversation from ETF Trends.
Advice on Getting Qualified Prospects
WORKING FROM HOME AN ‘ABBERATION’: GOLDMAN SACHS CEO
David Solomon, the CEO of Goldman Sachs does not think working from home is here
to stay. So reports CNBC.
Specifically, despite a number of Goldman’s employees working from home during
the pandemic, Solomon said working from home is an “aberration” that “we’re
going to correct as quickly as possible.” He made his comments while speaking at
Credit Suisse’s annual financial services forum.
“I do think for a business like ours which is an innovative, collaborative
apprenticeship culture, this is not ideal for us and it’s not a new normal,”
Solomon said, according to CNBC.
Read the full article from CNBC.
Working from Home An ‘Abberation’: Goldman Sachs CEO
WHICH PANDEMIC-RELATED CHANGES WILL FAS ADOPT LONG-TERM?
This past year ushered in some changes that are likely to stick around. In fact,
60% of advisors say they plan to, or may consider, a permanent virtual/in-office
hybrid arrangement for their teams, according to a new survey of 396 financial
advisors by InCapital.
More than half (55%) felt their teams were, or might be, more productive working
from home. They noted several key benefits of working from home:
* 65% of advisors said they had time to increase communications with clients
* 49% spent time improving how they serve clients
* 30% said they will be or are considering reducing the size of their office
space
* 16% said they may eliminate office space altogether
Back to the Office
Just shy of half (42%) returned to their offices as of December 2020, while 34%
expect to return in the first half of 2021. Meanwhile, 11% plan to return in the
back half of the year and 13% do not expect to return at all this year.
Half of the advisors surveyed said they are waiting until the second half of
2021 or later to meet clients in person. Only 12% of advisors said they have
in-person meetings with clients now, and 38% said they would in the first half
of 2021.
Most (67%) said they are not concerned about how clients and prospects react to
them working from home. In terms of prospecting, the vast majority (96%) said
they were comfortable meeting with prospects virtually; and 67% said prospecting
and selling could be done effectively via virtual meetings. In fact, 45% of
advisors said they had six or more virtual prospecting meetings in 2020 with a
success rate of 22%.
For more survey results, read the full press release.
Which Pandemic-related Changes Will FAs Adopt Long-Term?
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