The Practice: Fees and compensation
October 1, 2020
BofA Names Advisor Dev Co-Heads, Wants More Bank Staff to Be Merrill FAs
Trainees coming from internal bank roles outperform those hired from external sources, according to Bank of America.
September 30, 2020
Home Office News: RBC Wealth’s ESG Scrutiny, Fidelity’s Virtual Reality Onboarding, and More
A roundup of key updates from major industry distributors: RBC Wealth Management, Fidelity Investments and JPMorgan.
September 29, 2020
Schwab Slashes Fees on Money Market Fund Suite
The company’s decision to cut management fees to 19 basis points on its $194 billion money market fund line is aimed at reducing the complexity of fund pricing and fee waivers.
September 25, 2020
Mutual of Omaha Agrees to $6.7M Settlement in 401(k) Class Action
The company’s fiduciaries allegedly chose to invest through United of Omana-branded funds even though they invested in a fund that could have been accessed directly without additional fees.
September 21, 2020
FAs Sticking to Succession Planning Timelines Despite Covid-19
More RIAs are confident that the next generation can afford to buy out the founders, according to a DeVoe & Co. survey.
September 18, 2020
Wells Fargo, FA Settle Age and Gender Discrimination Lawsuit
The plaintiff, a septuagenarian, is still registered with the wirehouse, her BrokerCheck records show.
September 15, 2020
No End in Sight for Merrill’s Pause on Trainees’ Cold Calling
The wirehouse has underscored how swiftly trainees should put disinterested prospects on a Do Not Call list.
September 14, 2020
Reg BI Leads to Lower Fees, Removal of Revenue Sharing
Many firms capped fees and eliminated mutual fund share classes ahead of the compliance deadline for the SEC’s regulation, according to Sifma.
September 11, 2020
Number of Broker-Dealers Plunges as Number of RIAs Soars
The number of broker-dealers shrank from 4,577 in 2010 to 3,517 in 2019.
September 10, 2020
Merrill Tightens Rules on Third-Party Gifts
But the new rules don’t apply to Bank of America Private Bank or Merrill Edge brokers.