The broker-dealer allegedly lacked reasonable supervisory procedures related to variable annuity exchanges involving living benefit riders and buffer annuities.
Goldman Sachs has come a long way since 2018, when the firm’s annual outlook letter to wealth management clients referred to the "mania” around cryptocurrencies.
“At times, reaching out to professionals just seems like a cost and not an investment into the future” for some families, says Interchange Capital Partners’ Brian Baum.
Lower-cost share classes, demand for lower-cost products and asset manager fee cuts are likely to continue downward pressure on fees, according to the research firm.
Meanwhile, the company says that non-white investors make up a higher share of its user base than the rest of the brokerage industry, according to Bloomberg.
Advisors tell Investor’s Business Daily that the value of Bitcoin isn’t likely to drop to zero due to its growing popularity, but still recommend caution.
Around 41% of Generation Zers use the social media platform for investment advice, but much of it comes from people with little qualification, the Wall Street Journal reports.