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June 18, 2020

Robinhood Customer Commits Suicide After Seeing $730,000 Negative Balance: Report
Alexander Kearns, 20, saw a massive negative balance in his account that may have been merely a temporary balance.
Wells Fargo Names Barry Sommers Head of Wealth and Investment Mgmt
The former CEO of wealth management at JPMorgan Chase will oversee Wells Fargo Advisors, The Private Bank, Abbot Downing and Wells Fargo Asset Management.
Success with Diversity Goals Now a Factor in Wells Fargo Execs' Pay
CEO Charles Scharf told employees the operating committee members’ year-end compensation will be linked to increasing representation of diverse staff in units they oversee.
Small Business Owners’ Biggest Worries About Reopening
Most of the small business owners surveyed have applied for a Paycheck Protection Program loan.
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Cetera Rolls Out Workplace Financial Wellness Program for Its FAs
Cetera’s network of financial professionals will be able to offer the program as part of their retirement plan services or for education purposes alone. 
Investors' Cash Holdings Reach Record Highs Amid Market Volatility
Assets in money-market funds, for example, have reached $4.6 trillion, the highest level since at least 1992, according to a recent report from Refinitiv Lipper.
Half of U.S. Workers Feeling ‘A Lot’ of Financial Stress
A third of Americans believe they could benefit from professional advice, according to a recent survey from Edelman Financial Engines.
No Financial Advisor IQ Issue Friday
There will be no Financial Advisor IQ issue tomorrow. We will be closed in observance of Juneteenth. We will resume publishing Monday.