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October 9, 2020

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Morgan Stanley to Pay $60M Fine Over Data Breaches

The fine issued by the Office of the Comptroller of the Currency follows several lawsuits filed against the wirehouse over the same alleged breaches.

Wells Fargo to Cut Jobs Across Most Units

The company has already cut more than 700 positions in commercial banking, and has plans for “job reductions” that could reach tens of thousands across almost all of its business lines.

Clients Worry Missing Atlanta FA Took Off with Their Money

Several clients of Atlanta financial advisor Chris Burns tell TV news channel WSBTV that they have invested $300,000 to $500,000 in peer-to-peer loans.

Wells Fargo: Not a Good Idea to Factor Elections into Allocations

The Covid-19 pandemic and the slow global economic recovery are likely to have the biggest impact on how markets fare in the coming months, says Wells Fargo Investment Institute.

People Moves

Morgan Stanley Loses $420M FA to RBC Wealth Management

RBC Wealth Management says it now has more than 2,000 financial advisors overseeing $414 billion in total client assets from 179 locations in 42 states.

Eaton Vance Brings Morgan Stanley’s Wealth, Investment Mgmt Client Assets to $4.4T

The deal is valued at approximately $7 billion.

At the Core of It All: Using ETFs as a Portfolio Foundation

Financial advisors are finding value in using ETFs at the heart of their clients' portfolios, rather than just deploying them tactically.

Paid Post

Wealth Enhancement Group to Buy $923M RIA

The addition of Goshen, N.Y.-based 10-15 Associates will bring Wealth Enhancement Group's footprint in New York to six offices.

LPL Adds BMO Harris Bank’s $14B Wealth Mgmt Program

BMO Harris Financial Advisors plans to transition 115 advisors to LPL’s platform by the middle of next year.

Dynasty to Shutter New York City Office

The company plans to consolidate its staff in Florida after moving to St. Petersburg last year.

DOL Probes Wells Fargo’s Initiative to Hire More Black Executives

The Labor Department is questioning whether the company’s diversity initiative is in violation of federal laws against racial discrimination.

ICYMI

Most FAs Have Changed Client Allocations Amid the Pandemic: FA-IQ Survey

Roadblocks in Hiring and Developing Diverse Talent in the Advice Industry

On FinancialTimes.com

Investors Say Recent Bond Market Sell-Off May Be Just the Start

The Client - Finding and winning new clients More Advisors Are Charging Separate Financial Planning Fees. Here’s Why Citigroup Consolidates Global Wealth Management Business	The Client - Client retention More Advisors Are Charging Separate Financial Planning Fees. Here’s Why Firms Ramp Up Succession Lending to Keep Retiring FAs' Assets In-House
The Client - ERISA plans/institutional management OneDigital Acquires Vertical Financial Group Retirement Savings at Record Contribution and Participation Rates in 2019: Report	The Client - Behavioral finance Citigroup Consolidates Global Wealth Management Business Merrill Transforms FAs' Client Communications Tactics

The Assets - Portfolio management Citigroup Consolidates Global Wealth Management Business Taxes, Retirement, Investment Ideas Are Top of Mind for FAs’ Clients	The Assets - Insurance planning Annuity Sales Poised for Most Growth Among IBDs: Survey Canadian Digital Financial Planning Firm Expands into U.S.
The Assets - Estate planning Nearly Half of Investors Lack Wills, Estate Plans: Survey UBS Seeks Restraining Order in Dispute Over Deceased FA’s Account	The Assets - Tax planning Taxes, Retirement, Investment Ideas Are Top of Mind for FAs’ Clients

The Practice - Technology LPL Hires Microsoft Vet as Divisional President in Advisor Solutions Cetera Partners with Riskalyze to Offer Advisors Risk, Portfolio Tools	The Practice - Fees and compensation More Advisors Are Charging Separate Financial Planning Fees. Here’s Why Wealth Enhancement Group to Buy Connecticut RIA
The Practice - Staffing and recruiting Firms Ramp Up Succession Lending to Keep Retiring FAs' Assets In-House Citigroup Consolidates Global Wealth Management Business Stifel Sued Over Sexual Assault and Harassment Complaints	The Practice - Regulatory/legal issues Stifel Sued Over Sexual Assault and Harassment Complaints Biden’s SEC to Zero In on Broker-Dealers, RIAs: Law Firm Executive Order to Review DOL’s ESG Rule Expected in Biden’s Early Days

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October 9, 2020

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