October 14, 2020
Wells Fargo Sheds 390 FAs in Q3, Wealth and Investment Mgmt Net Income Down 64% YoY
Client assets in the firm’s wealth and investment management business remained flat year-over-year.
Merrill Lynch, BofA Private Bank Net Income Down 34% YoY
The global wealth and investment management business saw client balances reach new records in the third quarter while advisor ranks shrank from the second quarter.
Pandemic Has Impacted Some FAs’ Career Plans: FA-IQ Survey
More than 30% of the respondents said their plans have been affected in one way or another.
Top Advisors Weigh In: Expanding Outreach to People of Color, Women
This FA says her firm's current efforts include a commitment for half of intern hires to be people of color.
Unbundled Fees Could Make Annuities More Appealing: Morgan Stanley Exec
Getting advisors to understand the advantages of annuities will be a “challenge,” the same executive says.
Industry Needs Help with Delivering Personalized SMAs: Cerulli
Separately managed accounts are not delivering on their promise for customization such as tax optimization, but technology can help, the research firm says.
RIA M&A Activity at Record High in Q3: Fidelity
But the amount of client assets that changed hands in the RIA space in the first nine months of 2020 was down 11%, while assets traded in the broker-dealer segment in the same period was down 98%.
XYPN: We’re Taking Fiduciary Fight to the States
XY Planning Network says it will not appeal an unfavorable ruling this Summer on its challenge to the SEC's Regulation Best Interest and will instead push for the fiduciary standard with states.
Canadian PE Firm to Buy Majority Stake in OneDigital for Nearly $1B
Toronto-based Onex is acquiring a majority stake in OneDigital, the parent company of Resources Investment Advisors.