October 19, 2020
Ex-FA Who Defrauded Clients out of $11M Gets 3 to 9 Years in Prison
Dean Mustaphalli raised money primarily from elderly immigrant New Yorkers and invested it in his own hedge fund and then lost most of the money, according to the New York Attorney General's office.
M&A Deals: 'Anxiety is the Starting Point'
There is no general rule for how M&A deals are done, and the reason for the deal can be an early indicator of how happy an advisor might be at the end of it, says one industry executive.
Morgan Stanley Redirects Lucrative E*Trade Referrals to Elite FA Squad
Prior to the wirehouse’s acquisition of E*Trade, referrals went to RIAs that custodied with the discount broker.
Cookie Deliveries and Medicare Supplements: FAs Rev Up Referral Strategies
Some advisors are using unconventional means to woo clients.
JPMorgan Unveils 401(k) Plan for Small Retirement Plans
The firm’s Everyday 401(k) costs as little as $75 per month.
Pandemic Helps Push Average Savings Up 10% YoY: Survey
The increase is likely due to anxiety about the economic effects of Covid-19, Northwestern Mutual says.
CFP Extends Remote Option for November Exam
The deadline to register is tomorrow.
A Biden Presidency Could Undo Decades-Old Tax Breaks for the Rich: Report
From the elimination of the obscure “step-up basis” to a higher capital gains tax, a win by Joe Biden could change drastically how the wealthy invest, according to Bloomberg.