UBS Falls Short in Bid to Overturn $95.3M Arb Award
UBS’s attempt to vacate a $95.3 million FINRA arbitration award was rejected by a federal judge, who affirmed the panel’s finding that the broker’s short‑selling recommendation on Tesla violated firm policy and securities rules. The court emphasized the narrow scope of judicial review under the Federal Arbitration Act, echoing recent rulings that upheld large penalties against Stifel and other brokerages. Most of the award, $69.7 million, consists of punitive damages, which the judge said cannot be revisited absent statutory authority. The decision underscores the difficulty of overturning arbitration awards in the financial services sector.
DOL Fiduciary Rule 'Contorts Logic, Facts and Common Sense'
The Department of Labor’s proposed fiduciary rule, advanced under the Trump administration and now overseen by acting head Keith Sonderling, has drawn sharp criticism for sidestepping substantive prudence. A Wall Street Journal op‑ed by former DOL chief Lori Chavez‑DeRemer argues...
Alpine to Appeal Latest Defeat in Challenge of FINRA's Constitutionality
Alpine Securities lost a federal court ruling that rejected its constitutional challenge to FINRA, and the firm announced it will appeal the decision to the D.C. Circuit. Judge Beryl Howell emphasized that FINRA is a private self‑regulator whose disciplinary actions...
How Sudden Inheritances Can Hobble Next-Generation Heirs
Over the next two decades trillions of dollars will shift from baby‑boomers to their heirs, yet many families remain unprepared. A Raymond James survey finds only 45% of individuals with at least $500,000 in investable assets are “extremely transparent” with their...
How to Have Hard Talks with Overspending Clients
Advisors warn that retirees often splurge on cars, boats, second homes and frequent dining, which can erode portfolio longevity. Emotional motivations drive roughly 70% of these purchasing decisions, making candid conversations essential. Tools such as spending simulations, regular check‑ins and...
Morgan Stanley Hit with Lawsuit over Website Tracking
Morgan Stanley faces a federal lawsuit in California alleging it embedded third‑party tracking software on its website that captured visitors' browsing histories. The plaintiff, Taajudin Elmarouk, claims the firm knowingly sent data to Google, Microsoft and The Trade Desk, violating...
Raymond James Pays Big for Recruiting, Sees Upswing in Net New Assets
Raymond James reported a 160% year‑over‑year surge in net new assets to $23 billion in the second quarter of 2026, driven by hiring advisors who brought $21 billion in client assets. The Private Client Group’s revenue rose 13% to $2.81 billion, but recruiting...
Meet the M&A Advisory Founder Spreading the Gospel of Retainer Fees
Jess Polito founded Turkey Hill Management to replace traditional M&A success fees with a tiered monthly retainer, typically $15,000 per month. Her model eliminates the 1‑4% deal‑value commissions that can reach $300‑$400k, aiming to remove financial incentives that may bias...
Stifel's Sale of Independent Unit Delivers a Q1 Revenue Boost
Stifel’s Q1 net revenue rose 18% year‑over‑year to $1.48 billion, buoyed by $55.7 million of other income from the February sale of its Independent Advisors unit to Equitable. Despite losing the unit’s $9 billion in client assets, the firm’s global‑wealth management segment posted...
When Direct Indexing Is the Wrong Fit for Your Client
Direct indexing, now a $1 trillion mainstream strategy, offers tax‑loss harvesting and customizable equity exposure. Gregory Kanarian of Natixis warns that the approach is unsuitable for certain client profiles, including qualified retirement accounts, low‑tax‑bracket investors, and those with minimal capital gains....
SEC Monitoring 'Emerging Pressures' In Private Credit Space
The U.S. Securities and Exchange Commission is intensifying oversight of the private‑credit market as redemption requests rise and default‑rate projections climb. Chairman Paul Atkins warned that opacity, valuation and credit‑quality issues could threaten investors, citing the roughly $1.8 trillion of assets...
Merrill Beats Ex-Advisor in Deferred Comp-Retirement Case
The Fourth Circuit Court of Appeals rejected former Merrill broker Kelly D. Milligan’s claim for more than $500,000 in deferred compensation, ruling the payouts were retention bonuses, not pension benefits covered by ERISA. The judges emphasized that the awards were...
Why Advisor Recruiting Hit a 4-Year High in 2025
Advisor transitions hit a four‑year peak in 2025, with 11,172 experienced advisors—up 16%—changing firms, according to Diamond Consultants’ latest report. LPL Financial emerged as the biggest winner, adding 2,112 advisors, while UBS and Osaic suffered the steepest losses. The surge...
4 Retirement Planning Lessons I Learned From 'Everesting'
Lincoln Financial’s Tim Seifert draws parallels between "Everesting" climbs and retirement planning, urging advisors to visualize a client’s retirement summit, break the journey into small, repeatable steps, and act as a supportive community. He highlights the looming "Peak 65" wave as...
Financial Advisors, Stop 'Shoulding' All over the Place
Tim Maurer, senior VP at SignatureFP, led a Foundation for Financial Planning webinar urging advisors to replace judgmental "should" language with curiosity and empathy. He highlighted research showing a gap between advisors’ self‑assessment and client perceptions, especially around understanding client...
10,000 by 2030: How Nonprofit's New Executive Director Aims to Kick-Start Financial Careers
Wall Street Bound, a nonprofit that trains underrepresented youth for finance careers, has appointed Walter Rendon as its new executive director. The organization, founded by Troy Prince, aims to guide 10,000 students into the financial services industry by 2030 and...
What to Expect in Advisor Pay in 2026
Compensation grids for 2026 reveal regional wealth managers are reshaping pay to push advisors toward larger accounts. Janney and RBC have lowered payouts for advisors generating $400K‑$1M, while rewarding $2M producers with top‑tier compensation. Wirehouses such as Merrill, Morgan Stanley and...
3 Portfolio Fixes to Make Now for 100-Year-Plus Lifespans
Medical breakthroughs and AI‑driven therapies are extending average lifespans toward 100 years or more, forcing wealth managers to rethink traditional retirement planning that assumes a 90‑year horizon. Toews Asset Management’s Eben Burr argues that longer health spans demand higher, more...
6 Marketing Moves to Shift RIAs Into Growth Mode
The SEC’s updated marketing rule now permits registered investment advisors to showcase client testimonials and online reviews, removing a long‑standing compliance barrier. Advisors are urged to adopt modern marketing funnels that nurture prospects across multiple touchpoints, rather than relying solely...
What 13 Giant Wealth Management Firms Paid CEOs in 2025
In 2025 the wealth‑management sector posted record asset growth and pretax margins, prompting a wave of soaring CEO pay at its largest publicly traded firms. BNY’s chief earned $83.5 million, while Wells Fargo, Citi and Goldman Sachs CEOs each received compensation near or...
Locked Into Concentrated Capital Gains? Exchange Funds Could Help
Exchange funds let investors swap concentrated, highly‑appreciated stocks for a diversified basket, deferring capital‑gains taxes under Section 721. A mandatory seven‑year hold period spreads gains across participants, instantly reducing single‑stock risk. Start‑ups like Cache are popularizing the model, amassing over $1.25 billion...
What RIA Buyers and Sellers Are Prioritizing in a Shifting Market
The wealth‑management sector is becoming more institutional, with larger RIAs and aggregators mimicking wirehouse structures. M&A activity surged in 2025, reaching 466 deals—a 27% increase year‑over‑year—while buyers now emphasize strategic fit and cultural compatibility. Sellers are shifting focus from headline...
RIA Acquires Bellevue Accounting Firm
Registered investment advisor Soltis announced the acquisition of Bellevue‑based GDM Private Financial Solutions, adding 11 accounting and tax professionals to its team. The deal integrates GDM’s accounting, tax and advisory services for small‑ and midsized business owners with Soltis’ $13 billion...
Private Market Investments Have Gone Mainstream. Now What?
Private‑market allocations have moved from niche access tools to core portfolio components as households with $5‑$20 million in assets now control 40% of U.S. investable wealth, up from 18% in 2013. Advisors are fielding more client inquiries about high‑profile private companies...
Growth, Not 'Lifestyle' — RIA Leaves Commonwealth for Merit
Merit Financial Advisors acquired Strategic Retirement Plans, a Montana‑based RIA with $577 million in AUM and $5.35 million in retirement plan assets. The transaction emphasized growth rather than a retirement‑cash‑out, with more than half of the purchase price paid in equity stakes....
How Family Talks, and the Right Trust, Can Build 'Estate Tax Magic'
The Wells Fargo Wealth and Investment Management white paper emphasizes that family dialogue and the right trust structures are essential to preserving generational wealth. It outlines a three‑part rubric—pay lower taxes now, transfer assets to reduce future estate taxes, and...
Iran Conflict Pushes Advisor Sentiment to Lowest in Nearly a Year
The Financial Advisor Confidence Outlook (FACO) survey showed sentiment slipping to a -8 score in April, the lowest level in nearly a year. The decline was driven by heightened geopolitical risk from the Iran war and lingering dissatisfaction with the...
Treasury Picks BNY, Robinhood for Trump Accounts Rollout
The U.S. Treasury announced a partnership with The Bank of New York Mellon and Robinhood to launch the “Trump accounts” retirement‑savings program for newborns. Each child born between 2025 and 2028 will receive a $1,000 seed funded by tax dollars,...
The Biden Fiduciary Rule Is Officially Dead. What Comes Next?
The Labor Department’s Retirement Security Rule, which would have extended fiduciary duties to one‑time advice for participants with roughly $14 trillion in 401(k) and similar plans, was vacated after the Biden administration declined to defend it and federal courts nullified the...
With Trillions Set to Change Hands, Just 44% of Advisors Feel Prepared
A new Empathy study of 555 advisors in the U.S., U.K. and Canada finds that while 97% are aware of the looming $124 trillion great wealth transfer, only 44% feel prepared to guide clients through it. Advisors report low concern—72% are...
654 Departures: A Look at the LPL-Commonwealth Deal One Year Later
One year after LPL Financial’s $2.7 billion acquisition of Commonwealth Financial Network, 654 advisors—about 22% of the original 3,000—have departed for rival firms. Raymond James emerged as the primary destination, adding 145 former Commonwealth advisors, while independent broker‑dealers Kestra and Cambridge Investment...
What to Know About the New IRS Digital Asset Rules
Digital assets, now a $3.2 trillion market, are moving into the mainstream as the IRS revamps its reporting framework. Starting in 2025, brokers must file Form 1099‑DA to disclose gross proceeds from crypto transactions, and from 2026 they will also report cost...
AI for Advisor Marketing — without Alienating Clients
Advisors are increasingly integrating AI tools such as Microsoft Copilot, Claude, and OpusClip into their marketing workflows, but recent surveys show consumers still favor human‑crafted messaging. A Canva‑Harris Poll found 87% of consumers prefer ads with a human touch, while a...
How Clients Can Ensure Their 'Fur Babies' Are Cared for Long After They're Gone
Estate planners are increasingly using pet trusts to guarantee long‑term care for clients’ animals. A pet trust designates a human trustee, caregiver, and protector, and funds the pet’s needs, often ranging from $5,000 to $50,000. Without a trust, guardians can...
Bank of America Gives Merrill Lynch an AI Makeover
Bank of America is deploying AI‑driven tools integrated with Salesforce and Zoom to all 25,000 Merrill Lynch advisors and 4,800 private bankers. The suite automates meeting preparation, real‑time summarization, follow‑up tasks and daily planning, shrinking prep time from roughly 45 minutes...
ACA Subsidy Cliffs Are Back and Costing Clients Thousands
For the first time in five years, the ACA’s enhanced premium tax credits expire at the end of 2025, restoring the pre‑pandemic subsidy structure. Households earning just above 400% of the federal poverty level—about $62,600 for an individual or $84,600...
More RIAs Are Outsourcing Their Compliance. Is that a Problem?
Outsourced chief compliance officers (CCOs) are gaining traction, now covering roughly 8% of SEC‑registered RIAs according to 2024 Form ADV data. The practice has expanded for three consecutive years, with more than 2,500 OCCOs handling multiple firms, and a handful overseeing...
Ally to Pay $500,000 After SEC Finds Robo-Advisor Infractions
Ally Financial will pay a $500,000 civil penalty after the SEC found its robo‑advisor cash‑enhanced accounts concealed a conflict of interest. The accounts allocated 30% of client assets to cash, generating interest rebates that offset the loss of advisory fees,...
Long-Term Care Costs Outpacing Retirement Income: AARP
New AARP research shows long‑term care (LTC) expenses surged nearly 50% between 2019 and 2024, far outpacing the 22% rise in median income for households 65 and older. A typical $60,000 senior income now barely covers part‑time home care and...
After Notable Victories, Anti-DEI Shareholders Turn Sights on Trump's SEC
Conservative investors who have recently forced firms such as Goldman Sachs and Johnson & Johnson to drop DEI criteria are now targeting the Securities and Exchange Commission. They argue the SEC’s new guidance on proxy filings and shareholder disclosures curtails...
Flourish Launches Mortgage Platform to Help RIAs Retain Assets
Flourish, an advisor‑tech provider, has launched Flourish Lending, a residential mortgage platform that lets registered investment advisors originate loans up to $10 million. The service, now available to more than 1,100 RIA firms, covers refinancing, cash‑out and new‑home purchases for primary...
Unhappy with FINRA Arbitration? Now's the Time to Recommend Fixes
FINRA has launched a broad request for comment, issuing 61 questions aimed at overhauling its arbitration system under the FINRA Forward initiative. The regulator is examining everything from arbitrator qualifications—now requiring a four‑year degree—to the role of punitive damages and...
Jump, Zocks Top Category as AI Note-Taker Adoption Soars
AI note‑takers have become a distinct category in wealth‑management software, with the T3/Inside Information Survey reporting 42.86% adoption across advisory practices. Jump surged to a 22.68% market share, up from 8.36% a year earlier, while Zocks leapt to 10.22% from...
The Cautionary Tale of an Advisor M&A Deal Gone Wrong
The Virginia Supreme Court affirmed a $2.07 million FINRA arbitration award to wealth advisor Jayne Di Vincenzo, rejecting Devin Garofalo’s bid to vacate the decision. The award stems from a 2020 $3.6 million acquisition of Di Vincenzo’s practice by Colonial River Wealth that unraveled...
Key ERISA Advisory Panel Goes Dormant Amid DOL Inaction
The Department of Labor’s ERISA Advisory Council has been inactive, holding no meetings in 2025 and showing no plans for 2026. The 15‑member statutory panel, which must meet quarterly, lost five members at the end of 2025, leaving several vacancies...
Firms Make Billions From 'Cash Sweeps.' Could AI Take that Away?
Broker‑dealers earn billions by sweeping uninvested client cash into bank loans, a practice that generated $3.17 billion for Charles Schwab in Q4 alone. The launch of Altruist’s AI‑driven tax manager has sparked concerns that similar AI tools could automatically move idle cash...
CFP Board Launches New 'Dive' Ad in $27M Awareness Campaign
The CFP Board unveiled a new "Dive" television spot as part of its "It’s Gotta Be a CFP" campaign, allocating a $27.1 million media budget for 2026. The spring phase, worth $14.6 million, runs March 9‑May 17 and leans heavily on broadcast, cable, streaming...
How Vibe Coding Is Filling the White Spaces in Advisor Tech Stacks
Vibe coding lets financial advisors generate custom applications by prompting AI models, bypassing traditional programming. Tim Witham’s $100‑per‑month Claude subscription produced a portfolio‑analysis tool that replaces YCharts and adds thousands of dollars in value. Advisors like Shaun Melby are building...
Where OBBBA Delivers the Biggest Tax Cuts
The One Big Beautiful Bill Act (OBBBA) is projected to deliver an average $3,813 tax cut per filer in 2026, with the bulk coming from individual deductions and business provisions. County‑level analysis by the Tax Foundation shows stark geographic variation,...
How Advisors Can Better Serve Neurodivergent Clients
Financial advisors are increasingly recognizing that neurodivergent clients—those with autism, ADHD, dyslexia and related conditions—require communication and process adaptations that differ from traditional models. Practitioners like Korinne Sugasawara, who is neurodivergent herself, have built firms around explicit affirmations and sensory‑friendly...