Despite the rise of online brokerages and robo-advisors, most millennials and mass market investors still rely on traditional broker-dealers to manage their assets, according to a study from Broadridge Financial Services. An analysis of 20,000 households that invest in mutual funds, equities and ETFs (excluding workplace retirement accounts) found that 60% of households with fewer […]
Archives for April 2021
Accountants help restaurants apply for new SBA grants – Accounting Today
The Small Business Administration will begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply. The SBA plans to open the application window for the Restaurant Revitalization Fund at noon EDT on Monday. Registration for the program opened on Friday morning. […]
Weekend Reading for Financial Planners (May 1-2)
Executive Summary Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with a recap of the key provisions in President Biden’s new “American Families Plan”, which includes not only a wide range of provisions regarding child care and education for children, but also a number of “revenue-raisers” of […]
LPL adds a net 900 advisors as bank recruits fuel record
Even as low interest rates push down its earnings, the nation’s largest independent broker-dealer is growing from its massive recruiting push. LPL Financial added $23.8 billion in recruited client assets and vaulted its headcount of financial advisors up by a net 909 advisors year-over-year in the first quarter to reach 17,672, the firm said in […]
T. Rowe Price to bring staff back to offices in September
T. Rowe Price Group CEO Bill Stromberg said the firm plans to bring its U.S. workers back to the office by Sept. 13 after more than a year of remote work. The money manager will allow employees in North America to return on a voluntary basis until that date, with social distancing measures in place, […]
KeyCorp hires former JPMorgan exec to lead wealth management
KeyCorp has hired a former JPMorgan Chase executive to lead its wealth management unit. Joe Skarda, who joined the Cleveland-based company this week, will oversee KeyBank Wealth Management. That unit houses the firm’s private bank, family wealth and mass affluent business segments. He replaces Terry Jenkins, who retired as the unit’s president in March. Skarda […]
Editor’s Column: Have we turned a corner on scams?
If there is one positive from the London Capital & Finance fiasco it is that the whole sorry business has prompted government and regulatory action to stop a repeat of LCF. Just in case you haven’t heard of this mess, LCF offered mini-bonds at an unrealistically high annual return. It convinced 11,600 investors to pump […]
Accounting Today looking for 2021 Top Firms by AUM – Accounting Today
Accounting Today is in the midst of collecting submissions for its 2021 ranking of the Top Firms by AUM. Now in its fifteenth year, this report from Accounting Today ranks CPA firms involved in financial planning by assets under management, providing an invaluable insight into this burgeoning field. Candidates for the list must be CPA […]
383,000 used flexible pension withdrawals in Q1 – HMRC
The number of people using flexible pension withdrawals rose by 6% in the first quarter of 2021 to 383,000, according to the latest HMRC data. Retirees withdrew about £2.6bn in flexible payments from their pensions. There was a 6% increase in the number of individuals withdrawing year-on-year although the data shows a 4% fall in […]
Nearly 2m financial complaints in 6 months – FCA
Latest data from the FCA has revealed that in the second half of 2020 the number of complaints received by financial firms – excluding PPI complaints – rose by 3.3% to 1.93m. Overall, the number of financial complaints – including PPI – fell by 26% mainly due to the rapid decline in PPI complaints following […]