Wealth Management Daily Memo

APRIL 22, 2021

REGULATION AND COMPLIANCE

SEC Names New Head of Enforcement

Patrick Donachie

Alex Oh, who joins from law firm Paul, Weiss, Rifkind, Wharton & Garrison, replaces Stephanie Avakian, who stepped down from the role in December after a four-year tenure under the Trump administration.

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INDUSTRY

Golden Gate Capital Makes a Bid for Blucora's Avantax Wealth Management

Diana Britton

Private equity firm Golden Gate Capital approached Avantax last week, Bloomberg reports, but it's unknown whether the firm will consider a deal.

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Historic Pattern of Mid Cap Outperformance

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ETFS

Active ETFs Crashed the 2020 Awards Party

Todd Rosenbluth

While active ETFs represent just 3.5% of the U.S. listed ETF universe, they are increasingly being viewed as sound investments.

MICHAEL KITCES' #FASUCCESS PODCAST

Marianela Collado on Successful Succession Planning

Michael Kitces

Tobias Financial Advisors' Marianela Collado tells her story about the importance of a succession plan for financial advisors.

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HIGH NET WORTH

Biden Eyeing Capital Gains Tax as High as 43.4% for Wealthy

Laura Davison and Allyson Versprille

The plan would boost the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%.

EQUITIES

Wall Street on Tax Plan: ‘It Will Incentivize Selling This Year’

Claire Ballentine and Katie Greifeld

President Joe Biden will propose almost doubling the capital gains tax rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%.

SPONSORED WEBINAR

The Next Frontier of Fixed Income ESG Investing

Sponsored by Parnassus Investments

Join us for this exclusive webcast on May 4th to hear insights about the evolution of fixed income ESG investing, different approaches to ESG engagement, characteristics of ESG fixed income portfolios, and more.