Wealth Management Morning Memo

APRIL 27, 2019

ADVISOR CHANNELS

Two Bidders Are Vying for Advisor Group

Diana Britton

Two bidders—encompassing four private equity firms—are submitting final bids Friday to buy Lightyear’s Advisor Group for $2.2 to $2.7 billion.

INDUSTRY

Schwab Reassures Advisors on Subscription Pricing

Samuel Steinberger

Charles Schwab's Tim Oden explains what advisors need to know about the firm's new subscription model, risks to its business and more.

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ADVISOR CHANNELS

LPL to Implement a New Model to Attract Employee Advisors

Diana Britton

The independent b/d is looking to take the pain out of the transition process for employee advisors and provide more ongoing support for them.

ESTATE PLANNING

U.S. Supreme Court Hears Case on States' Ability to Tax Trust Income

Turney P. Berry

Whose minimum contacts count for due process purposes?

WealthManagement Digital Edition

Retirement On Fire - A very different outlook on saving for retirement.

ETFS

Meet America's Newest ETFs

Aniket Ullal, First Bridge Data

Goldman Sachs' Motif investing ETFs were among those most recently launched in the United States.

PEOPLE

Morgan Stanley Shakes Up Wealth Unit, Shifting O'Connor to Banks

Sonali Basak

Shelley O’Connor, who co-led wealth management with Andy Saperstein, will run two regulated bank entities, which the company is looking to expand.

INDUSTRY

'Captive Independence' Falls Short of True Independence, Execs Say

Michael Thrasher

Many breakaway brokers who think they're joining an 'independent' model are being sold a bill of goods.

INDUSTRY

Widow Seeks $2 Million From Wells Fargo FiNet Broker

Patrick Donachie

A New Jersey woman claims a broker with Wells Fargo Advisors Financial Network used proceeds of her late husband's life insurance policy to invest in speculative options and volatile non-income-producing individual securities such as Facebook.

TECHNOLOGY

Wealthfront Bags $1 Billion in Cash

Samuel Steinberger

The automated investing program's cash account feature netted $1 billion after just a few months.

PEOPLE

Drew Hawkins Resurfaces as Sports and Entertainment Consultant

Michael Thrasher

The former head of Morgan Stanley Wealth Management's Sports and Entertainment division has launched Edyoucore Sports & Entertainment, a business, financial and lifestyle consultant to professional athletes and entertainers.