Displaying items by tag: finance
Advisor Teams Leaving Wells Fargo
Wells Fargo has employed a number of strategies in both advisor recruiting and retention but is still losing teams. Recently Stratos Wealth Holdings added Jason Howerd, Shane Kunz, and Chad Horne who oversaw $1billion at Wells before their move. It was the additional resources and financial software that were key drivers in their decision-making process. LPL’s affiliate Gladstone Wealth Partners also added nearly a half dozen advisors from Wells, with well over $400 million in AUM. Overall Gladstone has seen strong growth already in 2022 adding 20 advisors in the first two months.
FINSUM: It appears technology and tools are a growing part of the decisions advisors are considering when transitioning between financial firms.
Financial Fines are Plummeting
(Washington)
The Trump-era SEC is really starting to make itself felt. Not only has the SEC come out with a lighter touch “best interest” rule, but financial fines have been plummeting. In the six months from October to March, the SEC handed out $102m in fines, 93% lower than the year prior, and the lowest amount in at least 12 years. The total number of cases also fell by a quarter. The largest fine so far under SEC head Jay Clayton was $14m, tiny compared to the $415m fine levied against BAML under former SEC head Mary Jo White.
FINSUM: Financiers had been hoping that we were entering a regulatory-light era under Trump. It really seems to be materializing.
How Tech Might Steal Finance’s Business
(San Francisco)
There has been hype for several years about the chances for the growing tech industry to absorb and dominate some of the domain of the finance sector. Examples already abound, such as tech companies taking market share in currency transfers or in every day payments. Amazon is providing payment services and financing to merchants, for example. Now big banks are fighting back, pushing regulators to subject tech companies to the same rules and scrutiny to which they are forced. They argue that not doing so will hinder transparency and threaten the global financial system.
FINSUM: This just seems like another of the many areas where a regulatory push is mounting against tech.