SoFi, a digital financial services firm that targets retail investors, may be trying to reach a higher net worth audience by adding some private fund options to its investment choices. Last week, the company revealed that it is giving its users access to three private market funds, including a special purpose vehicle created exclusively for…

Vanguard is launching a new wealth management and advice division headed by industry veteran Joanna Rotenberg. She will join Vanguard from Fidelity in January 2025 and lead the new division as a managing director and member of the firm's senior management team. “For nearly five decades, Vanguard has been a positive force in the democratization…

(Bloomberg) — Morgan Stanley will pay $15 million to settle claims that its Smith Barney unit failed to prevent four former employees from stealing millions of dollars from client funds, the Securities and Exchange Commission said Monday. USA. The broker/dealer's inadequate policies failed to detect hundreds of unauthorized transfers between May 2015 and July 2022…

Trinity Financial Partners, a Pennsylvania-based woman-owned firm with $603 million in assets under management, is merging with $12 billion Merit Financial Advisors. Trinity President Robyn E. Jameson will become a managing director, partner and asset manager at Merit as a result of the deal and will bring her client support and operations team with her….

Modern Wealth Management, a private equity-backed RIA started by former United Capital executives, is acquiring three new firms totaling more than $500 million in assets under management. The new additions bring Modern Wealth to over $6.5 billion in AUM. Related: Modern Wealth earns $1.4 billion RIA in Idaho Modern Wealth's newest acquisitions include Lenexa, Kan.-based…

A Minnesota financial adviser was sentenced to 2 1/2 years in prison for defrauding clients out of millions, the Justice Department announced Thursday. In addition to the 30-month federal prison sentence, a federal judge ordered Kristi Margaret Berge to pay approximately $2.1 million in restitution. Berge pleaded guilty to fraud earlier this year. Related: Ex-Wells…

Carson Group President Teri Shepherd is leaving the company. According to a statement from CEO Burt White, the firm fully supports “Shepherd's decision to focus on her family.” Related: Ten to Watch in 2020: Teri Shepherd “We are grateful for Teri's many years of leadership; Teri has been a pillar of our organization, providing a…

Sponsored by Related: Fit for Risk: How Digital Vaults Can Help Solve Some of the Biggest Challenges Advisers Face Today Digital vaults are revolutionizing succession planning by providing a secure, centralized and accessible solution for managing critical documents and assets. In an age where families are geographically dispersed and financial life is increasingly complex, digital…

Wealth Enhancement Group, a Minneapolis-based registered investment adviser with more than $96 billion in client assets, is being spun off from LPL Financial, the independent broker/dealer has confirmed. WEG has operated as the superoffice of LPL's supervisory jurisdiction for at least 17 years. “LPL and WEG have enjoyed a mutually beneficial partnership for many years,”…

In my futile attempt to get an early start on my holiday shopping, I thought about how important the holiday shopping season is to the economy, what it tells us about the consumer and potential investment opportunities. While the holiday season corresponds with shopping, holidays and festivities, it can also be a good time for…