The Federal Trade Commission under Chairman Lina M. Khan has set its sights on banning non-compete agreements, potentially affecting over 30 million American workers. This move is particularly important in financial services and could have significant implications for mergers and acquisitions in the industry. FTC Injunction Not to Compete Connected: FTC's Ban on Employee Non-Compete…

(Bloomberg) — Morgan Stanley's chief U.S. economist Ellen Zentner is leaving her post to lead a newly created team within the bank's wealth management business. Zentner will lead the new thematic and macro investment team in Morgan Stanley's Global Investment Office starting Aug. 1, according to an internal memo reviewed by Bloomberg News. Ellen Zentner,…

(Bloomberg) — Nine U.S. ETFs holding the cryptocurrency Ethereum saw $340 million in outflows during their first week of trading as investors pulled cash daily from a high-fee legacy product that was converted to a traded fund. in return. The eight new Ether exchange-traded funds, created after last week's approval by the U.S. Securities and…

Property advisory platform Vanilla announced the relaunch of its education-focused program Vanilla Academy on Monday. The revamped education platform will feature multimedia content ranging from checklists to customer-facing PowerPoint presentations to free, on-demand courses approved for continuing education credit. Connected: Steve Lockshin's Vanilla Adds CEO, CTO “One of the biggest barriers to getting estate planning…

Private credit has seen its investor base expand significantly in recent years to include a growing number of wealth channel participants. This democratization has been made possible to a large extent by the emergence of investment fund structures such as business development companies. There are several different types of BDC structures, and when determining how…

The defined contribution industry is rife with the potential for advisers and providers to exploit the convergence of wealth, retirement and workplace benefits. And while there are few skeptics, there are also few counselors and providers able to fully participate. So is convergence a fad that will only benefit a select group, and not really,…

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LPL has “no plans” to make changes to its pricing for cash solutions, including its cash laundering programs, according to CEO Dan Arnold. Arnold announced that the firm will stay on course to clean up cash during the firm's second-quarter earnings call. The decision comes even as multiple competitors have announced changes to their write-off…

A Texas federal court stayed the Labor Department's newest iteration of the fiduciary rulearguing that the rule “suffers from many of the same problems” as a previously watered-down version of a fiduciary standard for insurance professionals. The Federation of Americans for Consumer Choice, an Austin, Texas-based lobbying group for independent insurance professionals, filed suit against…

Private equity continues to make its presence felt in industries as diverse as technology and infrastructure and, of course, wealth management. For an older advisor demographic coming out of the independent RIA space, the resulting increase in prices and multiples has been a boon. Will it last? If it falls on Shakespeare”what has passed is…