(Bloomberg) — The Group of Seven countries are at odds over how to tax the world's wealthiest individuals as finance officials prepare for a meeting in Stresa, Italy. An early draft communiqué contained language about exploring ways to improve the sharing of information about the wealthiest individuals, according to people familiar with the matter. Connected:…

(Bloomberg) — JPMorgan Chase & Co. is looking to buy a private credit firm to add to its $3.6 trillion asset management arm, as the biggest U.S. bank makes more inroads into the buzziest sector of Wall Street. Connected: Private credit offers no extra returns after fees, new study finds The JPMorgan unit is looking…

(Bloomberg) — James Gorman will step down from his role as chairman of Morgan Stanley at the end of the year, ending a nearly two-decade run at the firm he rescued from the brink of failure and turned it into a wealth management powerhouse. Gorman, 65, unveiled his plan Thursday at the company's annual shareholder…

Wire houses are massive institutions that have no choice but to operate at a level that is best for the vast majority of advisors – often referred to as lowest common denominator management. And this model works very well for many advisors who are building their businesses at these firms. But for others with their…

Open, honest, and candid discussion about Congress's efforts to gut the DOL's fiduciary rule, a Cerulli report on managed accounts, Pontera adding Stifel, and more. Source link

Hello and welcome to this week's edition of 401k Real Talk. This is WealthManagement.com's Fred Barstein Omnichannel RPA Contributing Editor & CEO at TRAU, TPSU & 401kTV – I Review everything from the past week's stories and pick out the most relevant and interesting ones by offering an open, frank and honest discussion that you…

The Internal Revenue Service recently announced its plans for the visible increased audits on wealthier taxpayers, large corporations and large complex partnerships for the 2026 tax year. Audit rates will increase by more than 50% for those with positive total income above $10 million (from a coverage rate of 11% in 2019 to 16.5% in…

Pilot Financial, a large network of 105 advisors with $4.6 billion in assets under management, has moved its advisory and brokerage business to LPL Financial from Lincoln Financial. This follows the sale of Lincoln's $115 billion wealth business to Osaic, who closed earlier this month. Pilot, based in Greensboro, NC, was founded in 2001 through…

Probate is a legal process that occurs after someone dies. It ensures that their assets are distributed according to their wishes or, in the absence of a will, according to state law. While probate is designed to be a straightforward procedure, it can become complicated, especially when family members disagree on how assets should be…

The first $1 trillion RIA is coming, according to Bernie Clark, outgoing head of Schwab Advisor Services. During a presentation at Schwab's inaugural Institutional Investor Day, Clark said the benchmark may not be reached “tomorrow.” However, it would be too soon, especially with the continued consolidation in the space. Connected: Bernie Clark of Schwab to…