SEC proposed the new AI rule threatens to weaken advisers' fiduciary duty, according to a top attorney for the Investment Advisers Association. The danger of the new rule is proposing a “whole new framework for dealing with conflicts” related to technology tools, said IAA general counsel Gail Bernstein. WealthManagement.com during the association's annual compliance conference…

In recognition of International Women's Day, a trio of female partners in Chicago unveiled a new RIA on Friday focused on serving women, families and the next generation of investors. Launched with $200 million in assets under management, Wealth Expressive was founded by CEO Vanessa Martinez, CCO Lauren Genuardi and Darlene Duncan, a partner and…

Sponsored by Assessing technology ROI is essential to ensure that investments in digital tools and platforms directly contribute to operational efficiency and customer satisfaction. This process helps to align technology spending with the firm's strategic goals, driving growth and increasing value delivered to customers. Ultimately, developing digital experiences for clients and advisors can help firms…

Shareholders of Kingswood Acquisition Corp., the special-purpose buyout company sponsored by major shareholders in British wealth management firm Kingswood Group and a sister company of Kingswood US, voted to approve its merger with broker/dealer aggregate Wentworth Management Services. After the deal closes, former SPAC shareholders will own about 21% of the outstanding shares, while former…

Following the SEC's approval this week of its climate disclosure rule for issuers, some expect the proposed rule for ESG funds and advisers to be imminent. During a discussion at this year's Investment Advisers Association Compliance Conference, Mara Shreck, managing director in the regulatory affairs office at JPMorgan Chase, said the corporate disclosure rule had…

Just two years after taking over from private equity backers, Waverly Advisors has completed a dozen deals and grown assets by more than 200%. Meanwhile, Moneta has grown to $34 billion with its first deal since April, and Kestra announced that an Ameriprise team managing more than $300 million joined its platform in 2023. In…

A team of advisors in Indianapolis has spun off from Stifel Financial to launch their own business with the backing of Sanctuary Wealth. M&K Legacy Wealth, formerly Tanner Wealth Management Group, has joined Sanctuary's “partnership independence” model, bringing over $1 billion in client assets from Stifel. The team is led by founders and managing partners…

BlackRock agreed to acquire the remaining equity interest in SpiderRock Advisors, a provider of customized options overlay strategies. The deal strengthens Blackrock's separately managed accounts business. “By giving BlackRock more SMA capabilities, this acquisition will enable us to meet the growing demand from wealth managers for customized, tax-efficient portfolios,” Joe DeVico, co-head of BlackRock's business-…

Sponsored by Assessing technology ROI is essential to ensure that investments in digital tools and platforms directly contribute to operational efficiency and customer satisfaction. This process helps to align technology spending with the firm's strategic goals, driving growth and increasing value delivered to customers. Ultimately, developing digital experiences for clients and advisors can help firms…

From large institutions to smaller, nimble startups, firms are showing they want to play in the rich tech space. They have hit the ground running with innovations this year. As we enter the final month of the first quarter, here's a look at some big Wealthtech headlines: We've seen public indications that Vanguard is working…