The Biden administration found out final version of its fiduciary rule Tuesday, effective September 23. Like previous efforts, the rule will redefine the definition of fiduciary under ERISA. The disclosure follows a Labor Department proposal released last fall and a 60-day comment period. Connected: The fiduciary rule nears its final step as the White House…

(Bloomberg) — The U.S. Federal Trade Commission voted Tuesday to adopt a near-total ban on non-compete provisions that prohibit workers from switching jobs within an industry, a rule the Chamber of Commerce vowed to immediately challenge in court. The high-stakes legal battle comes three years after President Joseph Biden signed an executive order encouraging the…

Former MassMutual US chief Mike Fanning is coming out of retirement to succeed Richard Napolitano as CEO of technology platform provider Advisor360°. Napolitano himself will step down, effective May 1, when Fanning officially takes the role (Napolitano will remain a strategic advisor to the firm). Connected: Former LPL Executive Joins TIFIN as President, Chief Revenue…

Asset managers are increasingly focusing on advisor preferences when designing products, according to a study by Cerulli. PGIM is the latest fund manager to seek approval to offer an ETF share class in existing mutual funds. These are among the investment must-reads we found this week for wealth advisors. WealthManagement.com | April 23, 2024 Source…

Sponsored by In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect's Wealth Management Group, talks with Brandon Kawal, partner at Advisor Growth Strategies, about staying alive in the M&A market despite the challenges of 2022. According to Kawal, factors such as continued interest from outside investors and demographic changes…

(Bloomberg) — It sounds like a safe, no-nonsense trade for stock investors playing hedges: ETFs that will bet on stock markets without going down, says Fushe. Calamos Investments filed Monday for so-called “structured hedge” exchange-traded funds that will track a portion of the returns of the S&P 500, Nasdaq 100 and Russell 2000 while protecting…

(Bloomberg) — Goldman Sachs Group Inc . is shutting down its automated investing business for the masses after reaching a deal with Betterment. The bank has reached an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment advisory firm. The transfer is expected…

Time is ticking for RIAs to adapt to the SEC Rules of Private Fund Advisersthe most demanding of which will enter into force at the end of this year and at the beginning of 2025. Advisers should start preparing for stricter quarterly reporting requirements for private funds that will take full effect next March, according…

Alpha Capital Family Offices, a Denver-based RIA that provides outsourced family office services to approximately 100 families and a handful of companies on a flat fee basis, has recruited Tom Riley from Northern Trust to lead the construction and management of customized customer portfolios. A chartered financial analyst, Riley's career in portfolio management included six…

Ninety registered investment advisory firms were acquired in whole or in part in the first quarter of the year, according to industry-focused investment bank and transaction advisory firm Echelon Partners. Echelon's tally makes it the second-busiest quarter since the firm began tracking RIA M&A activity in 2017. It trails only late 2021 and the first…