The Internal Revenue Service issued final regulations on October 21, 2024 regarding the withholding of certain distributions to recipients outside the United States from retirement plans that do not qualify for rollback. The final rules clarify who is considered a recipient outside the United States. They take effect on January 1, 2026. However, taxpayers can…

Alternative investment platform iCapital signed a definitive agreement to acquire AI fintech platform AltExchange for an undisclosed amount. AltExchange uses AI and machine learning to aggregate data and manage and complete reporting on alternative investments for financial advisors and asset managers. As part of the acquisition, AltExchange CEO Kareem Hamady will join iCapital. AltExchange's technology…

IN Estate of Becker v. CommissionerThe Tax Court held that the step transaction doctrine did not apply to the ownership of an irrevocable trust of life insurance policies on the grantor's life and the insurance policy proceeds were not included in the taxpayer's estate under Maryland state law and Internal Revenue Code Sections 2031 and…

Here's something you might want to recommend to your clients to avoid fraud and identify theft when they file their tax returns: Ahead of the approaching 2025 tax season, the Internal Revenue Service is encouraging taxpayers to protect their identities by signing up for a Personal Identification Number (IP PIN). An IP PIN is a…

In this episode, industry veteran Suzanne Siracuse sits down with Bryce Skaff, co-head of the Global Client Group at Dimensional Fund Advisors, to explore the key ingredients to building a sustainable and impactful advisory business. Bryce shares his inspiring journey from an aspiring marine biologist to a leader in financial advisory, providing valuable insight into…

Citigold has introduced a new loan and bonus program to attract more top financial adviser talent to the firm. The firm believes there is a huge opportunity for advisers at its 641 bank branches to get referrals from relationship managers who serve only affluent bank clients who need investments. “Many clients know us for our…

Artificial intelligence financial research startup Brightwave announced a $15 million Series A funding round this week. Decibel Partners, which led it initial seed round of $6 million in Juneagain led round A. While details of the funding round were not disclosed, OMERS Ventures also participated in the current round (OMERS Ventures is the venture capital…

Asset management giant BlackRock has partnered with alternative investment platform iCapital and asset management platform GeoWealth to allow RIAs using BlackRock's custom model portfolios to invest in private assets alongside traditional investments in unified managed accounts . iCapital's technology will support a customized platform experience for these RIAs using GeoWealth's investment execution platform. iCapital's recently…

Private Advisor Group introduced Greenhouse this week, a new all-in-one technology platform for its independent advisors and their teams. “Greenhouse was created to further integrate our technology group with additional experiences and resources,” said Patrick Sullivan, who leads technology and serves as chief of staff at Private Advisor Group, a Morristown, NJ-based RIA and supervisory…

In an era marked by unprecedented consolidation in the financial services industry, mergers and acquisitions are reshaping the wealth management landscape. This wave of M&A activity presents unique challenges and opportunities for women in the sector, particularly as they navigate career transitions in a historically male-dominated industry. During RIA Edge West, Charles Schwab and WealthManagement.com…