LPL Financial's board of directors has named Rich Steinmeier, former managing director and chief growth officer, as its new chief executive officer, effective immediately. Steinmeier had served as interim CEO since Oct. 1, when the board left by President and CEO Dan Arnold for violating the company's respectful workplace policies. Steinmeier was also elected to…

Examiners at the Securities and Exchange Commission are investigating the integration of AI advisors into their operations, including portfolio management, trading, marketing and compliance. Under the SEC's Division of Examinations' Priorities for 2025, released Monday, examiners can examine firms' “compliance policies and procedures” related to AI-related services or procedures and their disclosures to investors. Related:…

Miramar Capital co-founder and senior portfolio manager Max Wasserman shares some great insights about dividend investing. Max discusses with Zephyr Market Strategist Ryan Nauman the impact that lower interest rates are having on the investor mindset, misconceptions about dividend investing, and how dividend stocks are no longer just utilities or telecommunications companies. Additionally, Max and…

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Bob Long, CEO and partner of StepStone Private Wealth, to explore the company's approach to developing private market investments for the wealth channel. Long discusses why Stepstone has chosen evergreen funds — semi-liquid, continuously invested structures — over traditional drawdown…

One of the common criticisms of the traditional financial system, especially after events such as the 2008 financial crisis, is the lack of transparency and the inability of different sectors to share information effectively. Financial institutions have become so large and complex that it is nearly impossible to fully understand the risks and liabilities they…

A tax tussle is brewing and policymakers are engaged in war sessions ahead of next year's $4.6 trillion fiscal cliff. Lately, much of the focus has been on the tax proposals of the presidential candidates, who are aiming to win votes in November. Congressional lawmakers certainly take cues from their party leaders, but presidents don't…

A sea change is marked by a radical transformation that requires a comprehensive renewal of the strategies, systems, processes or structures of a business. This significant change is often prompted by major market changes or threats to the organization's survival. The naysayers who believe that the convergence of wealth, retirement and benefits is a fad…

Dave Barton, vice president of M&A at Mercer Global Advisors, one of the nation's largest and most profitable registered investment advisors, has retired. Barton, 58, left the company to focus his energy on an ongoing health issue, the company confirmed. Martine Lellis, the firm's former head of talent until promoted to M&A partner development principle…

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Ameriprise Financial and LPL Financial are engaging in an “economic war” over advisers leaving Ameriprise for the independent broker/dealer, according to recent legal filings. In separate lawsuits in Washington and California, the two firms are fighting over advisers who defected from Ameriprise for LPL, allegedly breaching their contracts, violating the Broker Recruiting Protocol and taking…