BlackRock, by far the largest asset management firm in the world, has established distribution in the institutional world and among Wall Street’s retail brokerages. It’s now on a mission to deepen its presence in the independent advisory channel. Hollie Fagan is leading the charge.
When Stifel Financial Corp. agreed to buy U.K. bank Barclays’ wealth management unit in the U.S., it put a final cap on a long, strange story of how an international bank stumbled badly trying to find a footing in managing the assets of wealthy Americans, and provides a cautionary tale of how corporate culture, as vague and amorphous as it can be, is really the oxygen of any business.
The $14 trillion retirement gap in America “is so scary we’ve stopped talking about it,” Sallie Krawcheck said during a keynote presentation at the Morningstar Investment conference. “And the retirement crisis is a woman’s crisis.”
GMO’s Jeremy Grantham kicked off Morningstar’s annual investor conference with a warning that we’re “creeping nicely and slowly to bubble land,” as easy money policies lead corporate managers to focus more on short-term profits (and stock options) than capital expansion.
It would not be a conference for wealth managers without a panel on robo advisors, where forward-thinking industry practitioners try to convince a skeptical audience that their conventional business model is being disrupted faster than they realize.
Family is clearly important to David Young, so when his son-in-law died suddenly from a brain aneurysm, leaving his 25-year-old daughter Katie alone with a newborn, his sensitivity toward the matter led to what is now the Live Your Dream foundation.
In 2007, William Pickens founded the Mid-South chapter of Gift of Life International foundation which brings children with heart defects from developing countries to leading U.S. hospitals for operations and recovery.
It’s worth looking at the so-far relatively muted response of the industry to the Department of Labor’s second go around in proposing new fiduciary regulations for financial advisors to retirement accounts.
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