What does an Olympian do once they're done competing? Some turn to the wealth management industry. According to Reuters, UBS Wealth Management Americas, Merrill Lynch and Morgan Stanley all employ several retired Olympic athletes. The reason? They're young, team-oriented, have a strong work ethic and have already experienced success in a prior career. Among the ex-athletes-turned-financial advisors Fortune spoke to were former figure skater Emily Samuelson, who works for Merrill Lynch in Michigan; 2008 Taekwando silver medalist Mark Lopez, who joined UBS in 2011; and former professional hockey player and 1992 Olympican David Emma. Emma, who said he lost 80 percent of his savings in the dotcom bubble, initially joined Merrill Lynch and is now at HighTower. He advises 35 professional hockey, golf and tennis athletes, as well as several fellow Olympians.
DriveWealth Steers Into Robo Advice
DriveWealth, a broker dealer for retail investors, now supports investment advisors with a selection of new applications focused on helping the wealth management industry construct portfolios. The new application program interfaces also provide for advisors to invest in real-time fractional shares. Harry Temkin, the CIO of DriveWealth, said both human or robo advisors in the U.S. or international can use the new APIs to access US-based equities and deploy a single investment strategy across multiple accounts. The APIs will have three levels of service: a self service model where clients execute trades; an automated portfolio rebalance based of advisors’ recommendations; and the ability for advisors to provide fully discretionary solutions.
Dauman Resignation Ends Redstone Drama
Viacom Chief Executive Philippe Dauman resigned late last week, bringing to a close the struggle he’s waged with Shari Redstone over the past several years for control of the company, according to The L.A. Times. The conflict centered largely around questions of founder Sumner Redstone’s succession plans, his mental competence and the possibility of undue influence on the part of his daughter, Shari. A settlement agreement approved Thursday evening will end ongoing cases in Massachusetts and Delaware (assuming it’s approved by the court). Dauman will be replaced by Thomas Dooley, a long-time Viacom employee.