The Daily Brief

For every dollar of AUM, 71 basis points in revenue were generated, down from a recent peak of 78 bps.

New offices in Cincinnati and Cleveland come on the heels of last year’s expansions into New York City, Houston and Dallas.

FactSet, the new primary market data provider for Merrill Lynch’s 15,000 wealth management brokers and employees, replacing Thomson Reuters.

Facebook is exploring integrating banking data within its Messenger app.

Michael Outlaw will open Rockefeller Capital Management’s Atlanta office and will be responsible for leading the firm’s growth strategy across the region.

In 2017, an all-time record of 138 funds shut down, but so far this year, there have been 97, outpacing last year’s number during the same time frame.

“Choosing when to retire is one of the single most important financial decisions we make in our lives,” noted Morningstar researcher David Blanchett.

Landsberg Bennett Private Wealth Management’s partners cited the technology and tools available to independent RIAs as a reason to leave FiNet.

Besides payments, blockchain has applicability in financial services from share trading and claims management to asset custody in public and private markets.

The median operating profit margin for target-focused firms was 18 percent higher than others and the median annual client growth was 35 percent greater.