The move to offer banking services, like loans, would support the wealth management business, the firm’s CEO said during an earnings call.
Impact investing still lacks accurate data, Detroit is becoming attractive to advisors and Kestra adds Questmont Strategic Wealth Advisors.
Profit before tax at wealth management was 1.1 billion Swiss francs ($1.1 billion), just under the company-compiled estimates of 1.2 billion francs.
The focus now is on holistic planning, goal setting and having a deeper understanding of the needs of each client and what makes them tick.
Establishing a fiduciary duty for financial advisors should not be this complicated, says Elliot Weissbluth, CEO of HighTower.
The fines, $500 million each to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, covers issues in Wells Fargo’s auto-lending and mortgage units.
Even those who are pleased with the result agree there’s much work to be done.
The SEC commissioners pushed through a proposal package that would establish a best interest standard for broker/dealers and restrict brokers from using the titles “advisor” or “adviser.”
Morgan Stanley’s wealth management division had a record quarter for pre-tax profits, although advisor headcount declined slightly.
