Industry

We expect to see more M&A activity from larger institutions that have remained on the sidelines so far. Existing RIAs will need to consider the implications.

Allianz's guilty plea in the case was unusual. Most companies resolve government investigations by paying money and pledging corrective actions without admitting any wrongdoing.

Carolyn Armitage, who ran Thrivent's independent advisor platform, was laid off, in addition to four other executives on her team. The firm is also halting recruiting new advisors to its RIA.

While scams like email impersonation and phishing are nothing new, generative AI has supercharged the risks by introducing new threats, including deepfakes and malicious chatbots.

Executives say the funding will fuel the next stage of growth for PCIA, which has already expanded assets by some 700% since early 2018.

The Texas-based firm doubles Captrust’s tax division while strengthening ultra-high-net-worth and family office services.

Avantax has engaged a financial advisor to see if there’s interest from potential buyers, but the firm may not end up selling.

State regulators claim Raymond James charged customers a a $75 minimum commission charge, regardless of the size of the transaction.

Separately, Merrill Lynch was fined $6 million by the SEC for failing to file hundreds of Suspicious Activity Reports from 2009 to 2019.