Industry

Despite talk of RIA M&A slowing, the industry announced a bevy of new deals this week, transacting almost $19 billion in client assets.

The commission charged Kevin Kane and Sean Michael Kane for defrauding clients after they were fired from Waddell & Reed by telling them they left voluntarily.

Ohio-based Clearstead Advisors, a private equity-backed RIA with $28 billion in client assets, has purchased a second trust business.

The regulator’s update to its targeted sweep of firms’ dealings with social media influencers offered suggestions that may be difficult for broker/dealers to fulfill, according to one securities attorney.

New York-based Ritholtz Wealth Management will take over the direct-to-consumer robo business from FutureAdvisor.

Financial advisor John Poulos was fired from Vanguard and stripped of his CFP designation after being arrested for a homicide near Bogota, Colombia. He was caught in Panama on his way to Turkey, according to reports.

The newly released tool seeks to automate multiple compliance processes, including share class monitoring.

Mercer CEO Dave Welling says the new brokerage will help it better serve prospective clients and M&A prospects with long-standing commission-based assets at outside broker/dealers.