Swensen, who managed one of the most-watched and best-performing college endowments for more than three decades, died May 5 after a long battle with cancer.

The Financial Services Institute opposed the Labor Department's decision, arguing it would keep independent financial advisors from 'operating confidently knowing their independent contractor status is secure.'

Despite the public protests of a large investor, shareholders overwhelmingly approved the sale, slated to close this summer.

Advicent's financial planning capabilities will complement InvestCloud's existing warehouse of wealth management applications.

Prosecutors argued DaRayl Davis preyed on fellow church members and friends, defrauding at least 25 investors over a period of 15 years.

The Boston-based firm added 4.1 million new accounts in the first quarter, more than double the year-earlier period.

Rockefeller has been on a hiring tear in recent years, adding advisers across the U.S. from rivals including Morgan Stanley and Merrill Lynch, including two dozen new teams in 2020.

Ahead of a Thursday hearing that will feature U.S. Securities and Exchange Commission Chairman Gary Gensler, the House Financial Services Committee posted six draft bills on its website, ranging from banning payments for orderflow to tightening...