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Summary: During a question and answer session at a Regulation Best Interest seminar held by the Securities Industry and Financial Markets Association at WilmerHale in Washington, Brett Redfearn, director of the SEC’s Division of Trading and Markets, said that while the agency “talked about a uniform standard” for brokers and advisors while crafting its four-pronged advice-standards package, “it became very clear to me in the early stages these are different forms of advice” offered by advisors and brokers. “There was no magic in the term fiduciary,” Redfearn said, adding that it “was not clear that everybody had a clear understanding of what fiduciary meant.”
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Summary: With slightly more than one in 10 financial advisors under the age of 40, firms need to find more ways to develop and attract younger talent. And according to a new study from J.D. Power, these younger advisors want more integration of technology at their respective firms, including more acceptance of mobile tools and social media.
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Summary: Some industry experts expect consumers will increasingly earn income from nontraditional, un-salaried jobs and believe advisers stand to benefit from this so-called "gig economy."
Added on July 2019 in M&A Issues
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Summary: The wealth management M&A market remained robust in the second quarter, with a record 52 transactions recorded by Echelon Partners M&A deal tracker.
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Summary: With the July 4 holiday fresh in our minds, it strikes me that the word "independence" by itself no longer accurately describes the phenomenon that is changing the wealth management industry today.
