Investors largely still anticipate corporate tax reform to happen in the U.S., according to a Credit Suisse poll shared by Barry Ritholtz, the co-founder and CEO of Ritholtz Wealth Management. However, they don't agree on when a reform bill will pass. Out of those polled, 16 percent think the bill will pass in the third quarter of 2017, 34 percent think it will happen in the fourth quarter of 2017 and 28 percent in the first quarter of 2018. Ritholtz also pointed out that the study results likely don't reflect former FBI director James Comey's testimony before the Senate Intelligence Committee.
A financial advisor in The Woodlands, Texas, pleaded guilty to mail fraud on Thursday, the Houston Chronicle reported. Lawrence Allen DeShetler, 67, fraudulently obtained $1.9 million from five clients, according to the U.S. Attorney's office. He faces a maximum sentence of 20 years in prison. According to court documents, DeShetler advised clients on investment strategies and financial planning. In 2014, he started urging clients to withdraw money from their accounts and give him the proceeds to earn higher returns. Instead of investing the money, he placed it in a bank account in his name. As part of the plea agreement, DeShetler will not contest a State of Texas administrative law case that the Texas State Securities Board filed to revoke his registration as an investment advisor.
FIS is adding digital advice tools from Trizic, including a robo advisor, to its suite of wealth management technology. Trizic’s technology will automate the advisor workflow from onboarding and risk assessment to portfolio construction, reporting and billing. FIS said the new capabilities help advisors more cost-effectively manage small-balance accounts, attract millennials, give high-net-worth clients digital access to their investments and help financial institutions without a wealth division launch digital advice products. Firms can select a technology-only option to integrate into their existing systems or a complete robo-advisory solution with model management and custodial services from FIS.