The Daily Brief
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NASAA Cautions Investors on Cryptocurrencies

Regulators warn about cryptocurrencies, wealthy families struggle with family and Qualified Plan Advisors acquires the retirement practice of Ascende Wealth Advisers.

The North American Securities Administrators Association released a public caution on cryptocurrencies and their related investments on Thursday. In the release, NASAA President and Director of the Alabama Securities Commission Joseph Borg said investors “should go beyond the headlines and hype to understand the risks associated with investments.” Shortly after, the Securities Exchange Commission put out a statement commending the release. While many have taken to cryptocurrencies, none of the four largest wirehouses in the U.S. offer bitcoin-related securities or derivatives on their platforms.

For Wealthy Families, Dealing with Family Is Harder than Handling Finances

Wealthy families rate their performance dealing with investments and finance better than their own family situations, according to Pitcairn’s Wealth Momentum Index survey. The survey of 24 respondents at Pitcairn’s annual Family Wealth and Investment Forum found that families felt family meetings and wealth transitions were the most challenging, while they had higher confidence in financial issues like investments, wealth administration and taxes. “The results of this initial index confirm what we at Pitcairn have known for a long time – that family issues are often harder for wealthy families to manage than financial issues,” said Pitcairn President and CEO Leslie Voth.

Advisory Firm Acquires $4 Billion Team

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Qualified Plan Advisors has acquired the retirement practice of Ascende Wealth Advisers, a division of EPIC Insurance Brokers and Consultants, adding $4 billion in assets under advisement. Robert Massa will serve as managing director and head of the firm’s Houston operations. QPA is owned by Prime Capital Investment Advisors.

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