Apex Clearing, which custodies assets for robo advisors including Wealthfront, Betterment, Personal Capital and Robinhood, has partnered with Vanare to offer the white-labeled version of its digital advice platform to its broker/dealer and RIA clients. Alexey Sokolin founded NestEgg, an early robo advisor and digital wealth management platform, in 2010, then sold the platform to Vanare. But Sokolin recently stepped down from his post as chief operating officer at Vanare to join a London-based independent research firm, which he has declined to disclose. Ken Manning will take over his duties as head of product, Vanare announced. Apex clients will have access to the robo starting in the fourth quarter. "Advisors today must differentiate their business from the competition. This offering helps advisors make that distinction in services even clearer,” said Rich Cancro, founder and CEO of Vanare, in a statement.
Cosigners Reduce Student Loan Rates
It has long been said that students can get lower interest rates by having their parents cosign student loans, and now there is data to back up that claim. According to Credible.com, undergraduates applying for a private student loan with a cosigner received an average interest rate of 5.37 percent, as opposed to 7.46 percent without a cosigner. Similarly, graduate student loans with a cosigner received an average interest rate of 4.59 percent with a cosigner, versus 6.22 percent without one. The Wall Street Journal said the data from Credible.com is one of the few instances that the discount has actually been quantified.
Art Consultant Accused of Hiding Inheritance in Secret Accounts
Prominent art consultant Lacy Doyle has been arrested for failing to pay taxes on an inheritance worth over $4 million. According to the Daily News, Doyle, who runs Artview NYC, is accused of filing a false tax return and hiding her money in at least six secret overseas accounts. After her father’s death in 2003, Doyle allegedly misrepresented the value of her inheritance in several court filings. She also supposedly set up several Swiss and French bank accounts, the contents of which she failed to report on her tax returns between 2004 and 2009. She’s currently being charged with one count of obstructing tax law and one count of filing a false tax return. If convicted, Doyle faces up to six years in prison.