A new robo advisor is targeting Muslim investors with access to what it calls “halal portfolio management.” Wahed Invest says its platform, Wahed, is the world’s first automated Islamic investment platform. Wahed analyzes thousands of securities to create portfolio allocations with the highest growth potential. Like other robos, Wahed promises to offer financial advice for a fraction of the cost of traditional advisors, though its minimums are higher than other robos at $7,500. The company says it's dedicated to socially responsible investing, and its portfolios will be reviewed by an ethics boards continually. “Furthermore, our process is completely transparent and every investor's portfolio is entirely liquid, making it a better option than even the traditional savings accounts offered by financial institutions,” said Juniad Wahedna, Wahed’s CEO.
The Envestnet Institute on Campus certification has now been expanded to 17 universities throughout the United States this fall semester. The program, which is in its fourth semester, awards scholarships to 25 students at each institution to participate in the program. The Institute uses e-learning that consists of seven classes, two white papers and optional podcasts. It gives the students in-depth, real-life training in the lives of financial advisors. The universities participating in the program include: Bryant University, Colgate University, Fairfield University, Fordham University, High Point University, Hofstra University, Lake Forest University, Mount St. Mary's University, Rowan University, Temple University, University of Delaware, University of New Hampshire, University of North Carolina Wilmington, University of Rhode Island, University of San Diego, Villanova University and Widener University.
In the wake of a Securities and Exchange Commission settlement, about 120 advisors from Concert Wealth Management will transition over to Little Rock, Ark. Sowell Management Services. In a statement, Sowell attributed the move to changes in custodial relationships at Concert; Sowell advisors can custody with Fidelity, TD Ameritrade, Schwab, Pershing, Scottrade and Trust Company of America. But, perhaps the larger issue is Concert’s recent regulatory troubles. In July, the firm settled charges with the SEC that it raised $2.2 million from investors in unregistered private offerings of the RIA’s stock. The firm then misrepresented its financial results in private placement memoranda, the SEC claims. “The Order did not find an intent to deceive,” Concert’s website says. “And the Order found that CW, CG and [Felipe] Luna took prompt remedial steps including sending corrective disclosures to investors, and hiring a compliance consultant to upgrade its procedures.” The addition of the Concert advisors should bring Sowell to about $2 billion in assets and 14,000 total accounts.