Industry

Carolyn Armitage, who ran Thrivent's independent advisor platform, was laid off, in addition to four other executives on her team. The firm is also halting recruiting new advisors to its RIA.

While scams like email impersonation and phishing are nothing new, generative AI has supercharged the risks by introducing new threats, including deepfakes and malicious chatbots.

Executives say the funding will fuel the next stage of growth for PCIA, which has already expanded assets by some 700% since early 2018.

The Texas-based firm doubles Captrust’s tax division while strengthening ultra-high-net-worth and family office services.

Avantax has engaged a financial advisor to see if there’s interest from potential buyers, but the firm may not end up selling.

State regulators claim Raymond James charged customers a a $75 minimum commission charge, regardless of the size of the transaction.

Separately, Merrill Lynch was fined $6 million by the SEC for failing to file hundreds of Suspicious Activity Reports from 2009 to 2019.

David Geake solicited an elderly couple to pledge securities as collateral for a bank loan to support a startup the rep had invested in, but the couple allegedly lost their money when the company failed.

Active investors are engaging in a massive transfer of wealth—from their own wallets into those of active managers.