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David Canter running

Fidelity’s RIA Head to Run Boston Marathon for CFP Board

David Canter to run the Boston Marathon, Rhode Island advisor is going to jail for running a Ponzi scheme and Americans are not confident about their retirement savings.

David Canter, the newly appointed head of Fidelity’s registered investment advisor business, will run the Boston Marathon on April 17 to raise money for the CFP Board’s Center for Financial Planning. The center aims to strengthen the financial planning profession by focusing on three key components: developing and sustaining diversity, boosting NextGen talent and providing an “academic home” for the industry. “Financial planning is a great profession that is rewarding in so many ways, but it needs more youth and greater diversity,” said Canter, who received a race bib from John Hancock Financial Services. John Hancock is the principal sponsor of the marathon, giving runners a way to support non-profit organizations. You can donate to Canter’s effort and read more about his story on

RI Financial Advisor Gets 7 Years in Jail for Running Ponzi Scheme

Photo courtesy of The Providence Journal

Barrington, R.I.-based financial advisor Patrick Churchville was sentenced to seven years in prison and more than 2,000 hours of community service for running a Ponzi scheme that defrauded 114 investors out of $21 million, the Providence Journal reported. Churchville, owner of ClearPath Wealth Management, pleaded guilty in August of five counts of wirefraud and one count of tax fraud for failing to pay more than $820,000 in taxes. The plea deal included Churchville admitting to the Ponzi scheme, in which he fabricated false documents to mislead investors. He even took $2.5 million of investors' money to purchase a waterfront home. In addition to the jail time and community service, he will be forced to pay restitution to his victims.

Americans Losing Retirement Confidence

Copyright Christopher Furlong, Getty Images

According to Capital One Investing’s latest Financial Freedom Survey, less than two-thirds of Americans are confident they’re saving enough to retire comfortably, down 2 percentage points from a year ago. Even fewer (49 percent) have established a long-term financial plan. The survey identified a lack of knowledge and experience, distrust of the markets and financial industry, and lack of pricing transparency as the top factors holding people back. Yvette Butler, the president of Capital One Investing, said this is the reason many investors are turning towards robo advisors. “Today’s investors need a combination of great digital tools and unbiased advice to navigate the markets and get on a path to action and confidence,” Butler said.

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