The Intercept seeks to answer the question in a searing profile of the former Sullivan & Cromwell partner, out Tuesday. The piece casts a gimlet eye on Clayton’s past, his coziness with Wall Street, as well as his moves since taking over as chair of the Securities and Exchange Commission. Authors Susan Antilla and Gary Rivlin paint a picture of a deregulatory environment and expanding Wall Street influence. President Trump’s SEC is one that backslides on investor protections, including a fiduciary standard, they write. “In July, in his Economic Club speech, Clayton said that the SEC’s version of the rule, which Dodd-Frank requires the agency to develop, would need to be ‘carefully constructed’ so that it does not deprive Main Street investors of ‘affordable investment advice,’ which to Wall Street is code for maintaining a system in which brokers are free from fiduciary requirements.” It’s worth the read.
CFA Partners with Bloomberg for Education
The CFA Institute has partnered with Bloomberg for Education to create a database of Bloomberg Terminal functions called CFAPRO that matches up with the concepts CFA candidates are learning. Bloomberg identified 387 functions that put Learning Outcome Statements of the CFA program into practice. “Bloomberg is a hub for the financial community, and we hope CFAPRO will help increase market literacy among aspiring and experienced finance professionals,” said Rob Langrick, head of Bloomberg for Education. “This new technology on the Bloomberg Terminal should give students a solid leg up on the career ladder.”
Edelman Picks Envestnet for Digital Platform
Edelman Financial Services has chosen Envestnet’s digital platform for its financial advisors. Envestnet will support the Edelman Managed Asset Program, which has over $22 billion in assets managed by 163 advisors in 43 offices across the U.S., by providing financial planning tools, unified managed account technology and access to Envestnet’s quantitative portfolios. “Envestnet will help us grow sustainably while ensuring we continue delivering outstanding service and advice to our current clients,” said Ryan Parker, chief executive officer of Edelman Financial Services. “The platform will allow us to create a more integrated, seamless client experience, building upon our 30-year commitment to putting our clients first.”