A new report by the World Economic Forum (WEF) details the impact of "Finfluencers", according to Financial Advisor. They are influencers who primarily use social media to promote advice about finances and investing, popularized on Instagram, Reddit and TikTok. Their...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: July 2024
Wells Fargo adds several advisors producing nearly $5.2 million in annual revenue
Wells Fargo Advisors has been adding a number of prominent financial advisors to its wealth management units in recent weeks, AdvisorHub reports. Wells Fargo said the advisors it has brought in from UBS Wealth Management USA and Merrill Lynch together produced almost...
Several banks hike interest rates on client cash held in sweep accounts
Wells Fargo & Co., Bank of America and Morgan Stanley are among the banks increasing interest rates they pay on client cash in sweep accounts, according to AdvisorHub. This has resulted in reductions in the amount of net interest income generated by their wealth...
Lawyers expect new challenges to FINRA following Supreme Court ruling
Lawyers expect more challenges to the Financial Industry Regulatory Authority's enforcement powers in the wake of a recent U.S. Supreme Court ruling, according to AdvisorHub. In a 6-3 decision, the nation's highest court said that people accused of fraud by the...
FINRA regulatory notice reminds firms of their obligations when using AI
The Financial Industry Regulatory Authority is reminding member firms of their regulatory obligations when using artificial intelligence, including large language models (LLMs) and other generative AI (Gen AI) tools. In its recently issued Regulatory Notice, 24-09,...
