News Roundup

News Roundup (473)

AssetMark’s Stock Price is Steady After Strong IPO

AssetMark’s stock price popped approximately 22% to $25.45 after the TAMP went public in mid-July and its price has been trading in a range of $23.63 to $28.62. So reports RIABiz.

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Ladenburg Thalmann Buys Stake in Impact Investing Robo-Advisor

Ladenburg Thalmann Financial Services, which is a network of 4,000 advisors, has invested an undisclosed sum in Newday Financial Technologies, which is an impact investing robo-advisor. So reports ThinkAdvisor.

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Small Investors Should Embrace Advice-Only Advisors

Fee-only advisors are preferable to commission-based advisors, but may be unwilling to take on smaller investors, so advice-only professionals may be the best solution for individuals with limited wealth. So reports Forbes.

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Voodoo-Embracing Advisor Gets 20-Year Jail Sentence

Dawn Bennett, a high-profile advisor who reportedly dabbled in voodoo-style witchcraft, will serve a 20-year jail term for running a $20 million Ponzi scam. So reports Financial Planning.

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Franklin Templeton Recruits Retirement Honcho

Franklin Templeton Investments has recruited Invesco executive Matt Foster to serve as National Retirement Consultant. So reports Financial Advisor.

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Tucks Study Has Mixed Conclusion on Advisors’ Practices

A study by Tuck finance professors Brian Melzer and Juhani Linnainmaa has concluded that advisors’ trading for their own accounts is consistent with trades they make for clients, which implies that advisors aren’t conflicted when making decisions, according to the Tuck website.

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CFP Credential Yanked from Advisor Caught with Child Porn

The Certified Financial Planner Board of Standards has terminated the right of Dale F. Norton Jr. of Newhall, Calif., to use the CFP designation after the advisor was convicted of possessing child pornography. So reports Financial Advisor.

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White House Considers Capital Gains Tax Cut

The White House is considering indexing capital gains taxes to inflation which could slash payments to U.S. coffers when securities are sold at a profit. So reports Bloomberg.

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Golf Clubs Once Owned By Warren Buffett Sell for $40,000

It seems that even golf clubs touched by Warren Buffett turn to gold, or at least into something as valuable as the precious metal. So reports Fox Business.

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Advisor Creates Niche Among NFL Players

Chris Moynes and his southern California-based firm One Capital Management have created a niche among NFL players by working long, unorthodox hours and by giving players honest answers rather than providing responses that clients want to hear. So reports Financial Planning.

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