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☆ Why Wall Street's biggest wealth managers could face an avalanche of lawsuits thanks to one judge's ruling
▼ + stars: | 2024-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +10 min

The banks, in turn, make shareholders happy by reporting lower compensation costs since deferred compensation is marked as a liability. At Morgan Stanley, advisors forfeit this pay if they leave for another employer before four years of service. This ruling was used by a lawyer on another case, Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. In November, Morgan Stanley successfully fought off a class action attempt by 12 ex-Morgan Stanley advisors. Lawyers told Business Insider that the award and the ruling in Shafer v. Morgan Stanley will likely inspire more ex-advisors to sue.

Persons: —, Morgan Stanley, Morgan Stanley's, Alan Rosca, Cerulli, Rogge Dunn, Biden, Dunn, Goldman Sachs, Spencer Platt, Rosca, It's, Shafer, Judge Paul Gardephe, Meaghan VerGow, Pamela Miller, O'Melveny, Jack Edwards, Edwards, Street Former Morgan Stanley, Phil Waxelbaum, They've, you've, — Rosca, Waxelbaum, We're Organizations: Service, Wall, Business, Advisors, Biden Administration, FTC, Getty, Financial Industry Regulatory Authority, Street Former, Ajamie LLP, JPMorgan Locations: Cleveland, Dallas, New York, Shafer, Houston, Wells

☆ Investors should tread carefully in March after bitcoin's explosive rally to $60,000
▼ + stars: | 2024-03-03 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

With bitcoin on a hot streak this past week, investors should brace themselves for a cooling in March. "But cash inflows into spot bitcoin ETFs are accelerating, and that seems to have been overpowering those technical signals." Although Bitcoin traded above $62,000 to end the week, it's realized price was down at the $42,000 level, according to CryptoQuant. CryptoQuant also showed the cost of opening new long positions in the futures market spiked in the recent rally, which historically signals a coming correction in the bitcoin price. Ether, however, has ended the month higher in six of the last eight March's since its inception, with an average gain on the month of 25%.

Persons: Yuya Hasegawa, Hasegawa, Julio Moreno, Bitcoin, it's, bitcoin, CryptoQuant, David Duong, Duong, Michael Bloom Organizations: JPMorgan, CNBC, Federal, New York Community Bancorp Locations: New York

☆ Bitcoin ETFs could open floodgates to $30 trillion wealth management market
▼ + stars: | 2024-01-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

SEC Chair Gary Gensler continues to issue stern warnings when it comes to crypto investments, but that's not holding back activity. For the $30 trillion advised wealth management industry, the floodgates could be about to open. "For the vast majority of people, a low-cost bitcoin ETF is going to be the easiest way to do that," Hougan said. According to data from Robinhood , 81% of bitcoin ETF trading volume in the first week was in individual accounts, with the rest in retirement accounts. In a report on its website in October, Galaxy Digital said the "strongest marginal improvement" occurred when portfolios moved from a 0% to 1% bitcoin allocation.

Persons: Gary Gensler, that's, Jan van Eck, Anthony Pompliano, Pompliano, Matt Hougan, wirehouses, they've, Hougan, WisdomTree, bitcoin, Matt Walsh, Walsh Organizations: Securities and Exchange Commission, SEC, Investments, Chartered, Fund, Management, VettaFi, CFA, Investor Trust, Galaxy Digital, Fidelity, Island Ventures, Fidelity Investments Locations: U.S, Robinhood

☆ SEC chair gives in to a bitcoin ETF, but the hostility against cryptocurrency is still there
▼ + stars: | 2024-01-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), during an interview in Washington, DC, US, on Thursday, July 27, 2023. Gensler was faced with the difficult task of explaining why the SEC has reversed its position on bitcoin ETFs. Circuit held that the commission failed to adequately explain its reasoning when it turned down Grayscale's proposed bitcoin ETF. In large part, the conflicts are based on his claim that most crypto assets are securities that come under the purview of the SEC. While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin."

Persons: Gary Gensler, Gary Gensler's, Gensler, Grayscale's, I've, —, bitcoin Organizations: US Securities and Exchange Commission, SEC, Securities, Exchange, U.S, Appeals, Investment Locations: Washington , DC

☆ First Republic Advisors Are Fleeing to Firms Like Morgan Stanley
▼ + stars: | 2023-04-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

First Republic had raided Wall Street wirehouses including Morgan Stanley, UBS, and Wells Fargo for its top wealth advisor talent over the last several years. Now, the embattled bank is seeing an exodus of the talent it lured— and Morgan Stanley is emerging as a winner. Two sources familiar with hiring discussions at Morgan Stanley told Insider that the bank was not matching those top-of-market deals. Morgan Stanley was one of 11 banks to provide a combined $30 billion in uninsured deposits to First Republic. Morgan Stanley revealed in an earnings call that about $19.6 billion in net new assets were attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley.

☆ The new head of Wells Fargo's massive wealth arm explains why human financial advisors should embrace roboadvisers, not fear them
▼ + stars: | 2019-12-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In his first interview as president and head of Wells Fargo Advisors, Jim Hays shared with Business Insider his view on the wealth management industry's future. He joined the unit's parent firm Wells Fargo in 2005, and was previously head of its Private Wealth Financial Advisors group. Wells Fargo Advisors has 13,723 financial advisors that oversaw some $1.6 trillion in retail clients' assets as of September 30. That being said, the predominance of technology and its impact on the financial advice industry can't be understated. Additionally, through Wells Fargo Advisors' Intuitive Investor, we've found users actually prefer a hybrid model: pairing powerful portfolios with advice from financial advisors.

Persons: Jim Hays, Hays, —, Wells, Charles Schwab, Wells Fargo, we've Organizations: Wells Fargo Advisors, Business, Wealth Financial, Wells, Advisors, Analysts Locations: Wells Fargo

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