Bank of America is making it easier for clients to manage all of their accounts on their devices. This week, the nation’s No. 2 bank by assets announced upgrades to its mobile app that allow Merrill and Bank of America Private Bank clients to see information on retirement and investment accounts—and to place trades. Merrill clients shouldn’t delete the MyMerrill app, though; they’ll still need it for functions such as secure messaging with advisors.
In other wealth management news this week:
Ray Jay makes a big hire. A wealth management team in the Kansas City area that managed $1.2 billion at UBS has joined Raymond James’ employee channel. The team, led by financial advisors Robert Meeder, Darryl Dunn, and Jared Stricklin, will work out of Raymond James’ new Kansas City office and operate as MDS Advisors of Raymond James.
Tougher regs. Massachusetts just started enforcement of its fiduciary rule for brokers, the first such regulation to be fully implemented by a state. The rule holds brokers to a fiduciary standard when making investment recommendations to clients. Financial firms and consumer advocates alike will closely monitor how Massachusetts, known for aggressive securities enforcement, applies the rule.
Creative Planning cuts biggest deal yet. Peter Mallouk’s Creative Planning, a huge RIA with more than $50 billion in AUM, is boosting its presence in the Atlanta area with the purchase of TrueWealth, an RIA managing $1.7 billion in assets. It’s Creative Planning’s largest deal since it started down the acquisition path early last year.
In focus. Creative Planning isn’t the only big RIA acquirer that’s been busy recently. This week, Focus Financial Partners said it was acquiring New York-based Seasons of Advice as its 67th partner firm. Focus also said partner firm Buckingham Strategic Wealth was making two subacquisitions.
Tibergien’s next act. Mark Tibergien may have retired in May as the head of the RIA custody business he built at BNY Mellon|Pershing, but he’s not leaving the industry entirely. Tibergien is joining the board of Pathstone, a New Jersey-based multifamily office that manages more than $10 billion in assets.
Have a great Labor Day weekend.
"Mobile" - Google News
September 04, 2020 at 01:59PM
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Week’s Best: BofA’s Mobile App Upgrade - Barron's
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