The Finance 202: Wall Street Critic Sherrod Brown Eyes Populist 2020 Challenge To Trump

–Wells Fargo& Co. plans to combine its ultra-high-net-worth business and private bank under one leader. The merged operation will be run by someone yet to be named who will report to Jon Weiss, head of wealth and investment management, according to an internal memo. Like the larger Wells Fargo, the wealth unit is a collection of businesses from the bank’ s…

–Wells Fargo& Co. is considering a sale of its retirement-plan services business, according to people familiar with the matter. In February, the Federal Reserve banned Wells Fargo from growing assets past their December 2017 level until the bank rights its missteps. The retirement-plan services business is part of Wells Fargo’ s wealth and…

A typical Social Security payment is likely to cover basic costs in these areas.

The Securities and Exchange Commission’ s Investor Advisory Committee voted 16 to three Wednesday to recommend changes to the agency’ s Regulation Best Interest, including that the rule be a fiduciary standard. On a call with committee members on Wednesday, Barbara Roper, director of investor protection at the Consumer Federation of America, laid out the four…

In a meeting with Republican lawmakers before they left Washington for the August congressional recess, Mr. McCarthy warned that time was running short: Unless they intensified their campaign efforts and forcefully delivered a coherent message, he said, Republicans would suffer grievous losses in November. By Labor Day, Republicans were fatally unprepared…

It’s the second big loss for Credit Suisse, which is fending off dozens of claims from former brokers claiming their compensation was withheld.

Democrats have reclaimed the House, while Republicans extended control in the Senate. Now, investors will turn their attention to other issues, including the Fed’ s monetary policy and the U.S.- China trade battle. Democrats will try to limit Trump.

Polls are still open as we write this, but indications from several prognosticators we follow are pointing to a split Congress coming out of this election with Republicans maintaining control of the Senate, while Democrats take over the House. History bears this out, as the best market performance has come with a Democrat in the White House and a divided…

Investigators say the barred rep diverted more than $1.8 million of her clients’ money for personal use, including on vacations and houses.

President Trump indicated he’s bracing for the midterm results expect by most prognosticators: Democrats retake the House even as Republicans slightly pad their Senate majority.. If he— and they— are right, the outcome will represent the first midterm since 1970 in which the president’s party gained ground in one chamber while losing it in another. In that race,…

As we’ve extensively covered in The Health 202 and in The Washington Post, the outcomes of those critical races are bound to have a major impact on numerous health-care issues, depending on whether Republicans maintain control of both chambers of Congress or whether Democrats recapture the House majority. Voters needed only to turn on their televisions or…

If the measure passes, Washington would immediately have one of the most aggressive climate policies in the country. Despite its local focus, Initiative 1631 stands to reshape climate politics in places far from Seattle or Spokane. If it passes, Washington would become the first state in the country— and, in fact, the first large government anywhere in the world— to…

A $6 billion RIA deal may signal a reversal of lackluster market activity.

The biggest spender of 2018 is Rick Scott, current Florida governor and cofounder of hospital operator Columbia Hospital Corp. Scott, a Republican who is running for U.S. Senate in Florida, has spent $51 million on his campaign so far. Hugin, the Republican candidate for U.S. Senate in New Jersey, has spent $27.5 million of his own money, challenging incumbent…

UBS acts as a fiduciary 3 in the program, which includes fund research, investment decisions, ongoing investment reviews, fund replacement decisions and quarterly investment reporting. Engaging with advisers for fiduciary investment advice is becoming the preferred way of doing business for plan sponsors, and demand is quickly spreading to the small plan…

The filing comes almost two years after 37- year-old Blaise Gamba died after a boating trip with her husband. In the suit, Blaise Gamba’s mother, Nancy Huhta, accuses William Gamba, 39, of concocting an elaborate coverup to make money off his wife’s $1 million life insurance policies and their joint assets, including a waterfront home in Madeira Beach he sold last…

The regulator proposed a “clear and concise” summary for clients considering the products, but the impact appears limited.

SALT LAKE CITY— The battle to expand Medicaid in Utah is being waged from a small, three-desk office in a downtown high-rise, by three women in their 20 s and 50 or so volunteers. An electorate that’s expected to elect Republican Mitt Romney to the Senate is also, increasingly, expected to approve a small tax to fund health-care coverage. Doing so would dramatically…

Student debt has more than tripled since 2004, reaching $1.52 trillion in the first quarter of 2018, according to the US Federal Reserve- second only to mortgage debt in the US college costs have outpaced the Consumer Price Index more than four-fold since 1985, and tuition assistance today is often harder to come by, particularly at schools without large…

Borrowing from an account with the intention of replacing the funds in 60 days can be hard and come with costly tax ramifications.

A recent Kaiser analysis found that the repeal of cost-sharing reduction payments and the individual mandate penalty is driving up premium costs significantly.

John H. Durham, U.S. Attorney for Connecticut, said Barton Stuck will be sentenced by U.S. According to a release, Stuck controlled related business entities, including Signal Lake General Partner LLC, Signal Lake Operations LLC, Signal Lake Management LLC, Signal Lake Side Fund LP, Signal Lake Side Fund II LP, Signal Lake Side Fund IIA LP, Signal Lake Top Prospects…

State and federal officials are recommending a plan to protect the Texas coast from hurricanes _ particularly the Houston area _ with a barrier system made up of floodwalls, floodgates and seawall improvements. The proposal, which could cost up to $31 billion, focuses on preventing storm surge from entering Galveston Bay, which leads into the Houston Ship Channel, home to the country’s largest petrochemical complex. The proposal could take more than 20 years to complete if approved.

This is mostly because the United States lacks a unified, permanent national disaster recovery system. Even though flooding is the most common natural disaster in the United States, there are no legal requirements for homeowners to have flood insurance; standard insurance doesn’ t cover flooding. That said, the Federal Emergency Management Agency calculates…

Wells Fargo Institutional Retirement and Trust reported its new report details the specific features of a well-designed 401 plan that are most effective in helping employees amass the savings they need to replace 80 percent of their income in retirement. According to a media release, for the report, Driving Plan Health, Wells Fargo Institutional Retirement…

Perceptions and aspirations for aging may be experiencing a major shift, according to the new survey of 2,002 U.S. adults commissioned by TD Ameritrade. According to a media release, the study reveals that aging timelines are lengthening, as the average age one would classify someone as “old” is now 74, up from 68 in 2009. But it’s also influenced by how Americans…

The team, which already has $3.5 billion in AUA, will service bond requests of any type from Arkadios Capital’s advisors.

Ms. Hardison had been one of the executives in charge of a broad effort to clean up the beleaguered bank. Wells Fargo suspended Ms. Hardison and Mr. Julian at the request of regulators at the federal Office of the Comptroller of the Currency, according to a person briefed on the decision but not authorized to discuss it publicly. Ms. Hardison didn’t respond to…

A convicted sex offender accused of fatally stabbing an insurance company executive while she was running on a trail has pleaded not guilty. The Hartford Courant reports a Superior Court judge on Wednesday ordered 27-year-old William Winters Leverett be evaluated by a psychologist after he entered his plea. Leverett faces a murder charge in the November 2014 death of 54-year-old Melissa Millan, a senior vice president at Massachusetts Mutual Life Insurance Co.

The inaugural event builds on mounting industry interest in improving its historically dismal record on growing the ranks of minorities and women in wealth management.

The Wealth Enhancement Group has reached $9.7 billion in client assets under a slew of M&A deals and substantial organic growth.

Top equity holdings ranging across all generations included Apple, Inc.; Amazon.com, Inc.; Facebook, Inc.; Berkshire Hathaway, Inc.; and Netflix, Inc.; among others. Concerning ETFs, U.S. Broad Funds were widely used, as the report found the Schwab U.S. Broad Market ETF; SPDR S&P 500 ETF; and Vanguard Total Stock Fund; average in the top five ETF holdings.

Lori Lucas, president and CEO of the Employee Benefit Research Institute, says this is because retirees are worried about longevity risk, want to bequeath assets to heirs, and are also concerned about health care costs. Nonetheless, according to a report by HealthView Services, retiree health care costs are expected to increase 5.47% a year for the foreseeable…

Thanks to significant practice growth during the last few years, advisers feel empowered and optimistic about their future prospects, according to a new report,&# x201C; Harnessing Growth: The LIMRA-EY Experienced Financial Advisor Study,&# x201D; based on an online survey of nearly 1,500 advisers. Eighty percent say that they have experienced significant gains…

Millennials are uncertain about making investing decisions and show little interest in robo advisers, despite having come of age in a digital world. In fact, they prefer working face to face with a financial professional, according to a research report,&# x201C; Uncertain Futures: Seven Myths About Millennials and Investing,&# x201D; from the CFA Institute, in…

OneAmerica researchers call these findings troubling, given the fact that as many as 70% of Americans can expect to have a long-term care need at some point in their lifetimes, according to the U.S. Department of Health and Human Services. Unsurprisingly, the wealthier segments of the population are more likely to say they have engaged in any long-term care…

The Society of Actuaries released a series of reports on the financial challenges and retirement perspectives affecting all generations, namely Millennials, Gen Xers, Late Baby Boomers, Early Baby Boomers and members of the Silent Generation. The first report,&# x201C; Financial Priorities, Behaviors and Influence on Retirement,&# x201D; reveals that…

Asked about their attitude towards money, 51% of Americans, the largest percentage, say they are savers, according to PwC&# x2019; s 2018 Financial Wellness Survey. However, nearly one-third of savers have less than $50,000 saved for retirement, and more than one-third would not be able to meet basic expenses if they were out of work for an extended time.

The bank could be eyeing a move into digital wealth management.

The proposed regulation would allow small businesses to band together to offer employees defined contribution plans.

A petition to vacate the award was denied by a federal judge.

CoreLogic reported updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to this new data analysis, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, and the storm surge losses, including losses covered by National Flood Insurance…

Companies transforming the sector provide stable returns and a transformative future based on data.

The federally run health insurance marketplace has been hit with a data breach impacting 75,000 individuals, the Centers for Medicare & Medicaid Services disclosed on Friday.

Christopher and Connie Brogdon’s asset list suggests the pinnacle of Atlanta prosperity. For trips, they have the King Air private plane worth $1.5 million, and for leisure there’s the $2 million beach house on St. Christopher Brogdon is a national player in the nursing home and assisted living industry, as well as being an owner of the J. Christopher’s…

Above-average company contributions are essential to helping workers live comfortably during their post-work years, according to a Wells Fargo report.

A group of financial advisors managing $520 million in client assets has moved their book of business from Cambridge Investment Research to LPL Financial. Premier Investments of Iowa, led by President Jeff Johnston and Vice President Brock Renner, has joined LPL’ s broker/dealer and corporate registered investment advisor platforms.

Stock futures. It’s still a stock market correction, so stay in cash. Apple, AMD, UnitedHealth, TJX are among the few top stocks holding up. Breakouts aren’t happening.

Sales of the fee-only products have expanded in a major way, but they have yet to win over advisors.

LPL slammed the move by the exiting major issuer to cut off trails for advisors in certain existing contracts.

Earlier this year, small stocks were a big trade. Among investors, the bet was that smaller American businesses had less to lose in the global trade fight than big multinationals, and more to gain from the Trump administration’ s tax cuts. “They’ re more exposed to the rising rate environment,” said Marc Pouey, U.S. equity strategist with Bank of America Merrill Lynch.

In Dawn Bennett’s world, the American Dream is one in which people adorn themselves in $502 fishing boots, shred the slopes in $690 ski hats and hit the back nine toting $13,500 golf bags. Rather than use her investors’ money to buy inventory or expand the business, Bennett lied about its success and used the cash to “fund her extravagant lifestyle” that included…

“High-touch” support, technology and firm culture played a part in career changes for seven advisors.

DES MOINES, Iowa- After nearly three months without a winner, the Mega Millions lottery game has climbed to an estimated $654 million jackpot. The last time anyone won the jackpot was July 24, when a group from California claimed a $543 million prize. Mega Millions is played in 44 states, Washington, D.C., and the U.S. Virgin Islands.