• Financial Management

    Attorney’s Financial Management Company Deemed Conflict of Interest

    On Oct. 6, the New York State Bar Association Committee on Professional Ethics (the Committee) issued Ethics Opinion 1231, in which it determined that an estate-planning attorney, who proposed setting up a financial management company that managed trust assets, would have a conflict of interest that would require clients’ informed consent, to be confirmed in writing, at the outset of the attorney’s representation. The Committee also determined that if the financial services provided by the management company, and the legal services provided by the estate-planning attorney, weren’t distinct from each other, the attorney would be subject to the New York  

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  • Financial Management

    U.S. banks see wealth management boom on borrowing, new assets

    NEW YORK, Oct 15 (Reuters) – Big U.S. banks’ wealth management businesses put in another stellar performance in the third quarter, buoyed by record levels of new money flowing into accounts and surging demand from clients to borrow against their investment portfolios. Morgan Stanley Inc (MS.N), JPMorgan Chase & Co (JPM.N), Bank of America Corp(BAC.N)and Goldman Sachs Group Inc.(GS.N) each reported double-digit growth in wealth management loan balances and revenues this week. While the COVID-19 pandemic devastated large chunks of the economy and put millions out of work, extraordinary government measures aimed at mitigating the economic blow have also boosted  

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  • Financial Management

    Airbank, Yapily to build a financial management solution for SMBs

    Financial management solution for Europe-based startups and SMBs Airbank has selected Open Banking infrastructure provider Yapily to help its users manage their finances with ease. Airbank provides a simple financial management solution that aggregates all bank accounts in one place and delivers more control, visibility, and automation to modern finance teams. Startups and SMBs use Airbank to access bank accounts, monitor cash flow in real-time, create reliable forecasts, and make business payments. Airbank matches bank transactions with merchant and category data to give finance teams complete visibility into revenues and expenses, thus helping make their lives easier with cash flow  

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  • Financial Management

    Cathie Wood’s New York Exit Spotlights Overlooked Florida Region

      (Bloomberg) — Cathie Wood’s move to St. Petersburg is giving an added boost to a Florida region that has quietly been booming, even as Miami and West Palm Beach generate more attention as destinations for New York finance firms. Related: Cathie Wood’s ARK Departs NYC in Shift to Florida Office With the addition of Ark Investment Management, which has about three dozen employees, the Tampa Bay metro area will have expanded assets under management by 61% to at least $582.4 billion since December 2019, according to Securities and Exchange Commission data. By comparison, the Miami metro area — an area  

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  • Financial Management

    Massive Open Online Course (MOOC): Public Financial Management

    The U.S. Embassy in Beirut invites the public to apply to an online course entitled “Public Financial Management” offered by the International Monetary Fund (IMF). This IMFx course is designed to strengthen participants’ abilities to assess why Public Financial Management (PFM) is important; and how it supports macroeconomic stability, economic growth, and the achievement of the Sustainable Development Goals. Presented by staff of the International Monetary Fund who provide advice to countries on their PFM institutions and reform plans, the course provides a practitioner’s view to PFM starting with what PFM is, and why it is important. Over five parts,  

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  • Financial Management

    Focus Financial’s Connectus Acquires 3 Firms in 3 days

    Connectus Wealth Advisers, a division of Focus Financial Partners, has acquired three wealth management firms in the past week—one in the United Kingdom, one in Massachusetts and one in Australia. Focus announced Monday that Trident Financial Planning Limited, a wealth management firm in Berkshire, England, would be joining Connectus. Trident, which represents the second U.K.-based firm to join Connectus’ shared services model, serves individuals and families throughout the U.K. Related: Focus Financial’s Connectus Launches Business Development Program On Friday, the firm announced the acquisition of New England Investment & Retirement Group (NEIRG), an RIA in North Andover, Mass. The  

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  • Financial Management

    Survey: Millennials Increasingly Turn to Financial Advisors

    In the next two years, even more millennials will be turning to advisors, according to a new survey by Broadridge. In a study of 1,000 U.S. investors, the financial services firm found that of the 39% of millennials not using a financial advisor, the majority (65%) plan to begin using one in the next two years. The demographic is more comfortable with investing than the total population, with 65% of millennials using self-directed brokerage accounts, compared with 52% of all investors surveyed.  The survey also reiterated the low percentage of U.S. households using robo advice, a finding reported by  

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  • Financial Management

    Financial Advisor IQ – Content Page

    Captrust Financial Advisors says it’s expanding its endowment and foundation offering with the addition of a large Chicago-based practice. Ellwood Associates caters to endowments and foundations, retirement plans, hospitals, family offices and high-net-worth individuals, according to Captrust. The addition of Ellwood is expected to bring Captrust around 200 clients and $85 billion in assets, as well as establish Captrust’s first location in Chicago and boost its presence in Denver, the company says. In all, 55 Ellwood employees will join Captrust, according to the firm. The companies didn’t disclose the financial terms fo the deal, which is expected to close in  

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