Know Now from Asset/Wealth Management

Top News Stories compiled from authoritative sources to keep you in the Know. Now!

Nordea Chief warns about MiFID II rules


Nils Bolmstrand, chief executive officer of Nordea Asset Management, that oversees about $257 billion, says the MIFID II rules may end up being a case of the medicine killing the patient. “I would be more worried about the fact that there could be asset managers who don’t have a sufficient size [...]

Schwab backpedals on PortfolioConnect multi-custodial feature


Despite years of assurances of a multi-custodial platform as a part of the next generation PortfolioConnect launch, Schwab backpedals on the multi-custodial capability. Andrew Salesky, Senior Vice President, Digital Advisor Solutions sought to manage expectations about the upcoming release of PortfolioConnect when he suggested that it would be “a streamlined platform” [...]

Wells Fargo consolidates bank brokers into the wealth unit


The embattled and legally embroiled Wells Fargo consolidated the bank-based brokers under the leadership of Wells Fargo Advisors’ Investment management head David Kowach. “This shift will bring our brokerage capabilities under one umbrella to increase coordination across the channels, simplify processes, eliminate redundancies and improve how we operate—all with an [...]

CIBC Private Wealth Growth Plans


Canada's CIBC has ambitious growth plans for its U.S. private bank. Assembled by way of acquisitions - Atlantic Trust from Invesco being the anchor - CIBC Private Wealth intends to grow from the current AUM of $52 billion to $100 billion in the next 5-8 years. Speaking to Barron's: “I believe [...]

Wealthy Family Feuds


Family feuds are not limited to the hoi polloi but the wealthy family feuds have much bigger implications when it comes to managing money and divvying up assets. Wealth family feuds are not limited to some bad apples alone. An outsider might imagine that people involved in such fights are [...]

Morgan Stanley Tweaks Compensation to motivate advisors to use technology


According to a story in, it seems like Morgan Stanley is tweaking its comp structure to incentivize advisors to use firm's technology offerings. In recent years, Morgan Stanley launched several technology platforms including Alladin, Life Yield optimization software, and a homegrown Next Best Action planning tool. The site quotes Vince [...]

Fidelity Investments offers financial planning to 401k Participants


Fidelity Investments, the largest retirement accounts recordkeeper, has launched a more holistic financial planning service for 401-k participants.  The managed account offering - called Fidelity Personalized Planning and Advice - is the next iteration of the old PAS-W (Portfolio Advisory Services - Workplace.) "We're really doubling down on the financial [...]

Advisors rely on behavioral finance to calm investor nerves


According to Investment News, some financial advisors rely on behavioral finance to calm investor nerves. It may seem like incorporating psychology and psychotherapy into a financial planning practice, but advisors can stop investors from making emotional decisions, it may be good for both parties in the long-term. Investment News article [...]

The Amazon factor in asset/wealth management


Alliance Bernstein strategy report considers the implications of Amazon's entry into asset and wealth management.  Amazon's unparalleled customer base and an incredible online platform would give it an edge among big tech companies in asset management, most likely as "an arms-length distributor of funds" rather than as a "super-active manager," [...]

Trout on Artificial Intelligence in Wealth Management


In an interview with, Celent analyst William Trout opines on the impact of artificial intelligence and cognitive technologies on the wealth management sector and the financial advisory space. According to Trout, "AI is particularly powerful in cases where there is information asymmetry or a gap in knowledge between buyer [...]