Jan. 7: Franklin Resources’ unitFiduciary Trust Co. International isacquiring RIA Athena Capital Advisors,which has assets under management ofabout $6 billion.
Jan. 9: Envestnet and DynastyFinancial Partners are launchingAdvisor Services Exchange. Envestnetacquires a minority stake in Dynasty.
Fidelity rolls out full-service healthsavings accounts for clients of RIAs,broker-dealers and banks thatcustody assets with it.
Jan. 29: A Schwab SECfiling refers to a secondJustice Department probeinto possible antitrust issueswith its TD Ameritrade purchase; Fidelity rolls out real-timefractional shares of stocks and ETFs.
Feb. 14: Advisor Group completes itspurchase of Ladenburg Thalmann’sbroker dealers. The combined entityhas some 11,000 independent financialadvisors, $450 billion in client assetsand nine broker-dealers. The enterprisevalue of the transaction was estimatedto be $1.3 billion when plans for the dealwere made public in November 2019.
Feb. 20: Morgan Stanley says it isacquiring brokerage firm E-Trade for
$13 billion, creating a firm that could
have over $3 trillion in client
assets; E-Trade has about $360
billion of assets.
Feb. 25: Schwab plans tobuy Wasmer, Schroeder &Co., which manages some
$10.5 billion in fixed-incomeseparately managed accounts.
Feb. 28: Dynasty Financial Partners isworking with National Advisors Trustto offer trust services to its advisors.
March 3: BNY Mellon Pershingsays Mark Tibergien, head of theRIA custody business, will retire inlate May. He willbe succeededby BenjaminHarrison.
March 12: Popular blogger and advi-
sor Michael Kitces says he is joining
Buckingham Wealth Partners,
along with CPA/tax nerd Jeff
Levine. “We are excited
to see Buckingham make
such important hires …
[and] position its business
as a destination for clients
seeking outstanding fiduciary
advice,” says Rudy Adolf, founder,
CEO and chairman of Focus Financial
Partners — which includes Buckingham.
March 27: The Justice Departmentreportedly approves Morgan Stanley’spurchase of E-Trade.
April 16: Merrill executives say some
700 of the unit’s advisor trainees havebeen given temporary assignments elsewhere in the bank to work on small-business loans and other projects, andits wealth unit has put further traineehiring “on hold” due to the work-from-home situation.
April 18: Online broker MotifInvesting, offers advisors and investorsbuild-your-own portfolio platforms,says it will close its doors. Accounts arebeing transferred to Folio Investing.
April 25: Financial Resources Groupand Gladstone Wealth Group willmerge, creating the largest firm affiliated with LPL Financial’s corporateRIA — with some 670 advisors and $24billion in assets.
Sept. 30: The Dow retreats 9% forthe month, during which time the Fedissues its final economic outlook andthe chances of another federal stimuluspackage fade.
Oct. 29: The economy rises 7.4% inthe third quarter from the prior periodand at a 33.1% annual rate, as it regainsabout two-thirds of ground lost earlierin the year, according to CommerceDepartment data.
Nov. 7: Several
Joe Biden as
the winner of
the 46th election for the
Nov. 9: Online trading platforms areplagued by outages.
Nov. 15: Trump says on Twitter thatBiden won, but does not concede thathe lost.
Nov. 16: The number of U.S. deathsfrom the coronavirus tops 245,000with 11 million cases on record. Year todate, the Dow is up about 4.6% (close to30,000), the S&P 500 has risen roughly11.9% (to 3,627), and Nasdaq is at a
32.4% gain (to 11,938).
SEC Chairman JayClayton announcesthat he plans to stepdown at year-end.
Clayton was sworn inMay 4, 2017, and will leavethe SEC as one of its longest-serving chairs.