Clark leaves big legacy and successor challenges at Schwab; Raymond James fights restraining order; the top 20 financially savvy states
Financial Planning
The leading resource of news, data and analysis for the wealth management industry.
INDUSTRY NEWS: One of the executives most closely associated with Charles Schwab's services for independent financial advisors and RIA firms will step down next month.
The June 28 transition of Bernie Clark, head of advisor services for the Westlake, Texas-based wealth and investment management giant, to an unspecified executive advisory role will mark the end of a 14-year tenure. Clark first joined Schwab in 1998 as a senior vice president of trading and operations with Schwab Institutional. Over his time as head of advisor services, he presided over Schwab's consolidation of its top position in RIA custody — to the tune of reaching more than $4 trillion in assets from $650 billion in 2010.
REGULATION AND COMPLIANCE: A federal judge has slapped a pair of Raymond James advisors with a restraining order over allegedly bringing over millions in client assets in violation of a nonsolicitation deal with their former employer, TD Bank.
But the ban doesn't just apply to the two departed brokers and their practice. It also covers all of Raymond James Financial Services — meaning that its thousands of brokers are barred, at least temporarily, from reaching out to the two advisors’ former clients. That prompted Raymond James to shoot back in a May 20 countermotion complaining the ban is "grossly overbroad."?
FINANCIAL PLANNING: Understanding money matters can help people learn from past mistakes, such as accumulating too much debt, and enable them to be better prepared for unforeseen events with severe financial ramifications, like the recent pandemic.
To find out where people have the best understanding of money matters, WalletHub rated the 50 states and Washington, D.C., on financial planning/habits and financial knowledge/education, and then combined the findings with the results of its own survey. See which states made the top 20 when it comes to financial know-how.
Register now for ADVISE AI , the first-ever wealth management conference focused solely on AI.
Subscribe for the latest in wealth management and financial planning news here .?