FDIC aligns behind JPMorgan in advisor loan fight; what it means to be wealthy; ETFs with the biggest outflows of April

COMPENSATION: The FDIC is plopping its weight down in JPMorgan's dispute over recruiting loans made to 16 former First Republic advisors.

In a motion filed in federal court in San Francisco, the FDIC called for a halt to the former employees' attempt to avoid having to pay back more than $90 million in recruiting loans and win more than $180 million in related damages from JPMorgan, which bought First Republic out of government receivership in May last year. The ex-First Republic advisors are pursuing their claims before Financial Industry Regulatory Authority arbitration panels. With Wednesday's motion, the FDIC joined JPMorgan in arguing the former advisors should not be allowed to make their arguments in FINRA arbitration.

Read: FDIC backs JPMorgan in dispute with ex-First Republic advisors

WEALTH MANAGEMENT: There are as many types of clients as there are types of relationship with money. Clients who come into an advisory practice may be searching for everything from peace of mind around financial affairs to advice on a hot stock to buy or a clever tax strategy. But they all want to increase their wealth.?

Yet how do wealth managers define the word “wealthy”? Our chief correspondent surveyed leaders in the field; here’s what they said.?

Read: Everyone wants money. But what's it mean to be wealthy?

INVESTMENT STRATEGIES: April is the cruelest month, the poet T.S. Eliot once wrote. And though he may not have been thinking of ETFs, last month's net flows for the funds were a bit of a wasteland.

In April 2024, U.S. exchange-traded funds took in 63% less capital from investors than they had in March. In total, consumers invested $37.98 billion in the products, down from a massive haul of $102.53 billion the previous month. Which funds suffered the biggest outflows? Check out the list.?

Read: The 20 ETFs with the biggest outflows of April 2024

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