New $4.5B RIA, GOP ESG plans, Medicare questions & Pershing

Just in time, TWIWM is back with more than a half dozen wealth management news items and views from your team at Financial Planning.

$4.5B Merrill team launches RIA as channel draws advisors and investors By FP Chief Correspondent Tobias Salinger: "A major Merrill Lynch Private Wealth team started its own independent firm, in the latest of the movement of advisors into the RIA space attracting planners and backing from private equity."

GOP victory in Congressional midterms would spell a rough road for ESG By FP Reporter Dan Shaw: "Coined roughly two decades ago, ESG funds make up a once-sleepy corner of the investment industry that has recently exploded into controversy."

Millions of Americans just got a tax 'cut.' Will it save them money? By FP Managing Editor Lynnley Browning: "Many of the 145 million Americans who?filed?individual tax returns this year might feel like they just got a tax break."

Ask an advisor: Will Medicare help care for my 97-year-old mother? By FP Retirement Reporter Nathan Place: "This week's query comes from a 63-year-old psychotherapist in New York City, now entering a phase she calls "partial retirement." She and her husband have substantial savings and are vivacious and active, but their plans also have to account for an older family member."?

Pershing takes in $45B in net new assets as BNY wealth management client assets plummet in Q3 By FP Wealthtech Reporter Justin L. Mack: "BNY Mellon's Pershing won plaudits Monday?for thriving in the difficult market that was the third quarter of 2022, and its?Pershing X?business unit emerged as a core component of the company's future growth."?

Merrill wealth head wins AAAA award for advancing Black advisors By FP Reporter Victoria Zhuang: "The leading professional association for Black financial advisors has a new award that recognizes wealth management executives for leading the way on diversity, equity and inclusion."

7 initiatives advancing diversity in financial planning By Arizent Growth Content Writer Courtney Hoff: "Research has shown that promoting inclusion and diversity helps to drive business performance. With that in mind, some wealth managers are making concerted efforts on their DEI initiatives."?