SEC sets penalty record as Gensler heads to the exit; what clients want from wealth apps, sites; helping LGBTQ clients in new political climate
Financial Planning
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REGULATION: SEC Chair Gary Gensler is leaving office after overseeing the largest penalty haul in the agency's history, driven primarily by a multibillion dollar judgment against the crypto company Terraform Labs and its founder.
The Securities and Exchange Commission announced Friday that it had brought in $8.2 billion in "financial remedies" in its 2024 fiscal year, which ended on Sept. 30. That far exceeded the previous record of more than $6.4 billion set in its 2022 fiscal year.?
TECH: A new J.D. Power study has found that both full-service and self-directed investors are more satisfied with wealth managers' web and mobile tools when they deliver beyond the basic or "foundational" financial services. Experts say firms that seek to capture, retain and serve these technology-savvy clients (who often skew young) would do well to provide the digital tools they desire.
Alicia Rich , head of client and advisor digital enablement at fintech Broadridge, said so-called "digital natives" — those who were born into or raised in the era of digital technology — will come to expect all brands they interact with, including financial services, to allow complete access from their phones.
CLIENT MANAGEMENT: Financial planners who work with LGBTQ clients are helping them prepare for a potential rollback of civil rights under President-elect Donald Trump's second administration.
Expressing empathy for the clients' fears about future Supreme Court decisions, congressional bills or executive actions and state-level laws has emerged as a key aspect of guiding households through careful considerations and avoiding rash choices — along with providing technical guidance on the ramifications to estate planning and residential moves, financial advisors told Financial Planning. Just as with clients of any background or political ideology, planners are trying to assist clients in dealing with events out of their control that are affecting their families' financial future.
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