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Articles by Tracey Longo
Finra Advertising Rule Overhaul Could Put Advisors On Hotseat
Finra is preparing a sweeping overhaul of its advertising rules that could give financial advisors more freedom to communicate with investors—and considerably more responsibility when something goes wrong. From performance projections and artificial intelligence to finfluencers, WhatsApp messages and risky investment pitches, regulators laid out an ambitious agenda yesterday at Finra's Advertising Regulation Conference.
Merrill Lynch, Wells Fargo Settle Over Excessive Commissions On 256,000 Trades
Merrill Lynch and two Wells Fargo brokerage firms have agreed to a combined $4.4 million settlement after state securities regulators found they charged investors excessive commissions on more than 256,000 stock trades over five years. The settlements target a practice that can quietly eat away at retail investors' accounts: minimum commissions that are disproportionately high compared with the value of the securities being bought or sold.
Nearly 64% Of Financial Advisor Clients Are Asking AI About Their Money
Nearly two-thirds of Americans with financial advisors are also turning to artificial intelligence for financial guidance, and many are acting on its answers without checking with their advisors or any other source. A new study released Thursday by Evergreen.ai found that 63.8% of respondents who work with a financial advisor had asked AI about their money during the past year, compared with just 38.5% of those without advisors.
Most Americans Lack Income Plan Beyond Age 80, Study Finds
Millions of Americans are overlooking one of the biggest financial risks they face: living too long. Just 34% have planned for income after age 80, according to new research from Guardian Life Insurance Co. That’s a problem when the average life expectancy will reach 86.1 years in the coming decades and some 21% of Americans 65 and older were still working in 2023. "Many individuals know how much they're trying to save for retirement.
Dems Want To Undo Trump's Tax Cuts. Which Clients Have The Most To Lose?
Even if Democrats sweep November's midterm elections and move to dismantle President Donald Trump's signature tax law, financial advisors shouldn't rush wealthy clients into selling businesses, accelerating income or restructuring estates, experts say. Trump's veto could protect most of the One Big Beautiful Bill Act's tax provisions through 2028, even if Democrats capture both chambers of Congress, said Scot Bishop, partner and managing director at Presidio Wealth Partners.
Finra Moves To Scrap Fund Pay Disclosure Rule. What Will Investors Lose?
Finra wants to eliminate a longstanding requirement to disclose certain payments mutual fund companies make to broker-dealers selling their products, raising a question for investors: Will they still know when financial incentives could influence which funds their advisors recommend?
Trump Wants To Put Social Security In Stocks. Could It Save The Program?
President Donald Trump wants to put Social Security money in the stock market. But could Wall Street rescue America's retirement system before its reserves run dry? Trump revived the politically explosive idea Wednesday, saying he had wanted to invest Social Security funds in stocks during his first term but encountered fierce opposition.
Michigan Trader Promised Church 72% Returns. Now He's Going To Prison
A Michigan trader promised investors their money was guaranteed against losses. He even persuaded a church to invest $150,000 by promising an extraordinary 72% annual return. There was just one problem. He was already barred from commodities trading. Brian Mitchell, 44, of Ann Arbor, was sentenced Wednesday to 33 months in federal prison for orchestrating a multimillion-dollar investment fraud that victimized at least 128 individuals and organizations and caused more than $2.7 million in losses.
Indexed Annuities Are Booming. But Regulators Want To Rein In Rosy Projections
Indexed annuities are multiplying, sales are breaking records and insurers are racing to offer new ways for investors to capture stock market gains without taking all the downside. Now regulators are asking whether some of those increasingly complicated products project returns that look too good to be true on paper. Registered index-linked annuity sales reached a record $23.3 billion in the second quarter, up 22% from a year earlier, according to LIMRA.
Advisors Are Misreading Wealthy Women. It Could Cost Them Clients, Blackrock Says
Wealth advisors may be waiting for affluent women to inherit money they have already been busy making themselves. Nearly 80% of affluent women say career earnings are a meaningful source of their wealth, according to new BlackRock research. Yet advisors continue to misread not only how women are becoming wealthy, but what they want to do with that wealth. Women rank growing their wealth as their No. 1 financial priority. Advisors think growth ranks eighth for affluent women.
Advisors Sit On Gold Mine Of Retirement Plan Prospects. Why Aren't They Cashing In?
Financial advisors searching for new clients may be overlooking thousands of warm prospects already sitting inside retirement plans they serve. Just over 10% of advisors' wealth management clients originate from defined contribution plan relationships, according to new research from Cerulli Associates and Morningstar released today.
As Election Anxiety Rises, Don't Let Clients Act On Politics, Vanguard Says
Election anxiety can be hazardous to a client's portfolio. With the midterms approaching, advisors should keep nervous investors from turning political fears into kneejerk investment decisions, Vanguard experts warned during a webcast on the midterms last week. "First, acknowledge the emotion. There's a human being on the other end of your call," Ben Barasky, Vanguard's head of U.S. advocacy, told advisors.
What Puts RIAs On The SEC's Exam Radar?
Investment advisors wondering what lands them on the Securities and Exchange Commission’s examination radar just got much clearer answers. Red flags can include everything from management turnover and conflicts of interest to any financial stress on a firm and what regulators are reading about it in the news, according to the SEC Division of Examinations’ new 19-page examination handbook, which significantly expands on its previous five-page brochure.
Some Wealth Executives See Senate In Play As Midterm Election Looms
Wealth management leaders this week warned that control of both chambers of Congress could be slipping from the GOP with barely a month until Election Day. But one enormous wild card remains: Republicans are pouring hundreds of millions of dollars into increasingly competitive Senate races. Panelists at the Investment Adviser Association’s Policy & Leadership Forum this week told an audience of RIAs that Democrats are positioned to capture the House.
Retirement Readiness Sinks 10 Points As 61% Of Workers Turn To Side Hustles
Americans are doing what the retirement industry has told them to do. They are working, participating in retirement plans and saving for the future. Increasingly, it isn’t enough. Just 58% of workers say their retirement savings are on track or ahead of schedule, down sharply from 68% last year, according to Goldman Sachs Asset Management’s 2026 “Retirement Survey & Insights Report.” The strain extends well beyond retirement accounts.
RIAs Take Trump Accounts Fight To Congress, Push To Expand Investment Choice
Investment advisors are taking their fight over Trump Accounts to Capitol Hill, arguing that the fast-growing children's investment program is too restrictive and gives families and their advisors too little say over how the money is invested. "We think it's a great idea to start investing young people early," Gail Bernstein, IAA general counsel and head of public policy, told advisors at 2026 Policy & Leadership Forum this week.
Prediction Markets Are Becoming Advisors' Next Compliance Headache
Prediction markets are creating a new compliance trap for investment advisors: Employees can potentially profit from confidential information without ever buying or selling a stock. Wall Street's compliance machinery was built to catch an employee trading securities using material nonpublic information. It wasn't necessarily built to catch that same employee making the same economic bet through an event contract on a prediction market.
Wealthy Without A Plan: How To Get Women Clients On The Right Track
Advisor Jeannette Bajalia learned firsthand that having enough money to grow old is very different from having a plan for growing old. Bajalia helped two elderly women family members—one who lived to 101 and another to 93—navigate their later years because they had no one else to do it. The experience exposed a significant planning gap she now specializes in—helping affluent women, especially those without family, plot out their later years.
RIA M&A Slumps 19%, Putting 2026 Deal Record At Risk
The record-setting RIA acquisition boom has suddenly hit the brakes. RIA mergers and acquisitions are down 19% so far in the third quarter from a year earlier, threatening to end seven consecutive record-setting quarters and putting 2026’s full-year deal record in jeopardy. Just 72 RIA transactions had been announced through September 22, compared with 89 during the same period last year, according to new data from DeVoe & Company. The direction may be more significant than the decline itself.
AI Agents Are Coming For Wealth Management's Profits. Stocks Are Getting Hammered
Wall Street just gave wealth management firms a taste of how quickly artificial intelligence can upend their business models. Charles Schwab shares fell another 1% Thursday morning after tumbling 6.1% Tuesday and slipping again Wednesday. LPL Financial plunged more than 7% Tuesday and continued falling Wednesday. Raymond James, Ameriprise Financial, JPMorgan Chase and Bank of America have also been caught in the selloff.
AI Agents Are Coming For Wealth Management's Profits. Stocks Are Getting Hammered
Wall Street just gave wealth management firms a taste of how quickly artificial intelligence can upend their business models. Charles Schwab shares fell another 1% Thursday morning after tumbling 6.1% Tuesday and slipping again Wednesday. LPL Financial plunged more than 7% Tuesday and continued falling Wednesday. Raymond James, Ameriprise Financial, JPMorgan Chase and Bank of America have also been caught in the selloff.
Former Advisor Convicted Of Attempted Murder In Shooting Of 3 Palestinian Students
A former financial advisor and broker has been convicted of three counts of attempted second-degree murder for shooting three Palestinian college students in Vermont in 2023. A Chittenden County jury found Jason J. Eaton guilty on all three counts after deliberating for about two hours. The verdict followed a six-day trial in Vermont Superior Court in Burlington. Jurors rejected Eaton's insanity defense.
Forget The Midterms. Rising Costs Are Pushing Clients Into Risky Money Moves
Rising costs are rattling financial planning clients far more than the upcoming midterm elections, and some are responding in ways that could damage their long-term financial security. Nearly seven in 10 CFP professionals, or 69%, say clients have become more concerned about affordability during the past year, according to a CFP Board survey released Wednesday. Three in five, or 61%, say clients fear rising costs have put at least one financial goal out of reach.
Finra Orders Osaic Unit To Pay $1.6M Over Costly UIT Sales
Finra has ordered an Osaic subsidiary to pay more than $1.6 million in restitution and fines after finding that brokers repeatedly sold customers’ unit investment trusts before maturity, saddling 295 investors with unnecessary sales charges.
Lawmakers Seek Criminal Probe Of 'Fake' Comments Backing 401(k) Alts Rule
Three senior lawmakers are asking the Justice Department and FBI to open a criminal investigation into nearly 12,000 public comments supporting the Department of Labor proposal that could make it easier for 401(k) fiduciaries to consider private equity, cryptocurrency and other alternative investments. Reps. Bobby Scott, D-Va., and Jamie Raskin, D-Md., and Sen.
Lawmakers Seek Criminal Probe Of 'Fake' Comments Backing 401(k) Alts Rule
Three senior lawmakers are asking the Justice Department and FBI to open a criminal investigation into nearly 12,000 public comments supporting the Department of Labor proposal that could make it easier for 401(k) fiduciaries to consider private equity, cryptocurrency and other alternative investments. Reps. Bobby Scott, D-Va., and Jamie Raskin, D-Md., and Sen.
New Finra Rule Eases Regulation Of Advisors' Gig Side Jobs
Financial advisors will no longer have to tell their broker-dealers about bartending gigs, rideshare driving or weekend refereeing under a long-awaited overhaul of Finra's rules governing outside activities. The Securities and Exchange Commission has approved Finra's new Outside Activities Rule, which is designed to focus firms’ compliance resources on the supervision of outside financial activities that pose the greatest risk to investors while eliminating oversight of low-risk side jobs.
Tariffs Can't Fund Trump's $5,000 Dividend, Tax Foundation Says
President Donald Trump is promising $5,000 “dividend” checks to adult Americans if Republicans retain control of Congress. But advisors shouldn't start factoring the windfall into clients' financial plans just yet. For starters, nobody knows whether the checks would be taxable or tax-free, whether higher-income Americans would qualify or precisely how eligibility would work. And Congress would have to authorize the spending. Then there's the bigger problem: the math.
Tariffs Can't Fund Trump's $5,000 Dividend, Tax Foundation Says
President Donald Trump is promising $5,000 “dividend” checks to adult Americans if Republicans retain control of Congress. But advisors shouldn't start factoring the windfall into clients' financial plans just yet. For starters, nobody knows whether the checks would be taxable or tax-free, whether higher-income Americans would qualify or precisely how eligibility would work. And Congress would have to authorize the spending. Then there's the bigger problem: the math.
Travis Kelce Burned In $35M Ponzi Scheme
Kansas City Chiefs star Travis Kelce was among 64 victims of a $35 million Ponzi scheme run by a Texas money manager who concealed investment losses while using client money to finance private jets, luxury apartments and an extravagant lifestyle. Siddharth Jawahar, 38, was sentenced Tuesday to 11 years in federal prison and ordered to pay $31.35 million in restitution after pleading guilty to three counts of wire fraud. Jawahar took in more than $35 million from investors between 2016 and 2023.
Ameriprise, Franklin Templeton, Schwab: Fed Rate Hike Is Nearly Certain
The Federal Reserve looks increasingly likely to do something Wednesday it hasn’t done in years: raise interest rates. Ameriprise, Franklin Templeton and Schwab are all warning investors to prepare for a quarter-point increase after stubborn inflation, surprisingly strong job growth and soaring oil prices dramatically raised the odds of a September hike.
NAPFA Founders Join Member Revolt Over Governance, Fee-Only Mission
A group of current and former NAPFA members is publicly challenging the fee-only planning organization over its governance, financial transparency and commitment to the fee-only mission on which it was founded more than four decades ago. The Core Purpose Coalition includes NAPFA’s first three presidents on its advisory council and more than 80 supporters on its email distribution list, according to co-chair David Bromelkamp.
Former DOL Official Says 401(k) Alts Rule Would Shift Risk To Savers
The proposal to open up alternative to 401(k)s could weaken ERISA protections and shift risk to retirement savers, he said. By Tracey Longo The Labor Department should scrap its proposed alternative-investments rule because it could fundamentally weaken what it means to be an ERISA fiduciary, according to a former top official at the agency.
Will Stocks Get Their Traditional Post-Midterm Bounce?
The stock market has been treading water since the traditional midterm-election season began. History suggests investors shouldn't necessarily be surprised. Since 1974, the S&P 500 has gained an average of just 1.7% between Aug. 1 and Election Day during midterm years. The payoff historically has come after the votes are counted, when stocks have averaged gains of 5.7% over the following three months and more than 12% six months later.
Hidden Roth Strategy In Trump Accounts Will Create ‘Tax-Free Millionaires'
Forget the government’s $1,000 seed contribution. The biggest wealth-building opportunity in the new Trump Accounts, which went live July 4, may come nearly two decades later, when young adults can convert the accounts into Roth IRAs and potentially lock in decades of tax-free compounding.
AI Is Taking Over More Advisor Work. Why One Firm Says That's Good News
Artificial intelligence is taking over more of the work financial advisors once did themselves. But instead of making advisors obsolete, it may be making their human skills more valuable. Nearly six in 10 wealth firms are already using AI to deepen client analysis, while firms increasingly deploy the technology to summarize complex documents, personalize client communications and analyze customer feedback, according to new research from the London Stock Exchange Group (also known as LSEG).
Now Even Some Republicans Want To Tax High Earners To Save Social Security
Social Security is barreling toward insolvency. Now even some Republicans are willing to break one of the party’s biggest taboos to save it: by raising payroll taxes on the wealthy. Bernie Moreno, a Republican U.S. senator representing Ohio, and Sen. Elizabeth Warren, the longtime Democrat from Massachusetts, are working together on legislation to lift Social Security’s payroll tax cap.
Attorney Warns That Off-Channel Comms Enforcement Hasn't Gone Away
The era of blockbuster SEC off-channel enforcement actions may be fading. The compliance risk is not. That is the message from Kevin J. Harnisch, partner and co-head of regulation, investigations, securities and compliance at Norton Rose Fulbright and a former SEC Enforcement Division branch chief. Harnisch’s advice to broker-dealers and registered investment advisors is blunt: Do not mistake a quieter SEC for a lighter compliance burden. The key is where regulators are looking, he said.
Franklin Templeton: No Recession And Stocks Have More Room To Run
Franklin Templeton's investment managers aren't buying the recession story. They expect stocks to keep climbing, earnings to remain strong and economic growth to broaden well beyond the mega-cap technology stocks that have powered the market. But they also see a potentially uncomfortable companion to that growth: higher long-term interest rates.
As AI Fraud Explodes, Finra Warns Advisor Accounts Are Big Targets
Financial fraud is becoming faster, cheaper and frighteningly convincing. Now criminals are increasingly targeting financial advisors and their clients to help carry it out. “If there’s something out there that your competitors have seen, it’s coming to you next,” Thor Nelson, who leads global financial crimes at Ameriprise Financial, warned financial firms at Finra’s 2026 Financial Crimes and Cybersecurity Conference. The numbers explain the urgency.
Ex-Osaic Advisors Lose Bid To Toss Suit Over 140 Clients
Two former Osaic advisors and the Wells Fargo-affiliated wealth management firm they joined have lost a bid to derail most of a lawsuit accusing them of taking more than 140 client accounts and confidential business information from Arthur J. Gallagher & Co. when they left the global insurance broker to join Granite Wealth Management. U.S. District Judge Roderick C.
SEC Is Asking RIAs To Show Their AI Work. Here's What Examiners Want
The Securities and Exchange Commission isn't just asking registered investment advisors whether they use artificial intelligence. Examiners increasingly want firms to prove they know exactly how employees are using it—and who is watching them. Recent SEC examination requests have sought details about firms' internal AI oversight, including whether they have AI committees and whether those committees maintain written meeting minutes, according to Citywire.
86% Of Investors Think Lawmakers Trade On Inside Info. Many Copy Them
Retail investors overwhelmingly believe members of Congress trade stocks with an insider’s edge. Many are trying to cash in by copying their investments. Eighty-six percent of U.S. investors believe lawmakers trade inside information, while 90% don't trust Congress to police its own stock trading, according to a MarketWise survey of 1,005 investors. But suspicion of Congress has also spawned copycat investing.
Retired Women Face 18% Higher Healthcare Bills As Costs Soar To $185K
A 65-year-old retiring in 2026 can expect to spend $185,500 on healthcare during retirement, up 7.5% in just one year, according to Fidelity Investments. For women, the math is worse. Women are likely to spend up to 18% more on healthcare than men, largely because they live about five years longer. Yet they often enter retirement with less savings after lower lifetime earnings and time away from work for caregiving, according to Fidelity.
AI Is Taking Over More Advisor Work. Why One Firm Says That's Good News
Artificial intelligence is taking over more of the work financial advisors once did themselves. But instead of making advisors obsolete, it may be making their human skills more valuable. Nearly six in 10 wealth firms are already using AI to deepen client analysis, while firms increasingly deploy the technology to summarize complex documents, personalize client communications and analyze customer feedback, according to new research from the London Stock Exchange Group (also known as LSEG).
California Billionaire Tax Could Be Struck Down Before It Raises A Dime
California voters could approve a new 5% tax on billionaires in November only to watch courts strike it down before the state collects a dime, according to a new Tax Foundation analysis. Proposition 40, the California Billionaire Tax Act, would impose a onetime tax equal to 5% of billionaires' net worth.
Democratic Socialism Could Cost $212 Trillion: Cato Institute
Democratic socialists are racking up primary victories in 2026. Now a new analysis attempts to put a price tag on the policies they are campaigning on: as much as $212 trillion over 10 years. The Cato Institute, a libertarian think tank, estimates that the top nine Democratic Socialists of America's policy proposals would increase federal spending between $71 trillion and $212 trillion over the next decade.
SEC Settles With RIA Accused Of SpaceX, Klarna Pre-IPO Scams
A New York City-based investment advisor and its CEO allegedly misused tens of millions of dollars in client money while collecting millions in unauthorized fees and profits from funds investing in coveted pre-IPO shares of companies including SpaceX and Klarna, according to a lawsuit filed by the Securities and Exchange Commission.
60% Of Pre-Retirees Don't Have A Financial Advisor, Limra Finds
Six in 10 Americans approaching retirement don't work with a financial advisor, even as concerns about inflation and outliving their savings mount, according to new Limra research. That advice gap appears to have a striking relationship with retirement confidence. Among pre-retirees who work with a financial advisor or planner, 77% say they feel highly prepared for retirement. Just 47% of those without an advisor say the same.
Morgan Stanley, Schwab See Democrats Taking House, GOP Holding Senate
Wall Street strategists are increasingly coalescing around a midterm election scenario that could dramatically alter Washington: Democrats capturing the House while Republicans narrowly retain the Senate.
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