Eric Rasmussen

Colorado Springs

Senior Editor at Financial Advisor

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Articles

Report Suggests More Clients Want You In Estate Planning

3 weeks ago | fa-mag.com | Eric Rasmussen

You know there are a lot of retirements coming, and that your clients are likely going to switch from thoughts of asset growth to thoughts of legacy or sustainable lifestyles (being able to live the way they do now without working). A new report suggests that estate planning of this type will have to be part of your service offering, and that advisors who don’t adapt could see clients walk away.
M&A Report Sees Rising Valuations For RIAs

3 weeks ago | fa-mag.com | Eric Rasmussen

The valuations for RIA firms went up last year, and smaller firms are getting more of a day in the sun, according to a new report from Advisor Growth Strategies, a Phoenix-based consulting firm for registered investment advisory pursuing M&A deals. The heavy deal volume has been partly driven by all the institutional money pouring into the space to pursue deals and seize on a fragmented market.
2025 Independent Broker-Dealer Review & Ranking: IBDs Go Big

3 weeks ago | fa-mag.com | Eric Rasmussen

In the future, will people have relationships with their financial advisors or with the advisors’ broker-dealers, custodians and other affiliated businesses? It’s an uncomfortable question. Clients rarely accept abrupt changes in their most intimate business relationships, whether it’s with a physician or a ward of their money. But they do accept change that happens gradually. Let’s say your longtime doctor or dentist is retiring.
Cambridge RIA To Pay $15M SEC Penalty Over Fund Fees

1 month ago | fa-mag.com | Eric Rasmussen

The RIA subsidiary of Cambridge Investment Research, the Fairfield, Iowa-based broker-dealer, has agreed to pay $15 million in disgorgement and penalties after the Securities and Exchange Commission claimed the firm put clients in unnecessarily expensive mutual funds and wrap accounts that generated millions of dollars in revenue sharing for the broker-dealer mother ship.
Raymond James Beats Q1 Earnings Estimates

2 months ago | fa-mag.com | Eric Rasmussen

Raymond James Financial reported beating earnings estimates for the first quarter of fiscal 2025, and record quarterly net revenues. But company executives also noted the loss of independent branch advisors and frustrations as deep-pocketed private equity firms scoop up advisors from the recruiting pool.
Allspring Managers Tout Small-Caps, Active Management

Dec 10, 2024 | fa-mag.com | Eric Rasmussen

Despite the uncertainty people have felt about the economy and the markets, the team at Allspring Global Investments were upbeat about the 2025 economic and stock market, pointing especially to the broadening of fortunes beyond a handful of mega-cap tech companies and into the small and midcap stock universe.
Moody's Says Cash Sweep Backlash Could Hurt Wealth Managers' Credit

Aug 20, 2024 | fa-mag.com | Eric Rasmussen

When interest rates started to rise a couple of years ago, it was a bonanza for wealth management firms, which could make extra interest off client money parked in short-term overnight bank accounts. But cash sweep accounts have recently won attention for all the wrong reasons. Typically these accounts aren’t for long-term investing but instead hold short-term proceeds from things like dividends or interest or monies for commission payments.
A New Cash Sweep Lawsuit, And The Second For LPL

Aug 1, 2024 | fa-mag.com | Eric Rasmussen

Two weeks after it was sued for a program in which it makes money on parked client cash, LPL has been sued again by another client for the same reason. These accounts, known as cash sweeps, have recently sparked a firestorm of controversy that’s engulfing the brokerage industry and forcing companies such as LPL, Wells Fargo, Ameriprise and Morgan Stanley into court. Douglas K.
Ameriprise Sues LPL Over 'Pattern' Of Stealing Client Info

Jul 30, 2024 | fa-mag.com | Eric Rasmussen

Ameriprise Financial and LPL Financial, the two largest independent broker-dealers by revenue, are also among the fiercest competitors in recruitment—and these days often find themselves at odds while trying to swipe each other’s advisors. But according to an Ameriprise lawsuit filed this morning in San Diego, its rival’s methods have gone too far, and it said LPL has engaged in a pattern of stealing its trade secrets.
Ameriprise Sued By Clients Over Low Cash Sweep Rates

Jul 30, 2024 | fa-mag.com | Eric Rasmussen

As the subject of cash sweep money engulfs the broker-dealer and wirehouse industries, another high-profile B-D, Ameriprise Financial, has been sued in federal court by two people who said they were underpaid for the money they’d parked in short-term transitional accounts, known as cash sweep accounts.