Banks see the ‘mass affluent’ as hot prospects worth enticing offers
A dramatic shift in cash offers—one-time cash incentives banks offer to new customers—is an example of how keen banks are to land the mass affluent
Wealth Management
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UBS sues wealth managers who joined rival firm
In its complaint, UBS accuses the defendants of using UBS resources to plan UBS client meetings that took place after the defendants had left the firm.
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Pete the Planner launches ‘affordable’ financial advice service
Peter Dunn has launched Hey Money, a financial help subscription service that targets “consumers who don’t yet have the wherewithal to hire a fee-based money adviser.”
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IBJ Podcast: Pete The Planner on how to prepare for the next recession
Pete the Planner talks to host Mason King about how to look at your budget and evaluate your readiness for a recession, and he offers advice about the kinds of changes that can help. Plus, he explains why you’re making a mistake if you try to time the market’s ups and downs.
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Articles
Indianapolis-based SBC Wealth Management merged into NYC firm
SBC, founded in 1983, is now part of New York City-based Cerity Partners, which has dozens of offices around the U.S. and about $104 billion in assets under management.
ReJoyce Financial evicted from Carmel office
It’s the latest in a series of blows for ReJoyce and CEO Alexander Joyce, who gained attention locally through his frequent informercials but has faced numerous legal problems in recent years.
Musk leads world’s richest to $1.5 trillion wealth gain in 2023
No one did better in 2023 than Elon Musk, who recaptured the title of world’s richest person from French luxury tycoon Bernard Arnault.
Windsor Wealth Management acquired by fast-growing Corient
Indianapolis-based Windsor Wealth Management had 14 employees and $1.9 billion in assets under management when Corient acquired the firm.
Indianapolis wealth management firm acquired by North Carolina business
Column Capital Advisors, an 18-year-old Indianapolis firm, is the second Hoosier firm to be acquired by Captrust Financial Advisors.
Charles Schwab plans job cuts, office downsizing amid effort to cut costs
The financial services powerhouse, which has major operations in Indianapolis, did not specify how many positions would be eliminated—but suggested that the layoffs will take place in the coming months.
Former David A. Noyes CEO awarded $2M in damages, resolving dispute over termination
The former executive, Mark Damer, had been terminated by financial firm David A. Noyes in 2019.
Former Merrill Lynch broker Buck ordered to pay $7.5M in damages to former client
Thomas Buck built a reputation as one of the state’s top financial advisers before being sentenced to prison for securities fraud in 2019.
Elon Musk takes 9.2% stake in Twitter; shares skyrocket
Twitter shares exploded 26% in premarket trading after the Securities and Exchange Commission filing showed that Musk snapped up more than 73 million shares, valued at $2.89 billion.
Critics take aim at charitable money sitting in donor funds
Criticism has helped drive a Senate bill that would tighten the rules for donor-advised funds and aim to speed donations to charities.
Senators push measure to accelerate donor-advised funds, foundation giving
Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.
Indianapolis-based Castle Wealth Advisors acquired by Kansas firm
Castle President and CEO Gary Pittsford, who founded his business in 1973, said the deal will allow the firm to continue to grow, and give it access to a much larger pool of experts and services.
First Merchants to acquire Indianapolis-based Hoosier Trust Co.
Muncie-based First Merchants plans to acquire Hoosier Trust for $3.2 million in a deal that is expected to close early next year.
Arbitrators deny J.P. Morgan’s request for damages against three former advisers
J.P. Morgan had claimed that the three former employees improperly solicited clients to follow them to their new firm.
Ousted CEO of Noyes sues investment firm
Mark Damer of Carmel, 62, filed suit against Noyes last month in Hamilton Superior Court. Damer’s complaint says his termination was in violation of the employment agreement he had signed months earlier, and that, after his termination, Noyes denied him access to records related to the Bayley Investment Group.
Hoosiers in best position to pay off credit card debt, study says
Analysts from the personal finance web site WalletHub used data from the U.S. Census Bureau, the Federal Reserve and TransUnion to see how each state is faring when it comes to credit card debt.
Richer U.S. households fueling hot job sector: ‘wealth work’
In an era that has witnessed a steady loss of manufacturing jobs, wealth positions hold one major distinct advantage: Because these jobs require personal interaction, they are immune to the threat of automation and outsourcing.
IBJ Podcast: Pete the Planner on the vulnerable, upper middle class
Peter Dunn—who is bringing his Pete the Planner column to IBJ, starting March 15—talks with podcast host Mason King about his own business and brand, the cost of travel sports and how not to pay for college.
Former powerhouse investment broker Buck sentenced to more than 3 years in prison
The case against the former star Merrill Lynch broker centered on his practice of keeping clients in commission-based accounts even as the securities industry moved toward fee-based accounts, which in many cases were cheaper for clients.