Week’s Best: Fidelity’s Higher Minimum for RIAs

Fidelity Investments is setting a new $100 million minimum asset level for registered investment advisors who want to use the company’s trading and custody platform. The move may spur RIAs to move assets held at other custodians to Fidelity. Or, it could spark an exodus of small RIAs from Fidelity and a scramble among competing custodians to win their business. The company is giving registered investment advisors who use its custody platform about nine months to meet the new minimum asset level.

Among other most-read wealth management articles this week:

Wells Fargo team jumps to LPL. A brokerage and investment advisor team that oversaw $1.1 billion in client assets at Wells Fargo has joined LPL Financial . The Praxis Financial Partners team in Alpharetta, Ga., says it opted to affiliate with LPL in part because of its technology and planning tools. The practice had been affiliated with Wells Fargo’s FiNet, its channel for independent advisors.

Protecting clients from late-career layoffs. Everyone in the workforce needs a financial plan that is built to absorb unexpected shocks—especially women over 50, Zaneilia Harris, president of Harris & Harris Wealth Management Group, writes for Barron’s Advisor. When a client’s income disappears unexpectedly, she encourages her to take some time to absorb what’s happened. Then they reassess the financial plan and take stock of current assets, investment accounts, monthly spending and cash flow, healthcare costs, tax implications, income sources, and legacy goals.

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Rockefeller recruits big Truist team. Rockefeller Capital Management has recruited a five-person financial advisor team from Truist Advisory Services, where it oversaw about $1 billion in client assets. The Piedmont Wealth Partners team expands Rockefeller’s presence in North Carolina. The practice caters to high- and ultrahigh-net-worth clients. The move continues Rockefeller’s aggressive recruiting campaign that has attracted dozens of advisor teams in recent years.

Webull pushes back on claims of China-related risk. Webull is contesting claims by a congressional committee that the brokerage firm’s ties to China pose legal and surveillance risks to American investors. The report, issued Wednesday by the House of Representatives Committee on China, sparked a 19% drop in Webull’s stock that day. Webull says the committee misrepresented its operations.

Active ETFs belong in models, says Capital Group’s Davis. One of the fastest-growing investment vehicles are ETFs, and actively managed ETFs are getting more use within model portfolios. In this Q&A, Scott Davis, who heads the exchange-traded fund and separately managed accounts businesses at Capital Group, explains the reasons for this trend and identifies the Capital Group’s ETFs that are proving popular with financial advisors.

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