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Weekend Reading For Financial Planners (January 25–26)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that while overall financial advisor headcount remains relatively flat, the RIA channel continues to gain share in terms of both headcount (as brokers break away to start their own independent firms and aspiring advisors seek (..)

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: NYC banking commission votes to halt city deposits at Capital One, KeyBank

MarketWatch

New York City’s banking commission voted to freeze deposits at Capital One Financial Corp. All three members of the banking commission — which include the comptroller, mayor and finance commissioner — voted to take the action against Capital One and KeyCorp, which respectively held $7.2 Shares of Capital One slipped 0.7%

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When Are Advisors (Financially) Liable For Negligent Investment Advice? (And Who Pays For It)

Nerd's Eye View

For example, if an advisor recommends an investment that prioritizes the commission they would receive rather than any benefit the client would derive from it, they could incur fines and sanctions for violating their fiduciary duty as an advisor.

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Extracting Actionable Takeaways From The SEC’s Staff Bulletin Regarding An RIA’s Standard Of Care

Nerd's Eye View

In 2019, the SEC released a Commission Interpretation that separated the obligation of RIAs to act in their clients' best interests into separate duties of care (to provide investment advice in the best interest of the client) and loyalty (to eliminate or disclose all potential conflicts of interest with the client).

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: U.S. economy will escape recession, new European Commission forecast says

MarketWatch

economy will avoid recession this year and next, according to the latest European Commission forecast. Visit MarketWatch.com for more information on this news. The forecast is for the U.S. economy to grow 1.4% in 2023 and 1% in 2024, against its previous estimate that the U.S. will grow 0.7% in 2023 and 1.7% this year and by 1.6%

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: Curaleaf wins renewal for NJ licenses after emergency meeting of state’s cannabis regulatory commission

MarketWatch

after New Jersey Cannabis Regulatory Commission on Monday approved a renewal of the Massachusetts-based company’s cultivation and retail licenses for adult-use in the Garden State, in a reversal of a decision last week, according to spokespeople for the commission and Curaleaf. Visit MarketWatch.com for more information on this news.

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10 Friday AM Reads

The Big Picture

The stock and bond markets incorporate new information into prices almost instantly, so trying to beat them is a fool’s errand, Malkiel wrote. Instead of trying to winnow winners from losers, you’re better off saving on brokerage commissions and headaches by spreading your investment dollars across the entire market. ( Businessweek ).