THE BIG PICTURE
Schwab's 20-seat AI minimum sidelines small firms while SEC examiners probe AI governance
Seat thresholds, platform fees for AI calls and a sharper SEC exam focus on AI put the costs of AI use on the firms least able to absorb them.
Sterling Park, Chief Analyst
MARKETS IN 5
Stocks rise as Fed decision nears and yields hold
STOCKS
Stocks rebound after Anthropic filing lifts tech shares
RATES
Treasury yields little changed; 10-year holds at 5.00%
THE FED
Fed decision due Wednesday, with a hold widely expected
ECONOMY
September inflation at 3.7%, payrolls up 29,000
EARNINGS
Whirlpool cuts outlook as JetBlue and Celestica rise after hours
Miles Ashford, Markets Correspondent · Read it in five minutes
FROM THE NEWSROOM
Sheets and Green bring J.P. Morgan group to Rockefeller in Houston
WealthManagement.com reported that Rockefeller Capital Management has added a Houston team led by Chris Sheets and Forrest Green to its Global Family Office division, with sources differing on size.
Grant Whitmore, Moves Correspondent
BNY sunsets Wove platform as Pershing leadership is reshaped
BNY's Wove advisor desktop was sunset at the end of September as the bank combines Pershing into a new Wealth Solutions unit, Financial Planning reported.
Grant Whitmore, Moves Correspondent
Nevis raises $70 million Series B led by EQT Ventures
AI operating system for advisers adds Charles Schwab and a Revolut founder's fund as backers, lifting total funding to $110 million, according to the company.
Grant Whitmore, Moves Correspondent
SEC settles custody and identity theft case with TAG Associates
The SEC settled a proceeding against TAG Associates over custody failures involving 116 clients or accounts and gaps in its identity theft program, the order shows.
Theo Marsh, Regulation Correspondent
THE WIRE
MOVES · WEALTHMANAGEMENT.COM
Tandems Launches Hamilton AI Assistant For Advisors
REGULATION · INVESTMENTNEWS
Elder fraud losses hit $3B as investment scams surge 42%, FTC says
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WINTHROP & CO.
FORGIVABLE LOANS
Negotiating a forgivable loan: the terms that actually move
Forgiveness cadence, carve-outs, production thresholds and jurisdiction, in the order to ask for them.
READ THE ANALYSIS
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FINANCIAL PLANNING
When a client's health fails, is their advisor in the loop?
MOVES · FINANCIAL PLANNING
What BNY's Wove move tells custodians about RIA tech priorities
WEALTHMANAGEMENT.COM
Your Clients’ Other Accounts Are Someone Else’s Opportunity
REGULATION · INVESTMENTNEWS
SEC 2027 exam priorities target RIA fees, cash management and M&A
HEAT INDEX · 24 HOURS
1. SEC 3 stories
2. Schwab 2 stories
3. Goldman Sachs 2 stories
4. FINRA 2 stories
5. Morgan Stanley 1 story