Latest news with #LPL
Yahoo
5 days ago
- Business
- Yahoo
Where Are Cash Sweep Lawsuits Now?
Retail investors are largely still waiting to cash in on class-action lawsuits over cash sweeps. Wells Fargo and LPL narrowly escaped allegations they breached fiduciary duties in separate lawsuits over cash sweeps in recent weeks. A federal court in California dismissed claims of breach of contract, breach of fiduciary duty for non-advisory clients and unjust enrichment in the Wells case last month, although others allegations remain. Legal claims are also forging ahead against a laundry list of other brokerages, including Raymond James, Charles Schwab, Ameriprise and others, according to the law firm Simmons Hanly Conroy. The litigation is forcing the big brokerages to rethink how they position — and monetize — clients' cash. 'Increasingly, RIAs have been using these brokered cash sweep products without understanding their inherent risks and conflicts,' said Gary Zimmerman, founder of the cash management platform Max, adding that brokerages often offer 'dramatically worse' rates than comparable options. 'Perhaps equally important, these conflicts of interest erode client trust,' he told Advisor Upside. READ ALSO: Advisors Calm Clients After Trump's Latest Tariff Announcements and Osaic Touts Advisor Addition Amid Commonwealth Talent Rush Cash sweeps programs, known in earnings reports as 'net interest income,' have been around for decades, but a rash of high-profile lawsuits and investigations over the practice took the industry by storm last year. The Securities and Exchange Commission closed an investigation into Morgan Stanley's program in May, without levying any enforcement actions, according to Reuters. Revenues in those accounts grew exponentially to over $8 billion in 2023 alone, according to an unrelated suit. Wirehouse frenemies Merrill Lynch and two Wells Fargo advisory firms weren't quite as lucky, with the SEC levying fines in January: Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million. Wells Fargo's FiNet paid a civil penalty of $7 million. Merrill Lynch agreed to pay a civil penalty of $25 million. Under the Rug. The cash sweep programs automatically move clients' uninvested cash into an interest-bearing account, or a money market fund, unless clients know about them and choose to opt out. One study found the sweeps cost investors upward of $500 million over a six-year period, and a separate report found firms can earn profits 10 times what they pay to customers. While a certain amount of cash should be kept in brokerage accounts to help pay for fees and trading, research shows that clients typically hold the cash outside of the portfolio in bank accounts, Zimmerman said. 'That's smart, since holding cash directly in your own bank accounts is fundamentally safer than using a brokered cash sweep program,' he said. This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter.
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First Post
7 days ago
- Sport
- First Post
Rohit, Kohli could make India return in August despite Bangladesh trip getting rescheduled; here's how
Rohit Sharma and Virat Kohli have not played international cricket since helping India win the ICC Champions Trophy in March, with the two stalwarts not part of the ongoing tour of England having retired from Test cricket in May. read more Rohit Sharma and Virat Kohli had last represented India at the ICC Champions Trophy in March. Image: Reuters Rohit Sharma and Virat Kohli's plan of making their return to international cricket next month remains on track despite India's tour of Bangladesh getting rescheduled for next year, with Sri Lanka reportedly offering to host the Men in Blue during this period. Rohit and Kohli have not represented India since helping the Men in Blue win the ICC Champions Trophy in March, with the two stalwarts not part of the ongoing tour of England – having announced their retirement from Test cricket in May. STORY CONTINUES BELOW THIS AD India were scheduled to tour Bangladesh for three ODIs and many T20Is from 17 to 31 August, immediately after the conclusion of their ongoing tour of England, with matches taking place in Dhaka and Chattogram. It would have been their first visit to Bangladesh since December 2022. The BCCI, however, had on Saturday announced the rescheduling of India's white-ball tour to their neighbouring country to September 2026, with the exact dates yet to be announced. Sri Lanka steps in after India reschedule Bangladesh visit According to Sri Lanka Cricket (SLC) has offered the BCCI to host the Indian team for as many matches as they would have played in Bangladesh – three ODIs and as many T20Is. Discussions currently are underway between the two boards regarding logistics as well as the feasibility of a short tour. What boosts the chances of the proposed tour going ahead is this year's edition of the Lanka Premier League (LPL), which was to take place in the months of July and August, getting rescheduled. The dates for the proposed Sri Lanka tour, however, might not be the same as it was for the original itinerary of the Bangladesh trip, with the Lankans set tour Zimbabwe for a white-ball tour that gets underway on 29 August. India had toured the island nation last year, playing three T20Is and as many ODIs. While the Suryakumar Yadav-led Men in Blue swept the T20I leg of the tour 3-0, they suffered a 0-2 loss in the 50-over leg of the tour, resulting in Sri Lanka beating India in a bilateral ODI series for the first time since 1997. STORY CONTINUES BELOW THIS AD
News18
09-07-2025
- Sport
- News18
India's Bangladesh Tour To Be Replaced By White-Ball Series Vs Sri Lanka: Report
Last Updated: The BCCI and Sri Lanka Cricket are reportedly discussing a bilateral series in mid-August, featuring 3 ODIs and as many T20Is. As India's white-ball tour of Bangladesh has been postponed, discussions are underway between the BCCI and Sri Lanka Cricket for a bilateral series in mid-August. India were supposed to travel to Bangladesh for a series comprising 3 T20Is and as many ODIs. However, the Indian cricket board confirmed last week that the tour shall take place in September 2026 as the decision has been made due to hectic international FTPs. As reported by Sri Lanka's the men in blue will fly to the island nation to play white-ball cricket. It added that the BCCI and Sri Lanka Cricket (SLC) are actively exploring the logistics and feasibility of a short series. The proposed series is expected to feature three One Day Internationals (ODIs) and three T20 Internationals (T20Is), giving both sides valuable match practice ahead of their respective future assignments. Adding to the window of availability, the Lanka Premier League (LPL), which was originally slated to take place between July and August, has also been postponed. The tournament's rescheduling has further cleared Sri Lanka's domestic calendar, making space for international fixtures. The postponement of Bangladesh has led to a re-evaluation of available windows for bilateral series. On the other hand, Sri Lanka are scheduled to travel to Zimbabwe for a bilateral series starting August 29. That makes the mid-August window — possibly around the second and third weeks — the only viable period to host India without a scheduling clash. India's previous tour of Sri Lanka – in 2024 – marked the beginning of Gautam Gambhir's coaching tenure. The visitors clinched the T20I series before the hosts bounced back to thump India in the 3-match series 2-0. Though an official announcement is still awaited, fans could soon be treated to an unexpected but thrilling contest if negotiations materialise. An announcement is expected once the logistical and broadcast-related aspects are ironed out. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
25-06-2025
- Business
- Yahoo
Commonwealth Recruits $430M Phoenix Practice From Osaic
You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. Commonwealth Financial Network, which penned a deal in March to be acquired by LPL Financial, has added Patrick Funke & Associates, a Phoenix-based team with about $430 million in client assets. The firm, run by advisor Patrick Funke and his wife, Jennifer Funke, was previously with Osaic. Prior to that, they were affiliated with Securities America, one of the broker/dealer entities that was consolidated into Osaic. Patrick Funke has built up his book of business over 25 years, focusing specifically on small corporate retirement plans. 'Oftentimes, a workplace 401(k) meeting can be the first interaction an investor has with an advisor,' he said in a statement. 'This provides an opportunity to make those meetings a gateway to making a genuine difference in people's lives.' Jennifer Funke said she likes that when they call Commonwealth, someone picks up the phone or calls back promptly. She also found the transition process was smooth. 'Now that we've transitioned, we're finding that opening a new account takes five minutes. The system generates all the forms, and it's easy for clients to approve via DocuSign,' she said in a statement. 'When we last changed our partner firm, it was for additional size and scale,' Patrick Funke said. 'That's not enough, though, because relationships are the lifeblood of our firm. The Commonwealth model means partnering with a high-level, professional team that's relationship-focused, not transaction-oriented. Looking ahead, Commonwealth and LPL will give us the foundation to grow our practice.' LPL announced plans in March to acquire Commonwealth for about $2.7 billion in cash, linking the country's largest independent broker/dealer with one known for its small cultural feel. Since then, several large broker/dealers have been more aggressively recruiting Commonwealth advisors. Just last week, Cetera Wealth Management President Todd Mackay made the case in a second open letter to Commonwealth advisors that Cetera could help them avoid some of the pitfalls they might find in a move to LPL. This letter follows one Mackay sent in April, imploring Commonwealth advisors to consider Cetera—a call made by other advisory firms, including Osaic, Raymond James and Kestra. During an earnings call in May, LPL CEO Rich Steinmeier expressed confidence in his firm retaining 90% of Commonwealth advisors, noting regular engagement and retention discussions with those advisors. On that call, Chief Financial Officer Matt Audette added that, despite the competitors vying for Commonwealth advisors, he didn't see many 'credible players' that could poach them. LPL expects to close the transaction in the second half of 2025 and finish converting advisors to its platform in early 2026. Sign in to access your portfolio
Express Tribune
20-06-2025
- Sport
- Express Tribune
Rangpur Riders sign Iftikhar, Akif, and Nafay for 2025 Global Super League
Defending champions Rangpur Riders have confirmed the inclusion of three Pakistani cricketers — Iftikhar Ahmed, Akif Javed and Khawaja Nafay — in their squad for the 2025 edition of the Guyana Global Super League (GSL), scheduled to take place from 10 to 18 July at the Guyana National Stadium in Providence. The trio will be making their debut in the GSL. Veteran all-rounder Iftikhar Ahmed brings experience from previous stints in the Bangladesh Premier League (BPL) and Lanka Premier League (LPL), while left-arm pacer Akif Javed also has LPL exposure. Middle-order batter Khawaja Nafay, meanwhile, has played in two seasons of the BPL. Rangpur will be looking to replicate their dramatic success from the 2024 GSL, when they rebounded from three initial defeats to win their final three matches and claim the trophy. A consistent force in the BPL — where they were crowned champions in 2017 — the Riders have retained several core players for the GSL, including captain Hasan and top-order batter Soumya Sarkar, the leading run-scorer in the inaugural edition of the tournament. Fast bowler Kamrul Islam Rabbi, who spearheaded the bowling attack last season, also returns. The full 16-man squad features a mix of domestic talent and overseas signings, including Kyle Mayers, Tabraiz Shamsi, and Afghanistan's Ibrahim Zadran. The Pakistan Cricket Board (PCB) has granted No Objection Certificates (NOCs) to 13 players for participation in overseas franchise leagues. Among them, Nafay has received his NOC for the GSL, while approvals for Iftikhar and Akif Javed are reportedly pending. Other Pakistani players set to feature in the tournament include Mohammad Nawaz, Sahibzada Farhan and Saud Shakeel. According to the finalised squad lists, Shakeel will play for the Guyana Amazon Warriors, while Nawaz and Farhan have been signed by the Hobart Hurricanes. As of now, official NOCs have been issued for Nafay and Nawaz, with Saud and Farhan awaiting clearance. Full Squad Lists Rangpur Riders – GSL 2025: Nurul Hasan Sohan (capt), Soumya Sarkar, Mohammed Naim Sheikh, Mahidul Islam Ankon, Kamrul Islam Rabbi, Mohammed Saif Hassan, Abu Haider Rony, Rakibul Hasan, Yasir Ali Chowdhury, Kyle Mayers, Tabraiz Shamsi, Ibrahim Zadran, Iftikhar Ahmed, Akif Javed, Harmeet Singh, Khawaja Nafay. Guyana Amazon Warriors – GSL 2025: Imran Tahir, Evin Lewis, Johnson Charles, Moeen Ali, Shimron Hetmyer, Saud Shakeel, Romario Shepherd, Dwain Pretorius, Gudakesh Motie, Akeal Hossein, Ramanullah Gurbaz, Mark Adair, Jewel Andrew, Shamar Springer, Amir Jangoo. Hobart Hurricanes – GSL 2025: Ben McDermott, Billy Stanlake, Nikhil Chaudhary, Jackson Bird, Tim Ward, Jake Doran, Raf MacMillan, Marcus Bean, Mac Wright, Sahibzada Farhan, Mohammad Nawaz, Mohammad Nabi, Odean Smith.
