Latest news with #RIA
LBCI
20 hours ago
- Politics
- LBCI
Moscow summons German envoy over 'persecution' of Russian journalists
Moscow summoned German ambassador Alexander Graf Lambsdorff on Friday to protest Berlin's "persecution" of Russian journalists, Russian state media reported. The row began after Russia's top media official in Berlin accused German police of confiscating his family's passports, prompting Moscow to warn of retaliation. "The German ambassador was summoned to the Russian Foreign Ministry today," the ministry said, according to the state RIA news agency. AFP
DW
a day ago
- Politics
- DW
Ukraine updates: Russian strike kills 5 in Dnipropetrovsk – DW – 06/27/2025
A Russian missile strike killed five people and wounded 23 others in Ukraine's central Dnipropetrovsk region. Meanwhile, Moscow summoned the German ambassador over the "persecution" of Russian journalists. DW has Russian Foreign Ministry summoned the German ambassador Alexander Graf Lambsdorff to announce retaliatory measures against the "persecution" of Russian journalists working in Germany, Russian state news agencies reported. The dispute began after the head of Russia's state media company in Berlin, Sergei Feoktistov, accused German police of confiscating his family's passports, prompting Moscow to threaten retaliation. According to RIA state news agency, Russia's Foreign Ministry spokeswoman had warned last week that Moscow was preparing countermeasures and urged German correspondents in Moscow to "get ready." Russia has repeatedly accused Western countries of mistreating journalists and imposing restrictions on foreign media. However, Russia itself has blocked access to dozens of Western media outlets and restricted coverage of the war in Ukraine. Deutsche Welle was banned in Russia in 2022, shortly after Moscow began its full-scale invasion of Ukraine. A Russian strike in Ukraine's industrial region of Dnipropetrovsk killed five people and injured 23 as Russian forces tried to gain a foothold in the region for the first time in the war. "Three people have been killed in an enemy attack. Fourteen people have been wounded," regional Governor Sergiy Lysak said of the attack on the town of Samar, outside the region's main city Dnipro. He later updated the number of fatalities and spoke of five dead and 23 injured. Russian forces attacked both Dnipro and Samar with missiles earlier this week, killing at least 23 people. Ukrainian military officials said previous Russian attacks near Samar had hit Ukrainian military training facilities. Separately, authorities in the northern Kharkiv region reported that one person was killed and three others injured in Russian attacks. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video We are following the latest developments concerning Russia's war in Ukraine. On Thursday, EU leaders agreed at their summit in Brussles to extend sanctions on Russia for an additional six months and called for even greater efforts to deliver more military support for Ukraine. The leaders also underlined the need to help Kyiv's defense industry, which can manufacture weapons and ammunition more quickly and cheaply than its European counterparts. Ukrainian President Volodymyr Zelenskyy was present for the summit via videolink. He urged the European Council to send "a clear political signal" that Brussels supports Kyiv's efforts to join the European Union and repeated his call to crack down on Russian oil revenues. Meanwhile, Russia continues its air strikes on Ukraine and exerts further pressure on the front lines. Stay tuned for more news and analyses.
Yahoo
3 days ago
- Business
- Yahoo
Cetera CEO Durbin Cites 4 RIA Options as Differentiator for New Indie Channel
You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. Cetera Financial Group CEO Mike Durbin believes the firm's recently created RIA channel will attract both internal and external advisors, partly due to its multi-model approach. In a market shifting toward independent registered investment advisor models, Durbin sees Cetera as uniquely positioned to offer options ranging from fee-only, fiduciary-focused advice to hybrid models with commission-based business, to independent 1099s operating on Cetera's platform. 'We've clustered all those into this new channel because that is this confluence of RIAs [models], and/or going to market and doing the direct provision of advice and guidance to the end household as a Cetera advisor,' he said. The San Diego-based broker/dealer's channel combines four existing advisor groups created through years of acquisition. It includes The Retirement Planning Group, a fee-only W-2 model; Avantax Planning Partners, a hybrid W-2 model; Cetera Investors, a supported independence model through over 40 branch offices; and Cetera Blueprint, a platform offering for affiliate RIAs. 'We have the resources of a 12,000-advisor organization, but [you] still have [your] posse,' Durbin said. '[They] still do trips together, the sales leadership is the same, the service escalation leaders are the same—we think it's the right way to go about it.' Durbin said he expects the 'rate of growth' to be the largest across the firm's five advisor channels, but this is due in part to the 'law of small numbers.' The RIA channel, which is a conglomeration of four existing models, has just under $35 billion in AUM among over 600 advisors. He said that growth will come from two areas. One is Cetera's ability to see advisors in its network through the full cycle of evolution, from a startup 1099 to a larger firm that needs supported services and offerings, to finally selling the firm. 'We can accommodate all of that inside the four walls of Cetera,' he said. 'There's nothing more hurtful—and thankfully there is less and less of it now—than when we hear we've lost a team because they left us to take a different form somewhere else. [They] really can stay here.' The second area is recruiting external firms, which range from independent, hybrid broker/dealer breakaways to existing small RIAs. 'We're getting growth internally and externally in this RIA channel,' he said. 'The real thesis is that this secular trend toward more RIA-centric offerings is sort of undeniable, so we have to be there.' Some Cetera competitors have been in the market with independent RIA channels, including LPL Financial, Raymond James and Wells Fargo. In the meantime, broker/dealer Osaic recently announced it is acquiring a $13.5 billion RIA, CW Advisors. 'These big, legacy broker/dealers are playing defense because a lot of breakaway broker movement goes from the independent broker/dealers to the RIAs,' said Tim Welsh, president and CEO of consultancy Nexus Strategy. 'That's not always easy to do, particularly if you have some commission-based business. ... [Cetera] is saying, 'don't leave us, stay here with Cetera because you can tap into these four channels.'' Welsh said that may work for those in the independent broker/dealer space. But he doesn't see RIAs making the move as they have already made the transition and have several low-cost custodians to choose from. 'They've already cracked the code,' he said. 'So [independent broker/dealers] are not going to get inflows from existing RIAs—they'll come from defecting broker/dealer reps.' Durbin did note the industry's move toward fee-only, fiduciary-based advice. However, he also said the most vibrant growth will be in hybrid RIA models that want to retain some commission business and need a friendly broker/dealer for their license. He also sees Cetera competing with mega-RIAs moving toward more centralized service offerings. 'If you join some of these mega-RIAs, part of how they're driving value is narrowing the field of play, [having] centralized financial planning, centralized investment management, you've got to use [their] models, you have to use [their] vendors,' he said. 'Our architecture is wildly open because we need to be credible with 12,000 independent contractors.' Cetera offers a self-clearing custodial option and third-party choice with Fidelity's National Financial Services, BNY Pershing and Charles Schwab. Over the past few months, it has been hiring leaders to drive the new channel. Cetera recently announced that Jen Hanau, formerly Mariner's national managing director for independent channels, would lead the RIA channel. Durbin also noted Cetera hired John Lefferts, who came from Equitable Advisors and knows the hybrid, supported-independence model, and Andina Anderson, who had experience at Envestnet's Tamarac, to run Cetera's Blueprint platform. 'We're putting serious investment behind this fifth channel, and we've gone to market to bring in specific subject matter, expertise and experience in those activities,' he said. Cetera's other four existing channels are its advisor channel, institutions channel, a large enterprise channel and a tax and accounting channel. Durbin said the array of options has helped the firm recruit Commonwealth advisors since LPL announced it was acquiring the broker/dealer. He said Cetera has prospects in four recruiting channels and two 'signed wins' in two. 'If we're doing our job right in the consultative selling process, we're talking to a Commonwealth team, getting to know their business better, and saying, 'Oh, you have a really high tax orientation, you'd be great for our tax channel,'' he said. 'Same for large enterprise, same for bank, same for independent practice.' Cetera has been aggressively targeting Commonwealth advisors. In April, President Todd Mackay wrote an open letter inviting them to join them. Then, in June, after speaking with those advisors, he followed up, highlighting what Cetera can provide. Durbin said LPL's direction in filings about the deal shows that the approach 'will be upended,' partly by changing the clearing firm and the technology for its advisors. LPL leadership, for its part, has said it will keep the Commonwealth brand and ethos, forecasting a 90% retention rate of advisors. Durbin said Cetera feels the Commonwealth group is a good target because they 'go to the market through channels and communities.' 'We're not a 12,000 advisor company, but one of communities,' he said. 'Why is that important? Because what made Commonwealth great was their embrace of community.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
The Role of Internships in Filling the Advisor Pipeline
You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. Registered investment advisor Halbert Hargrove has strived to build its firm on a unique business model in an industry known for aggressive recruiting and poaching: training and hiring interns. Kelli Kiemle, managing director of growth and client experience at Halbert Hargrove, said the Long Beach, Calif.-based RIA often has five to six college interns at the firm at any given time. It also has a dedicated intern manager who runs the program, recruits interns and meets with them weekly. 'We actually have 10-plus employees at this point that have come from our intern program,' she said. 'All of them are at different stages of their career, with some people who are just recently graduated, and I have a couple of interns who have been with us for 10-plus years and are at higher-level positions in the firm.' Halbert Hargrove is among what industry watchers say is a relatively small group of RIAs with dedicated internship programs. These types of programs are rare, but much needed, said Jimmy Zhao, a partner in McKinsey's Boston office and lead author of a much-quoted report forecasting a shortage of 100,000 financial advisors by 2034. 'An internship program can be an effective way to help bridge that gap and bring talent into the industry,' Zhao said. 'It is also a way to differentiate your firm at this stage.' Despite what should be the attractiveness of wealth management, Zhao said there 'seems to be a reality-perception gap' for students when considering career options. Several colleges and universities, as well as financial planning programs such as the CFP, are trying to change that. For example, Utah Valley University in Orem, Utah, consistently ranks as one of the country's best financial planning programs. Founded in 2011, it now has more than 300 enrollees a year. 'Many of our students come from blue-collar backgrounds and work part-time or full-time while in school,' said program director Scott Stratton. 'Their drive to succeed in a demanding academic and professional environment is a big part of what sets our program apart.' Stratton added the school maintains relationships with dozens of local and national wealth management firms, which helps source internship and full-time employment opportunities. 'Our students are often embedded within firms while still completing their degrees, gaining practical experience and building long-term career paths,' he said. 'The feedback from firms has been overwhelmingly positive, often noting how prepared and professional our students are from day one.' New York-based Modera Wealth has been actively recruiting on college campuses to find talent and get first-person feedback from the younger generation, according to Laurie Vitali, the firm's chief people officer. This summer, five students are completing 10-week internships with the firm, an initiative it has had in place for about seven years. Vitali said an essential part of establishing a strong program is first assessing the local offices' needs. 'One of the most important things is making sure that the offices that you're recruiting for have a need for an intern, and that you define the program, so when the intern comes in, it's both a benefit to the office and to the intern,' she said. 'We want them to really get some hands-on experience and some meaningful work over those 10 weeks.' Vitali said the RIA message of being a trusted fiduciary to a client will resonate with the next generation, and the more they understand it, the more they'll be drawn to the space. 'I feel like today's generation wants to hear authenticity in the organizations they join,' she said. 'That's what makes an internship program so valuable. They're immersed in it and can see what the culture is about. They can see the differentiator in what and how an RIA operates versus an advisory that's selling products as well.' Modera had early success with its internship when it was a smaller firm in 2008. Kelly Henning, now a principal with the firm, started in the program, not knowing much about wealth management. Henning took a role in client services and then steadily climbed the ranks, becoming a financial advisor and eventually joining the firm's leadership team. That was a far cry from when she started. 'Prior to my internship, my only real knowledge of investing was what I had heard about Wall Street,' Henning said. 'I wasn't really aware of what comprehensive wealth management was.' Henning's internship took place during the Great Financial Crisis, which she said was impactful because it showed her how important financial advice is for people and why she wanted to pursue it as a career. 'I was able to really see the passion that the Modera advisors had to help clients,' she said. 'I saw the advisors with their calm and reassuring words to clients. It showed me how I could really help others through financial planning and make them feel confident that they could reach their retirement and their personal goals. I thought that would be an admirable way to build a career.' Today, interns like Phoebe Switzer, who is coming to the end of one year at Halbert Hargrove, are often interested in financial services, but aren't aware of the wealth management space. Switzer found her way to Halbert Hargrove when she met Kiemle at a fitness center where Switzer was working the front desk. On Switzer's first day at Halbert Hargrove, she was impressed by the warm welcome from everyone at the office and those working remotely. 'My manager took me on a tour throughout the office,' she said. 'Everyone that I met in the office that day asked me how I was and said I could come to them with any questions. Many had been interns themselves. They made me feel very comfortable on my first day.' Switzer and her peers start the day by checking a queue of items. This includes assisting with client meeting preparation for advisors and working on client proposals. Switzer said she enjoys helping organize client notes because it allows her to read through their financial lives and understand their issues, goals and needs. 'I've learned so much from reading these notes about clients and their needs and goals,' she said. 'We also categorize them with the list of all of HH's services, and we see where their needs fit with what we can provide.' Now, the University of Southern California Marshall School of Business student is coming to the end of her one-year internship and is considering a career in financial planning. She may not, however, become a wealth manager. She is interested in the marketing and client proposal areas of the business. David Ford, director of human resources and talent at Lido Advisors, a Los Angeles-based RIA, said the firm's internship program seeks to show participants the range of options available in the space, in addition to wealth management. 'We will screen and ask the questions up front about what they may be interested in,' Ford said. 'Whether that client-facing, talking about investments, finances, or trusts, in which case it may be more of a wealth management track. Or it could be working with our alternative investments' operations team, or working on data and analytics, or legal and compliance, which is huge for us as an RIA.' Lido Advisors is also building its employee base through a program that includes hiring recently graduated students or bringing on current students part-time. 'Last summer we had 13 interns in the program, and the year before that we had nine,' Ford said. 'This year, we have 22 interns across the company starting on June 9.' That robust class size is partly due to Ford and Lido leaning into the program after seeing results. The interns contribute while at the firm, five of whom have become full-time staffers. Ford said recruiting the interns, which begins in January and February for the summer, takes many forms. One is through Handshake, a college job recruiting service. Another is through referrals from wealth managers who have 'these great, wide networks,' which Ford's team will keep as a running list for potential candidates. Another area is strategic partnerships, such as one the firm runs with C5LA, a foundation that seeks to help people find work for teens in under-resourced communities. According to Halbert Hargrove's Kiemle, the more embedded internship programs become at RIAs, the more likely they will be to help advance the thinking and workflows at the firms themselves. 'We're past the point of asking questions like 'is this worth it?'' she said. 'It's work and resources. But one of our core values is that we're innovative, and honestly, we wouldn't be able to be as innovative as we are right now without the interns. They're adding a lot of value to our firm at this point, but it took years for us to get up and running, and it's taken us evolution to get where we are today.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
4 days ago
- Business
- Time of India
Indian EB-5 investors take USCIS to court over ‘unlawful' denial of application
Representative image A group of Indian nationals who collectively invested hundreds of thousands of dollars into the US economy under the EB-5 Immigrant Investor Program (commonly referred to as the investment-linked green card) have sued the head of the US government office overseeing the program, alleging unlawful denial of their applications and failure to implement investor protections mandated by law. The lawsuit, filed in a US District Court (Northern District of California) lists seven plaintiffs—Indian citizens living in California, New York, and India—who invested in a pooled fund managed by the now defunct Texas EB-5 Regional Center. The suit names Alissa Emmel, Chief of the Immigrant Investor Program Office at US Citizenship and Immigration Services (USCIS), as the sole defendant. At the heart of the dispute is the plaintiffs' contention that USCIS failed to honour provisions of the EB-5 Reform and Integrity Act of 2022 (RIA). The Act was passed by the US Congress to shield 'good faith' EB-5 investors from fallout when regional centers or project sponsors failed to comply with program requirements or became defunct. This lawsuit is perhaps the first of its kind following the passage of the RIA. Under the EB-5 route currently an investment of $800,000 for projects in Target Employment Areas (TEAs) - which are rural and high-unemployment areas or for infrastructure projects; or an investment of $1,050,000 in other cases, entitles the investor to a green-card comparatively quickly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo For Indians, caught in a decades long backlog for an employment-linked green card, this route is a quicker option – if they have the money to make the investment required under the EB-5 program. In addition, to the investment, job creation of at least ten local jobs is required. Investments can be made either directly (such as by operating a business) or indirectly via regional centers, which in turn invest in commercial enterprises which initiate specific projects – such as building a hotel. A significant number of investors opt for the regional center route. According to the lawsuit-complaint, the Texas-based regional center failed to pay statutorily required fees and did not file the required annual compliance forms. Under the RIA, such noncompliance should have triggered an automatic termination of the center within 90 days. However, USCIS allegedly took no action until more than a year later—following a separate lawsuit filed by another investor. Because USCIS delayed the termination of the regional center and failed to notify investors as required, the plaintiffs argue they were wrongly denied the opportunity to amend their EB-5 petitions or re-associate with compliant projects—a key protection offered under the RIA. Instead, each of their applications (Form I-526 petitions)—filed between 2019 and 2020—were summarily denied in 2024. The lawsuit states that USCIS violated the Administrative Procedure Act by unlawfully withholding agency action and failing to follow statutory procedures. Beyond the legal claims, the lawsuit-complaint documents personal hardships that the plaintiffs had to bear: missed career opportunities, financial hardship, and emotional distress stemming from prolonged uncertainty. Some have lived in the US for years on temporary visas and were hoping for permanent residency through the EB-5 route. Others, who are in India are unable to plan their futures. One plaintiff, based in California holding an H-1B visa, described the strain of being laid-off and the difficulty in finding suitable employment opportunities without a green card. Owing to his temporary non-immigrant visa status, he also pointed out that it was difficult to travel to India to attend marriages or even funerals. Another plaintiff, based in Santa Clara, said he passed up several career advancement opportunities due to the instability of his immigration status and also put his dream of home-ownership on hold. For plaintiffs still residing in India, the story was similar. Two of the petitioners from Gujarat said they had turned down business opportunities and now faced uncertainty about both professional prospects and personal plans. In their lawsuit-complaint, these plaintiffs submitted that USCIS's inaction undermines Congressional intent behind the 2022 reform, which was specifically designed to prevent immigrant investors from losing their immigration prospects due to failures beyond their control. Despite public USCIS statements that pre-RIA investors are eligible for protections, the plaintiffs say the agency has failed to apply those principles in practice. Alexandra George Santhanam, Associate Attorney at The Galati Law Firm, which is representing these investors, stated, 'Plaintiffs each invested hundreds of thousands of dollars in the U.S. economy. They did everything in their power to apply for permanent residency in good faith. USCIS ignored the duties imposed upon it by Congress. Because of that, their American Dream is now dead. This is an injustice that the Court has the power to address and order the Defendant to remedy. ' Plaintiffs are asking the court to declare USCIS' inaction unlawful, reopen their EB-5 petitions, and provide the written notices necessary to reinvest their capital and continue their immigration processes. The lawsuit may test how seriously US immigration authorities are held to their own statutory obligations—and whether the 'American Dream' that the EB-5 investors were sold can be salvaged by court intervention. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
