Charles Schwab, a custodian for registered investment advisors (RIAs) and a major retail brokerage firm, is offering integrated access to the wealth management platform from Pave Finance, Inc., according to officials. The move helps RIAs “to link their Schwab client accounts directly to Pave for automated portfolio construction, management, and trading, all without moving a… Read More >>
FNZ Told for a Second Time to Undo GBST Acquisition
FNZ may have to undo its acquisition of GBST because a regulator in the U.K. — the Competition and Markets Authority (CMA) — has again determined that the union of FNZ and GBST would “substantially lessen competition” and is reviewing “different remedy options to address these concerns,” CMA officials say. GBST provides the Syn~ suite… Read More >>
Robinhood Financial Pays $65M to Settle SEC Case
Robinhood Financial LLC, a Silicon Valley brokerage company founded by two Stanford University grads, Vladimir Tenev and Baiju Bhatt, will pay $65 million to settle charges that it misled its investors by making “material misrepresentations and omissions,” according to a cease-and-desist order from the U.S. Securities and Exchange Commission (SEC). Robinhood Financial “provides online and… Read More >>
