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Look Ahead for 160 Years IN012182.indd 1 1/10/20 1:00 PM INTRODUCING A FINANCIAL SERVICES COMPANY THAT’S HELPED PEOPLE LOOK AHEAD FOR 160 YEARS. Courage. Strength. Wisdom. That’s what it takes to build a fulfilling financial future. The courage to be honest – to have tough conversations – so you can always do what’s right. The strength to stand up to ever-changing circumstances without losing sight of the bigger picture. And the wisdom to know that the most important work we do is also the most human. Because at the end of the day, financial planning is about helping people get what they really want out of life. We have over 160 years of experience helping people secure their financial well-being so that they can pursue long and fulfilling lives. And, yes, times change, but when you’ve been around for as long as we have, you know how to change with them. It’s time for the next chapter in our long and fruitful legacy. America, on the path to financial fulfillment, meet your guide. equitable.com Equitable is the brand name of Equitable Holdings, Inc. and its family of companies, including AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY), MONY Life Insurance Company of America (MLOA), an AZ stock company headquartered in Jersey City, NJ, AXA Advisors, LLC (member FINRA, SIPC) and AXA Distributors, LLC. GE-2857095 (01/20) IN012183.indd 1 1/10/20 1:01 PM WELLS FARGO’S ESG FUNDS SEE MORE TIE-UPS LOOM TIME FOR AN INDEX 3WOES CONTINUE 4 RECORD INFLOWS 13 F0R ONLINE BROKERS 18 FUND GUT CHECK JANUARY 20-24, 2020 THE LEADING INFORMATION SOURCE FOR FINANCIAL ADVISERS INVESTMENTNEWS.COM $5.00 / $89 Year MIND OVER FINANCIAL MATTERS HOW BEHAVIORAL FINANCE IS CHANGING THE ADVICE SPACE PAGE 8 TOPNEWS ACCURACY / EXCELLENCE / FAIRNESS / IMPARTIALITY / INDEPENDENCE 6 Editorial RIAs love M&A Brand slam 7 IN Voices They’re hooking up at Advisers are too a torrid pace. focused on popular INSIDE 14 On Retirement Page 12 fund names. 22 Speech Page 20 JAN. 20-24, 2020 Cover photo: C.J. Burton EDITOR’S NOTE ESG in 2020 Lawmakers demand FTC investigate Envestnet Yodlee ver my 20-plus years covering BY RYAN W. NEAL Ofinancial markets, ESG (en- vironmental, social and gover- THREE MEMBERS OF Congress are de- nance) investing has captured an manding the Federal Trade Commission inordinate amount of attention investigate Envestnet Yodlee to determine if from the business media. Cycli- the way the firm sells consumers’ personal cally, ESG woos the attention of financial data is breaking the law. journalists who are happy to spin Yodlee is argu- a tale where investing aspires to ably the largest ag- be more than a zero-sum financial KEY POINTS gregator of consum- game. So, I’ve been a skeptic. • Congress is er financial data in At this time last year, I saw questionning the country. Banks, ESG appear on the legality of brokerages, indepen- meeting agendas. how Yodlee dent advisers and However, the sells personal financial technology RON SHERROD ANNA content of those information. startups rely on Yo- WYDEN BROWN ESHOO meetings removed • Yodlee is the dlee to access, collect my skepticism. largest aggrega- and analyze infor- These firms tor of consumer mation from various Sen. Sherrod Brown, D-Ohio, and Rep. consumers’ personal information is bought weren’t discuss- financial data. financial accounts. It Anna Eshoo, D-Calif., Yodlee also sells ac- and sold, the greater the risk that it could be ing it blithely, was acquired by En- cess to this data. the subject of a data breach, like the recent GEORGE B. but instead were vestnet in 2015. “The consumer data that Envestnet breaches at Equifax and Capital One.” MORIARTY making meaningful According to the company’s website, Yo- collects and sells is highly sensitive,” the Envestnet Yodlee published a state- commitments. So, I’ve watched dlee partners with more than 1,200 compa- lawmakers wrote in the letter. “Consumers’ ment on its website saying it complies ESG closely, and, I can now say, nies, including 15 of the top 20 U.S. banks. credit and debit card transactions can re- with laws and regulations, and follows I’m a believer. Yodlee said its data aggregation reach- veal information about their health, sexual- industry best practices for data security, In the past week, we saw es 25 million people globally. According ity, religion, political views, and many other regulatory compliance and privacy. BlackRock announce that “the to the letter from Sen. Ron Wyden, D-Ore., personal details. And the more often that CONTINUED ON PAGE 24 firm would make investment decisions with environmental sustainability as a core goal.” And our Jeff Benjamin report- ed that sustainable investing “will has a sweep in this space, although they go down as one of the hottest don’t use that term anymore.” investment categories of 2019.” Regulators crack down on But there was negative news, COMPENSATION AND SALES too. CoreData shared research In a speech in November, Stephanie Ava- that indicates less than one in 10 kian, co-director of the SEC Division of global professional fund buyers teacher pension plans Enforcement, said the agency is prob- say ESG is a key factor when ing compensation and sales practices of selecting funds. third-party administrators. And Nir Kassir critiqued BY MARK SCHOEFF JR. Commission and the state of New York also BlackRock’s ESG strategy in a are investigating the sector. “BAD ACTORS Bloomberg News opinion piece A RECENT INVESTIGATION in Del- The teacher retirement plans are sim- last Thursday. aware of a company running a teacher ilar to workplace 401(k) programs. But WILL SEE THEY’RE If you’re a believer in ESG, pension plan that resulted in $500,000 in many 403(b) plans, which are mostly of- these items are as important as penalties and reimbursements could be a fered by school systems to K-12 teachers, ON THE RADAR .” the good news above. Typically, harbinger of a regulatory crackdown in are not covered by federal retirement ESG commentary would be read, an area rife with conflicts of interest, ac- law. That makes them vulnerable to in- TONY ISOLA, HEAD OF 403(B) PRACTICE smiled at and then put aside. This cording to experts. vestments that have high fees and oth- RITHOLTZ WEALTH MANAGEMENT week’s news flow is generating re- Earlier this week, the Delaware attor- er costly provisions, such as surrender sponses, and that is another signal ney general announced a settlement with charges and riders. “Among other things, we are digging that this time the interest is real. the Horace Mann Educators Corp. The “There’s going to be more to come,” into how administrators and their affiliates state is the most recent to zero in on 403(b) said Jim Lundy, a partner at Drinker Bid- choose and recommend investment op- [email protected] plans, which are vehicles for teacher retire- dle and Reath. “It’s a reasonable infer- tions, how they are compensated — includ- Twitter: @geomoriarty ment savings. The Securities and Exchange ence that the [SEC] enforcement division CONTINUED ON PAGE 24 Contents © Copyright 2020 by InvestmentNews LLC. All rights reserved. Vol. 24, No. 3, January 20, 2020. InvestmentNews (ISSN 1098-1837) is published weekly, except bi-monthly in July, August and the last two weeks in December by InvestmentNews LLC. The agent is Crain Communications Inc., 1155 Gratiot Avenue, Detroit, MI 48207-2912. Periodicals postage paid at Detroit, MI and additional mailing offices. POSTMASTER: Send address changes to InvestmentNews, Circulation Dept., 1155 Gratiot Avenue, Detroit, MI 48207-2912. U.S. subscription price: $89 a year. 2 | INVESTMENTNEWS JANUARY 20, 2020 INVESTMENTNEWS.COM Merrill continues focus on Morgan plans to training in 2020 add a million clients to wealth Bob Doll’s management 10 predictions BY BRUCE KELLY A YEAR AGO, Morgan Stanley said it was buying Solium Capital Inc.’s stock for 2020 plan business for $900 million in a bid to add younger clients and tech startups to BY JEFF BENJAMIN its stock-plan administration business. The wirehouse rm said it had set a uveen’s chief equity goal to convert 1 million of those stock- strategist, Bob Doll, plan investors to wealth-management Nis heading into 2020 relationships over the next ve-to-seven with a generally bullish years, through a variety of offerings on its BY BRUCE KELLY more attention to training and integrat- outlook. expanding platform. So far, the rm has ing less experienced brokers and advis- moved just 5,000 of the stock-plan clients AS IT RACKS UP record pro ts with the ers into its primary wealth management The world avoids to wealth management, according to a pre- stock market hitting new highs, Merrill business. 1 recession in 2020 as sentation the rm released last Thursday. Lynch will continue to eschew the re- U.S. GDP grows over The focus on the stock-plan clients cruiting of experienced advisers and in- 300 YOUNG ADVISERS 2% and global GDP comes as the rm drives its advisers to use stead introduce, or reinforce, programs For example, last April the rm said it in- grows over 3%. technology to chase trillions of dollars in that focus on training young or less ex- tended to seat up to 300 young advisers, customer assets held outside the rm. perienced professionals with the intent with some applicants coming from Mer- In ation and the 10-year of turning those newbies into full- edged rill’s online and robo-advising brand, Mer- 2 U.S. Treasury yield end wealth managers.
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