The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.
U.S. Securities and Exchange Commission Chairman Gary Gensler named Alex Oh, a former federal prosecutor, to lead the regulator’s vaunted enforcement unit that polices Wall Street.
The Dallas-based parent of tax-centric broker-dealer Avantax was successful in fending off a proxy fight rare in the independent brokerage arena.
The firings, which took place in Florida and California in January, followed the bank’s review of insurance sales practices dating as far back as 2011, according to U5 filings.
Led by advisors Brian Beraha and Vicente del Rio, the six-person Florida team managed $5 billion in client assets at J.P. Morgan’s private bank.
In reporting first quarter earnings last week, Merrill Lynch further obscured its core broker headcount while Morgan Stanley did away with reporting the number altogether.
The Idaho broker’s claim comes as Wells has been chasing him over a promissory note that became due when he left the firm.
Even at Bank of America’s Merrill Lynch Wealth Management, which imposed in 2018 and continues to maintain a ban on its advisors helping clients invest in cryptocurrencies, Chief Executive Officer Brian Moynihan did not rule out a “rethink” of that policy in the future.
The team’s move underscores the wirehouses’ growing appetite for large private bank teams.
Axos Financial’s acquisition of E*Trade Advisor Services includes about 200 RIA clients and $23 billion in assets under custody.