By Kenneth Corbin

A crowded group of tax-advantaged savings programs may soon have a new entrant. Congress is proposing to create so-called T rump accounts in its massive tax and spending bill. The government would provide a one-time contribution of $1,000 for children born this year through 2028. Parents of kids up to age 8 could open an account with no government contribution. Financial advisors question the need for a new savings option, however, arguing that existing programs, such as 529 plans, offer more favorable terms and are underused as it is.

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      JPMorgan sues former advisor.   JPMorgan has filed a lawsuit and an arbitration claim against Russell Loesch, a former advisor who oversaw $800 million at the bank and recently jumped to rival Morgan Stanley. JPMorgan accuses Loesch of breaching his contract and misappropriating trade secrets, charges that he denies. Earlier this month the parties agreed to a stipulated preliminary injunction barring Loesch from soliciting his former clients but allowing him to serve those who move to Morgan Stanley on their own. An arbitration panel will next weigh in on the merits of JPMorgan's claim. 

Most ETF assets go to a few firms. Our writer likens the scramble to bring more actively managed exchange-traded funds to market to a gold rush. Small wonder: last year ended with $631 billion in active ETF assets, up from $81 billion in 2019, according to the financial technology company Broadridge Financial. Despite that steep asset growth, the industry's story is one of concentration, with the top three managers handling 48% of assets, and the top 10 controlling 77%.

Will I outlive my money? Gina Thompson, an advisor and founder of the Kinetix Wealth Group at RBC Wealth Management, says she has been getting a lot of calls recently from clients worried about outliving their retirement savings. Thompson joined Barron's The Way Forward: Next Generation podcast to discuss how she helps clients manage longevity risk, including threats to their nest egg from unexpected health costs, changes in the macroeconomic environment, and their own spending. Her program includes developing a "lifestyle plan" with clients detailing all the expenses they can envision, an exercise that she says often yields surprising insights.

RBC poaches UBS advisors. Three advisors that collectively managed about $1.1 billion at UBS have left to join RBC Wealth Management, which continues its aggressive recruiting campaign. The advisors -- Robert Miller, Scott Murray, and Mark Grueninger -- are all industry veterans. Miller is joining RBC's office in St. Paul, Minn., Murray will be based in Boise, Idaho, and Grueninger will work in RBC's office in Beverly Hills, Calif.

Fidelity adds alts to model portfolios. In the latest sign of alternative investments moving mainstream, Fidelity has added exposure to private equity, private credit, and real estate to the model portfolios it provides to advisors. The move comes as advisors are leaning more on model portfolios to manage clients' investment allocations. Fidelity says adding alts to those accounts will make it easier for advisors to diversify their clients' holdings.

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June 20, 2025 12:28 ET (16:28 GMT)

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