By Barron's Advisor Staff

Tariffs may have clouded the economic outlook, but that isn't stopping investing pros from making new bets. Although most investment advisors aren't making major portfolio changes these days, they are seeking to capture new opportunities. We asked four advisors to tell us about recent allocations and heard about commodities, international equities, and an equal-weight S&P 500 exchange-traded fund. One advisor gave us a stock pick: GE Vernova.

Among other most-read wealth management articles this week:

Deciding to leave Commonwealth . When LPL Financial said it would acquire Commonwealth Financial Network, advisor Adam Spiegelman took it as a sign to make a career move he had long considered -- opening his own RIA. On Monday, he officially took the helm at Spiegelman Wealth Management in Walnut Creek, Calif. In doing so, he passed up on LPL's retention bonus as well as potential offers from other firms trying to recruit Commonwealth advisors.

Former Stifel broker on the outs . Chuck Roberts, the star broker whose structured-notes strategy has resulted in numerous customer complaints and a $132.5 million arbitration award, has been banned from the industry by Finra. The brokerage industry self-regulatory authority says Roberts refused to appear for on-the-record testimony in June, instead agreeing to the industry ban without admitting or denying misconduct. He left Stifel on July 9, according to the online database BrokerCheck.

LPL gets partial win in cash case . In a partial legal win for LPL Financial, a federal judge dismissed parts of an investor lawsuit against the company over the low interest rates it paid clients on uninvested cash. He will allow, however, the plaintiffs to amend their original complaint to address some deficiencies he saw in their original complaint, and he allowed investor claims of unjust enrichment and breach of implied covenant to proceed.

Lessons from 10 years in finance . A decade into his career, Frank J. McKiernan, co-founder of Third View Private Wealth, has learned some key lessons about wealth and how it can improve or diminish people's lives. He writes for Barron's Advisor about how advisors can help clients focus on what matters and navigate the complexities that great wealth can bring. "I've learned that money touches everything," he writes. "However, the conversations I have are rarely just about investments. They're about purpose, relationships, and identity."

Legal setback for Morgan Stanley . A group of advisors has been battling with Morgan Stanley, their former employer, for years in an effort to recoup deferred compensation. This month, they notched a win of sorts as a federal appeals court rejected Morgan Stanley's request to revisit a lower court's order. That ruling compelled the advisors to take their claims to private arbitration (which Morgan Stanley wanted), but it also found that the deferred-compensation plans were governed by the federal retirement law known as Erisa, a decision the company has opposed.

Write to advisor.editors@barrons.com

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July 18, 2025 12:34 ET (16:34 GMT)

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