By Barron's Advisor Staff

Advisors reject LPL-Ameriprise settlement . A group of financial advisors say they have been unfairly caught up in a legal battle between LPL Financial and Ameriprise Financial, their current and former firms. In December, the companies reached an agreement that required the advisors to turn over personal devices to a third-party examiner who could then delete any client information that Ameriprise claims they shouldn't have had. The advisors say they weren't parties to the agreement and shouldn't be compelled to obey it.

Schwab eases into alts . Although some Wall Street companies are sprinting to offer more alternative investment products to clients, Schwab set a high bar for retail investors to use its alts platform. The platform launched in April and currently has just six funds available. Schwab is restricting access to clients with more than $5 million in household assets, well above the minimum for an accredited investor.

Contributions to 401(k)s on the rise . Fluctuations in the stock market have dented Americans' retirement savings, but contribution rates hit a record high in the first quarter of 2025, according to Fidelity Investments' latest retirement analysis. In the first three months of the year, Fidelity reported a 401(k) contribution rate of 14.3%, the closest to its recommended 15% savings rate that the firm has ever recorded.

Restieri takes over at Hightower . On Monday, longtime Goldman Sachs executive Larry Restieri began his tenure as CEO at Hightower, taking over from Bob Oros, who will remain a board member. Restieri tells Barron's Advisor that he will aim to streamline the services the firm delivers to its advisory teams while letting advisors retain control over their businesses.

Arax buys $4 billion RIA . Private-equity backed Arax Investment Partners is acquiring another firm that specializes in multigenerational wealth planning and alternative investments. It bought Schechter Investment Advisors, the registered investment advisory business of financial services firm Schechter. SIA had $4 billion in assets under management as of May 28.

SEC files charges in IPO-related fraud . The Securities and Exchange Commission is charging a former investment advisor and two firms he controlled with violations of securities laws related to an alleged multimillion-dollar scheme the regulator says bilked investors out of more than $17 million. Regulators accuse Andrew Jacobus of defrauding about 40 clients, mostly Venezuelan nationals and including elderly individuals and Catholic dioceses, who believed they were investing in securities and IPOs.

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June 06, 2025 12:19 ET (16:19 GMT)

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