May 6, 2024
RayJay Execs Unfazed by Industry’s PE-Fueled Need for Speed
Low turnover is the firm’s “main weapon,” according to Chief Executive Officer Paul Reilly.
JPMorgan Debuts Trademark Thematic Generative AI Tool
The firm applied to trademark its IndexGPT tool last year.
DOL's New Fiduciary Rule Faces First Legal Challenge
The agency is facing calls to vacate the rule by The Federation of Americans for Consumer Choice — which had failed in its 2023 suit to vacate the 2020 version of the rule.
Industry Moves
IRS to Keep Heat on High Earning Non-Filers
The agency says it's already contacted 125,000 people earning over $400,000 who haven't filed, and plans to continue going after such individuals.
RIA Custodian Altruist Raises $169M In Latest Funding Round
The Los Angeles–based company says the new Series E round puts the custodian’s value at $1.5 billion.
BIP Wealth Adds $300M RIA
The company has acquired Columbus, Georgia-based The Money Advisor Group.