<p>作者：肯尼斯·科尔宾</p>
<p>由于投资者面临唐纳德·特朗普总统关税的潜在影响以及可能导致全国银行和经纪公司麻烦的更广泛经济放缓的可能性，银行和经纪公司的股票在过去一周遭遇了严峻考验。周二，KBW 纳斯达克银行指数中的股票下跌了 4.6%，而更广泛的标准普尔 500 指数下滑了 1.2%。摩根大通、美国银行和 Robinhood Markets 等银行和经纪公司股票在本周晚些时候因类似担忧遭遇更多抛售，分析师们在思考市场是否在预期经济疲软的情况下，消费者信心下降以及其他一系列令人担忧的指标。</p>
<p>本周其他最受关注的财富管理文章：</p>
<p>瑞银、特斯拉与大空头。一组投资者在对瑞银及其顾问安德鲁·布里什提起的仲裁案件中赢得了 9500 万美元的裁决。巴伦周刊名人顾问被指控将客户引导至 “高度风险” 的特斯拉空头头寸，结果该公司的股价却急剧上升。投资者提出了欺诈和违反信托责任等指控。瑞银反驳称，客户是成熟的投资者，知道自己在做什么，并表示将请求法院审查仲裁裁决。</p>
<p>顾问公司需要更聪明的增长。在过去几年中，注册投资顾问行业就像是一场淘金热，众多大型注册投资顾问以创纪录的数量收购小型公司。收购热潮并没有减缓，但最具攻击性的收购者正接近一个 “拐点”，这将要求他们专注于整合已收购的业务，并仔细规划未来的战略，我们的特约专栏作家写道。这些公司必须提高其平台、供应商、保管人和技术运营的效率。这些努力的相对成功将揭示哪些公司准备作为一个统一的企业运作，哪些公司将继续作为一群分散的业务运作。</p>
<p>前摩根顾问的艰难时光。一名前摩根士丹利顾问因挪用一位老年客户的资金被判处 22 个月监禁。罗纳德·迪亚兹向客户推销一种 “保证” 10% 回报的年金，但实际上并没有合法投资，他将这笔钱用于各种个人开支以及一些虚假的 “利息” 支付给客户。在司法部的调查中，受害者去世，迪亚兹被判支付近 87 万美元给客户的近亲。迪亚兹被命令于 3 月 31 日向美国法警局自首，开始服刑。</p>
<p>摩根士丹利不会接受胜利。听起来很奇怪，但摩根士丹利正在对其在与一组前顾问的争议中获得的部分胜利提出上诉，这些顾问声称该公司在他们跳槽到竞争对手时不当扣留了他们应得的延迟薪酬。摩根士丹利曾请求联邦法院命令各方将争议提交仲裁小组。法官同意了，但在裁定中也发现摩根士丹利的延迟薪酬计划受《雇员退休收入保障法》（Erisa）管辖，该法适用于退休和福利计划。该公司表示，这一发现对其仲裁案件造成了 “严重影响”。摩根士丹利一直在寻求推翻这一裁定，认为问题在于薪酬，而不是福利。现在，原告已作出回应，呼吁法官彻底驳回该公司的请求。</p>
<p>一个非常现代的财务规划培训项目。汉娜·摩尔的顾问培训新方法——她称之为 “外部实习”，是在疫情爆发之际诞生的。随着 2020 年春季的持续，财富管理公司及其他经济领域的夏季实习被取消，摩尔和她的丈夫开发了一套在线培训课程，旨在填补因失业而留下的培训空白。该项目要求每周约 20 小时的承诺，并包括与 24 位财务规划师的录制访谈，他们讨论税务规划或被动投资等核心职能，以及摩尔与客户进行的实际规划会议的录音。</p>
<p>该内容由巴伦周刊创作，巴伦周刊由道琼斯公司运营。巴伦周刊独立于道琼斯新闻通讯和《华尔街日报》出版。</p>

摩根大通

摩根士丹利

<p>金融股，包括摩根大通和美国银行，本周面临显著下跌，KBW 纳斯达克银行指数下跌 4.6%，原因是对特朗普总统关税和潜在经济放缓的担忧。瑞银正在对与特斯拉的高风险投资相关的 9500 万美元仲裁裁决提出上诉。一名前摩根士丹利顾问因挪用一位老年客户的资金被判入狱。摩根士丹利正在对与前顾问之间的递延薪酬争议的法院裁决提出上诉。针对疫情相关挑战，出现了一项新的在线培训项目，专为金融顾问设计</p>

<p>By Kenneth Corbin</p>
<div class="lb-trans"><p>作者：肯尼斯·科尔宾</p>
</div><p>Stocks of banks and brokerages have had a rough week as investors grapple with the potential fallout from President Donald Trump's tariffs and the possibility of a broader economic slowdown that could spell trouble for the nation's banks and brokerages. On Tuesday, stocks tracked in the KBW Nasdaq Bank Index ended down 4.6%, while the broader S&amp;P 500 slipped 1.2%. Bank and brokerage stocks such as JPMorgan Chase, Bank of America, and Robinhood Markets endured more selling later in the week on similar worries, as analysts wonder whether the market is anticipating a weakening economy amid declining consumer confidence and a host of other worrisome indicators.</p>
<div class="lb-trans"><p>由于投资者面临唐纳德·特朗普总统关税的潜在影响以及可能导致全国银行和经纪公司麻烦的更广泛经济放缓的可能性，银行和经纪公司的股票在过去一周遭遇了严峻考验。周二，KBW 纳斯达克银行指数中的股票下跌了 4.6%，而更广泛的标准普尔 500 指数下滑了 1.2%。摩根大通、美国银行和 Robinhood Markets 等银行和经纪公司股票在本周晚些时候因类似担忧遭遇更多抛售，分析师们在思考市场是否在预期经济疲软的情况下，消费者信心下降以及其他一系列令人担忧的指标。</p>
</div><p>Among other most-read wealth management articles this week:</p>
<div class="lb-trans"><p>本周其他最受关注的财富管理文章：</p>
</div><p>UBS, Tesla, and the big short . A group of investors have won a $95 million award in an arbitration case they brought against UBS and one of its advisors, Andrew Burish. The Barron's Hall of Fame advisor allegedly steered his clients into &#34;highly risky&#34; short positions on Tesla, only to see the company's stock price go on a steep ascent. The investors brought claims of fraud and breach of fiduciary duty, among other allegations. UBS counters that the clients were sophisticated investors who knew what they were doing, and says it will ask a court to review the arbitration award.</p>
<div class="lb-trans"><p>瑞银、特斯拉与大空头。一组投资者在对瑞银及其顾问安德鲁·布里什提起的仲裁案件中赢得了 9500 万美元的裁决。巴伦周刊名人顾问被指控将客户引导至 “高度风险” 的特斯拉空头头寸，结果该公司的股价却急剧上升。投资者提出了欺诈和违反信托责任等指控。瑞银反驳称，客户是成熟的投资者，知道自己在做什么，并表示将请求法院审查仲裁裁决。</p>
</div><p>Advisor firms need smarter growth . The past several years have been something like a gold rush in the registered investment advisory space, with numerous large RIAs acquiring smaller firms in record numbers. The acquisition bonanza isn't exactly slowing down, but the most aggressive acquirers are approaching an &#34;inflection point&#34; that will require them to focus on integrating the businesses they have snapped up and carefully planning their future strategy, our guest columnist writes. Those firms must improve efficiencies across their platforms, vendors, custodians, and technology operations. The relative success of those efforts will lay bare which firms are prepared to operate as a cohesive enterprise and which will continue to function as a cluster of disparate businesses.</p>
<div class="lb-trans"><p>顾问公司需要更聪明的增长。在过去几年中，注册投资顾问行业就像是一场淘金热，众多大型注册投资顾问以创纪录的数量收购小型公司。收购热潮并没有减缓，但最具攻击性的收购者正接近一个 “拐点”，这将要求他们专注于整合已收购的业务，并仔细规划未来的战略，我们的特约专栏作家写道。这些公司必须提高其平台、供应商、保管人和技术运营的效率。这些努力的相对成功将揭示哪些公司准备作为一个统一的企业运作，哪些公司将继续作为一群分散的业务运作。</p>
</div><p>Hard time for former Morgan advisor . A former advisor with Morgan Stanley has been sentenced to 22 months in prison for misappropriating an elderly client's funds. Ronald Diaz had pitched the client on an annuity paying a &#34;guaranteed&#34; 10% return, only there was no legitimate investment, and he used the money on a variety of personal expenses as well as some bogus &#34;interest&#34; payments to the client. The victim died amid the Justice Department's investigation, and Diaz was ordered to pay nearly $870,000 to the client's next of kin. Diaz was ordered to surrender to the U.S. Marshals Service March 31 to begin serving his sentence.</p>
<div class="lb-trans"><p>前摩根顾问的艰难时光。一名前摩根士丹利顾问因挪用一位老年客户的资金被判处 22 个月监禁。罗纳德·迪亚兹向客户推销一种 “保证” 10% 回报的年金，但实际上并没有合法投资，他将这笔钱用于各种个人开支以及一些虚假的 “利息” 支付给客户。在司法部的调查中，受害者去世，迪亚兹被判支付近 87 万美元给客户的近亲。迪亚兹被命令于 3 月 31 日向美国法警局自首，开始服刑。</p>
</div><p>Morgan Stanley won't take the win . It sounds odd, but Morgan Stanley is appealing a partial victory it won in a dispute with a group of former advisors who claimed that the firm improperly withheld deferred compensation they were owed when they jumped to a competitor. Morgan Stanley had asked a federal court to order the parties to take their dispute to an arbitration panel. A judge agreed, but in so ruling also found that Morgan Stanley's deferred-comp plans were governed by Erisa, the federal statute that applies to retirement and benefit plans. The firm says that finding has been &#34;wreaking havoc&#34; on its arbitration cases. Morgan Stanley has been seeking to have that ruling overturned, arguing that the issue turns on compensation — not benefits. Now the plaintiffs have responded, calling for a judge to reject the firm's request outright.</p>
<div class="lb-trans"><p>摩根士丹利不会接受胜利。听起来很奇怪，但摩根士丹利正在对其在与一组前顾问的争议中获得的部分胜利提出上诉，这些顾问声称该公司在他们跳槽到竞争对手时不当扣留了他们应得的延迟薪酬。摩根士丹利曾请求联邦法院命令各方将争议提交仲裁小组。法官同意了，但在裁定中也发现摩根士丹利的延迟薪酬计划受《雇员退休收入保障法》（Erisa）管辖，该法适用于退休和福利计划。该公司表示，这一发现对其仲裁案件造成了 “严重影响”。摩根士丹利一直在寻求推翻这一裁定，认为问题在于薪酬，而不是福利。现在，原告已作出回应，呼吁法官彻底驳回该公司的请求。</p>
</div><p>A very modern financial planning training program . Hannah Moore's novel approach to advisor training, what she calls The Externship, was born out of the onset of the pandemic. As the spring months of 2020 dragged on and summer internships at wealth management shops — and all other segments of the economy — were canceled, Moore and her husband developed an online training curriculum that aimed to fill in some of the training gaps left by the dislocation. The program requires about a 20-hour weekly commitment and includes recorded interviews with 24 financial planners who discuss core functions such as tax planning or passive investment, as well as recordings of actual planning sessions that Moore has held with her clients.</p>
<div class="lb-trans"><p>一个非常现代的财务规划培训项目。汉娜·摩尔的顾问培训新方法——她称之为 “外部实习”，是在疫情爆发之际诞生的。随着 2020 年春季的持续，财富管理公司及其他经济领域的夏季实习被取消，摩尔和她的丈夫开发了一套在线培训课程，旨在填补因失业而留下的培训空白。该项目要求每周约 20 小时的承诺，并包括与 24 位财务规划师的录制访谈，他们讨论税务规划或被动投资等核心职能，以及摩尔与客户进行的实际规划会议的录音。</p>
</div><p>This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>该内容由巴伦周刊创作，巴伦周刊由道琼斯公司运营。巴伦周刊独立于道琼斯新闻通讯和《华尔街日报》出版。</p>
</div>

本周最佳：金融股遭受重创——Barrons.com