<p>作者：肯尼斯·科爾賓</p>
<p>由於投資者面臨唐納德·特朗普總統關税的潛在影響以及可能導致全國銀行和經紀公司麻煩的更廣泛經濟放緩的可能性，銀行和經紀公司的股票在過去一周遭遇了嚴峻考驗。週二，KBW 納斯達克銀行指數中的股票下跌了 4.6%，而更廣泛的標準普爾 500 指數下滑了 1.2%。摩根大通、美國銀行和 Robinhood Markets 等銀行和經紀公司股票在本週晚些時候因類似擔憂遭遇更多拋售，分析師們在思考市場是否在預期經濟疲軟的情況下，消費者信心下降以及其他一系列令人擔憂的指標。</p>
<p>本週其他最受關注的財富管理文章：</p>
<p>瑞銀、特斯拉與大空頭。一組投資者在對瑞銀及其顧問安德魯·布里什提起的仲裁案件中贏得了 9500 萬美元的裁決。巴倫週刊名人顧問被指控將客户引導至 “高度風險” 的特斯拉空頭頭寸，結果該公司的股價卻急劇上升。投資者提出了欺詐和違反信託責任等指控。瑞銀反駁稱，客户是成熟的投資者，知道自己在做什麼，並表示將請求法院審查仲裁裁決。</p>
<p>顧問公司需要更聰明的增長。在過去幾年中，註冊投資顧問行業就像是一場淘金熱，眾多大型註冊投資顧問以創紀錄的數量收購小型公司。收購熱潮並沒有減緩，但最具攻擊性的收購者正接近一個 “拐點”，這將要求他們專注於整合已收購的業務，並仔細規劃未來的戰略，我們的特約專欄作家寫道。這些公司必須提高其平台、供應商、保管人和技術運營的效率。這些努力的相對成功將揭示哪些公司準備作為一個統一的企業運作，哪些公司將繼續作為一羣分散的業務運作。</p>
<p>前摩根顧問的艱難時光。一名前摩根士丹利顧問因挪用一位老年客户的資金被判處 22 個月監禁。羅納德·迪亞茲向客户推銷一種 “保證” 10% 回報的年金，但實際上並沒有合法投資，他將這筆錢用於各種個人開支以及一些虛假的 “利息” 支付給客户。在司法部的調查中，受害者去世，迪亞茲被判支付近 87 萬美元給客户的近親。迪亞茲被命令於 3 月 31 日向美國法警局自首，開始服刑。</p>
<p>摩根士丹利不會接受勝利。聽起來很奇怪，但摩根士丹利正在對其在與一組前顧問的爭議中獲得的部分勝利提出上訴，這些顧問聲稱該公司在他們跳槽到競爭對手時不當扣留了他們應得的延遲薪酬。摩根士丹利曾請求聯邦法院命令各方將爭議提交仲裁小組。法官同意了，但在裁定中也發現摩根士丹利的延遲薪酬計劃受《僱員退休收入保障法》（Erisa）管轄，該法適用於退休和福利計劃。該公司表示，這一發現對其仲裁案件造成了 “嚴重影響”。摩根士丹利一直在尋求推翻這一裁定，認為問題在於薪酬，而不是福利。現在，原告已作出回應，呼籲法官徹底駁回該公司的請求。</p>
<p>一個非常現代的財務規劃培訓項目。漢娜·摩爾的顧問培訓新方法——她稱之為 “外部實習”，是在疫情爆發之際誕生的。隨着 2020 年春季的持續，財富管理公司及其他經濟領域的夏季實習被取消，摩爾和她的丈夫開發了一套在線培訓課程，旨在填補因失業而留下的培訓空白。該項目要求每週約 20 小時的承諾，幷包括與 24 位財務規劃師的錄製訪談，他們討論税務規劃或被動投資等核心職能，以及摩爾與客户進行的實際規劃會議的錄音。</p>
<p>該內容由巴倫週刊創作，巴倫週刊由道瓊斯公司運營。巴倫週刊獨立於道瓊斯新聞通訊和《華爾街日報》出版。</p>

摩根大通

摩根士丹利

<p>金融股，包括摩根大通和美國銀行，本週面臨顯著下跌，KBW 納斯達克銀行指數下跌 4.6%，原因是對特朗普總統關税和潛在經濟放緩的擔憂。瑞銀正在對與特斯拉的高風險投資相關的 9500 萬美元仲裁裁決提出上訴。一名前摩根士丹利顧問因挪用一位老年客户的資金被判入獄。摩根士丹利正在對與前顧問之間的遞延薪酬爭議的法院裁決提出上訴。針對疫情相關挑戰，出現了一項新的在線培訓項目，專為金融顧問設計</p>

<p>By Kenneth Corbin</p>
<div class="lb-trans"><p>作者：肯尼斯·科爾賓</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>由於投資者面臨唐納德·特朗普總統關税的潛在影響以及可能導致全國銀行和經紀公司麻煩的更廣泛經濟放緩的可能性，銀行和經紀公司的股票在過去一周遭遇了嚴峻考驗。週二，KBW 納斯達克銀行指數中的股票下跌了 4.6%，而更廣泛的標準普爾 500 指數下滑了 1.2%。摩根大通、美國銀行和 Robinhood Markets 等銀行和經紀公司股票在本週晚些時候因類似擔憂遭遇更多拋售，分析師們在思考市場是否在預期經濟疲軟的情況下，消費者信心下降以及其他一系列令人擔憂的指標。</p>
</div><p>Among other most-read wealth management articles this week:</p>
<div class="lb-trans"><p>本週其他最受關注的財富管理文章：</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>瑞銀、特斯拉與大空頭。一組投資者在對瑞銀及其顧問安德魯·布里什提起的仲裁案件中贏得了 9500 萬美元的裁決。巴倫週刊名人顧問被指控將客户引導至 “高度風險” 的特斯拉空頭頭寸，結果該公司的股價卻急劇上升。投資者提出了欺詐和違反信託責任等指控。瑞銀反駁稱，客户是成熟的投資者，知道自己在做什麼，並表示將請求法院審查仲裁裁決。</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>顧問公司需要更聰明的增長。在過去幾年中，註冊投資顧問行業就像是一場淘金熱，眾多大型註冊投資顧問以創紀錄的數量收購小型公司。收購熱潮並沒有減緩，但最具攻擊性的收購者正接近一個 “拐點”，這將要求他們專注於整合已收購的業務，並仔細規劃未來的戰略，我們的特約專欄作家寫道。這些公司必須提高其平台、供應商、保管人和技術運營的效率。這些努力的相對成功將揭示哪些公司準備作為一個統一的企業運作，哪些公司將繼續作為一羣分散的業務運作。</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>前摩根顧問的艱難時光。一名前摩根士丹利顧問因挪用一位老年客户的資金被判處 22 個月監禁。羅納德·迪亞茲向客户推銷一種 “保證” 10% 回報的年金，但實際上並沒有合法投資，他將這筆錢用於各種個人開支以及一些虛假的 “利息” 支付給客户。在司法部的調查中，受害者去世，迪亞茲被判支付近 87 萬美元給客户的近親。迪亞茲被命令於 3 月 31 日向美國法警局自首，開始服刑。</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>摩根士丹利不會接受勝利。聽起來很奇怪，但摩根士丹利正在對其在與一組前顧問的爭議中獲得的部分勝利提出上訴，這些顧問聲稱該公司在他們跳槽到競爭對手時不當扣留了他們應得的延遲薪酬。摩根士丹利曾請求聯邦法院命令各方將爭議提交仲裁小組。法官同意了，但在裁定中也發現摩根士丹利的延遲薪酬計劃受《僱員退休收入保障法》（Erisa）管轄，該法適用於退休和福利計劃。該公司表示，這一發現對其仲裁案件造成了 “嚴重影響”。摩根士丹利一直在尋求推翻這一裁定，認為問題在於薪酬，而不是福利。現在，原告已作出回應，呼籲法官徹底駁回該公司的請求。</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>一個非常現代的財務規劃培訓項目。漢娜·摩爾的顧問培訓新方法——她稱之為 “外部實習”，是在疫情爆發之際誕生的。隨着 2020 年春季的持續，財富管理公司及其他經濟領域的夏季實習被取消，摩爾和她的丈夫開發了一套在線培訓課程，旨在填補因失業而留下的培訓空白。該項目要求每週約 20 小時的承諾，幷包括與 24 位財務規劃師的錄製訪談，他們討論税務規劃或被動投資等核心職能，以及摩爾與客户進行的實際規劃會議的錄音。</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>該內容由巴倫週刊創作，巴倫週刊由道瓊斯公司運營。巴倫週刊獨立於道瓊斯新聞通訊和《華爾街日報》出版。</p>
</div>

本週最佳：金融股遭受重創——Barrons.com