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Portfolio > Mutual Funds

Wells Fargo to Drop Crow Point Partners From 3 Funds: Portfolio Products

By Jeff Berman

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Wells Fargo is dropping Hingham, Mass.-based specialty asset management firm Crow Point Partners as a subadvisor on three of the wirehouse’s funds, effective on or about Oct. 15.

Crow Point Partners is being cut from the Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Utility and Telecommunications Fund and Wells Fargo Utilities and High Income Fund, Wells Fargo said Thursday in separate announcements.

Explaining the company’s reason for the change, Wells Fargo Asset Management spokesman Robert Julavits told ThinkAdvisor Friday: “Following a recent evaluation and recommendation by Wells Fargo Asset Management, Wells Fargo Funds determined that it is in the best interest of shareholders to make several changes to these funds, including to the investment strategies, fees and subadvisors.”

The investment objectives of the three funds remain unchanged, according to Wells Fargo. The  “primary investment objective” of the Global Dividend Opportunity Fund remains “a high level of current income” and its “secondary objective” the long-term growth of capital.”

The investment objective of the Utilities and High Income Fund continues to be “a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.”

And the Utility and Telecommunications Fund’s “total return objective” continues to be investing “at least 80% of the fund’s net assets in utilities and telecommunications companies,” but  “some changes” will be made to align it principal investment strategy with the approach of the Wells Fargo Asset Management Compass Equity team that will assume management of the fund.

Beyond Investing Introducing Vegan ETF

Beyond Investing will start listing the new US Vegan Climate Exchange Traded ETF ( VEGN) on the New York Stock Exchange Sept. 10, the company said

The firm is touting VEGN as the “world’s first vegan-friendly and climate-conscious” ETF, saying in its Aug. 12 news announcement that “animal advocates and environmentalists now have an ethical stock investment option that is both cruelty-free and fossil-fuel free.”

The new ETF will track the US Vegan Climate Index (VEGAN) launched by Beyond Investing in June 2018, Beyond Investing said, adding the index takes the Solactive US Large Cap index and “excludes any stocks whose activities are incompatible with a vegan and climate-conscious approach to investing, replacing damaging stocks with midcap alternatives that meet its ethical criteria.”

The fund “avoids investing in companies whose business models rely on animal exploitation – predominantly testing and animal-derived products – as well as removing fossil fuel and environmental threats such as plastic and agrochemicals, which are harmful to wild animals,” the company said.

“Our aim is to help vegans and animal activists take the pain out of their portfolios,” Claire Smith, CEO of Beyond Investing, said in a statement.

RIA Launches New Succession Program to Help Retiring Advisors

RIA Trust Advisory Group launched TAG 2.0, a new succession program designed to help retiring financial advisors.

The new program represents the “next generation of financial management,” the Boston firm said in its announcement, calling it a “new take on financial advisory services that combines the best of all worlds: the fresh thinking, creativity and enthusiasm of a start-up division, infused with the experience and know-how of seasoned advisors, backed by the security and stability of a 30-year-old institution.”

TAG 2.0 “addresses the industry-wide problem of advisors aging out of the workforce with no one in the pipeline to replace them,” the company said, adding: “Few advisors know how to monetize the value of their books and fewer still have a succession plan in place.”

TAG 2.0 was built on the TAG TEAM model, which the company said “enables transitioning advisors to help select their own successor from the younger advisor pool of TAG TEAM Wealth Associates and mentor them as they work together to transition client relationships.”

This system “provides clients with the security of knowing that their interests are well taken care of throughout the transition of the senior advisor, and that their new advisor is equipped with the necessary background and knowledge and shares similar values and outlooks,” it said. Tag 2.0 also “allows advisors to transition out of their practice at their own pace, be it months or even years.”

Black Diamond Wealth Platform Integrates with RIA in a Box’s MyRIACompliance

RIA in a Box’s MyRIACompliance software now integrates with SS&C Technologies’ Black Diamond Wealth Platform, the companies.

The integration enables clients of both companies to “automate the compliance and registration process, helping to ensure accurate registration and Form ADV information is filed,” they said in an announcement.

MyRIACompliance sources data from Black Diamond that “enables advisory firms to track registration and notice filings so they can update compliance requirements in real-time in the correct jurisdictions,” the companies said, adding they are also able to “immediately identify and address potential discrepancies, so they are properly registered.”

Lyons Wealth Investment Strategies Join Schwab Managed Accounts Marketplace 

Two of Lyons Wealth Management’s investment strategies are now available to financial advisors on the Schwab Managed Account Marketplace.

The strategies are the Lyons Tactical Allocation Portfolio, which “seeks to capture more upside in bull markets by staying fully invested more continuously and minimizing the frequency of defensive shifts in volatile markets,” and the Lyons Income Overlay, designed for investors who own a large concentrated position in a single stock, the Winter Park, Florida-based Lyons said in its announcement.

The Lyons Income Overlay program is “intended to generate additional income without trading the underlying shares, either directly or through options, the company said.

Check out last week’s portfolio product roundup here: John Hancock Model Portfolios Added to Envestnet Platform: Portfolio Products.

Jeff Berman

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