Plaid Inc. agreed to pay JPMorgan Chase & Co. for its consumer data, the latest accord in a battle between financial technology firms and banks over who can access the sought-after information. Plaid and JPMorgan confirmed the fees but wouldn’t disclose the amount. In addition to a fee structure, the updated pact includes commitments from both firms “to ensure that consumers can access their data safely, securely, quickly and consistently into the future.” The two firms already had a data-sharing deal in place that didn’t include fees. Plaid said the updated agreement wouldn’t affect current customer deals and pricing. “This extended agreement ensures ongoing access for the millions of Chase customers who rely on Plaid every day to connect with the products and services they trust,” Plaid Chief Operating Officer Eric Sager said. In the past, the bank has said Plaid and its peers “endlessly” access the bank’s customer data for free and then profit off it by charging others to use it. Others view the charges as an effort to limit innovation and potentially shut out up-and-coming competitors that threaten the bank’s customers. Plaid’s deal with JPMorgan, reached last week, also derailed a lawsuit fintechs were set to file against the bank over the data-access fees. The Financial Data and Technology Association of North America was set to file the lawsuit on behalf of its members and is now reconsidering its options.
J.P. Morgan Private Bank launches new Lifestyle Services offering connecting clients with a curated network of lifestyle service and aggregated reporting providers
J.P. Morgan Private Bank today unveiled its new Lifestyle Services offering, designed to connect clients in the U.S. with a curated network of industry-leading lifestyle service and aggregated reporting providers. These services, launched out of J.P. Morgan’s newly expanded Global Family Office Practice co-led by William Sinclair and Natacha Minniti, aim to enhance the client experience and provide comprehensive support to ultra-high-net-worth families, ensuring access to the highest quality resources across various domains. “In an era where discerning families seek more than just financial guidance from their wealth management advisors, J.P. Morgan Private Bank is redefining wealth advisory by curating a platform that enriches clients’ lives beyond their balance sheet,” said William Sinclair, Co-Head of J.P. Morgan Private Bank’s Global Family Office Practice. “By combining our 225-year legacy of serving the wealth needs of the world’s most global and sophisticated families with the innovative services of leading lifestyle industry partners, our Private Bank clients benefit from the convenience of a cohesive wealth and lifestyle management experience,” added Christopher McCree, Head of Family Office Services & Strategy. The new Lifestyle Services platform connects clients with a curated network of industry-leading providers. “These collaborations empower us to deliver exceptional value through a comprehensive suite of services tailored to our clients’ unique needs, allowing them to focus on what truly matters,” said Emily Margolis, Head of Lifestyle Services. U.S.-based J.P. Morgan clients benefit from access to exclusive offers, including complimentary consultations, discounted rates, and waived fees across various services. Private Aviation Services: Clients can enjoy seamless and discreet travel experiences through partnerships with top-tier private aviation providers. Our partners provide comprehensive financial management services to simplify clients’ lives. Healthcare Management: Whether at home or abroad, clients can receive personalized support throughout their healthcare journey from our network of providers. Our partners will provide access to leading medical specialists and top facilities around the world, managing all logistics, from scheduling appointments and organizing medical records to navigating private health insurance complexities, so clients can focus on what matters most — their health. Art & Collectibles: Clients are connected with top global art and collectibles advisors that deliver tailored services to help clients expertly manage and maintain their collections. These providers offer comprehensive services from detailed cataloging and authentication to facilitating conservation and restoration treatments and coordination of logistics. With access to both primary and secondary markets, they help clients navigate the buying or selling journey — from targeted searches, condition assessments and auction representation, all conducted with complete confidentiality. Staffing Solutions: Our platform offers access to a network of recruiting firms specializing in family office and household staffing. From executive search to personal staffing, these providers ensure that clients find the right professionals to support their lifestyle needs. Aggregating and Reporting: Under the leadership of Michael Grippo, Head of Family Office Aggregation and Reporting, the Private Bank’s new digital asset reporting platform provides clients with a comprehensive view of their portfolios with the full-service support of a specialized, dedicated reporting team.
Morgan Stanley Investment Management launches online education centers dedicated to investment tax management and investing in alternatives
Morgan Stanley Investment Management (MSIM) announced the debut of the Tax Forward Investing Center and the Alternatives Investing Center. These education platforms will provide enhanced resources focused on two critical areas of asset management and will better position advisors to enhance client outcomes and provide meaningful investment guidance. Built for financial advisors, the Tax Forward and Alternatives Investing Centers will include continuing education courses, featured insights, short learning videos, access to tools and more. The Tax Forward Investing Center is the first of its kind, providing in-depth education about investment tax management as well as various methods and potential solutions that help advisors identify their clients’ complex tax situations and maximize after-tax outcomes across their portfolios. Based on more than 65 years of industry-leading innovation, the coursework uses modern learning techniques to teach advisors how to apply the core principles of tax management in specific scenarios like tax deferral, vehicle selection, charitable giving and concentrated wealth. The launch of the Center follows MSIM’s introduction of the Tax Optimized Portfolio Solutions (TOPS) tool, which leverages the expertise and experience of its Wealth Strategies Group to optimize a broad suite of tax management solutions to meet individual client needs and drive personalized outcomes. “MSIM prioritizes supporting financial advisors with the right mix of expert insights, investment solutions, tools and vehicles that differentiate and elevate the experience they provide to clients,” said Matt Witkos, Head of North America Intermediary Sales.
Goldman and T. Rowe Price to sell alternative investments for wealthy by year end and retirement accounts next year
Goldman and asset manager T. Rowe Price, which announced a partnership earlier this month, plan to begin offering new alternative investments for wealthy clients by the end of the year. Alternative investments for retirement accounts will be offered next year. The plan comes after an executive order by President Donald Trumpbroadened access of 401(k) retirement accounts to alternative investments such as private credit, private equity and others. The move could give private asset managers access to about $9 trillion under management in 401(k) accounts. Goldman and T. Rowe recently struck a deal in which Goldman will become a shareholder in the asset manager, taking a stake of up to $1 billion. Both will partner to offer products to retail investors. T. Rowe manages $1.6 trillion, of which around $1 trillion is retirement related. “It’s reasonable to expect that we can target having all of the different products in market by mid-2026,” he said. Some will be funds with a targeted retirement date, which are popular among investors. The portfolios would have a small portion invested in alternative assets and the rest in public and liquid investments. The proportion of alternatives may be reduced as the investor’s retirement date approaches. Other products, directed exclusively at wealthy clients, will be alternative portfolios mixing private credit, equity, or equity funds mixing private equity and stocks. They will begin to be offered to Goldman and T. Rowe clients, but may be distributed more widely. “The idea is to be able to open the products to everybody,” said Marc Nachmann, Goldman’s head of wealth and asset management. After the approval of alternative investments in retirement funds, analysts pointed to risks such as lack of liquidity and transparent pricing. “New structures can provide some element of liquidity and daily pricing to give more comfort to individual investors,” Sharps said. There will be limits to the proportion of portfolios that can be allocated to alternatives, and managers will include alternatives in funds with retirement dates decades away, with the objective of getting higher returns. “It’s still very early days, today investors in alternatives are mainly large institutions as endowments or high net worth individuals,” Nachmann said. In the long term, alternative investments in retirement accounts could rise to 10% to 20% of the total, Sharps said. The initial discussions for the deal began a year ago, when Sharps and Goldman President John Waldron talked about the convergence in markets and growth of private assets. The companies have a long relationship, and substantive deal talks began in the early summer, Sharps said.
Citi Wealth releases 2025 Global Family Office Report- top priorities include portfolio resilience, navigating global trade disputes and addressing family needs
Citi Wealth today released its 2025 Global Family Office Report, offering a rare glimpse into the thinking and behaviors of some of the world’s most sophisticated investors. The report was compiled by Citi Wealth’s Global Family Office Group, which works with over 1,800 family offices worldwide. Amid trade policy uncertainty, geopolitical tensions and technological transformation, this flagship publication explores issues such as investment sentiment, portfolio actions and operational best practices. Its findings are drawn from an annual survey, in which a record 346 family office respondents from 45 countries participated. Conducted in June and July 2025, the survey sheds light on how expectations and strategies have changed since the U.S. tariff announcements earlier this year. Key themes to emerge include: Staying Resolute: Asset allocations were largely held steady, with family offices making fewer shifts than last year, pending greater clarity on trade policy. Among those implementing changes, bullish moves predominated. Private equity saw the most positive activity. Optimistic Outlook: Family offices expressed optimism about 12-month portfolio returns, despite limited consensus about which asset classes might drive performance. Potential U.S. deregulation, interest rate cuts and advances in artificial intelligence may explain positive sentiment. Active Response to Market Volatility: U.S. tariff announcements triggered swift, calculated adjustments to bolster portfolio resilience, with 39% of family offices favoring active management. They also pivoted toward perceived defensive asset classes and geographies as well as hedging strategies. Strong Commitment to Direct Investments: Seventy percent of respondents said they were engaged with direct investments. Of those, four out of ten said they had increased or significantly increased their activity in the last year, suggesting confidence in their ability to select deals that drive returns. Geopolitical Concerns: Global trade disputes emerged as a top concern (60%) for family offices, followed by U.S.-China relations (43%) and a resurgence of inflation (37%). Geopolitical tensions and government initiatives to attract capital are fueling interest in asset location and a re-evaluation of jurisdictions. Professionalization Gaps: While family offices have made progress in professionalizing their investment function, more improvement is needed in operational risk management, cybersecurity and leadership succession planning. Outsourcing Services: To manage their growing responsibilities in a cost-efficient manner, many family offices are considering external suppliers, but with decision-making authority largely remaining in-house. Advancing AI Deployment: The proportion of respondents mentioning they had deployed AI has doubled since last year, particularly in the automation of operational tasks and investment analytics. However, full integration will take time. “These are exciting times for family offices worldwide,” comments Hannes Hofmann, Head of Citi Wealth’s Global Family Office Group. “These sophisticated clients are finding new ways to address their families’ ever-increasing expectations. Our 2025 report highlights how they are refining priorities, reimagining their operations and seeking to build resilient portfolios. We are proud to partner with them, drawing upon Citi’s global reach and deep resources to help them seize potential opportunities and achieve their ambitious goals.” Almost all respondents said that they anticipated portfolio upside over the year ahead – with nearly four out of ten family offices expecting returns of 10% or more.
Citi Wealth releases 2025 Global Family Office Report- top priorities include portfolio resilience, navigating global trade disputes and addressing family needs
Citi Wealth today released its 2025 Global Family Office Report, offering a rare glimpse into the thinking and behaviors of some of the world’s most sophisticated investors. The report was compiled by Citi Wealth’s Global Family Office Group, which works with over 1,800 family offices worldwide. Amid trade policy uncertainty, geopolitical tensions and technological transformation, this flagship publication explores issues such as investment sentiment, portfolio actions and operational best practices. Its findings are drawn from an annual survey, in which a record 346 family office respondents from 45 countries participated. Conducted in June and July 2025, the survey sheds light on how expectations and strategies have changed since the U.S. tariff announcements earlier this year. Key themes to emerge include: Staying Resolute: Asset allocations were largely held steady, with family offices making fewer shifts than last year, pending greater clarity on trade policy. Among those implementing changes, bullish moves predominated. Private equity saw the most positive activity. Optimistic Outlook: Family offices expressed optimism about 12-month portfolio returns, despite limited consensus about which asset classes might drive performance. Potential U.S. deregulation, interest rate cuts and advances in artificial intelligence may explain positive sentiment. Active Response to Market Volatility: U.S. tariff announcements triggered swift, calculated adjustments to bolster portfolio resilience, with 39% of family offices favoring active management. They also pivoted toward perceived defensive asset classes and geographies as well as hedging strategies. Strong Commitment to Direct Investments: Seventy percent of respondents said they were engaged with direct investments. Of those, four out of ten said they had increased or significantly increased their activity in the last year, suggesting confidence in their ability to select deals that drive returns. Geopolitical Concerns: Global trade disputes emerged as a top concern (60%) for family offices, followed by U.S.-China relations (43%) and a resurgence of inflation (37%). Geopolitical tensions and government initiatives to attract capital are fueling interest in asset location and a re-evaluation of jurisdictions. Professionalization Gaps: While family offices have made progress in professionalizing their investment function, more improvement is needed in operational risk management, cybersecurity and leadership succession planning. Outsourcing Services: To manage their growing responsibilities in a cost-efficient manner, many family offices are considering external suppliers, but with decision-making authority largely remaining in-house. Advancing AI Deployment: The proportion of respondents mentioning they had deployed AI has doubled since last year, particularly in the automation of operational tasks and investment analytics. However, full integration will take time. “These are exciting times for family offices worldwide,” comments Hannes Hofmann, Head of Citi Wealth’s Global Family Office Group. “These sophisticated clients are finding new ways to address their families’ ever-increasing expectations. Our 2025 report highlights how they are refining priorities, reimagining their operations and seeking to build resilient portfolios. We are proud to partner with them, drawing upon Citi’s global reach and deep resources to help them seize potential opportunities and achieve their ambitious goals.” Almost all respondents said that they anticipated portfolio upside over the year ahead – with nearly four out of ten family offices expecting returns of 10% or more.
Instant payouts increase loyalty: 57% stickiness overall, with transactional payroll being favored by 68%, making digital wallets 58% more effective than bank accounts for repeat disbursements
PYMNTS Intelligence, in collaboration with Ingo Payments, reveals a hidden behavioral shift reshaping how United States consumers interact with disbursements. Instant payments are getting stickier. While the overall share of recipients who use instant disbursements has changed little in the last few years, the portion that cite an instant rail as their primary method for receiving a payout continues to grow. This makes offering instant payments central to any strategy for corporate senders that want to keep their recipients in their own banking network by issuing debit cards or accounts. Transactional payroll is the best gateway to creating repeat users. Instant payments are stickiest for core cashflow recipients who rely on disbursements as primary income. Among these individuals, over two-thirds receiving any instant payments cite an instant rail as their most-used method for disbursements. Corporate senders who pay gig workers and contractors can reshape their transactional payroll relationships by promoting instant payment adoption to these recipients. Instant payroll stickiness cuts across age groups. Every generation, from Gen Z to Gen X, has stickiness ratios well above 50%, and baby boomers are not that far behind. This emphasizes the broad appeal of instant payments—once recipients experience the speed and convenience of instant rails, they generally convert to regular users, regardless of age. Digital wallets are a force multiplier for instant payments. Recipients who use digital wallets to receive instant disbursements are much more likely than those using other instant rails to become regular users. That said, other rails, including push-to-debit and instant bank account payments, have strong appeal, particularly for certain disbursement types.
Silicon Valley races to build Reinforcement Learning “environments” as AI labs demand agent training grounds and startups vie to become the Scale AI for simulations
AI researchers, founders, and investors tell that leading AI labs are now demanding more reinforcement learning (RL) environments, and there’s no shortage of startups hoping to supply them. The push for RL environments has minted a new class of well-funded startups, such as Mechanize and Prime Intellect, that aim to lead the space. Meanwhile, large data-labeling companies like Mercor and Surge say they’re investing more in RL environments to keep pace with the industry’s shifts from static datasets to interactive simulations. The major labs are considering investing heavily too: according to The Information, leaders at Anthropic have discussed spending more than $1 billion on RL environments over the next year. While RL environments are the hot thing in Silicon Valley right now, there’s a lot of precedent for using this technique. What’s unique about today’s environments is that researchers are trying to build computer-using AI agents with large transformer models. Unlike AlphaGo, which was a specialized AI system working in a closed environments, today’s AI agents are trained to have more general capabilities. AI researchers today have a stronger starting point, but also a complicated goal where more can go wrong. Environments are part of AI labs’ bigger bet on RL, which many believe will continue to drive progress as they add more data and computational resources to the process. The best way to scale RL remains unclear, but environments seem like a promising contender. Instead of simply rewarding chatbots for text responses, they let agents operate in simulations with tools and computers at their disposal. That’s far more resource-intensive, but potentially more rewarding.
Nothing raises $200M to build their proprietary AI‑first, agentic OS, promising hyper‑personalized experiences and a billion unique systems across phones, wearables, EV, robots etc; first launch in 2026
Alongside its latest funding round, Nothing’s CEO Carl Pei is laying out a vision for the future of the company which, ambitiously, includes creating a new operating system for smartphones and beyond. Pei says that Nothing has just completed a new funding round at a $1.3 billion valuation. The $200 million funding round will be used to “execute on this vision by accelerating our innovation roadmap and further scaling our distribution.” The “vision” mentioned here is to build for a future full of AI, as Pei has been hinting at for months. Pei says that Nothing wants to build its own operating system, and that it will be “significantly different” from what we’re used to today. In particular, the vision here is for the OS to be “hyper-customized” to the user and proactive, while using agents to accomplish tasks. Pei says: Each system will know its user deeply, and be hyper-personalised to each individual. Interfaces will adapt to our context and needs. Suggestions will surface naturally, and once we confirm an intent, agents will execute on our behalf. The system will handle the non-essential for us, allowing us to focus on what truly matters, which will be different for every person. Unlike today’s one-size-fits-all solution, a billion different operating systems will be rendered for a billion different people. Over time, this OS will be transversal across all form factors: We’re starting with smartphones, audio products and smart watches, devices that people already use every day. In the future, our OS will carry into smart glasses, humanoid robots, EVs, and whatever comes next. Notably, Pei says this will start with smartphones, audio products, and smartwatches, but would include other form factors such as smart glasses in the future.
Boomers aren’t selling: 61% plan to stay put indefinitely as aging in place rises by seven points from 2024, thereby constraining much-needed inventory
A new survey from Clever Real Estate shows that 61% of baby boomer homeowners say they “never” plan to sell their homes, a jump of 7 percentage points from 2024. More than half want to age in place. The report shows that just 10% of boomers plan to sell within the next five years, down from 15% in 2024, meaning that 90% of the homes owned by this generation won’t hit the market until the 2030s. Besides wanting to age in place, factors cited by boomers in not selling include having paid off their mortgages (44%), not wanting to start over (36%), planning to leave homes as inheritances (34%) and concerns they can’t afford a new home (30%). Only serious health issues, financial hardships or the loss of a partner would change their minds. Homeownership remains central to this generation’s identity. Nearly nine in 10 boomers believe buying a home is almost always a good decision and 84% say it represents financial security. More than 40% consider not owning a home a sign of failure. Also, stability, easier retirement and proximity to family top the list of benefits of owning a home. A total of 36% of those who do plan to sell want to downsize, while more than one-quarter would move into a retirement home or assisted living facility. Two-thirds expect to make at least $100,000 in profit if they sold today. 51% say their generation is “least responsible” for the crisis, while 33% blamed Gen Z, and just 8% each blamed Gen X and millennials. At the same time, 42% said that boomers should lead housing policy efforts. Meanwhile, 32% of boomers said millennials are most responsible for the affordable housing crisis. In addition, 65% of boomers said younger generations could own a home if they were more responsible.