Raymond James is combining its unit that provides custody services to independent registered investment advisers with another unit that offers similar services to broker-dealers. The merged business, called the RIA & Custody Services Division, could help Raymond James stand out as the competitive landscape shifts for custodians, which hold securities on behalf of independent advisors and provide them with other services. Charles Schwab’s planned acquisition of TD Ameritrade reduces the number of large custodians serving RIAs, ThinkAdvisor notes in an article on the Raymond James news.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.


Election 2020: How Trump and Biden Compare on the Key Issues:  See where President Donald Trump and former Vice President Joe Biden stand on policy issues including Big Tech, taxes and immigration.


Disney to Lay Off 28,000 Employees as Disneyland’s Reopening Unclear: Company said it would lay off about 28,000 employees at its domestic theme parks after the state of California signaled that Disneyland Resort would likely have to remain closed for the foreseeable future due to Covid-19 concerns.


Value Stocks Are Outperforming Growth—at Least for Now: Many investors looked for opportunities to scoop up shares in industries such as materials, transportation and utilities, many of which have been badly beaten down by the coronavirus pandemic this year.


From Dow Jones Newswires

Forecast losses among US airlines are fast approaching $30B for 2020 as 3Q draws to a close and a brief summer traffic rally fizzles, according to analysts polled by FactSet. While cash burn has come down, traffic remains stubbornly stuck, and consensus for 3Q losses is almost $9B. Trade group IATA has yet to revise its forecast for a global industry loss this year of $84B, though have signaled it will go higher. ([email protected]; @dougcameron)

Brazil’s high level of public debt and the government’s big deficit leave the country’s fiscal situation and economy vulnerable to domestic and foreign shocks, according to Alberto Ramos, an economist at Goldman Sachs in New York. Brazil’s central bank said Wednesday that the combined primary fiscal deficit for all levels of government reached 87.6B reais ($15.5B) in August. As a result, the main challenge facing both the president and Congress is fixing the currently unsustainable debt trend and building fiscal buffers, Ramos says. Brazil has spent more than 600B reais since the start of the coronavirus pandemic on easing the impact of the crisis, including emergency payments to the country’s poorest residents, a government official said earlier this week.


Utility Megadeal Looks Unlikely and Unappetizing: NextEra Energy would have to jump through a series of hoops to buy Duke Energy, and the resulting deal might not even look that attractive.


BP Bets Future on Green Energy, but Investors Remain Wary: New CEO is tilting the British energy company away from oil, hoping to profit instead from wind and solar power.

Blackstone Sets Goal to Reduce Carbon Emissions: Firm seeks to cut emissions by 15% on new investments across its portfolio.


For Black Working Women, Covid-19 Has Been a Heavy Burden: The pandemic’s fallout has made them much more likely than others to consider stepping away from their careers.


Bring Fun Back Into Your Friendships—Despite the Covid Pandemic: Many of us feel cut off from friends, or drained from stress when we talk. Here’s how to restore some of the joy we’re missing.


The Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. The content is curated by the Dow Jones Newswires team using articles from the Newswires, Barron’s, MarketWatch and The Wall Street Journal. The briefing is delivered to subscribers by email each workday morning at 6:30 a.m. ET. You can sign up here for email delivery.

We welcome feedback. Please email [email protected] or contact Dwight Oestricher at [email protected]