A research agenda, not completed reporting. These are the original topic questions and leads. Named companies, dates and outcomes require verification. Editorial operations and internal schemas remain private.

2. Brokerages and retail investing

2.1 Models

  • Commission-free trading and what replaced commissions: payment for order flow (PFOF), net interest on cash and margin, securities lending, subscription tiers, crypto transaction revenue, options revenue, retirement account matches, IPO access programs
  • Fractional shares, recurring investments, options for retail, 24-hour trading (verify venues, e.g., Blue Ocean ATS, 24X National Exchange approval — verify), prediction markets/event contracts offered by brokerages (verify CFTC status and state litigation 2025–2026)
  • Cash sweep programs: brokerage sweep to partner banks, yields vs. benchmark rates; 2024 litigation and SEC actions over sweep yields at large firms (verify: e.g., Wells Fargo, Merrill, Morgan Stanley — verify)

2.2 Company profiles (seed list — verify)

Robinhood (Gold subscription, retirement match, UK/EU expansion, Bitstamp acquisition, tokenized stock tokens in EU — verify), Charles Schwab, Fidelity, Vanguard (digital advisor), E*TRADE (Morgan Stanley), Interactive Brokers, Webull (SPAC listing 2025 — verify), moomoo (Futu), Public.com, SoFi Invest, Cash App Investing, Stash, Acorns, M1 Finance, Firstrade, eToro (IPO May 2025 — verify), Trading 212, Freetrade (acquired — verify), Revolut trading, Trade Republic, Scalable Capital, Bux, Zerodha, Groww (IPO — verify), Upstox, Angel One, XP Inc., Nu Invest, Tiger Brokers, Stake, Superhero

2.3 PFOF and execution quality

  • How PFOF works; wholesalers (Citadel Securities, Virtu, Jane Street, others — verify); price improvement claims
  • SEC 2022 equity market structure proposals (Order Competition Rule, Regulation Best Execution, tick sizes) — which were adopted (Rule 605 amendments; tick size/access fee changes in 2024 — verify) and which were withdrawn (June 2025 — verify)
  • PFOF bans/limits: UK (FCA prohibition), EU MiFIR review ban with phase-out by June 2026 (verify), Canada, Australia
  • Academic evidence on retail execution quality and PFOF effects (verify studies; note methodology debates)

2.4 Gamification and retail outcomes

  • GameStop/meme stock episode (January 2021): trading restrictions, clearinghouse collateral calls, congressional hearings, SEC staff report (October 2021)
  • SEC request for comment on digital engagement practices (2021) and predictive data analytics proposal (2023) withdrawn (June 2025 — verify)
  • Massachusetts Securities Division action against Robinhood (settled 2024 — verify); fiduciary conduct standard litigation
  • FINRA fine against Robinhood ($57M plus restitution, 2021) and later FINRA/SEC settlements (January 2025 and March 2025 — verify amounts and allegations)
  • Options trading by retail investors; 0DTE; losses research (verify studies)
  • Tragic case of Alex Kearns (2020) and resulting changes — handle with care and sensitivity; follow master Section 21; link to crisis resources where appropriate
  • FCA findings on "finfluencers" and gamified trading apps (verify)

3. Robo-advisors and digital wealth

3.1 How they work

  • Onboarding questionnaires, risk profiling, model portfolios, rebalancing, tax-loss harvesting (and its limits), direct indexing, cash accounts, goal planning, hybrid human advice
  • Fee models: AUM percentage, flat subscription, free with cash allocation (e.g., Schwab Intelligent Portfolios cash allocation; SEC settlement June 2022 — verify), fund expense ratios, proprietary fund use

3.2 Company profiles (seed list — verify)

Betterment, Wealthfront (IPO — verify date), Schwab Intelligent Portfolios, Vanguard Digital Advisor, Fidelity Go, SoFi Automated Investing, Ellevest (sold robo business — verify), Acorns, Stash, M1, Titan (acquired — verify), Empower (Personal Capital), Facet, Range, Nutmeg (JPMorgan), Moneyfarm, Scalable, Wealthsimple, Stashaway, Syfe, Endowus, Groww/ Kuvera, Raiz, Spaceship

3.3 Evidence

  • Performance comparability issues (different risk levels, cash allocations, time periods)
  • Tax-loss harvesting value research and marketing claims (label)
  • Behavioral outcomes (research on automatic rebalancing and investor behavior)
  • Consolidation and exits: robo-advisors shut down or sold 2020–2026 (verify: e.g., JPMorgan Automated Investing closure, Goldman Marcus Invest sale to Betterment, UBS, Ellevest, Wealthsimple US exit — verify)

4. Retirement tech

  • 401(k) platforms for small businesses (Guideline [acquired by Gusto — verify], Human Interest, Vestwell, ForUsAll), SECURE 2.0 Act provisions (auto-enrollment for new plans from 2025, Saver's Match 2027, emergency savings — verify)
  • State auto-IRA programs (CalSavers, OregonSaves, Illinois Secure Choice, others — verify count and assets)
  • IRA offerings and matches at brokerages (e.g., Robinhood Retirement match — verify terms)
  • Alternative assets in 401(k)s executive order (August 2025 — verify) and DOL follow-up
  • DOL fiduciary "Retirement Security Rule" (2024) stayed by courts (verify status)
  • Children's investment accounts created by 2025 federal legislation ("Trump accounts" — verify provisions, launch date, and providers)
  • UK pensions dashboards programme and pension-transfer scam protections (verify dates)
  • Australia superannuation fintech (verify)

5. Investor protections

  • SIPC coverage ($500,000 including $250,000 cash — verify) vs. FDIC insurance on sweep deposits vs. no coverage (crypto, some cash programs)
  • Customer Protection Rule (15c3-3) and segregation
  • Reg Best Interest (2020) and Form CRS; adviser fiduciary duty
  • SEC Marketing Rule (2022) and testimonials/performance advertising
  • T+1 settlement (U.S. May 28, 2024); UK/EU T+1 plans (October 2027 — verify)
  • Account transfer (ACATS) and fees
  • UK FSCS investment coverage (£85,000 — verify), Consumer Duty value assessments, FCA "targeted support" regime (verify launch 2026)
  • EU Retail Investment Strategy (verify status), MiFID II inducements
  • India SEBI rules on F&O for retail (2024 measures and loss studies — verify), Zerodha/Groww context

6. Insurtech

6.1 Models

  • Full-stack carriers vs. MGAs vs. digital brokers/agents vs. embedded insurance vs. insurance infrastructure (policy admin, claims, underwriting data)
  • Reinsurance dependence and fronting carriers; the 2022–2023 MGA/fronting stress (verify)
  • Usage-based insurance (telematics), parametric insurance, on-demand and embedded coverage at checkout, pet, renters, gig-worker insurance

6.2 Company profiles (seed list — verify)

Lemonade (Metromile acquisition), Root (Carvana partnership), Hippo, Oscar Health, Clover Health, Bright Health (exit — verify), Next Insurance (acquired by Ergo/Munich Re 2025 — verify), Clearcover, Branch, Kin, Openly, Pie, Coalition (cyber), At-Bay, Ethos, Ladder, Policygenius (Zinnia), Bestow, Zego, Wefox (restructuring — verify), Getsafe, Alan, Luko (collapse/acquired — verify), ManyPets, Acko, Digit, PolicyBazaar (PB Fintech), Ping An Good Doctor (context), Cover Genius, Boost, Sure, Bolttech

6.3 Performance evidence

  • Loss ratios, combined ratios, gross written premium vs. revenue, reinsurance ceded — from filings and statutory statements
  • Growth vs. profitability shifts 2021–2026
  • Customer complaints (NAIC complaint index — verify availability), claim-handling disputes, AI claims denials

6.4 Regulation and AI

  • State-based U.S. regulation; rate filing and approval; California and Florida homeowners market stress and insurtech exits (verify)
  • NAIC Model Bulletin on the use of AI systems by insurers (December 2023) and state adoption count (verify)
  • Colorado SB21-169 unfair discrimination in insurance using external data; regulations for life, auto, health (verify)
  • EU AI Act high-risk designation for life and health insurance pricing (verify), IDD (Insurance Distribution Directive)
  • UK FCA general insurance pricing practices rules (price walking ban, January 2022)
  • Embedded insurance disclosure and add-on sales concerns (FCA GAP insurance findings — verify)

7. Evaluation protocols

7.1 Brokerage/robo cost audit

For each platform: capture Form CRS, ADV 2A (advisers), fee schedule, cash sweep rates (date), margin rates, options fees, transfer-out fees; compute annual cost for illustrative portfolios ($1,000, $10,000, $100,000) including advisory fee, weighted fund expense ratio, and opportunity cost of mandated cash allocation vs. a disclosed benchmark rate; label as illustrative.

7.2 Protections checklist

Record custodian, clearing firm, SIPC membership, excess SIPC (if any), sweep bank list and FDIC coverage conditions, crypto custody arrangement, account-security features.

7.3 Insurtech financial-strength review

Record carrier of record, AM Best or equivalent rating (if permitted to cite), statutory surplus trends, loss/combined ratios, reinsurance programs, state exits, complaint indices.

8. Workflows

Use the master workflow format (no personalized advice) for:

  • Understanding what a robo-advisor will actually cost per year
  • Checking a broker or adviser on BrokerCheck/IAPD (and FCA register/SEBI equivalents)
  • Reading Form CRS and Form ADV 2A
  • Transferring a brokerage account (ACATS) and avoiding surprise fees
  • Understanding where uninvested cash goes and what it earns
  • Securing an investment account (MFA, passkeys, trusted contact person under FINRA Rule 4512)
  • Comparing an embedded insurance offer at checkout with standalone coverage (questions to ask)
  • Checking an insurer's license and complaint history with a state insurance department

9. Timeline 2020–2026

  • Retail trading surge; GameStop; outages at brokerages during volatility (March 2020 Robinhood — verify)
  • SEC market structure proposals and final/withdrawn outcomes; T+1
  • Robinhood IPO (2021) and later expansion; eToro, Webull, Wealthfront, Groww listings (verify)
  • Robo-advisor consolidation and exits
  • Sweep-cash litigation and enforcement
  • Insurtech IPO cohort (2020–2021) and subsequent restructuring
  • NAIC AI bulletin and state adoption
  • EU PFOF ban timeline; UK Consumer Duty; FCA targeted support
  • Retirement legislation and executive orders