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Finra releases budget for first time, foresees declining operating revenues

January 18, 2018

Finra projects declining operating revenues this year but will not raise membership fees in 2018, the broker-dealer regulator said Thursday. In its first-ever publicly released budget summary, the Financial Industry Regulatory Authority Inc....

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

January 18, 2018

Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting. The number of brokers leaving in the fourth quarter was the most in any single quarter...

Hybrid group managing $1.3 billion leaves LPL

January 18, 2018

Cornerstone Wealth, which managed $1.3 million as a hybrid affiliated with LPL Financial, has switched its broker-dealer affiliation to Mutual Securities and its custodian to Fidelity. It also has joined Focus Financial for support with its...

Two practices, each managing $150 million, leave Wells Fargo FiNet

January 18, 2018

Two brokerage teams affiliated with Wells Fargo FiNet, each of which manages $150 million in assets, have affiliated with other broker-dealers. LongView Wealth Solutions, based in York, Pa., has affiliated with Raymond James. Corinthian Wealth...

Morgan Stanley's wealth management fees climb to all-time high

January 18, 2018

Record stock markets have been good to Morgan Stanley. The firm's wealth management fees climbed to a record in the fourth quarter as the S&P 500 Index reached an all-time high. The company beat its target cost ratio for the year and posted...

Carson Group platform gives investors financial planning choices

January 18, 2018

The Carson Group on Thursday announced a digital platform that is designed to offer investors the full range of financial planning services, from robo to human adviser. The platform is made up of four-stages that allows clients to move from...

Finra, investigating misuse of funds, bars former Edward Jones rep

January 17, 2018

The Financial Industry Regulatory Authority Inc. has barred Matthew Kerby, a former Edward Jones broker, for failing to take part in a hearing looking into allegations that he misused client funds. Mr. Kerby was employed by Edward Jones in Paoli,...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

Team managing $124 million at Raymond James moves to Ameriprise

January 17, 2018

Jose Gabriel Lopez and Misael Lugo of Orlando, Fla., who managed $124 million at Raymond James & Associates, have joined the employee unit of Ameriprise. They brought with them two service associates. Mr. Lopez began his securities career at...

Former Investors Capital rep barred by Finra ​

January 17, 2018

The Financial Industry Regulatory Authority has barred Matthew Peregoy, a former broker with Investors Capital, for failing to take part in a hearing looking into his possible misuse of client funds. Finra said that Mr. Peregoy, whose registration...

Fiduciary rule every bit as necessary for brokers, according to report

January 16, 2018

For those who think a fiduciary-type rule is unnecessary, think again. The Wall Street Journal reported last week that "advisers at some of the biggest discount brokerage firms make more money if they steer clients toward more-expensive products."...

Finra bars former Morgan Stanley rep over hearing no-show

January 16, 2018

The Financial Industry Regulatory Authority has barred former Morgan Stanley broker Guillermo Valladolid for failure to appear at a hearing looking into charges that he sold investments away from his employer and engaged in undisclosed outside...

Delay in fiduciary rule does not take any wealth managers off the hook

January 16, 2018

The DOL fiduciary rule implementation has been delayed. While consumer advocates applauded the new oversight, very few within the wealth management industry felt the regulation was anything but awkward and clunky. Fewer still believe that nonretirement...

BlackRock takes aim at sacred cow to bring factors to the masses

January 16, 2018

It's not enough for BlackRock Inc. to command one of every three dollars investors send to fund companies in America. Now it wants to control their minds, too. Operatives of the New York-based behemoth will be fanning out to brokerages around...

Rising star at Merrill in New York lands at JP Morgan Chase

January 16, 2018

Racquel Oden, who abruptly bolted Merrill Lynch last month as the manager of its flagship 5th Avenue branch in Manhattan, is landing at JP Morgan Chase, where in March she will become divisional director of the northeast. According to an internal...

Mercer acquires multimanager BFC to boost delegated investment push in Japan

January 16, 2018

Mercer acquired Tokyo-based hedge fund multimanager BFC Asset Management Co. in a move its global wealth management chief predicts will accelerate the nascent growth of Mercer's delegated investments business in Japan. Rich Nuzum, president...

Adviser moves to expect in 2018

January 11, 2018

Citigroup recently announced that it will be following Morgan Stanley and UBS' lead in exiting the broker protocol. While it's not a big player in the recruiting wars among wirehouse firms, this move signifies a further trend toward the potential...

New Jersey bank moves $700 million program from Invest to Cetera

January 10, 2018

Investors Bank, based in a Short Hills, N.J., is moving its retail wealth management program from Invest Financial Corp. to the Cetera Financial Institutions platform. The bank, a subsidiary of Investors Bancorp, Inc., employs 22 financial professionals...

Advisers struck by opioid crisis seek to get the word out to peers and their communities

January 9, 2018

Colin Goodell's drug problem sounded all too familiar. It began with a seemingly innocuous prescription for painkillers. Before long, he was hooked on the pills, meant as a temporary remedy for a back injury. The Jacksonville, Fla., resident...

Finra bars fired Ameriprise rep for churning accounts of elderly

January 8, 2018

The Financial Industry Regulatory Authority has barred former broker Larry M. Boggs for excessive and unsuitable trading in the accounts of five elderly clients. Mr. Boggs also improperly exercised discretion in these accounts without written...

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