Results for "wirehouses"

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Morgan Stanley CEO says he's `not a fan' of Trump tariffs

March 7, 2018

Morgan Stanley CEO James Gorman said he's "not a fan" of tariffs proposed by U.S. President Donald J. Trump, saying they will lead to retaliation from trading partners. "You can always enter into a trade war, but doing it with allies, doing...

Morgan Stanley names new head of wealth management tech

March 5, 2018

Morgan Stanley has appointed Sal Cucchiara head of wealth management technology, replacing Christopher Randazzo, who left to become head of wealth management and head of technology and operations at Rockefeller Capital Management. Mr. Cucchiara...

Ex-Morgan Stanley, UBS advisers prevail in TRO claims

March 2, 2018

Some financial advisers at Morgan Stanley and UBS Financial Services may be scared stiff of being sued if they leave their firms to move to another broker-dealer. That's because both wirehouses decided toward the end of last year to exit an...

Top Wells Fargo exec to advisers: 'Stay positive,' keep walking the 'noble path'

March 1, 2018

The head of Wells Fargo's wealth and investment management group, which includes 14,544 financial advisers, exhorted his employees in a memo Thursday to remain upbeat and confident in the face of the bank's latest potential scandal. Hours after...

Wells Fargo Advisors scrutinized by Justice Department

March 1, 2018

The Department of Justice has instructed Wells Fargo & Co. to conduct an independent investigation of its Wealth and Investment Management business, which includes Wells Fargo Advisors, after whistleblowers flagged "sales problems" in the unit,...

Ex-Wells Fargo rep barred and arrested for ripping off elderly

February 26, 2018

The Financial Industry Regulatory Authority Inc. has barred former Wells Fargo broker Jeffrey Palish for receiving more than $180,000 from an elderly client "with no intent or ability to repay" her. Wells Fargo terminated Mr. Palish's registration...

Broker protocol: Indecision over recruiting agreement is rampant

February 24, 2018

When Morgan Stanley exited an industry agreement late last year that makes it easier for brokers and advisers to move to new firms, it upended 14 years of peace among the largest brokerages. Thousands of retail brokers and wealth management...

Morgan Stanley dropping some overseas wealth customers

February 16, 2018

Morgan Stanley told some of its international wealth-management clients to liquidate their accounts or shift to another financial institution within 30 days. "Serving the investment needs and opportunities unique to clients who reside outside...

JPMorgan's Dimon extends reign as best-paid Wall Street CEO

February 16, 2018

For the second straight year, Jamie Dimon was the highest-paid chief executive officer of a Wall Street bank, while Michael Corbat got the biggest raise for 2017. Mr. Dimon, the JPMorgan Chase & Co. CEO, was paid $29.5 million, a 5.4% raise...

Morgan Stanley strategist who predicted volatility says buy now

February 12, 2018

The Morgan Stanley strategist who predicted volatility would ramp up in 2018 says the damage has been done and it's time to buy stocks. Michael Wilson, the firm's chief U.S. equity strategist, said the "volatility shock" that hit equity markets...

Morgan Stanley sued for racial bias

February 1, 2018

A former Morgan Stanley wealth manager sued the bank, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. The suit was filed in federal court in New...

Wells quants predict Patriots will win the Super Bowl

January 31, 2018

Picking a winner in the Super Bowl can feel like a crap shoot, but if you ask Wall Street's rocket scientists, they'll tell you the smart money's on the New England Patriots. Wells Fargo Asset Management's Analytic Investors, the Los Angeles-based...

Independent broker-dealers are stepping up their game on recruiting from the wirehouses

January 27, 2018

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above...

Merrill Lynch veteran picked to replace Racquel Oden at Manhattan flagship office

January 26, 2018

Merrill Lynch has tapped firm veteran Matt Grossman to head its flagship Fifth Avenue branch in Manhattan. Mr. Grossman replaces Racquel Oden, who left the firm in December. The branch has 200 brokers and financial advisers under its roof. Earlier...

Wells Fargo, Morgan Stanley use contrary tactics to keep advisers

January 25, 2018

Wells Fargo Advisors and Morgan Stanley are using extremely different tactics in the battle to hang onto their financial advisers. Wells Fargo started the year by dangling a carrot at its 14,544 retail and wealth management advisers, while Morgan...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Wells Fargo erasing hurdles for advisers looking to move to its IBD

January 24, 2018

The independent contractor arm of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, or FiNet, intends to make it easier this year for brokers who are employees to jump to another side of the business and work as independent reps...

Morgan Stanley seeks to clarify Harold Ford Jr.'s termination

January 22, 2018

Morgan Stanley, seeking to clarify circumstances surrounding the departure last month of former Congressman Harold Ford Jr., said Monday his separation was based on violations of corporate policy. "The press has reported that Mr. Ford was terminated...

UBS adviser count continues to decline

January 22, 2018

With the recent overhaul of its wealth management business taking shape, UBS Wealth Management Americas continued to see a decline in its overall number of advisers, reporting on Monday morning a net decrease of 203 in 2017, or 2.9%. Meanwhile,...

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...

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