Results for "wirehouses"

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Firms exiting broker protocol will suffer, reps say

March 21, 2018

As might be expected, brokers are not especially keen on securities firms leaving the broker protocol, but a new survey from Fidelity finds that firms opting out of the protocol are not likely to prevent reps from leaving. Of the 455 advisers...

Stocks of brokerages, insurers rally after DOL rule struck down

March 16, 2018

Morgan Stanley and Principal Financial Group Inc. were among banks and insurers that rallied after a U.S. appeals court struck down a sweeping Obama-era rule that aimed to protect millions of Americans from conflicted investment advice. The...

Merrill vets ready to recharge breakaway recruiting efforts

March 14, 2018

Snowden Lane Partners prides itself in not making a lot of noise around its practice of recruiting breakaway wirehouse teams to join its hybrid broker-dealer and independent investment adviser business. But at more than $4 billion in assets...

UBS plans to cut 840 funds from its platform

March 14, 2018

Following an emerging pattern among wirehouses, UBS Wealth Management plans to trim the number of mutual funds listed on the platform advisers use to select investments for clients. The move, described by UBS sources familiar with the strategy...

Merrill shakes up group that works with richest clients

March 13, 2018

Merrill Lynch announced internally that it was streamlining its private banking, international and institutional groups with the goal of better serving its wealthiest clients. One key change announced Monday will bring experts working with international...

Wirehouse advisers: time to unionize?

March 13, 2018

Wirehouse advisers must feel like they are under siege. Within their own firms, payouts seem to change annually. Compensation plans are the size of a novelette. More and more compensation is held hostage — "deferred" — in order to keep advisers...

UBS shrinks recruiting costs in 2017, boosts adviser pay

March 9, 2018

In line with a shift in recruiting strategy, UBS Wealth Management Americas last year reduced the amount of money it spent on signing bonuses for new brokers, while at the same time increasing compensation for existing advisers. The firm reduced...

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...

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 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...

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...

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