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Morgan Stanley mulls moving New York City headquarters

February 10, 2017

Morgan Stanley is said to be considering moving its headquarters from a building in Times Square to the Hudson Yards site now under construction on the Far West Side of Manhattan. The site, built on air rights over a Long Island Rail Road train...

Former Wells Fargo Advisors rep barred by Finra for excessive trading in elderly client's account

February 10, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Wells Fargo Advisors rep who was allegedly trading excessively in the accounts of an elderly client and generating hundreds of thousands of dollars in commissions. Matthew...

DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

UBS exploring fee-based annuities for advisers

February 8, 2017

UBS Wealth Management Americas is mulling the potential offer of fee-based annuities to its adviser force for use with clients, according to a company executive. The evaluation comes as such annuities, and fee-based business generally, are poised...

Merrill Lynch trying to make fees more transparent

January 31, 2017

Bank of America Corp.'s Merrill Lynch unit, which has said it will stop offering commission-based retirement accounts as it prepares for the Department of Labor fiduciary rule, also plans to more clearly disclose fees that clients pay to the...

First Republic starts year with a bang

January 31, 2017

First Republic Bank's wealth management group has started 2017 with a bang, recruiting in January two sizable groups of Merrill Lynch advisers with $1.8 billion in client assets. On January 20, First Republic said five Merrill advisers in New...

Morgan Stanley to move ahead with changes despite uncertainty around DOL fiduciary rule

January 27, 2017

Morgan Stanley, one of the biggest U.S. brokerages, said it plans to move ahead with client-friendly changes designed to comply with federal rules despite uncertainty over whether the regulation will be implemented. “There has been a great...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

Morgan Stanley advisers hit revenue record in fourth quarter

January 17, 2017

Morgan Stanley's 15,763 advisers hit an all-time best in productivity during the fourth quarter of 2016, generating average annualized revenue — fees and commissions — per adviser of more than $1 million. The firm's wealth management unit...

SEC hits Morgan Stanley with $13 million fine

January 13, 2017

The Securities and Exchange Commission said on Friday that Morgan Stanley agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors. The firm also violated...

Bank of America's Merrill Lynch reports a 1% increase in number of financial advisers

January 13, 2017

Merrill Lynch reported a 1% net increase in the number of financial advisers at the firm at the end of 2016, according to this morning's fourth-quarter earnings announcement from Merrill's parent, Bank of America Corp. With the additional 129...

Broker-dealers have different views on recruiting over next six months

January 12, 2017

Senior executives at leading independent broker-dealers are split in their assessment of recruiting over the first half of this year, with some expecting a strong start to 2017, while others are not as sanguine. Confusion in the recruiting market...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

Morgan Stanley teams up with data-aggregation company Addepar to get insight into clients' holdings

January 10, 2017

Morgan Stanley, among the world's biggest brokerages, is partnering with a Silicon Valley startup better known for helping rivals at independent advisory firms and family offices manage the assets of the ultra rich. Software from data-aggregation...

TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms

January 6, 2017

A relative newcomer to the general concept of rollups and strategic acquirers, TruClarity is making a deliberate push for midsize wirehouse brokers looking to breakaway as registered investment advisers. Just 18 months old, TruClarity, based...

Raymond James recruits Oregon adviser from Morgan Stanley

January 4, 2017

Raymond James & Associates has recruited Portland, Ore.-based brokerage representative Katherine Fisher-Schultz from Morgan Stanley. Ms. Fisher-Schultz, who managed more than $170 million in client assets at Morgan Stanley, has joined Raymond...

Wells Fargo Advisors to pony up $35.5M in race discrimination, class action settlement

January 4, 2017

Wells Fargo Advisors has reached a $35.5 million settlement with a group of African-American financial advisers who claimed the firm discriminated against them due to their race. The group of six brokers, with lead plaintiff Lance Slaughter,...

Steward Partners nears $5B as it continues to recruit wirehouse reps

January 3, 2017

The first hurdle for any wirehouse rep hoping to join Steward Partners Global Advisory is the “no-jerk policy,” which company founders say is more important than experience or assets under management. “We want great people, first, who...

Morgan Stanley fined more than $10 million for violating customer protection rule

December 20, 2016

Morgan Stanley was fined and penalized more than $10 million Tuesday for trading errors involving customer cash and margin securities. The Securities and Exchange Commission announced that the firm had agreed to pay $7.5 million to settle charges...

Wells Fargo eliminates bonuses for advisers selling banking products

December 15, 2016

Months after its parent bank Wells Fargo & Co. was hit with a $185 million fine for opening checking and credit accounts that customers never knew about or approved, its retail brokerage, Wells Fargo Advisors, has eliminated bonus compensation...

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