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Merrill Lynch branch manager resigns over expense reporting

December 13, 2016

Merrill Lynch has parted ways with yet another adviser over personal expense reports, with a complex director in Ohio last month voluntarily resigning over the issue. John R. Nicholson, a manager in the Cincinnati area and a 21-year veteran...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Finra wants to speak with fired Wells Fargo reps connected to cross-selling scandal

December 9, 2016

Citing news articles with Wells Fargo workers questioning why they were fired after the bank's recent cross-selling scandal came to light, Finra said on Friday it was looking to speak with former bank employees who were terminated and wound...

Bank of America wants more referrals from its Merrill Lynch advisers

December 7, 2016

Merrill Lynch in 2017 will not change its basic pay grid for its 14,500 advisers but is raising the thresholds on two plans, one of which focuses on advisers giving referrals to other parts of Bank of America. According to a source with knowledge...

Finra fines Morgan Stanley $1.5M for failing to deliver fund prospectuses online

December 2, 2016

Morgan Stanley Smith Barney was fined $1.5 million on Thursday by the Financial Industry Regulatory Authority Inc. for technical failures, including a broken online link that prevented customers from accessing fund prospectuses. For several...

Merrill Lynch to pay $7.03 million in Finra case for inadequacies in leveraging customer brokerage accounts

November 30, 2016

Merrill Lynch will pay $7.03 million in fines and restitution to settle charges brought by Finra for inadequacies in overseeing customers' use of leverage in the wirehouse's brokerage accounts. In addition to a $6.25 million fine, Merrill Lynch...

Wells Fargo financial adviser with $350 million in assets skips to Raymond James

November 30, 2016

A longtime Wells Fargo adviser in the Denver area with close to $350 million in client assets, Jarrod E. Biebel, has jumped to Raymond James & Associates Inc. According to Mr. Biebel's BrokerCheck report, he was registered with two separate...

Merrill fires another star broker, this time over expense account charges

November 28, 2016

Merrill Lynch has fired another top broker, this time over problems regarding the alleged improper use of his expense account. Merrill fired Sandy Galuppo, who had been with the firm since 1995 and reportedly had $1.4 billion in client assets,...

Raymond James recruits three advisers managing $441 million in assets from Merrill Lynch

November 28, 2016

Raymond James recruited three financial advisers in Burlington, Vt., with nearly half a billion dollars in assets under management from Merrill Lynch, the firm announced on Monday. George D. Ewins Jr., Richard J. Kowalski and Theresa Swett managed...

Advisers managing $1.7 billion move to Noyes from Wells Fargo

November 21, 2016

A team of financial advisers managing $1.7 billion in client assets has joined Noyes' wealth management group from Wells Fargo Advisors. Cooke Financial Group, led by advisers John Chris Cooke (who goes by his middle name) and Brian F. Cooke,...

Wells Fargo teams with SigFig to offer robo-adviser

November 15, 2016

Wells Fargo Advisors is teaming with digital advice platform SigFig to give its customers direct access to an online system on which to build investment portfolios. The robo-platform, which it will begin piloting next year, will offer Wells...

Advisor Group taps wirehouse veteran Jamie Price to be CEO

November 14, 2016

One of the largest networks of independent broker-dealers, the Advisor Group, has tapped a wirehouse veteran, Jamie Price, to be its CEO. Between 2002 and 2010, Mr. Price served in numerous positions at UBS Financial Services Inc., most recently...

UBS to pay close to $1 million in another Puerto Rico claim

November 7, 2016

UBS Financial Services Inc. has been ordered to pay an arbitration award of close to $1 million to an investor who sued the firm over losses stemming from investments in UBS Puerto Rico closed-end bond funds. The three-person arbitration panel...

Adviser managing $250 million in assets joins HighTower from Merrill Lynch

October 18, 2016

Advisers managing $250 million in assets have left Bank of America Merrill Lynch to join the HighTower Advisors. HighTower will launch The Thrush Group, an advisory practice based in Westport, Conn. It will be led by William L. Thrush and Meghan...

How big wealth management firms should treat top-performing advisers to keep them happy

October 10, 2016

In past columns, I have been critical of the big firms' inability to treat their best performers differently. I have hypothesized that the primary reason why advisers depart the employee model of the big firms to go independent is not financial...

Merrill's move to end commission IRAs a 'tectonic shift' for brokerage industry

October 7, 2016

Merrill Lynch's decision to shutter its commission IRA business in response to the Labor Department's fiduciary rule could signal a sea change in the brokerage industry, and could push Merrill brokers reliant on commissions to find another home,...

Merrill Lynch wealth management head John Thiel stepping down

October 6, 2016

Merrill Lynch Wealth Management is poised to take on new leadership at the beginning of next year as Andy Sieg, the head of Global Wealth and Retirement Solutions, takes over for current head John Thiel, the company announced Thursday. Mr. Thiel,...

Merrill Lynch eliminates commission IRA business in response to DOL fiduciary rule

October 6, 2016

In a signal of the radical change the brokerage industry is set to undergo because of the Labor Department's fiduciary rule, Merrill Lynch has announced it will no longer offer new, advised commission-based IRAs starting next year. For the wirehouse's...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Morgan Stanley adviser who managed $240M in assets jumps to Merrill Lynch

September 27, 2016

A financial adviser who previously managed more than $240 million in client assets has left Morgan Stanley to join Merrill Lynch. Brad Weinman serves high-net-worth individuals and families in West Palm Beach, Fla. Last year, he generated revenue...

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