Results for "wirehouses"

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Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Morgan Stanley's new comp plan could pinch pay for some brokers

August 15, 2018

When Morgan Stanley released its 2019 compensation plan for its 15,632 financial advisers and brokers late last month, it made a point of saying that any changes to the grid, as it is known in the industry, would all be positive. But the new...

Wells Fargo tests investor patience with latest scandal

August 13, 2018

Wells Fargo & Co. investors who were learning to live with an unprecedented penalty the Federal Reserve imposed on the bank for bad behavior will have their patience tested again as details emerge on another scandal. The bank disclosed earlier...

Wells Fargo broker managing $150 million moves to Baird

August 6, 2018

Harry Buchanan Smith III, who managed $150 million at Wells Fargo Advisors, has joined Robert W. Baird & Co. in Charlotte, N.C. Moving with Mr. Smith is Daniel Bryant, an assistant adviser. Mr. Smith is a veteran of A.G. Edwards, where he began...

Wells Fargo discloses accidental foreclosures, tax credit probe

August 6, 2018

Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report Friday, saying that it faces a U.S. inquiry into its purchase of low-income housing credits and conceding that it may have unnecessarily foreclosed...

Wells Fargo to pay $2 billion settlement to end loan probe

August 1, 2018

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced...

Merger and acquisition activity drops dramatically in the second quarter

July 31, 2018

Merger and acquisition activity in registered investment adviser firms dropped dramatically during the second quarter, according to a report from DeVoe & Co. RIA transactions dropped to 32 in the second quarter from a record 49 in the first...

Wall Street fears new international tax

July 30, 2018

A new international tax that was supposed to deter U.S. technology and pharmaceutical companies from shifting their profits offshore could instead catch Wall Street banks in its crosshairs. The levy on international profits — called Gilti...

Morgan Stanley unveils compensation plan changes for 2019

July 30, 2018

Morgan Stanley followed through Monday on earlier pronouncements to goose financial advisers to chase assets using new technology when it unveiled pieces of its 2019 compensation plan. "We are executing on our commitment to deliver industry-leading...

Millennial heirs go to summer camp

July 30, 2018

Fifty-two heirs to lavish fortunes luxuriate in sleek splendor at the Four Seasons. They sip designer lattes and speak the language of wealth. The talk is of money, noblesse oblige, technology, Formula One. At lunchtime, out comes chilled rosé,...

UBS laying off dozens of wealth management staff

July 26, 2018

UBS Group is laying off dozens of staff at its wealth management division as it revamps the unit's leadership team, according to people briefed on the matter. Stephen Freedman, who was appointed last year as head of sustainable investing solutions...

UBS wealth management profits up 16% in latest quarter

July 24, 2018

UBS Group AG said on Tuesday that its wealth management business in the U.S. and Latin America produced a pretax profit of $391.6 million over the three months ended in June, an increase of 16% compared with the same quarter a year ago. The...

Wells Fargo Advisors continues to see a decline in brokers

July 13, 2018

Wells Fargo Advisors continues to see a decline in the number of brokers and advisers working at the firm's various channels, reporting on Friday morning a net loss of 173 registered reps — or 1.2% of its total adviser sales force — during...

Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Wirehouses using digital advice technology to boost cross-selling

July 2, 2018

Wirehouses may be playing catchup to the technology offered by custodians and independent fintech vendors, but the next-generation technology platforms they've recently revealed suggest a growth opportunity the others lack: a new chance to cross-sell...

Wells Fargo memo raises questions about commitment to broker protocol

June 25, 2018

A Wells Fargo Advisors memo Monday morning about client privacy policies sent a spasm of confusion across the network of 14,399 brokers and advisers, with one side saying that the memo undermined the firm's commitment to the protocol for broker...

D.A. Davidson expands with hires from Merrill Lynch

June 25, 2018

D.A. Davidson & Co., a broker-dealer headquartered in Great Falls, Mont., has recruited eight financial advisers in the past two months, including four from Merrill Lynch. "Our recruiting from wirehouses has picked up," said Michael Purpura,...

Morgan Stanley settles confidentially with departing broker

June 21, 2018

Morgan Stanley and former broker Daniel Abel, who left the firm in January, have entered into a confidential settlement agreement in which Mr. Abel agrees not to solicit former clients. Mr. Abel, who is now affiliated with American Portfolios...

Wells Fargo weighs changes to wealth unit

June 19, 2018

Wells Fargo & Co. is considering restructuring its wealth management business as the bank pushes for $4 billion in cost cuts by the end of next year. "Our wealth and investment-management group is reimagining our business to become more efficient,"...

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