Results for "wirehouses"

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Merrill pays $8.9 million SEC penalty over undisclosed conflict of interest

August 20, 2018

Merrill Lynch Pierce Fenner & Smith agreed Monday to pay an approximately $8.9 million settlement to the Securities and Exchange Commission for failing to disclose to investors a conflict of interest the brokerage had in offering products from...

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...

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...

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...

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...

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...

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...

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,"...

Merrill Lynch fined $42 million for misleading customers

June 19, 2018

Merrill Lynch, Pierce, Fenner & Smith agreed to pay a $42 million penalty for misleading institutional customers about how it handled their trading orders, according to a report from the Securities and Exchange Commission. The SEC's order stated...

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...

Morgan Stanley changes pay policies

December 3, 2007

Morgan Stanley is adjusting some of its pay policies to comply with a wage-and-hour lawsuit it settled last year. Beginning this month, the New York firm is picking up some state registration fees, paying for trading errors and changing the...

Morgan Stanley wants to double asset manager's size to $1 trillion

May 23, 2018

James Gorman would like his asset management division to join the $1 trillion club. Morgan Stanley's CEO said he wants the unit to hit that level of client assets, in response to a question about his view on the next five to seven years at a...

Take 5: Naureen Hassan talks integration, aggregation and retaining brokers at Morgan Stanley

June 19, 2018

Over the past few weeks, Morgan Stanley has been busy publicizing its new suite of integrated wealth management technology. Andy Saperstein, co-head of wealth management at Morgan Stanley, showcased the firm's account aggregation capabilities...

Wells Fargo sees slowdown in advisers exiting this year

May 17, 2018

Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That's when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening...

Merrill re-evaluates commission ban in retirement accounts

June 15, 2018

In the wake of the Wednesday's deadline to appeal the 5th Circuit Court's ruling striking down the Department of Labor's fiduciary rule, Merrill Lynch has announced plans to re-evaluate its ban on commissions in retirement accounts. Andy Sieg,...

Merrill Lynch fires Chicago star broker Bruce Lee

April 24, 2018

Merrill Lynch star veteran broker Bruce Lee, whose Chicago team managed nearly $3 billion in client assets, was fired for unknown reasons, according to sources with knowledge of the move. Mr. Lee, who was fired on Friday, was a perennial member...

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