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Wells Fargo's move to boost signing bonuses could give it a lift

May 26, 2017

Wells Fargo Advisors decision to stay in the recruiting game and boost bonuses to recruits could give a needed lift to the brokerage, particularly as its advisers have spent the past nine months answering questions from clients about the banking...

Merrill Lynch team managing $240 million moves to Raymond James

May 25, 2017

A two-adviser team managing $240 million in assets at Merrill Lynch has moved to the employee unit of Raymond James in Clinton Township, Michigan, southwest of Ann Arbor. Gary Cook and Kristina Daniel, who head the team, were joined by their...

Wells Fargo will ramp up spending to lure brokers

May 25, 2017

Hurt by the fallout from its parent bank's fictitious account-creation revelations, Wells Fargo Advisors is using the surest tool it can to attract big producers to its ranks: cash. The wirehouse is sweetening its signing bonuses for veteran...

Simple disclosure of conflicts touted by opponents of DOL fiduciary rule not effective

May 24, 2017

Now that the industry knows the DOL fiduciary rule will go into effect on June 9, it's important to step back and understand what's at stake and who stands to benefit from — or be hurt by — potential revisions to the rule, which may happen...

DOL fiduciary rule pushing broker-dealer assets to fee-based accounts, away from commissions

May 24, 2017

There's been a marked shift in the allocation of broker-dealer client assets in the year since the Department of Labor issued its fiduciary rule. Largely, the shift has seen assets flow into advisory accounts, which assess a level fee based...

Morgan Stanley joins competitors in cutting back on recruiting

May 23, 2017

In a significant break from Wall Street tradition, Morgan Stanley is joining its competitors in reducing its reliance on recruiting experienced advisers. In an internal memo viewed by InvestmentNews, Morgan Stanley on Tuesday outlined the changes...

$160 million Merrill Lynch team exits for HighTower

May 22, 2017

A four-adviser team managing $160 million in assets has left Merrill Lynch in West Palm Beach, Fla., to create an RIA firm, PDS Wealth Management, that has affiliated with HighTower. Breaking away were the new firm's managing director Tom Parker,...

Wirehouses use predictive analytics to shore up goals-based planning

May 22, 2017

Corporations with big digital footprints, such as Amazon and Netflix, can predict what their customers will want to buy and watch by mining data and generating recommendations for individuals in real time. Brokerage firms like Merrill Lynch...

Finra fines Merrill Lynch $650,000 for bond trading violations

May 17, 2017

Merrill Lynch has agreed to a settlement with Finra over its handling of transactions in nonconvertible preferred securities from July 1, 2010 through Dec. 31, 2012. The firm was censured, fined $650,000 and ordered to pay restitution of more...

Broker-dealers try to hold the line on advisory and wrap account fees

May 16, 2017

For over a year, CEOs of top broker-dealers have been peppered with questions by analysts who cover their companies about fees. Can firms sustain their current level of fees they charge clients in the new era of the fiduciary adviser? Will they...

Merrill Lynch's move away from signing bonuses seen as risky

May 12, 2017

Merrill Lynch is taking a big risk on the wealth management unit's new adviser recruiting strategy — one that could pay off, but just as easily backfire. As of June 1, the brokerage will step away from the traditional adviser recruitment model,...

Merrill Lynch will allow IRA commissions in some circumstances under DOL fiduciary rule

May 11, 2017

Merrill Lynch will allow advisers to receive commissions from some transactions in individual retirement accounts under the Department of Labor's fiduciary rule, the company announced Thursday, backing off a hardline position against commissions...

Private equity adds fuel to 401(k) record-keeper consolidation

May 11, 2017

Just as 401(k) record keepers cry poverty, claiming there are no profit margins left and fueling consolidation, private equity has jumped in, perhaps seeing value that traditional record keepers are missing. What's causing this consolidation...

MLB managers can coach advisers through the robo-revolution

May 10, 2017

As the Major League Baseball season kicks off every April, team managers begin the tedious tasks of posting lineup cards, pointing to bullpens and stepping up to post-game microphones. Since the birth of the sport, managers proved their worth...

A $420 million Merrill Lynch team joins LPL

May 9, 2017

A four-person team that managed $420 million in assets at Merrill Lynch in Melville, N.Y., has gone independent and affiliated with LPL Financial. The Choice Group Wealth Management, led by advisers Ira Katz, John Scala, Bryce Wilinski and Daniel...

Independent broker-dealer Triad Advisors sues former advisers

May 7, 2017

In a highly unusual move by an independent broker-dealer, Triad Advisors Inc. is suing a group of former advisers who left the firm to start their own broker-dealer. Last October, Triad sued the advisers, David Millican, Jeffrey Shaver and Joseph...

Forget bingo! More Americans are working part-time in retirement

May 6, 2017

Mandy Hummel needed a change. A resident of Grass Valley, Calif., located outside Sacramento in the foothills of the Sierra Nevada mountains, Ms. Hummel had spent the last several years of her career working in customer service for a company...

Morgan Stanley financial adviser managing $275 million forms RIA

May 5, 2017

Sam Maxwell, III, who managed $275 million in client assets at Morgan Stanley, has left the wirehouse and created Executive Wealth Group, a registered investment advisory firm. He and Sherry Nelson, his director of client services, are based...

Wells Fargo's FiNet loses $300 million team to HighTower

May 2, 2017

A team led by adviser Mark F. Burns and managing $300 million in assets has left the Wells Fargo Advisors Financial Network for HighTower. Synergy Capital Solutions, previously known as BIG Planning, has offices in Chicago, Naples, Fla., and...

Former Merrill Lynch broker convicted of wire fraud

May 2, 2017

A former Merrill Lynch financial adviser in New Jersey was convicted in federal court for defrauding a client out of his retirement savings and using the funds for his own benefit. Acting U.S. Attorney William E. Fitzpatrick said that Jesse...

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