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RBC Wealth Management on recruiting roll

November 14, 2017

RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. According to data compiled by InvestmentNews, RBC Wealth Management successfully...

Wells Fargo requires advisers to use level fees for new 401(k) business

November 14, 2017

Wells Fargo Advisors is requiring that financial advisers servicing 401(k) plans do so in a level-fee arrangement for new business, as have other large brokerage firms, in response to the Department of Labor's fiduciary rule. "We have moved...

Ameriprise gets $143 million Merrill Lynch team

November 13, 2017

Two brokers who managed $143 million at Merrill Lynch have joined the employee channel at Ameriprise. David Schrader and Frank DeFranco worked at the firm's Saddle Brook, N.J., office. Mr. Schrader joined Merrill Lynch in 2008. He began his...

SEC fines Wells Fargo Advisors $3.5 million

November 13, 2017

Without admitting or denying the SEC's findings about its failure to submit timely reports of suspicious money movements, Wells Fargo Advisors has consented to a cease-and-desist order, a censure, and a civil penalty of $3.5 million. The firm...

Exiting broker protocol may not be good move for industry

November 11, 2017

Two weeks ago, Morgan Stanley kicked over what could be the first domino in a sweeping shift away from broker protocol policies, and the financial services industry is still trying to figure out what it all means. From Morgan Stanley's perspective,...

Head of Merrill Lynch's adviser-sold 401(k) sales to depart

November 10, 2017

Joe Mrozek, head of small- and middle-market 401(k) sales at Merrill Lynch, is leaving the firm, a spokeswoman has confirmed. Mr. Mrozek, whose official title is head of small-mid market business development and adviser programs, has taken a...

Ex-Merrill rep suspended, fined $10,000 over expense reports

November 9, 2017

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the...

Merrill Lynch releases new compensation plan

November 8, 2017

With an eye on growth, Merrill Lynch on Wednesday afternoon released its 2018 compensation plan for its 15,000 financial advisers, and it contains both a carrot and a stick. Merrill Lynch advisers who bring in a healthy number of net new accounts...

Merrill Lynch swells ranks of fiduciary 401(k) advisers by over 3,000

November 8, 2017

Merrill Lynch Wealth Management is charging into the fiduciary fray with lightning speed. Since March, when the wirehouse brokerage announced plans to transition its defined-contribution-plan business to a fiduciary model in response to the...

Finra bars former AXA broker for no-show

November 7, 2017

The Financial Industry Regulatory Authority has barred Adam Ocner, a former broker with AXA Advisors, for not providing the organization with information it requested. Finra, in a letter of acceptance, waiver and consent, said that it was investigating...

Wells Fargo loses $265 million adviser to Raymond James

November 7, 2017

Mark Lazar, an adviser who managed $265 million in assets at Wells Fargo Advisors, has joined the employee unit of Raymond James in Cottonwood Heights, a suburb of Salt Lake City, Utah. Mr. Lazar, who is being joined by two associates, began...

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

Morgan Stanley's broker protocol exit: How did we get here?

November 2, 2017

Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble....

The coming financial caregiving crisis

November 1, 2017

Here's a riddle for you. What is one of the largest, yet virtually invisible, segments of the population? Answer: Caregivers. Today's 40 million family and friend caregivers make up about 16% of the adult population in the United States. And...

Ex-Merrill broker Thomas J. Buck pleads guilty to securities fraud, will pay SEC $5M ​

October 31, 2017

Thomas J. Buck, a former high-producing rep for Merrill Lynch who was fired and then kicked out of the securities industry, pleaded guilty Tuesday to overcharging clients by millions of dollars. He also reached a settlement with the SEC for...

Morgan Stanley dumps broker recruiting protocol

October 30, 2017

Morgan Stanley's decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One reason for that...

It's time to speak up about sexual harassment in the workplace

October 28, 2017

In the wake of the Harvey Weinstein scandal, tens of thousands of women — and some men — have started sharing their stories of sexual abuse and harassment under the #metoo hashtag. Men account for 84.3% of the financial adviser community,...

UBS scales back recruitment loans, boosts profits

October 27, 2017

More than a year after committing to cut spending on brokerage rep recruiting, the results are hitting the bottom line at UBS Wealth Management Americas. The question remains, however, of whether the short-term spending cuts will have any longer-term...

Indie team managing $172 million leaves Mid Atlantic Capital

October 25, 2017

Jack Elgin and Neven Zelich, who managed $172 million as independents affiliated with Mid Atlantic Capital Corp., have joined the franchise channel of Ameriprise Financial. The team, based in Canton, Ohio, includes a paraplanner and two assistants....

Six-rep team managing $369 million at Wells Fargo joins Ameriprise

October 23, 2017

A six-broker group led by David Neihart and managing $369 million in assets has moved from Wells Fargo to Ameriprise. The team, which is based in Kansas City, Kan., was with the employee channel of Wells Fargo and shifted to the Ameriprise employee...

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