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UBS team in Lexington, Ky. leaves to form RIA

March 28, 2017

Jeremy Wallace and Andrew Hart, financial planners at UBS in Lexington, Ky., have left the firm along with partner Jessica Bedell to form Wallace Hart Capital Management. The three managed more than $113 million in client assets at UBS. The...

Morgan Stanley eliminating commissions, finder's fees in 401(k) plans

March 24, 2017

Morgan Stanley Wealth Management is eliminating commission payments and finder's fees for its advisers servicing 401(k) plans, shifting entirely to a level compensation arrangement based on plan assets, according to a source with knowledge of...

Merrill Lynch and Morgan Stanley: A tale of two fiduciary 401(k) business models

March 24, 2017

The wealth management units at Merrill Lynch and Morgan Stanley within the past few weeks announced substantive changes to their respective 401(k) businesses, and while each approach shares common ground they also differ in notable ways. Where...

Merrill Lynch woos $343 million Morgan Stanley team

March 23, 2017

A four-person adviser team that managed $343 million in assets at Morgan Stanley has joined Merrill Lynch in Glen Rock, N.J. Advisers Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava, as well as associate Dara Hubbard, have...

Merrill loses $350 million team to Raymond James

March 22, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

Raymond James picks up $112 million team from Morgan Stanley

March 22, 2017

Two women advisers with Morgan Stanley in Gainesville, Fla., have left the firm where they managed $112 million in client assets to join Raymond James. Ashley Banks and Donna Carroll, who operate as the Banks Carroll Group, are joining Raymond...

Retirement market needs 401(k) generalists, not just specialists: execs

March 21, 2017

Generalist 401(k) advisers, or those who don't specialize in retirement plan business, are essential to a well-functioning retirement plan market, which shouldn't be served only by so-called specialists, say industry executives at the National...

Raymond James attracts $350M Merrill team ​

March 21, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

March 21, 2017

Generalist 401(k) advisers, or those who don't specialize in retirement plan business, are essential to a well-functioning retirement plan market, which shouldn't be served only by so-called specialists, say industry executives at the National...

Former elite Merrill Lynch team goes independent

March 21, 2017

An adviser and his five-member team have left Merrill Lynch's private banking and investment group to create their own RIA. Xerxes Mullan and his group are operating as Avestar Capital, based in New York, according to a released statement. While...

Despite uncertainty, Department of Labor fiduciary rule upends 401(k) biz

March 19, 2017

Even though its fate is unclear, the Department of Labor's fiduciary rule is upending the retirement plan adviser market, which spans the adviser spectrum from "dabblers" to defined contribution "specialists." Observers say such changes began...

Merrill Lynch outlines plans for its 401(k) fiduciary platform

March 15, 2017

Merrill Lynch Wealth Management outlined plans Wednesday to transition its defined-contribution-plan business over to a fiduciary model, coming several months after the firm announced similar plans for its retail retirement business and as the...

Hall of famer Mike Piazza's 'distant cousin' leaves Merrill Lynch for Raymond James

March 15, 2017

An adviser related to a recent inductee into the National Baseball Hall of Fame, who shares the player's name and even played for the minors, has left Merrill Lynch for Raymond James. Mike Piazza, a "distant cousin" of his namesake, the former...

Why Robert Shiller is so suspicious of the Trump rally

March 14, 2017

The last time Robert Shiller heard stock-market investors talk like this in 2000, it didn't end well for the bulls. Back then, the Nobel Prize-winning economist says, traders were captivated by a "new era story" of technological transformation:...

Merrill Lynch pair with $200M in AUM move to HighTower

March 13, 2017

Two former Merrill Lynch advisers, Jim Ewing and Michael Cona, have formed Ewing/Cona Wealth Management and affiliated with HighTower Advisors. The team, which managed nearly $200 million in assets at Merrill Lynch, is based in Marlton, N.J.,...

Helping investors keep their footing in shifting sands

March 12, 2017

This is an edited version of a speech given Feb. 24 by Kara M. Stein, commissioner of the Securities and Exchange Commission, at the Practising Law Institute's SEC Speaks conference in Washington, D.C. The markets exist to connect the capital...

Merrill Lynch may be positioning itself for more commission flexibility in the future

March 10, 2017

Merrill Lynch's announcement that it may offer commissions in retail retirement accounts in limited circumstances may be an indication that it is giving itself some flexibility in case the Department of Labor's fiduciary rule is repealed, according...

Raymond James recruits $138M Merrill Lynch team

March 9, 2017

A team that managed $138 million in client assets while at Merrill Lynch has left the wirehouse for Raymond James, the regional firm said. Patricia Bennett and two associates have joined the Louisville, Ky., office of Raymond James & Associates,...

Merrill suggests it may reverse course on commissions

March 9, 2017

The head of Merrill Lynch Wealth Management signaled Thursday the firm may back off its wholesale scrapping of commissions in retirement accounts under the Department of Labor fiduciary rule. The wirehouse had announced in October that it would...

Fired Merrill broker took client money for kids' schooling: Finra

March 8, 2017

A fired Merrill Lynch broker accepted $105,000 in gifts from two customers, and used at least some of it to pay for his children's education, according to a Financial Industry Regulatory Authority Inc. settlement. Finra suspended the broker,...

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