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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...

Wells Fargo struggles to attract 401(k) business in wake of banking scandals

May 15, 2018

Wells Fargo & Co.'s retirement plan business has suffered following a string of negative stories related to operations within some units of the broader company, according to 401(k) advisers who use Wells Fargo products and who have had conversations...

The passive-investing bid for equities is roaring back

May 14, 2018

It's January all over again for the biggest exchange-traded funds that track the S&P 500 Index. Last week about $5.7 billion poured into ETFs from State Street Corp., BlackRock Inc. and Vanguard Group Inc. linked to the U.S. equity gauge, the...

Chattanooga pension fund accuses Wells Fargo of fraud in revenue sharing

May 10, 2018

The Chattanooga, Tenn., Fire and Police Pension Fund intends to file a whistleblower complaint with the Securities and Exchange Commission and Commodity Futures Trading Commission against Wells Fargo, its custodian and trustee, alleging potential...

Wells Fargo team managing $566 million moves to Baird

May 8, 2018

A team of two veteran advisers, Irving Mindes and William Fedor, and two assistants managing $566 million in assets at Wells Fargo Advisors in Tucson, Ariz., have moved to Baird Private Wealth Management. Irving Mindes joined Wells Fargo predecessor...

Financial abuse against the elderly most often committed by those closest to them

May 8, 2018

Financial fraud against the elderly is most often perpetrated by those closest to the victims: family members, friends or other trusted individuals, according to a new survey. While 68% of older investors believe that a stranger would be the...

Wells Fargo adviser in Rochester, N.Y., moves to Raymond James

May 1, 2018

John S. Banks, who had annual product of $1.7 million at Wells Fargo Advisors in Rochester, N.Y., has joined the employee unit of Raymond James. Mr. Banks spent more than 25 years with Wells Fargo and its predecessor firms, beginning his career...

Wells Fargo loses $157 million rep to Janney

May 1, 2018

Matthew Loitz, who managed $157 million at Wells Fargo Advisors, has joined the Glastonbury, Conn., office of Janney Montgomery Scott. Mr. Loitz, who joined Wells Fargo in 2005, began his securities career at Hartford Equity Sales in 1995. He...

Wells Fargo to pay $9.5 million to reps in compensation dispute

April 30, 2018

Wells Fargo Advisors will pay $9.5 million to settle a class action suit brought by 2,198 current and former brokers in California, who had charged that the firm failed to pay commissions in a timely manner and reimburse the brokers for expenses....

Wirehouses best positioned to benefit from artificial intelligence

April 27, 2018

Wirehouses are positioned to save big money with artificial intelligence technology — at the expense of the smaller advisory firms. According to a new report from Autonomous Research, AI has potential to reduce front, middle and back office...

Wells Fargo wouldn't be the first to push proprietary products on 401(k) plan participants

April 27, 2018

The disclosure of an alleged Labor Department investigation of Wells Fargo sales practices — including those in its retirement-plan services division — is sure to raise a few eyebrows, but should this sort of thing really be a revelation...

Why Schwab's CEO bets you won't be trading stocks on Amazon

April 25, 2018

Walt Bettinger, the CEO at Charles Schwab Corp., has some friendly advice for Amazon.com Inc.'s Jeff Bezos: Think twice before getting into the investment business. "If you're a FAANG-type company and you decide you want to come into our space...

UBS snags Wells Fargo vet for wealth management exec role

April 24, 2018

UBS Wealth Management has recruited Heather Crist as its new chief of staff for global wealth management, according to an internal memo obtained by InvestmentNews. Ms. Crist comes from Wells Fargo Advisors, where she worked for 28 years and...

Top independent broker-dealers ranked by revenue

April 21, 2018

Firm 2017 % revenue ($M) % change vs. 2016 2017 commission revenue ($M) % change vs. 2016 2017 fee revenue ($M) % change vs. 2016 2017 other revenue ($M) % change vs. 2016 1 LPL Financial $4,281.50 5.70% $1,670.80 -3.80% $1,409.20 9.30% $1,201.40...

Hopi Tribe wins $2 million arbitration against Carolina Capital

April 20, 2018

In what may be a pyrrhic victory, a Finra arbitration panel has awarded the Hopi Tribe $2 million in compensatory damages against Carolina Capital Markets in a case involving securities fraud, among other charges. According to the Financial...

Wells Fargo to pay $1 billion for consumer-business missteps

April 20, 2018

Wells Fargo & Co. will pay $1 billion to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald J. Trump, as the firm tries to resolve a year and a half of scandals across its operations....

Principal sued for stacking its TDFs with proprietary funds

April 19, 2018

Principal Financial Group has been sued for allegedly loading its target-date funds with costly and underperforming in-house investments, in the latest example of 401(k) participants targeting financial firms for purportedly enriching themselves...

Wells Fargo loses $405 million duo to Raymond James

April 17, 2018

Jeff Porasik and Suzanne Yde, who managed $405 million at Wells Fargo in Racine, Wis., have joined the employee unit of Raymond James. The two will operate from the firm's first office in that city. Mr. Porasik began his financial services career...

Acorns co-founder believes his new technology can get clients more engaged with investments

April 16, 2018

One aspect of the investing ecosystem that has remained decidedly analog is the framework for investors to engage with the companies and funds. When the packet of proxy voting documents arrives in the mail, it usually goes straight into the...

Morgan Stanley's success looks long in the tooth to analyst

April 16, 2018

Morgan Stanley is an "aging bull" when it comes to its wealth management division, and the firm's recent stalled growth in the headcount of financial advisers is turning into a problem, according to a new report by a Wall Street analyst. The...

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