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Ameriprise wins $179 million adviser team

September 28, 2017

Phil Nguyen, who managed $179 million in assets at Purshe Kaplan Sterling Investments along with Todd Ferreira, has joined the employee channel of Ameriprise Financial. The two, who were joined with their two client service associates, are based...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

Broker fired by Sun Trust for expense violations agrees to Finra bar

September 21, 2017

A broker Sun Trust Investment Services fired earlier this year for seeking reimbursements for invalid business expenses has agreed to be barred by Finra. Gregory S. Brent, who first registered as a broker in 1993, for the last eight years has...

Morgan Stanley, Wells Fargo lose reps to Baird

September 18, 2017

Two registered reps — one who managed $175 million at Morgan Stanley, and the other who managed $150 million at Wells Fargo — have joined Robert W. Baird & Co. (More: See all the latest moves in the InvestmentNews Advisers on the Move database)...

SEC bars former rep for alleged share price manipulation

September 18, 2017

The Securities and Exchange Commission has barred George Thoreson, a former broker with Wells Fargo Advisors, for his alleged role in a scheme to manipulate the reported share price and volume of a penny stock. Mr. Thoreson, who lives in the...

Janney loses rep with $207 million AUM to Wells Fargo

September 8, 2017

Thayer (Terry) Potter, who managed $207 million in client assets at Janney Montgomery Scott, has started his own business, Twin River Wealth Management, and affiliated with Wells Fargo Advisors Financial Network (FiNet). The new firm is based...

Ameriprise nabs brokers from Morgan Stanley, Wells Fargo

September 7, 2017

Brokers who managed a total of $391 million have left Morgan Stanley and Wells Fargo to join the employee unit of Ameriprise. Alan Blender, who managed $198 million in assets at Morgan Stanley, joined Ameriprise in Fort Lauderdale, Fla. He began...

Make sure your culture is compelling and built on core values

September 5, 2017

Workplace culture. It's a topic that has quickly become a hot-button issue for small businesses and large corporations alike. So much so, it has become one of those over-used and sometimes loathed buzzwords littering modern-day business discourse....

Wells Fargo increases fake-account estimate 67% to 3.5 million

August 31, 2017

Wells Fargo & Co. said employees created two-thirds more bogus accounts than initially thought, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations. An outside review found an...

Merrill team managing $311 million goes hybrid

August 29, 2017

Sharon Barton and Jay Spector, who managed $311 million at Merrill Lynch in Scottsdale, Ariz., have created Barton Spector Wealth Strategies, a hybrid firm that has affiliated with LPL as its broker-dealer and Stratos Wealth Partners as its...

Financial advisers in Harvey's path ride out the Texas storm

August 28, 2017

Financial advisers and their clients are weathering Tropical Storm Harvey in classic Texas style: by hunkering down and helping each other as much as possible. "A lot of people are checking in to see how other people are doing, but nobody is...

Pension funds expected to shift as much as $1trillion from stocks to bonds: Wells Fargo

August 28, 2017

Pension funds are poised to shift as much as $1 trillion from stocks to bonds in coming years to lock in gains and limit the potential for big losses, according to Wells Fargo & Co. "Definitely there's a lot of money that will want to move,"...

Big U.S. banks could see profits jump 20% with deregulation

August 24, 2017

The deregulation winds blowing through Washington could add $27 billion of gross profit at the six largest U.S. banks, lifting their annual pretax income by about 20 percent. JPMorgan Chase & Co. and Morgan Stanley would benefit most from changes...

Tibble v. Edison 401(k) fee-case decision offers 3 lessons

August 22, 2017

Tibble v. Edison, a landmark 401(k)-fee case, is finally nearing its close after 10 years of litigation, following a court order last week that laid to rest the lawsuit's remaining points of contention. The case, the first of its kind to go...

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

August 16, 2017

It's been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets...

401(k) DCIOs: Some are folding, holding and doubling down

August 16, 2017

Editor's note: This story was updated on Aug. 18, based on additional information received from Russell Investments. All segments of the 401(k) market are going through the early stages of maturity, led by record keepers and broker-dealers,...

The Next Frontier: Conversation, Connection and Confidence

August 15, 2017

In contemporary American culture, people are often spending a lot of their time doing, not being. Many tend to move quickly and focus on action at the expense of self-reflection and deliberation. Constant motion coupled with endless digital...

Fired Wells Fargo broker barred by Finra

August 11, 2017

A former Wells Fargo adviser, who resigned from the firm in 2015 after allegations that she had made inaccurate statements on a "mortgage gift letter" she signed in connection with another broker's mortgage application, has been barred by Finra....

Top clearing and custody firms for financial advisers

August 7, 2017

CLEARING FIRMS Listed by reported number of broker-dealer clients Firm Phone/website # of clients % change vs. 2016 Contact Phone/email Pershing (800) 445-4467 714* -3.90% Michael Row (800) 445-4467 One Pershing Plaza, Jersey City, NJ 07399...

moral, legal 
challenges for financial advisers

August 5, 2017

As the scourge of opioid addiction and abuse continues to spread in the U.S., financial advisers must be ready to deal with the fallout.

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