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Merrill Lynch to let advisers text with clients

January 11, 2018

Merrill Lynch Wealth Management wants investors to be able to text their financial advisers. Bank of America's wealth management division announced Thursday new client-to-adviser texting capabilities as part of a suite of digital client collaboration...

Wirehouses turn away from bitcoin

January 4, 2018

Wall Street's wirehouses are turning up their noses at bitcoin. None of the four — Merrill Lynch, Morgan Stanley, UBS Wealth Management Americas and Wells Fargo Advisors — are giving their wealth management and retail advisers access to...

Allianz agrees to settle 401(k) fee lawsuit for $12 million

January 2, 2018

Allianz has agreed to pay $12 million to settle a lawsuit alleging it peppered its company 401(k) plan with dozens of high-cost, in-house funds. Participants in the 401(k) plan originally brought the suit, Urakhchin v. Allianz Asset Management...

Merrill Lynch team managing $262 million goes indie at Raymond James

December 27, 2017

Glen D. Smith and Robert L. Casey, who managed $262 million at Merrill Lynch with two associates, have gone independent and affiliated with Raymond James. The team will operate as Glen D. Smith & Associates in Flower Mound, Texas, which is just...

ESG investing: Assessing the 'E,' 'S' and 'G'

December 19, 2017

During the holiday season, we like to turn our thoughts to good things: Puppies, charities and gift-wrapped Ferraris 488 GTBs. We may also turn our attention to investments that concentrate on a company's environmental, social and governance...

Team with $800M in assets leaves Wells Fargo FiNet for Raymond James

December 14, 2017

A four-adviser team in Sanford, N.C., managing $800 million has switched affiliations from Wells Fargo FiNet to the independent channel of Raymond James. Operating as the Normann Financial Group (NFG), the eight-person team held about $750 million...

Three big effects of the shifting broker protocol

December 13, 2017

About a month ago, Morgan Stanley announced it was leaving the protocol. A few weeks later, UBS followed suit. The protocol is the mutual agreement that lays the ground rules for advisers to leave their existing brokerage firm and take specified...

Raymond James, Stifel pick up wirehouse advisers

December 11, 2017

Morgan Stanley loses $145 million rep to Raymond James in Chicago Mr. Dow began his financial services career with Smith Barney in 1997 and remained with its successor firms until joining Raymond James. He joined with his associate, Laura Sanchez....

Finra bars two former Wells Fargo reps over unsuitable energy securities

December 11, 2017

The Financial Industry Regulatory Authority has barred former Wells Fargo reps Charles Frieda and Charles Lynch for recommending an over-concentration in energy-sector securities, some of which were speculative, resulting in significant customer...

Largest fee-only RIAs by region, based on assets under management

December 9, 2017

Northeastern success stories Rank Firm Phone/website Total assets ($M) Total accounts Discretionary assets ($M) Discretionary accounts Nondiscretionary assets ($M) Nondiscretionary accounts Employees 1 Silvercrest Asset Management Group (212)...

Raymond James gets Merrill Lynch, Morgan Stanley advisers managing $560 million

December 8, 2017

An adviser who managed $230 million at Merrill Lynch on Long Island and three advisers who managed $330 at Morgan Stanley offices in Westchester and Long Island have joined offices of the employee unit of Raymond James in the New York suburbs....

Finra report hints at trouble with L-share variable annuities

December 8, 2017

Variable annuities sold in an L share continue to turn up as products plaguing broker-dealers and their compliance departments. Finra, in a recent report detailing its examination findings, called out "multi-share class and complex products"...

As firms pull out of protocol agreement, wirehouse brokers show more interest in breaking away: execs

December 8, 2017

As the broker protocol recruiting agreement increasingly becomes endangered, more wirehouse brokers are making inquiries about becoming independent advisers, according to industry executives with knowledge of such activity. Firms such as Dynasty...

Wells Fargo adviser jumps to Kingsview

December 5, 2017

Peter Hiltz, who managed $160 million in assets at Wells Fargo Advisors in Cincinnati, has joined Kingsview Asset Management and will open the firm's first office there. Kingsview is a registered investment adviser headquartered in Grants Pass,...

Wells Fargo adviser managing $219 million joins Ameriprise

December 4, 2017

Michael Huffman, who managed $219 million in assets in the Mesa, Ariz., office of Wells Fargo Advisors, has joined the employee channel of Ameriprise Financial. Mr. Huffman began his securities career at Kober Financial in 1991 and spent time...

BlackRock, Vanguard on track to manage $20 trillion within a decade

December 4, 2017

Imagine a world in which two asset managers call the shots, in which their wealth exceeds current U.S. GDP and where almost every hedge fund, government and retiree is a customer. It's closer than you think. BlackRock Inc. and Vanguard Group...

Morgan Stanley creates its own robo-adviser

December 4, 2017

Morgan Stanley is trying to get down with the kids. The banking and wealth management powerhouse is starting a new digital investment platform for clients with as little as $5,000 to invest, according to a statement from the company on Monday....

Four-person hybrid group leaves SII for Commonwealth

December 1, 2017

Midwest Financial Group, a four-adviser hybrid group that managed $186 million through SII Investments, has affiliated with Commonwealth Financial Network. The advisers — Mark Miehe, Matt Cuplin, Brandon Masbruch and Tony Pochowski — along...

Wells Fargo 2018 pay grid changes deferred comp

December 1, 2017

Wells Fargo Advisor's 2018 compensation plan keeps intact its current payout rates, but tweaks its deferred compensation awards and adds a layer to deferred compensation for advisers who do business with a higher percentage of households with...

Wells Fargo team managing $1B in Anchorage, Alaska moves to Baird

November 30, 2017

Three veteran advisers — Margaret R. Price, Sarah K. Springer and Grant F. Shearer — who managed $1 billion in assets at Wells Fargo Advisors in Anchorage, Alaska, have joined Baird. After starting her career at Foster & Marshall in 1983...

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