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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...

Artificial intelligence coming to life in financial advice

April 14, 2018

Imaginearriving to work in the morning — the lights already powered on, the temperature set the way you like it, the coffee brewed — and being greeted by an assistant that spent all night preparing a prioritized list of opportunities for...

Wells Fargo Advisors continues to bleed reps

April 13, 2018

Wells Fargo Advisors continues to see a decline in the number of brokers and advisers working at the firm's various channels, reporting Friday a net loss of 145 reps over the first three months of this year. A spokeswoman for Wells Fargo Advisors,...

UBS giving SigFig-powered robo to certain clients

April 6, 2018

UBS Wealth Management USA is bringing the digital advice technology it developed with SigFig directly to consumers. The platform, dubbed UBS Advice Advantage, introduces a new hybrid robo-advice product that features many of the trappings of...

Wells Fargo wealth-management used similar incentives to those behind fake-account scandal

April 5, 2018

Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co. Some clients of the bank's wealth-management division were steered into investments that maximized revenue for the bank and compensation for its...

Adviser's Consultant: Luring breakaway brokers to a hybrid RIA

March 30, 2018

Alex Goss understands the benefits of economies of scale in the financial planning business. By preaching that message to breakaway brokerage reps, he has grown his business to well beyond $3 billion in assets less than four years after his...

Finra panel orders Wells Fargo to pay $219K, expunge broker 'black mark'

March 28, 2018

A Finra arbitration panel has ordered Wells Fargo Advisors to pay $219,901 to Gary Helbling, who worked as an adviser at the brokerage firm for six years, through 2014. The board also recommended that the record of Mr. Helbling's termination...

Merrill, JP Morgan reps managing $511 million go indie with FiNet

March 23, 2018

A three-broker team managing $400 million at Merrill Lynch in Plymouth, Minn., and a JP Morgan adviser managing $111 million in Niles, Mich., have left their firms to go independent through the FiNet unit of Wells Fargo. Leaving Merrill Lynch...

Wells Fargo loses rep managing $170 million to Raymond James

March 21, 2018

Jason Hemeon, who managed $170 million in assets at Wells Fargo Advisors, has joined the employee unit of Raymond James in Vienna, Va., outside of Washington. Mr. Hemeon began his securities career in 2002 at American Express Financial Advisors...

Senior Wells Fargo exec: No FBI interviews here

March 19, 2018

A senior Wells Fargo & Co. executive Monday morning contradicted a report from last week in the Wall Street Journal that the FBI had recently interviewed employees in the bank's sprawling wealth management group, home to some 14,544 brokers...

Ameriprise CEO took home $64.7 million in 2017

March 19, 2018

Ameriprise CEO James Cracchiolo received a 44% pay raise last year, boosting his direct compensation to $23.9 million. In addition, he cashed in about $40.8 million in stock options. Because the options were given to Mr. Cracchiolo prior to...

Passive target-date funds? No such thing

March 17, 2018

If your clients ask for a passively managed target-date fund, you might have to explain to them that there's no such thing — although you should certainly steer them to a low-cost target-date fund. Passive investing has taken investors' fancy...

Feds broaden investigation of Wells Fargo Advisors: WSJ

March 16, 2018

A federal investigation into sales practices at Wells Fargo & Co. now includes the bank's wealth management business, extending the probe beyond the firm's retail-banking unit where the problems originated, according to a report Friday from...

UBS, after dumping the broker protocol, continues to see brokers come and go

March 15, 2018

When UBS Financial Services Inc. decided to leave the protocol for broker recruiting at the end of November, many in the industry believed it would have a chilling effect on broker movement at the wirehouse. That has not happened. Brokers continue...

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