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Raymond James executives call on industry to keep broker protocol

November 17, 2017

Financial advisers and securities industry executives widely expect that another large firm will follow Morgan Stanley's decision last month to dump the broker protocol, a move widely considered to discourage the firm's 15,759 brokers from jumping...

Consumer Financial Protection Bureau's Cordray to step down

November 15, 2017

Richard Cordray will step down as the head of a controversial consumer watchdog at the end of the month amid growing speculation that he will run for governor of Ohio as a Democrat. His decision means President Donald J. Trump should soon get...

Wells Fargo requires advisers to use level fees for new 401(k) business

November 14, 2017

Wells Fargo Advisors is requiring that financial advisers servicing 401(k) plans do so in a level-fee arrangement for new business, as have other large brokerage firms, in response to the Department of Labor's fiduciary rule. "We have moved...

RBC Wealth Management on recruiting roll

November 14, 2017

RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. According to data compiled by InvestmentNews, RBC Wealth Management successfully...

GE shows what can go wrong with dividend strategy

November 14, 2017

General Electric's decision to slash its dividend in half is a sharp reminder to investors that dividends aren't forever — and that the income from funds and ETFs can come at a high price. In the long run, dividends produce a third to a half...

SEC fines Wells Fargo Advisors $3.5 million

November 13, 2017

Without admitting or denying the SEC's findings about its failure to submit timely reports of suspicious money movements, Wells Fargo Advisors has consented to a cease-and-desist order, a censure, and a civil penalty of $3.5 million. The firm...

Wells Fargo loses $265 million adviser to Raymond James

November 7, 2017

Mark Lazar, an adviser who managed $265 million in assets at Wells Fargo Advisors, has joined the employee unit of Raymond James in Cottonwood Heights, a suburb of Salt Lake City, Utah. Mr. Lazar, who is being joined by two associates, began...

Wells Fargo launches hybrid robo-adviser

November 6, 2017

Wells Fargo officially got into the digital advice market on Monday with the launch of Intuitive Investor, the bank's new hybrid robo-adviser. The offering combines digital access to a portfolio of ETFs designed by the Wells Fargo Investment...

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

Morgan Stanley's broker protocol exit: How did we get here?

November 2, 2017

Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble....

Ameriprise attracts 88 advisers in third quarter

October 25, 2017

Eighty-eight advisers joined Ameriprise Financial Inc. from other firms in the third quarter, in addition to 215 who joined the firm as part of the acquisition of Investment Professionals Inc., Ameriprise said in announcing its third-quarter...

Six-rep team managing $369 million at Wells Fargo joins Ameriprise

October 23, 2017

A six-broker group led by David Neihart and managing $369 million in assets has moved from Wells Fargo to Ameriprise. The team, which is based in Kansas City, Kan., was with the employee channel of Wells Fargo and shifted to the Ameriprise employee...

Finra orders Wells Fargo to pay $3.4 million over risky ETFs and ETNs

October 16, 2017

The Financial Industry Regulatory Authority has ordered Wells Fargo's clearing and retail brokerage units to pay more than $3.4 million in restitution to customers affected by the B-Ds' unsuitable recommendations of volatility-linked exchange-traded...

In a turnaround, Wells Fargo Advisors sees slight bump in headcount

October 13, 2017

Wells Fargo Advisors has staunched the hemorrhaging of financial advisers — for now, at least — that has plagued it since last year when its parent, Wells Fargo & Co., revealed a widespread banking scandal that affected its retail customers....

Morgan Stanley loses two reps to Wells Fargo

October 12, 2017

Two brokers at separate California offices have left Morgan Stanley for Wells Fargo. Bernard Suissa managed $192.8 million for Morgan Stanley in Beverly Hills and Michael Muehl managed $180 million in assets at the firm's office in Rancho Bernardo....

DOL fiduciary rule ups ante for monitoring of 401(k) record keepers

October 4, 2017

The Department of Labor fiduciary rule is changing how retirement plan advisers help their clients monitor record-keeping firms such as Fidelity Investments and Empower Retirement. The regulation, which raises investment-advice standards in...

Long-time FiNet executive buys stake in $800 million firm

October 3, 2017

An earlier version of this story incorrectly identified Collins Investment Group as a registered investment advisory firm. Richard J. Calhoun, Jr., formerly a managing director at Wells Fargo who spent nearly 10 years building its FiNet independent...

Breaking Money Silence: Helping clients understand money taboos and talk more openly about finances

September 30, 2017

The following is an excerpt from "Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly About Finances, and Live a Richer Life" by Kathleen Burns Kingsbury (Praeger, 2017). Ms. Kingsbury is a wealth psychology expert and founder...

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...

Investors see stock market correction ahead — but most aren't doing anything about it

September 28, 2017

Investors expect the stock market to plunge. Their response: Whatever. A little more than half of U.S. investors anticipate a decline this year that will wipe out "significant gains," according to the latest Wells Fargo/Gallup poll results....

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