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Finra suspends former Merrill Lynch broker for impersonating client

September 12, 2018

The Financial Industry Regulatory Authority Inc. has suspended a former Merrill Lynch broker for impersonating a client. Luke A. Eddy joined Merrill Lynch in Worcester, Mass., in 2014. According to Finra, he was terminated in June 2017 for impersonating...

Finra bars ex-Wells Fargo broker with 41 years in the securities industry

September 10, 2018

The Financial Industry Regulatory Authority Inc.​ has barred a Wells Fargo broker with 41 years' experience for not taking part in an investigation into allegations that he made unsuitable investments for a client. Texas-based broker Edward...

Finra bars ex-JP Morgan broker being investigated for failing to report liens and judgments

September 7, 2018

The Financial Industry Regulatory Authority Inc. has barred a former JP Morgan Securities broker who was being investigated for failing to report financial liens and judgments. Finra started investigating Benjamin S. Johnson, a Ohio-based broker,...

Star broker, now at Morgan Stanley, alleges sexual discrimination at UBS

September 7, 2018

Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President's Council, an elite club for top producers. So it was headline news in the trade press when Morgan...

Ex-Wells Fargo broker suspended for coaching client to lie about excessive commissions

September 6, 2018

A former Wells Fargo Advisors Financial Network broker who coached an elderly client to respond falsely to the firm when it asked her about his excessive commission charges agreed on Wednesday to an eight-month suspension and a $10,000 fine....

Wells Fargo said to face Justice Department probe of wholesale banking unit

September 6, 2018

Wells Fargo & Co. is facing a Department of Justice investigation into whether employees in the company's wholesale banking unit improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory...

JPMorgan Chase reaches settlement in race case

September 4, 2018

As racial diversity tumbles on Wall Street, JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they're black. Six current and former employees at the largest U.S. bank filed what they...

Janney lands $445 million team from Wells Fargo Advisors

September 4, 2018

Janney Montgomery Scott has landed five industry professionals previously affiliated with Wells Fargo Advisors. Together, they managed more than $445 million in client assets. Glenn Ratcliffe has joined the Fairfield office in Connecticut as...

Stifel lands financial advisers from UBS, Merrill Lynch, Wells Fargo Advisors

September 4, 2018

Stifel Financial Corp. has landed three financial advisers from UBS, Merrill Lynch and Wells Fargo Advisors. Altogether, the new hires managed $520 million in client assets. The financial advisers have joined Stifel Nicolaus & Co., the firm's...

Consolidation of record keepers for 401(k) plans 'worrisome'

September 1, 2018

Consolidation among record keepers in the retirement-plan business has created concern among some financial advisers. While deal activity has waned since a feverish pace of blockbuster acquisitions leading up to 2016, experts believe the frenetic...

Wells Fargo to combine bank and wirehouse reps under one roof

August 30, 2018

Wells Fargo & Co. has unveiled the first phase of a $4 billion cost-cutting plan that will fold its bank brokerage channel into the larger wirehouse channel, according to an internal memo obtained by InvestmentNews. The memo from Jon Weiss,...

Ameriprise scoops up $140M family team from Wells Fargo

August 30, 2018

Ameriprise Financial Inc. has scooped up a $140 million family team from Wells Fargo. Peter De Arcangelis worked for nine years at Wells Fargo Clearing Services in Charlotte, NC, according to Finra BrokerCheck. At Ameriprise, he's working as...

Finra bars former Wells Fargo broker terminated for allegedly asking a client for a loan

August 28, 2018

The Financial Industry Regulatory Authority Inc. has barred a former Wells Fargo broker who was terminated for allegedly asking a client for a loan and attempting to make an unauthorized trade. J. Gordon Cloutier Jr. worked at Wells Fargo Advisors...

Raymond James lands $1 billion team from Wells Fargo Advisors in New York

August 22, 2018

An advisor team with more than $1 billion in assets has left Wells Fargo and joined Raymond James in New York. Stephen Adler, Mark Levy, Roger Jee and Michael Lubin have joined Raymond James & Associates, the firm's traditional employee channel....

What advisers think of JPMorgan's new mobile investing app

August 22, 2018

JPMorgan Chase & Co. made waves Tuesday when it introduced You Invest, a mobile brokerage app launching next week with free and discounted trading for retail investors. The news was a direct shot at discount brokerages. Shares of Charles Schwab,...

Fixed-income ETFs ranked by second quarter performance

August 18, 2018

Ranked by quarterly returns Name/ticker 3-month return 1-year return Net assets ($M) Expense ratio* 3-month average daily volume 1 Invesco DB US Dollar Index Bullish Fund (UUP) 5.72% 0.98% $509.30 0.75% 1,227,490 2 WisdomTree Bloomberg US Dollar...

What's in a name? For TCA by ETrade, everything

August 18, 2018

Has Trust Company of America hitched its wagon to a star or turned its back on loyal clients? It depends on whom you ask. Either way, the $275 million acquisition in April of TCA by discount broker ETrade has the custodian world buzzing. In...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Wells Fargo brokers managing $179 million move to Stifel

August 16, 2018

Russ Schwartz, who managed $144 million at Wells Fargo Advisors, and Kaival Patel, who separately managed $35 million at the firm, each have moved to Stifel Nicolaus in Hackensack, N.J. Mr. Schwartz began his securities career in 1996 at Dean...

Former Wells Fargo broker could face 15 years in prison for embezzlement

August 16, 2018

A former Wells Fargo adviser, who was barred from the industry in 2015, is facing felony embezzlement charges for allegedly stealing more than $500,000 from a trust fund he was overseeing. David Homan of Saginaw, Mich., could face up to 15 years...

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