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Wells Fargo Advisors' Intuitive Investor robo-adviser technology files ADV registration

March 27, 2017

Wells Fargo Advisors revealed details of its plans to launch a robo-adviser in a filing with the Securities and Exchange Commission on Monday. The service will require a minimum investment of $10,000 and charge a 50 basis point fee, the firm...

LPL loses $200M team to HighTower St. Louis

March 27, 2017

Rogers & Co. Wealth Management, a seven-person firm in St. Louis managing $200 million in assets, has merged with HighTower St. Louis, which was known as Archer Wealth Management until it was acquired by HighTower last year. The combined firm...

Merrill Lynch and Morgan Stanley: A tale of two fiduciary 401(k) business models

March 24, 2017

The wealth management units at Merrill Lynch and Morgan Stanley within the past few weeks announced substantive changes to their respective 401(k) businesses, and while each approach shares common ground they also differ in notable ways. Where...

Morgan Stanley eliminating commissions, finder's fees in 401(k) plans

March 24, 2017

Morgan Stanley Wealth Management is eliminating commission payments and finder's fees for its advisers servicing 401(k) plans, shifting entirely to a level compensation arrangement based on plan assets, according to a source with knowledge of...

Broker, RIA found guilty of $15 million stock fraud

March 24, 2017

In a case involving 100 investors who lost more than $15 million, broker Christopher Cervino of Franklin Lakes, N.J., and Sheik F. Kahn, a registered investment adviser in Las Vegas, Nev., have been found guilty of securities fraud by a federal...

Merrill Lynch woos $343 million Morgan Stanley team

March 23, 2017

A four-person adviser team that managed $343 million in assets at Morgan Stanley has joined Merrill Lynch in Glen Rock, N.J. Advisers Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava, as well as associate Dara Hubbard, have...

SEC moving to bar former broker from Financial Network Investment Corp.

March 23, 2017

The Securities and Exchange Commission is moving to bar a former Financial Network Investment Corp. broker who pled guilty to securities fraud, mail fraud and mortgage fraud last June in federal court in Philadelphia. The SEC filed its administrative...

Five advisers create $250 million hybrid in Ohio

March 22, 2017

Five advisers who collectively manage $250 million in assets have joined forces to create an independent firm, The Strategic Wealth Management Group, based in Mansfield, Ohio. Three of the principals — Jeremy Swank, Rob Hassman and Greg Kibler...

Merrill loses $350 million team to Raymond James

March 22, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

Raymond James picks up $112 million team from Morgan Stanley

March 22, 2017

Two women advisers with Morgan Stanley in Gainesville, Fla., have left the firm where they managed $112 million in client assets to join Raymond James. Ashley Banks and Donna Carroll, who operate as the Banks Carroll Group, are joining Raymond...

Raymond James attracts $350M Merrill team ​

March 21, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

Wells Fargo loses employee broker duo to Raymond James ​

March 20, 2017

A two-person team at Wells Fargo Advisors that managed $138 million in client assets has joined Raymond James & Associates, the firm's traditional employee channel, in Ashburn, Va. Sam Kim and financial planner Scott Mann operate as Kim Wealth...

Finra bars owner of New Jersey broker-dealer

March 20, 2017

Finra reached a settlement last Friday to bar the owner of a small broker-dealer in New Jersey for failing to respond to requests for information five months after it had filed a Wells Notice against him. In October, the Financial Industry Regulatory...

LPL spent big on recruiting in 2016

March 17, 2017

After reporting that 2016 was its best recruiting year ever, adding 323 net financial advisers, LPL Financial is now revealing that it paid handsomely for those recruits. As of the end of last year, LPL had a forgivable loan balance of $136.7...

Former adviser sentenced to six months for insider trading ​

March 16, 2017

A former broker and registered investment adviser in Providence, R.I., has been sentenced to six months in prison for his role in an insider-trading scheme involving a pharmaceutical company where his friend and co-conspirator worked. David...

Broker-dealer Aegis Capital facing investigation from Finra, SEC and FINCEN

March 15, 2017

Aegis Capital Corp., a mid-sized broker-dealer based in New York City with 415 registered reps, is being investigated by three regulatory agencies, according to a filing with the SEC. The Financial Industry Regulatory Authority Inc., the Securities...

Merrill Lynch outlines plans for its 401(k) fiduciary platform

March 15, 2017

Merrill Lynch Wealth Management outlined plans Wednesday to transition its defined-contribution-plan business over to a fiduciary model, coming several months after the firm announced similar plans for its retail retirement business and as the...

Hall of famer Mike Piazza's 'distant cousin' leaves Merrill Lynch for Raymond James

March 15, 2017

An adviser related to a recent inductee into the National Baseball Hall of Fame, who shares the player's name and even played for the minors, has left Merrill Lynch for Raymond James. Mike Piazza, a "distant cousin" of his namesake, the former...

National Holdings Corp. acquires independent broker-dealer WFG Investments

March 14, 2017

In the midst of a punishing business environment for small and mid-sized broker-dealers, National Holdings Corp. said on Monday it was acquiring select assets of Williams Financial Group of Dallas, including its independent broker-dealer, WFG...

The bull market for wirehouse recruiting deals is over. What will happen next?

March 10, 2017

For years, wirehouse executives privately complained about the high cost of recruiting experienced advisers. Yet the transition packages, commonly called "up-front money," only became more and more lucrative. Shrewd advisers would often play...

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