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Merrill Lynch cuts its top rate on fee accounts

February 24, 2017

Merrill Lynch has lowered its top charge on fee-based accounts to 2.2% from 2.7%, a move that could save smaller investors as much as $5,000 a year, The Wall Street Journal reports. The reduction affects clients with under $1 million in assets...

Breakaway UBS, Morgan Stanley teams form $750M RIA

February 23, 2017

Advisory teams from Houston offices of UBS and Morgan Stanley that collectively managed $750 million have formed Icon Wealth Partners and affiliated with Dynasty Financial Partners. The new firm is headed by Mark McAdams and Steve Schwarzbach,...

How Super Branches Spell Opportunities for Advisors

February 23, 2017

Many advisors know of colleagues who have left wirehouses or other firms and affiliated with an independent broker-dealer. They may not be as aware, however, that an increasing numbers of advisors are discovering that another path to independence...

Triad nabs Resources Investment Advisors, the $5 billion hybrid that left LPL

February 23, 2017

Resources Investment Advisors, a registered investment adviser and super office of supervisory jurisdiction, has affiliated with Triad Advisors, an independent broker-dealer that specializes in serving hybrid RIAs. In late January, as reported...

A Unique Opportunity for B-D Managers and Principals

February 23, 2017

For branch managers and executives of smaller broker-dealers who seek independence and business growth, the Super Branch model represents an increasingly popular choice. Several characteristics of Super Branches, also known as large Offices...

Purshe Kaplan Sterling to pay $3.4M in restitution for overcharging Native American tribe

February 22, 2017

Purshe Kaplan Sterling Investments will pay nearly $3.4 million in restitution to a Native American tribe, after the tribe paid excessive sales charges on purchases of non-traded real estate investment trusts and business development companies,...

3 questions independent broker-dealers should ask private equity product sponsors

February 13, 2017

Just two years ago, non-traded real estate investment trusts and business development companies were in favor among retail investors seeking increased opportunities for yield. Since then, a combination of increased regulatory complexity, negative...

Former broker barred for bilking elderly client

February 13, 2017

The Financial Industry Regulatory Authority Inc. on Friday barred a former independent broker who allegedly generated $91,000 in commission in the retirement account of an elderly client who had a total of $308,000 in investible assets when...

RIAs at odds over fees for clients' cash balances

February 10, 2017

With the stock market charging ahead to new highs, financial advisers are faced with the question of whether to move some of their clients' profits off the table by going into more cash or cash equivalents. But doing so raises an even bigger...

Morgan Stanley mulls moving New York City headquarters

February 10, 2017

Morgan Stanley is said to be considering moving its headquarters from a building in Times Square to the Hudson Yards site now under construction on the Far West Side of Manhattan. The site, built on air rights over a Long Island Rail Road train...

LPL reports robust recruiting in 2016

February 9, 2017

After a slow start to recruiting in 2016, LPL Financial Holdings Inc. picked up steam and on Thursday afternoon it said had added net 323 financial advisers in 2016, a 2% increase when compared to the number of advisers at the end of 2015. At...

DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

UBS exploring fee-based annuities for advisers

February 8, 2017

UBS Wealth Management Americas is mulling the potential offer of fee-based annuities to its adviser force for use with clients, according to a company executive. The evaluation comes as such annuities, and fee-based business generally, are poised...

Rogue brokers still pose danger to investors

February 6, 2017

The Financial Industry Regulatory Authority Inc. is making a lot of noise about keeping tabs on what it perceives to be high-risk or recidivist brokers, commonly called rogues in the industry. At the start of the year, Finra placed the monitoring...

Most advisers think the industry will continue down a fiduciary path despite rule delay

February 3, 2017

News that President Donald J. Trump plans to order a stop to the DOL fiduciary rule drew mixed reactions from financial advisers. Find out how they think the efforts to implement the rule will impact their businesses and the industry going forward....

Another salvo in the fee wars: Schwab cuts expense ratios on index funds

February 2, 2017

Charles Schwab & Co. has fired the latest round in the mutual fund cost-cutting battle, slashing expenses on several of its open-ended index funds. Schwab said Thursday that it would cut the expenses on its index funds to the same level as their...

Clean shares could revolutionize the fund industry

February 2, 2017

Clean shares will be an enormous game changer for mutual funds and the investment advisers who sell them. “Clean shares” — a term borrowed from England — separate out the fees for mutual fund distribution from those for investment management....

Merrill Lynch trying to make fees more transparent

January 31, 2017

Bank of America Corp.'s Merrill Lynch unit, which has said it will stop offering commission-based retirement accounts as it prepares for the Department of Labor fiduciary rule, also plans to more clearly disclose fees that clients pay to the...

Man accused of $17M 'pump-and-dump' scheme walks free

January 31, 2017

The U.S. took too long to charge an owner of a New York brokerage with orchestrating a $17 million pump-and-dump scheme, a judge ruled in throwing out the indictment. Guy Gentile was accused by the government of buying shares of Raven Gold Corp....

First Republic starts year with a bang

January 31, 2017

First Republic Bank's wealth management group has started 2017 with a bang, recruiting in January two sizable groups of Merrill Lynch advisers with $1.8 billion in client assets. On January 20, First Republic said five Merrill advisers in New...

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