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William Galvin wins again in Massachusetts

September 6, 2018

The odds increased earlier this week for Massachusetts Secretary of the Commonwealth William Galvin to continue to be a thorn in the side of the securities industry for another four years. That's because Mr. Galvin, who has held the office since...

Former Morgan Stanley broker to plead guilty to insider trading

September 6, 2018

A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America Corp. consultant, prosecutors said. The broker, Michael Siva, was one of seven people charged with securities...

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...

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....

Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

September 6, 2018

Last week, Merrill Lynch said it was reversing its ban on commissions in individual retirement accounts now that the Department of Labor's fiduciary rule is officially dead. It turns out the home of the thundering herd is not the only retail...

In latest A-share discount snafu, broker-dealer pays $1.37 million to clients

September 5, 2018

The Financial Industry Regulatory Authority Inc. flagged another broker-dealer for not giving clients discounts when they bought mutual fund A shares, this time reaching a settlement with Lincoln Investment Planning in which the firm paid $1.37...

DOL fiduciary rule caused $14 billion in stock losses for investment firms: report

September 5, 2018

The Department of Labor's fiduciary rule led to "tremendous" losses for brokerage and other investment firms, causing billions of dollars to be shed from their market valuations as investors feared the rule would hurt profitability, according...

Under a cloud at Merrill Lynch, two brokers find new home at giant hybrid

September 4, 2018

Two brokers who left Merrill Lynch earlier this year — one who was permitted to resign and the other discharged — have landed with Stratos Wealth Network, a hybrid broker and RIA with 284 advisers and $13.3 billion in client assets. Stratos...

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,...

Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

August 30, 2018

Merrill Lynch is reversing its ban on commissions in individual retirement accounts, undoing a first-of-its-kind policy among the major brokerage firms that was established nearly two years ago as the Department of Labor fiduciary rule loomed...

Advisers in a pickle over low-yielding cash sweep accounts

August 29, 2018

With interest rates edging higher and stock market valuations hitting peak levels, cash management is becoming a center-stage issue for financial advisers, and one that could have fiduciary implications. While cash typically makes up only a...

Half a dozen Midwest advisers bolt from Waddell & Reed

August 28, 2018

Even as it seeks to build a more profitable business model, Waddell & Reed is seeing more experienced, productive financial advisers walk out the door, losing a half dozen in the Midwest in little more than a week. Three — Mike Smith in Louisville,...

LPL lets more advisers do fiduciary 401(k) business

August 28, 2018

LPL Financial has relaxed some of the internal qualifications necessary to service 401(k) plans in an advisory capacity on its corporate RIA, effectively permitting more advisers to service plans as a fiduciary. LPL, the nation's largest independent...

Transamerica entities to pay $97 million to investors over model portfolio snafus

August 27, 2018

Four Transamerica Corp. related businesses were ordered to pay $97.6 million in penalties and disgorgement to retail investors on Monday by the Securities and Exchange Commission for misconduct related to faulty investment models. According...

The new knights of the roundtable

August 23, 2018

Earlier this spring, we hosted a recruiters roundtable at our offices in Boston for a discussion on the evolution of adviser recruiting. Throughout the event, I thought back to Arthurian legend, which introduced the idea of the roundtable was...

Fund industry limits C-share investing, cutting 12b-1 fee income for advisers

August 23, 2018

The great share-class migration that has been building this year is starting to unfold, representing a significant pay cut for advisers relying on beefy 12b-1 fees for predictable income streams. Over the next few months, several fund companies...

Galvin dings North Carolina brokerage $400,000 for 'shutting its eyes' to violations

August 23, 2018

Massachusetts Secretary of the Commonwealth William Galvin has ordered North Carolina-based brokerage Capital Investment Group Inc. to pay full financial restitution to a Massachusetts woman. The woman lost $400,000 to a CIG agent who allegedly...

Top Waddell & Reed team bolts to form RIA

August 22, 2018

Waddell & Reed continues to lose reps and advisers. Most recently, a veteran, award-winning team in Northern California that produced $1.6 million in annual revenues bolted to start their own RIA. Elaine and Scott Manley both left Waddell &...

Acquisition of Cetera being financed through $1 billion junk bond sale

August 21, 2018

Genstar Capital plans to finance the majority of its acquisition of Cetera Financial Group through the sale of $1 billion worth of junk bonds. According to a source close to investment bankers who did not want to be identified, the total price...

Proposed SEC advice rule obscures distinctions between two business models

August 20, 2018

These days, owners of RIA firms are asking me why they should be concerned about the Securities and Exchange Commission's recent attempt to change the rules and standards for broker-dealers. While there are many ways the proposed Regulation...

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