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Finra bars former Morgan Stanley broker accused of accepting loans from clients

March 5, 2018

An ex-Morgan Stanley broker terminated for allegedly accepting loans from clients was barred by the Financial Industry Regulatory Authority Inc. after he declined to take part in its investigation. Michael Ralby, who worked for the firm in Boca...

Ex-Morgan Stanley, UBS advisers prevail in TRO claims

March 2, 2018

Some financial advisers at Morgan Stanley and UBS Financial Services may be scared stiff of being sued if they leave their firms to move to another broker-dealer. That's because both wirehouses decided toward the end of last year to exit an...

Top Wells Fargo exec to advisers: 'Stay positive,' keep walking the 'noble path'

March 1, 2018

The head of Wells Fargo's wealth and investment management group, which includes 14,544 financial advisers, exhorted his employees in a memo Thursday to remain upbeat and confident in the face of the bank's latest potential scandal. Hours after...

Outside activities lead Finra to bar former J.P. Morgan rep

March 1, 2018

Pavel Shklyar, a former J.P. Morgan Securities broker in Haworth, N.J., has been barred by the Financial Industry Regulatory Authority for failing to take part in a hearing looking at his outside business activities. In February, according to...

Ameriprise hit with enforcement action over expensive share classes

February 28, 2018

Ameriprise is the latest financial firm to run afoul of the Securities and Exchange Commission for selling expensive mutual fund share classes to clients when more affordable options in the same fund were available. The SEC announced Wednesday...

Finra bars former Stephens broker for no-show at hearing ​

February 28, 2018

The Financial Industry Regulatory Authority Inc. has barred Norris Richard Roberts Jr., a former broker whose suspicious activity led federal agents to uncover an illegal gambling operation in Arkansas. In a letter of acceptance, waiver and...

HD Vest adds $240 million rep from Raymond James

February 28, 2018

Richard Mitchen, a certified public accountant and financial planner whose team had $240 million in assets under administration at Raymond James in Baton Rouge, La., has affiliated with HD Vest Financial Services. Mr. Mitchen, who spent 35 years...

UBS buckles to pressure over non-solicitation agreements

February 26, 2018

Just days after rolling out new non-solicitation agreement requirements linked to 2017 broker bonuses, UBS Financial Services has buckled to pressure and postponed the rule change till next year. "I think there was a mutiny on the bounty, the...

LPL wraps up NPH adviser move, declines to say whether it reached revenue goal

February 26, 2018

LPL Financial said Monday it had wrapped up its acquisition of advisers from National Planning Holdings, but declined to say whether it had reached its goal of moving over 70% of the revenue generated by the network's advisers. Last August,...

Ex-Wells Fargo rep barred and arrested for ripping off elderly

February 26, 2018

The Financial Industry Regulatory Authority Inc. has barred former Wells Fargo broker Jeffrey Palish for receiving more than $180,000 from an elderly client "with no intent or ability to repay" her. Wells Fargo terminated Mr. Palish's registration...

Cetera sale talk another distraction for advisers

February 26, 2018

A potential sale of Cetera Financial Group could be boon for its private equity owners, but turn out to be another distraction for its 8,000 advisers, who saw the company emerge from bankruptcy less than two years ago. On Friday, Bloomberg News...

Broker protocol: Indecision over recruiting agreement is rampant

February 24, 2018

When Morgan Stanley exited an industry agreement late last year that makes it easier for brokers and advisers to move to new firms, it upended 14 years of peace among the largest brokerages. Thousands of retail brokers and wealth management...

Designing the Super OSJ of the future

February 23, 2018

At an industry event last year, I caught up with a friend who runs a prosperous independent producer group that supports both his personal book of business as well as those of other successful advisers — or what some in the profession call...

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

February 22, 2018

UBS Financial Services, which followed Morgan Stanley to become the second wirehouse to exit the broker protocol late last year, has stepped up restrictions on brokers who might want to leave the firm, and experts are speculating if other broker-dealers...

Merrill Lynch and rep to pay $140,000 to Vermont for unauthorized actions

February 22, 2018

Merrill Lynch and Lawrence K. Barber, a broker who has been with the firm since 1997, will pay the state of Vermont $140,000 as a result of an investigation by state financial regulators into the broker's conduct. The firm and the broker will...

Advisers bemoan LPL's technology platform change

February 22, 2018

After years of effort to move to a new platform for wealth management, LPL Financial is still fumbling around with the latest technology for its more than 15,200 advisers. LPL advisers on a private LinkedIn chat room this month were sounding...

The gold medal quality advisers can no longer ignore

February 20, 2018

As the 2018 Winter Olympics continue to generate headlines around the world, I've taken notice of what these athletes must inherently possess just to qualify for the Olympics, let alone win a medal. They're the gold standard for their respective...

Finra orders Hilliard, Lyons and rep to pay $445,000 in compensatory damages

February 20, 2018

A majority-public Finra arbitration panel has awarded a client of J.J.B. Hilliard, W.L. Lyons and Christopher Duke Bennett, one of its brokers, $445,000 in compensatory damages. The award was $195,000 more than what the client, Elizabeth Nickens,...

Morgan Stanley dropping some overseas wealth customers

February 16, 2018

Morgan Stanley told some of its international wealth-management clients to liquidate their accounts or shift to another financial institution within 30 days. "Serving the investment needs and opportunities unique to clients who reside outside...

JPMorgan's Dimon extends reign as best-paid Wall Street CEO

February 16, 2018

For the second straight year, Jamie Dimon was the highest-paid chief executive officer of a Wall Street bank, while Michael Corbat got the biggest raise for 2017. Mr. Dimon, the JPMorgan Chase & Co. CEO, was paid $29.5 million, a 5.4% raise...

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