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Wells Fargo to pay $2 billion settlement to end loan probe

August 1, 2018

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced...

Former dissident candidate for Finra board now runs with board imprimatur

August 1, 2018

Three years ago, Brian Kovack won an upset bid as a dissident candidate for a Finra board seat. He's running for re-election this year, but this time as part of the establishment. Mr. Kovack is seeking another three-year term representing mid-size...

Four Wells Fargo reps managing $550 million go indie with Raymond James

July 31, 2018

Four advisers collectively managing $550 million at Wells Fargo Advisors in suburban Atlanta have formed their own independent businesses and affiliated with Raymond James. The four, most of whom had spent decades with A.G. Edwards, a Wells...

Merger and acquisition activity drops dramatically in the second quarter

July 31, 2018

Merger and acquisition activity in registered investment adviser firms dropped dramatically during the second quarter, according to a report from DeVoe & Co. RIA transactions dropped to 32 in the second quarter from a record 49 in the first...

Waddell & Reed continues to shed brokers, though productivity rises

July 31, 2018

Waddell & Reed Financial Advisors continued to lose brokers and advisers in the second quarter, although at a much slower pace than in the past. The broker-dealer reported that it lost 40 advisers in the most recent quarter compared with the...

Wall Street fears new international tax

July 30, 2018

A new international tax that was supposed to deter U.S. technology and pharmaceutical companies from shifting their profits offshore could instead catch Wall Street banks in its crosshairs. The levy on international profits — called Gilti...

Millennial heirs go to summer camp

July 30, 2018

Fifty-two heirs to lavish fortunes luxuriate in sleek splendor at the Four Seasons. They sip designer lattes and speak the language of wealth. The talk is of money, noblesse oblige, technology, Formula One. At lunchtime, out comes chilled rosé,...

LPL CEO Dan Arnold acknowledges mistakes in firm's technology rollout

July 30, 2018

LPL Financial's Focus 2018 kicked off in Boston Monday with CEO Dan Arnold acknowledging some "missteps" in the firm's rollout of its new technology platform for advisers, ClientWorks. According to advisers attending the event, Mr. Arnold and...

Morgan Stanley unveils compensation plan changes for 2019

July 30, 2018

Morgan Stanley followed through Monday on earlier pronouncements to goose financial advisers to chase assets using new technology when it unveiled pieces of its 2019 compensation plan. "We are executing on our commitment to deliver industry-leading...

LPL looks to cash in on in-house advisory assets

July 27, 2018

Two recent strategic decisions to boost assets advisers hold at LPL Financial appear to be paying off. First, in an attempt to drive more assets to the company's in-house, corporate advisory and managed-money platform, LPL almost a year ago...

LPL brokers can now use SS&C Advent's Black Diamond

July 26, 2018

LPL Financial continues to deepen the bench of third-party technology available to its financial advisers this week. The nation's largest independent broker-dealer announced Thursday that SS&C Advent's Black Diamond Wealth Platform, a portfolio...

UBS laying off dozens of wealth management staff

July 26, 2018

UBS Group is laying off dozens of staff at its wealth management division as it revamps the unit's leadership team, according to people briefed on the matter. Stephen Freedman, who was appointed last year as head of sustainable investing solutions...

Finra consolidates enforcement program in hopes of delivering consistency, transparency

July 26, 2018

The Financial Industry Regulatory Authority Inc. on Thursday completed a major overhaul of its enforcement programs that is intended to shine more light on how the Wall Street regulator decides actions and penalties involving brokers and their...

As adviser headcount rises at Raymond James, so does the cost of recruiting

July 26, 2018

Raymond James Financial Inc. continues to enjoy strong recruiting of financial advisers across its channels, reporting a 6% increase year-over-year — a net gain of 434 advisers, according to its quarterly earnings release. At the end of June,...

Ladenburg bets advisers will serve more self-employed clients in the future

July 25, 2018

Ladenburg Thalmann Financial Services is investing in Track Technologies, an early-stage tech startup that provides tax automation for independent contractors, freelancers and other self-employed people. It's the first investment to result from...

Ameriprise to switch CRM for nearly 10,000 advisers in 2019

July 25, 2018

Ameriprise Financial Inc. will switch up a key piece of technology for its 9,906 brokers and financial advisers next year when it changes its customer relationship management system to industry leading Salesforce.com Inc. One Ameriprise adviser,...

Galvin calls out broker who claims he never had a customer complaint

July 24, 2018

Massachusetts securities regulators have charged Alan P. Siegel, a broker with G.A. Repple & Co. in Easton, Mass., with lying on his website, claiming he had never received a complaint. According to the administrative complaint filed by the...

UBS wealth management profits up 16% in latest quarter

July 24, 2018

UBS Group AG said on Tuesday that its wealth management business in the U.S. and Latin America produced a pretax profit of $391.6 million over the three months ended in June, an increase of 16% compared with the same quarter a year ago. The...

SEC nominee Roisman stresses disclosure, helping investors understand adviser relationship

July 24, 2018

Securities and Exchange Commission nominee Elad Roisman avoided taking a position on the agency's investment advice reform proposal Tuesday and stressed the importance of disclosure when pressed by Democratic senators on advice standards. In...

Back office should be top of mind for growing advisory firms

July 24, 2018

Recently, a colleague of mine suggested that "back office" should be considered a bad word, because it's where things go wrong without accountability. I respectfully disagree. The back office plays a major role in delivering a client service...

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