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Finra, investigating misuse of funds, bars former Edward Jones rep

January 17, 2018

The Financial Industry Regulatory Authority Inc. has barred Matthew Kerby, a former Edward Jones broker, for failing to take part in a hearing looking into allegations that he misused client funds. Mr. Kerby was employed by Edward Jones in Paoli,...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

Finra bars former Morgan Stanley rep over hearing no-show

January 16, 2018

The Financial Industry Regulatory Authority has barred former Morgan Stanley broker Guillermo Valladolid for failure to appear at a hearing looking into charges that he sold investments away from his employer and engaged in undisclosed outside...

Delay in fiduciary rule does not take any wealth managers off the hook

January 16, 2018

The DOL fiduciary rule implementation has been delayed. While consumer advocates applauded the new oversight, very few within the wealth management industry felt the regulation was anything but awkward and clunky. Fewer still believe that nonretirement...

Fiduciary rule every bit as necessary for brokers, according to report

January 16, 2018

For those who think a fiduciary-type rule is unnecessary, think again. The Wall Street Journal reported last week that "advisers at some of the biggest discount brokerage firms make more money if they steer clients toward more-expensive products."...

Mercer acquires multimanager BFC to boost delegated investment push in Japan

January 16, 2018

Mercer acquired Tokyo-based hedge fund multimanager BFC Asset Management Co. in a move its global wealth management chief predicts will accelerate the nascent growth of Mercer's delegated investments business in Japan. Rich Nuzum, president...

BlackRock takes aim at sacred cow to bring factors to the masses

January 16, 2018

It's not enough for BlackRock Inc. to command one of every three dollars investors send to fund companies in America. Now it wants to control their minds, too. Operatives of the New York-based behemoth will be fanning out to brokerages around...

Rising star at Merrill in New York lands at JP Morgan Chase

January 16, 2018

Racquel Oden, who abruptly bolted Merrill Lynch last month as the manager of its flagship 5th Avenue branch in Manhattan, is landing at JP Morgan Chase, where in March she will become divisional director of the northeast. According to an internal...

Adviser moves to expect in 2018

January 11, 2018

Citigroup recently announced that it will be following Morgan Stanley and UBS' lead in exiting the broker protocol. While it's not a big player in the recruiting wars among wirehouse firms, this move signifies a further trend toward the potential...

New Jersey bank moves $700 million program from Invest to Cetera

January 10, 2018

Investors Bank, based in a Short Hills, N.J., is moving its retail wealth management program from Invest Financial Corp. to the Cetera Financial Institutions platform. The bank, a subsidiary of Investors Bancorp, Inc., employs 22 financial professionals...

Advisers struck by opioid crisis seek to get the word out to peers and their communities

January 9, 2018

Colin Goodell's drug problem sounded all too familiar. It began with a seemingly innocuous prescription for painkillers. Before long, he was hooked on the pills, meant as a temporary remedy for a back injury. The Jacksonville, Fla., resident...

Finra bars fired Ameriprise rep for churning accounts of elderly

January 8, 2018

The Financial Industry Regulatory Authority has barred former broker Larry M. Boggs for excessive and unsuitable trading in the accounts of five elderly clients. Mr. Boggs also improperly exercised discretion in these accounts without written...

Finra warns brokers about moving clients from broker to advisory accounts

January 8, 2018

Finra warned brokers on Monday to be careful when moving clients between brokerage and advisory accounts. The guidance was contained in the broker-dealer self-regulator's annual regulatory and examination priorities letter. As is the case in...

Wirehouses turn away from bitcoin

January 4, 2018

Wall Street's wirehouses are turning up their noses at bitcoin. None of the four — Merrill Lynch, Morgan Stanley, UBS Wealth Management Americas and Wells Fargo Advisors — are giving their wealth management and retail advisers access to...

The biggest losers and winners of 2017

January 2, 2018

Politics and the presidency have seldom played a more dominant role in our popular culture as they did last year. Despite the wall to wall coverage of the White House, 2017 turned out to be a far calmer and less disruptive year in the financial...

Citigroup is latest big firm to dump broker protocol

December 29, 2017

Another large brokerage has decided to exit the so-called protocol for broker recruiting, with Citigroup Global Markets confirming on Friday that it was leaving the agreement. "Similar to others in the industry, Citi has decided to exit the...

After a superb 2017, brokerage stocks should continue to roll next year

December 22, 2017

With the broad market rising throughout 2017, stocks of brokerage firms shined. The iShares U.S. broker-dealers and securities exchanges ETF posted an increase of 26% for the year through trading Friday morning, while the S&P 500 index was up...

Finra fines Raymond James $2 million over emails

December 21, 2017

The Financial Industry Regulatory Authority Inc. has fined Raymond James Financial Services $2 million for failing to have in place adequate email supervisory systems as well as procedures for reviewing emails. Finra found that during a nine-year...

Finra advances proposals to clarify outside business activities, churning rules

December 21, 2017

An upcoming Finra rule proposal would make it easier for brokerages to determine whether their representatives are engaging in harmful activities away from the office. At its meeting last week, the board of the Financial Industry Regulatory...

Finra will publish budget for first time in 2018

December 20, 2017

Finra will publish its 2018 budget early next year, marking the first time that the broker-dealer self-regulator has made the document public, the organization announced on Wednesday. The Financial Industry Regulatory Authority board approved...

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