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Going independent — what does that really mean?

March 19, 2018

When I entered the financial services industry 20 years ago, the term "going independent" referred to registered representatives moving their book of business to an independent broker-dealer and being compensated as independent contractors....

Stocks of brokerages, insurers rally after DOL rule struck down

March 16, 2018

Morgan Stanley and Principal Financial Group Inc. were among banks and insurers that rallied after a U.S. appeals court struck down a sweeping Obama-era rule that aimed to protect millions of Americans from conflicted investment advice. The...

DOL rule may be history, but a fiduciary standard still in the works

March 16, 2018

The latest body blow to the Department of Labor's fiduciary rule continues to divide the financial advice industry. "It's a shame we keep having these conversations when we should just put our foot down, because there shouldn't be an argument...

Merrill vets ready to recharge breakaway recruiting efforts

March 14, 2018

Snowden Lane Partners prides itself in not making a lot of noise around its practice of recruiting breakaway wirehouse teams to join its hybrid broker-dealer and independent investment adviser business. But at more than $4 billion in assets...

Ron Carson: I'll leave Cetera if it's sold to LPL

March 14, 2018

Ron Carson, the founder and CEO of the Carson Group, is ready to take his $5.3 billion business elsewhere if his current broker-dealer, Cetera Financial Group, is acquired by LPL Financial. Mr. Carson, who moved to Cetera 14 months ago after...

UBS plans to cut 840 funds from its platform

March 14, 2018

Following an emerging pattern among wirehouses, UBS Wealth Management plans to trim the number of mutual funds listed on the platform advisers use to select investments for clients. The move, described by UBS sources familiar with the strategy...

Former Minnesota broker indicted for precious metals scam

March 14, 2018

A federal court in Minnesota has indicted David Thomas Rougier, a former broker, on one count each of mail fraud and wire fraud in connection with a scam that purported to buy gold and silver. According to the indictment, Mr. Rougier took approximately...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

Merrill shakes up group that works with richest clients

March 13, 2018

Merrill Lynch announced internally that it was streamlining its private banking, international and institutional groups with the goal of better serving its wealthiest clients. One key change announced Monday will bring experts working with international...

Ami Forte, broker at heart of $34 million Finra award, hired by Pinnacle Investments

March 13, 2018

A broker at the heart of a multimillion-dollar Finra arbitration award involving the founder of the Home Shopping Network was hired Tuesday by Pinnacle Investments to develop its operations in Florida. Ami Forte joined the broker-dealer and...

Wirehouse advisers: time to unionize?

March 13, 2018

Wirehouse advisers must feel like they are under siege. Within their own firms, payouts seem to change annually. Compensation plans are the size of a novelette. More and more compensation is held hostage — "deferred" — in order to keep advisers...

SEC bars two in pension pay-to-play scandal

March 12, 2018

The Securities and Exchange Commission has barred Gregg Z. Schonhorn of Short Hills, N.J., and Deborah Kelley of Piedmont, Calif., for their role in a "pay-to-play" arrangement involving the New York State Common Retirement Fund that netted...

UBS shrinks recruiting costs in 2017, boosts adviser pay

March 9, 2018

In line with a shift in recruiting strategy, UBS Wealth Management Americas last year reduced the amount of money it spent on signing bonuses for new brokers, while at the same time increasing compensation for existing advisers. The firm reduced...

SEC reaches $3.6 million settlement with Voya over securities lending

March 8, 2018

The Securities and Exchange Commission on Thursday announced a $3.6 million settlement with investment adviser subsidiaries of Voya Holdings Inc. for a securities lending practice that harmed mutual fund investors. In its order, the SEC alleged...

Finra bars broker who churned account of 93-year-old client with dementia

March 8, 2018

A veteran broker was barred by Finra for churning the account of a 93-year-old retired clothing salesman who suffered from dementia. Broker Mark Kaplan was accused by the Financial Industry Regulatory Authority Inc. of creating $723,000 in trading...

Morgan Stanley CEO says he's `not a fan' of Trump tariffs

March 7, 2018

Morgan Stanley CEO James Gorman said he's "not a fan" of tariffs proposed by U.S. President Donald J. Trump, saying they will lead to retaliation from trading partners. "You can always enter into a trade war, but doing it with allies, doing...

Sen. Warren introduces bill targeting unpaid Finra arbitration awards

March 6, 2018

[Correction: Finra chief executive Robert W. Cook testified before a House Financial Services subcommittee in September 2017, not before the Senate Banking Committee meeting of last year referenced in this story. He was not present at that meeting.]...

Brokers managing $425 million exit Wells Fargo to form RIA

March 6, 2018

A group of brokers who managed more than $425 million at Wells Fargo Advisors in Portland, Ore., have left the firm to form JGP Wealth Management, an independent registered investment advisory, which will be headquartered in Portland. The firm...

Morgan Stanley names new head of wealth management tech

March 5, 2018

Morgan Stanley has appointed Sal Cucchiara head of wealth management technology, replacing Christopher Randazzo, who left to become head of wealth management and head of technology and operations at Rockefeller Capital Management. Mr. Cucchiara...

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...

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