Results for "clearing firms"

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Finra orders Wells Fargo to pay $3.4 million over risky ETFs and ETNs

October 16, 2017

The Financial Industry Regulatory Authority has ordered Wells Fargo's clearing and retail brokerage units to pay more than $3.4 million in restitution to customers affected by the B-Ds' unsuitable recommendations of volatility-linked exchange-traded...

Steward Partners nears $5B as it continues to recruit wirehouse reps

January 3, 2017

The first hurdle for any wirehouse rep hoping to join Steward Partners Global Advisory is the “no-jerk policy,” which company founders say is more important than experience or assets under management. “We want great people, first, who...

When custodians target retail market

August 8, 2016

As more custodians enter the direct-to-consumer robo-advice market, their potential competition for assets with the very financial advisers they serve is growing murkier. Custodians are becoming more attracted to the business of automated advice,...

Custodians help advisers navigate DOL fiduciary rule

August 7, 2016

Custodians have morphed into consultants for registered investment advisory firms, navigating them through an increasingly complex regulatory landscape. Chief among new regulations financial advisers have to conform to is the Labor Department's...

Stifel selling off Sterne Agee independent broker-dealer business it acquired last year

June 27, 2016

Stifel Financial Corp. is dumping Sterne Agee's independent brokerage business just about a year after acquiring it. Stifel said Monday it was selling Sterne Agee Financial Services Inc., along with its clearing and advisory businesses, to INTL...

Broker-dealers face rising compliance costs from DOL rule, pricing competition from robo-advisers

June 8, 2016

At the same time they are facing increased costs to comply with the Department of Labor fiduciary rule, brokers-dealers are facing increased pressure on their fees from robo-advisers, according to executives at clearing and custody firm Pershing....

Pershing names Hardwick COO as Dolly steps into CEO role

February 10, 2016

Pershing has named Lori Hardwick chief operating officer of the Bank of New York Mellon Corp.-owned brokerage and custody services business. + Zoom Lori Hardwick Ms. Hardwick is joining Pershing from Envestnet Inc., a wealth management technology...

Custodians try to entice breakaways with substantial perks

August 9, 2015

As larger teams move into the registered investment adviser channel, the major custodians are getting more creative and adding some sweeteners to entice big breakaway outfits. Looking to differentiate themselves by more than just their ability...

Advisers' deaths without transition plans force custodians into action

August 9, 2015

When investment advisers who are sole proprietors die unexpectedly without a continuity plan in place, the firms where they house client assets react rapidly. “Custodians are increasingly adept and swift at taking action,” said Brian Hamburger,...

Custodians and clearing firms ranked by number of clients

August 9, 2015

Custodians ranked by number of RIA custody clients Firm Website Head of RIA custody business 2015 # of clients % change vs. 2014 Assets under custody ($M) % change vs. 2014 Minimum assets of advisers Schwab Advisor Services http://www.advisorservices.schwab.com...

Cetera closing J.P. Turner, offering some brokers jobs at Summit

July 30, 2015

Cetera Financial Group is closing down one of its broker-dealers, J.P. Turner & Co., and inviting select advisers to join another of its firms. Over the past few weeks, about half of the 300 advisers at J.P. Turner & Co. have been invited to...

Custodians' payments to RIAs for fund picks raise eyebrows

June 26, 2015

Registered investment advisers like to promote themselves as being on the side of investors, but a growing number are quietly accepting money from custodians in exchange for recommending certain mutual funds — usually funds that are more expensive...

Pershing CEO: RIA growth outpacing B-Ds

June 4, 2015

Registered investment advisers are the strongest driver of growth for Pershing's clearing and custody business as regulation and higher costs continue to put pressure on broker-dealers, according to chief executive officer Ron DeCicco. “The...

Fidelity combines clearing and custody units, creates tech division

February 24, 2015

Fidelity Investments combined its clearing and custody units on Tuesday and created a new technology division. Fidelity Clearing and Custody will be headed by Sanjiv Mirchandani, the president of National Financial. The combined clearing and...

Fidelity records massive profit, despite fund outflows

February 12, 2015

Fidelity Investments increased its earnings by 29% last year, to a record $3.4 billion, despite surging investor redemptions of its mutual funds. The company's fund outflows — and its continued evolution to a diverse investment and service...

5 steps to incorporating a robo into your firm

February 3, 2015

It's time for financial advisers to start figuring out how to integrate an online advice solution into their businesses because clients will increasingly expect financial services to be delivered this way. Some early adopters of online adviser...

Pershing, courting digital wealth managers, teams with Motif

January 27, 2015

Pershing is partnering with Motif Investing Inc. as the online brokerage start-up looks to expand its services for financial advisers in the U.S. and extend its reach internationally, an executive from the custodian said Monday. “A lot of...

Schwab adds 18 more funds to its commission-free ETF platform

January 26, 2015

The Charles Schwab Corp., which attracted $10 billion to its commission-free trading platform for exchange-traded funds last year, said Monday it would add 18 more funds to the platform. That means advisers and retail investors who use the One...

RBC, City National deal marries bank and brokerage

January 23, 2015

In what is one of the largest deals among so-called regional wealth management firms since Raymond James Financial Services Inc.'s $1.2 billion purchase of Morgan Keegan & Co. in 2012, Royal Bank of Canada is buying Los Angeles-based City National...

Finra fines Pershing $3 million for customer protection rule violations

December 29, 2014

The Financial Industry Regulatory Authority Inc. has fined Pershing $3 million for violating the Customer Protection Rule, which requires a certain level of funds be set aside to protect against broker-dealer misuse or insolvency. For roughly...

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