Results for "wirehouses"

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Wells Fargo FiNet loses $275 million team to Raymond James

May 18, 2017

Jeff Holloway and Sean Harman and their team in Kansas City, Mo., have switched affiliations from Wells Fargo Advisors Financial Network to the independent unit of Raymond James. The five-person team, operating as Holloway Harman & Associates,...

Finra fines Merrill Lynch $650,000 for bond trading violations

May 17, 2017

Merrill Lynch has agreed to a settlement with Finra over its handling of transactions in nonconvertible preferred securities from July 1, 2010 through Dec. 31, 2012. The firm was censured, fined $650,000 and ordered to pay restitution of more...

Merrill Lynch's move away from signing bonuses seen as risky

May 12, 2017

Merrill Lynch is taking a big risk on the wealth management unit's new adviser recruiting strategy — one that could pay off, but just as easily backfire. As of June 1, the brokerage will step away from the traditional adviser recruitment model,...

Morgan Stanley's decision to cut Vanguard funds likely due to DOL fiduciary rule

May 8, 2017

Morgan Stanley's decision to eliminate new sales of Vanguard Group mutual funds appears to reduce a potential conflict under the Department of Labor's fiduciary rule. Vanguard does not pay brokerage firms like Morgan Stanley for distribution,...

Wells Fargo team managing $239 million joins Ameriprise

May 3, 2017

Thomas Hughes and Bill Steele, who manage $239 million in assets at Wells Fargo Advisors, have joined the employee channel of Ameriprise Financial. They will work in Southlake, Texas, and Dallas, respectively. Mr. Hughes began his securities...

Former Merrill Lynch broker convicted of wire fraud

May 2, 2017

A former Merrill Lynch financial adviser in New Jersey was convicted in federal court for defrauding a client out of his retirement savings and using the funds for his own benefit. Acting U.S. Attorney William E. Fitzpatrick said that Jesse...

Morgan Stanley snags national sales director Jeffrey Tucker from Merrill Lynch

April 25, 2017

Morgan Stanley has recruited Jeffrey Tucker from cross-town rival Merrill Lynch as its new national sales manager. Mr. Tucker is a financial services industry veteran who most recently held a regional director role of metro New York at Merrill....

UBS, Merrill Lynch advisers form $500 million RIA team

April 24, 2017

Three brokers from UBS Financial Services and one from Merrill Lynch in Colorado Springs, Colo., have formed Resolute Investment Advisors and affiliated with HighTower. The firm's principals — Todd Baker, Bradley S. Harvey and Jack T. York,...

Ex-Merrill Lynch broker pleads guilty to $8.7 million bank fraud

April 19, 2017

A veteran Merrill Lynch broker based in St. Paul, Minn., pleaded guilty to two counts of bank fraud at the end of last month for his part in an elaborate, long-running scheme that bilked two banks out of $8.7 million. The broker, Jeffrey Kluge,...

With DOL fiduciary rule looming, Merrill sees surge of AUM

April 18, 2017

Merrill Lynch, Bank of America's wealth management business, saw a surge in advisory assets in the first quarter of 2017, months after the company said it was eliminating charging commissions in new retirement accounts as a response to the Department...

UBS loses another Puerto Rico bond claim, this time for $4.4 million

March 31, 2017

UBS Financial Services Inc. has lost yet another multi-million dollar Finra arbitration award stemming from the sale of Puerto Rico bonds and closed-end funds. According to the arbitration award, which was decided on Wednesday by a three-member...

Merrill Lynch shakes up wealth management organization, leadership roles

March 29, 2017

Merrill Lynch told its 14,600 advisers Wednesday that it was instituting a broad restructuring of its wealth management group to meet its goals-based strategy and to operate more effectively as a business. In a memo, Andy Sieg, head of Merrill...

Morgan Stanley eliminating commissions, finder's fees in 401(k) plans

March 24, 2017

Morgan Stanley Wealth Management is eliminating commission payments and finder's fees for its advisers servicing 401(k) plans, shifting entirely to a level compensation arrangement based on plan assets, according to a source with knowledge of...

Merrill Lynch woos $343 million Morgan Stanley team

March 23, 2017

A four-person adviser team that managed $343 million in assets at Morgan Stanley has joined Merrill Lynch in Glen Rock, N.J. Advisers Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava, as well as associate Dara Hubbard, have...

Merrill Lynch outlines plans for its 401(k) fiduciary platform

March 15, 2017

Merrill Lynch Wealth Management outlined plans Wednesday to transition its defined-contribution-plan business over to a fiduciary model, coming several months after the firm announced similar plans for its retail retirement business and as the...

The bull market for wirehouse recruiting deals is over. What will happen next?

March 10, 2017

For years, wirehouse executives privately complained about the high cost of recruiting experienced advisers. Yet the transition packages, commonly called "up-front money," only became more and more lucrative. Shrewd advisers would often play...

Morgan Stanley debuts fiduciary product for small 401(k) plans, with eye toward DOL rule

March 9, 2017

Morgan Stanley Wealth Management is making a push into the small 401(k) marketplace, debuting a fiduciary product exclusively available to its advisers and offering a risk-controlled way to continue servicing those plans when the Department...

DOL rule slows down wirehouse recruiting and crimps bonuses ​

February 27, 2017

After months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow. But the wealth managers...

Merrill Lynch cuts its top rate on fee accounts

February 24, 2017

Merrill Lynch has lowered its top charge on fee-based accounts to 2.2% from 2.7%, a move that could save smaller investors as much as $5,000 a year, The Wall Street Journal reports. The reduction affects clients with under $1 million in assets...

Breakaway UBS, Morgan Stanley teams form $750M RIA

February 23, 2017

Advisory teams from Houston offices of UBS and Morgan Stanley that collectively managed $750 million have formed Icon Wealth Partners and affiliated with Dynasty Financial Partners. The new firm is headed by Mark McAdams and Steve Schwarzbach,...

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