Results for "wirehouses"

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Finra fines Wells Fargo $3.25 million for options trade reporting violations

June 22, 2017

The Financial Industry Regulatory Authority Inc. has censured Wells Fargo Securities and fined it $3.25 million for errors and inaccuracies in reporting over-the-counter options trades conducted between January 2008 and March of this year. Finra...

Morgan Stanley to let financial advisers text clients

June 13, 2017

Morgan Stanley Wealth Management is partnering with tech firm Twilio to enable advisers to communicate with via text messaging as part of its latest push to better serve digitally-wired clients. "Digital can't be viewed as something separate...

As DOL fiduciary rule takes effect, B-Ds focus on compliance

June 9, 2017

After seven years of rule-making fraught with political intrigue, intense lobbying and an abundance of conjecture, the Labor Department's fiduciary rule is getting its day in the sun. Today marks the beginning of a phased implementation period...

Morgan Stanley loses $628 million team to Merrill Lynch

June 9, 2017

A four-person adviser team that managed $628 million in assets at Merrill Lynch has left Morgan Stanley to join the Paramus, N.J., office of Merrill Lynch. Advisers Thomas Reichert, Paul Lotito, Eric Aiello and Lindsay Reichert operate as the...

Morgan Stanley overhauls senior leadership in its wealth management unit

June 2, 2017

Morgan Stanley on Friday said it was overhauling senior management in its wealth management unit, promoting Vince Lumia to a new leadership position, head of the field. At the same time, the firm is eliminating leadership at the division level,...

UBS latest to shift broker compensation ahead of DOL fiduciary rule

June 2, 2017

UBS Wealth Management Americas told its 7,000 financial advisers Thursday that their compensation from clients' retirement assets will change. The shift will be to asset-based compensation for UBS advisers and will apply only to retirement accounts....

Former Morgan Stanley rep barred by Finra for concealing Venezuelan bond trades

June 1, 2017

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley Smith Barney broker John Batista Bocchino for hiding about $190 million in Venezuelan bond trades from the firm. In a release in connection with its settlement,...

Morgan Stanley to arm its financial advisers with algorithms to take over routine tasks

May 31, 2017

Call them cyborgs. Morgan Stanley is about to augment its 16,000 financial advisers with machine-learning algorithms that suggest trades, take over routine tasks and send reminders when your birthday is near. The project, known internally as...

As Merrill Lynch and Morgan Stanley cut back, what's next for recruiting deals?

May 30, 2017

For the adviser seeking a big up front check from a wirehouse, the market just got tougher. In June 2016, Tom Naratil, president of UBS Americas, wrote an op-ed critical of the industry practice of "relentless recruiting." UBS has dramatically...

Wells Fargo's move to boost signing bonuses could give it a lift

May 26, 2017

Wells Fargo Advisors decision to stay in the recruiting game and boost bonuses to recruits could give a needed lift to the brokerage, particularly as its advisers have spent the past nine months answering questions from clients about the banking...

Brokerage firms hunt for fintech in early-stage development

May 26, 2017

While financial advisers find it challenging enough to stay on top of new financial technologies, some firms are dedicating resources to ensure they have a heads-up on the latest fintech innovations coming down the pike. Edward Jones is investing...

Wells Fargo Advisors restricting investments for retirement accounts

May 24, 2017

With the Department of Labor's fiduciary rule to take effect on June 9, Wells Fargo Advisors is putting new limits on mutual fund share classes and types of securities advisers can sell or recommend in a client's retirement account. Starting...

DOL fiduciary rule pushing broker-dealer assets to fee-based accounts, away from commissions

May 24, 2017

There's been a marked shift in the allocation of broker-dealer client assets in the year since the Department of Labor issued its fiduciary rule. Largely, the shift has seen assets flow into advisory accounts, which assess a level fee based...

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...

Merrill Lynch veteran moves to Raymond James

April 27, 2017

Walter H. Stamper III, who managed $147 million in assets at Merrill Lynch in Chattanooga, Tenn., has joined the employee broker-dealer of Raymond James. Mr. Stamper has been with Merrill Lynch for his entire career, since joining the firm in...

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