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Wells Fargo Advisors' Intuitive Investor robo-adviser technology files ADV registration

March 27, 2017

Wells Fargo Advisors revealed details of its plans to launch a robo-adviser in a filing with the Securities and Exchange Commission on Monday. The service will require a minimum investment of $10,000 and charge a 50 basis point fee, the firm...

Merrill Lynch and Morgan Stanley: A tale of two fiduciary 401(k) business models

March 24, 2017

The wealth management units at Merrill Lynch and Morgan Stanley within the past few weeks announced substantive changes to their respective 401(k) businesses, and while each approach shares common ground they also differ in notable ways. Where...

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...

Merrill Lynch may be positioning itself for more commission flexibility in the future

March 10, 2017

Merrill Lynch's announcement that it may offer commissions in retail retirement accounts in limited circumstances may be an indication that it is giving itself some flexibility in case the Department of Labor's fiduciary rule is repealed, according...

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,...

Former Wells Fargo Advisors rep barred by Finra for excessive trading in elderly client's account

February 10, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Wells Fargo Advisors rep who was allegedly trading excessively in the accounts of an elderly client and generating hundreds of thousands of dollars in commissions. Matthew...

Morgan Stanley mulls moving New York City headquarters

February 10, 2017

Morgan Stanley is said to be considering moving its headquarters from a building in Times Square to the Hudson Yards site now under construction on the Far West Side of Manhattan. The site, built on air rights over a Long Island Rail Road train...

DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

UBS exploring fee-based annuities for advisers

February 8, 2017

UBS Wealth Management Americas is mulling the potential offer of fee-based annuities to its adviser force for use with clients, according to a company executive. The evaluation comes as such annuities, and fee-based business generally, are poised...

Merrill Lynch trying to make fees more transparent

January 31, 2017

Bank of America Corp.'s Merrill Lynch unit, which has said it will stop offering commission-based retirement accounts as it prepares for the Department of Labor fiduciary rule, also plans to more clearly disclose fees that clients pay to the...

Morgan Stanley to move ahead with changes despite uncertainty around DOL fiduciary rule

January 27, 2017

Morgan Stanley, one of the biggest U.S. brokerages, said it plans to move ahead with client-friendly changes designed to comply with federal rules despite uncertainty over whether the regulation will be implemented. “There has been a great...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

Morgan Stanley advisers hit revenue record in fourth quarter

January 17, 2017

Morgan Stanley's 15,763 advisers hit an all-time best in productivity during the fourth quarter of 2016, generating average annualized revenue — fees and commissions — per adviser of more than $1 million. The firm's wealth management unit...

SEC hits Morgan Stanley with $13 million fine

January 13, 2017

The Securities and Exchange Commission said on Friday that Morgan Stanley agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors. The firm also violated...

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