Results for "wirehouses"

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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...

Bank of America's Merrill Lynch reports a 1% increase in number of financial advisers

January 13, 2017

Merrill Lynch reported a 1% net increase in the number of financial advisers at the firm at the end of 2016, according to this morning's fourth-quarter earnings announcement from Merrill's parent, Bank of America Corp. With the additional 129...

Broker-dealers have different views on recruiting over next six months

January 12, 2017

Senior executives at leading independent broker-dealers are split in their assessment of recruiting over the first half of this year, with some expecting a strong start to 2017, while others are not as sanguine. Confusion in the recruiting market...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

Morgan Stanley teams up with data-aggregation company Addepar to get insight into clients' holdings

January 10, 2017

Morgan Stanley, among the world's biggest brokerages, is partnering with a Silicon Valley startup better known for helping rivals at independent advisory firms and family offices manage the assets of the ultra rich. Software from data-aggregation...

TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms

January 6, 2017

A relative newcomer to the general concept of rollups and strategic acquirers, TruClarity is making a deliberate push for midsize wirehouse brokers looking to breakaway as registered investment advisers. Just 18 months old, TruClarity, based...

Wells Fargo Advisors to pony up $35.5M in race discrimination, class action settlement

January 4, 2017

Wells Fargo Advisors has reached a $35.5 million settlement with a group of African-American financial advisers who claimed the firm discriminated against them due to their race. The group of six brokers, with lead plaintiff Lance Slaughter,...

Raymond James recruits Oregon adviser from Morgan Stanley

January 4, 2017

Raymond James & Associates has recruited Portland, Ore.-based brokerage representative Katherine Fisher-Schultz from Morgan Stanley. Ms. Fisher-Schultz, who managed more than $170 million in client assets at Morgan Stanley, has joined Raymond...

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...

UBS fires top Connecticut broker Phil Fiore Jr. for multiple violations

December 28, 2016

UBS Financial Services Inc. late last month fired a top broker based in Stamford, Conn., for not keeping his employer informed of outside business activities, even while he was under heightened supervision. Phil Fiore Jr. was discharged at the...

Morgan Stanley fined more than $10 million for violating customer protection rule

December 20, 2016

Morgan Stanley was fined and penalized more than $10 million Tuesday for trading errors involving customer cash and margin securities. The Securities and Exchange Commission announced that the firm had agreed to pay $7.5 million to settle charges...

Wells Fargo eliminates bonuses for advisers selling banking products

December 15, 2016

Months after its parent bank Wells Fargo & Co. was hit with a $185 million fine for opening checking and credit accounts that customers never knew about or approved, its retail brokerage, Wells Fargo Advisors, has eliminated bonus compensation...

Raymond James grabs four-man team from Wells Fargo

December 14, 2016

Raymond James & Associates Inc. this month grabbed a team of four former reps for Wells Fargo Advisors who managed $288 million in client assets. John Solomon, Phil Greer, Bill Dukelow and Hamilton Neal joined Raymond James this month and will...

Merrill Lynch branch manager resigns over expense reporting

December 13, 2016

Merrill Lynch has parted ways with yet another adviser over personal expense reports, with a complex director in Ohio last month voluntarily resigning over the issue. John R. Nicholson, a manager in the Cincinnati area and a 21-year veteran...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Finra wants to speak with fired Wells Fargo reps connected to cross-selling scandal

December 9, 2016

Citing news articles with Wells Fargo workers questioning why they were fired after the bank's recent cross-selling scandal came to light, Finra said on Friday it was looking to speak with former bank employees who were terminated and wound...

Bank of America wants more referrals from its Merrill Lynch advisers

December 7, 2016

Merrill Lynch in 2017 will not change its basic pay grid for its 14,500 advisers but is raising the thresholds on two plans, one of which focuses on advisers giving referrals to other parts of Bank of America. According to a source with knowledge...

Finra fines Morgan Stanley $1.5M for failing to deliver fund prospectuses online

December 2, 2016

Morgan Stanley Smith Barney was fined $1.5 million on Thursday by the Financial Industry Regulatory Authority Inc. for technical failures, including a broken online link that prevented customers from accessing fund prospectuses. For several...

Wells Fargo financial adviser with $350 million in assets skips to Raymond James

November 30, 2016

A longtime Wells Fargo adviser in the Denver area with close to $350 million in client assets, Jarrod E. Biebel, has jumped to Raymond James & Associates Inc. According to Mr. Biebel's BrokerCheck report, he was registered with two separate...

Merrill fires another star broker, this time over expense account charges

November 28, 2016

Merrill Lynch has fired another top broker, this time over problems regarding the alleged improper use of his expense account. Merrill fired Sandy Galuppo, who had been with the firm since 1995 and reportedly had $1.4 billion in client assets,...

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