Results for "wirehouses"

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Plenty of advisers eager to scoop up 'orphaned' accounts

August 17, 2017

The financial services industry would like to kill the Department of Labor's fiduciary standard. It's expensive to put into place, and the industry's grave fear is that it leaves brokers open to substantial legal risk. As part of its effort...

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

August 16, 2017

It's been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

Morgan Stanley loses $500 million team in New York

August 2, 2017

A two-adviser, four-person team that managed $500 million in assets at Morgan Stanley in New York has joined the Alex. Brown unit of Raymond James. The two advisers —Todd L. Kissel and Joshua Pasahow — were joined by associates Ida Ng and...

LPL Financial benefits from flight of Wells Fargo advisers

July 31, 2017

As Wells Fargo & Co. deals with yet more scandals that are hurting its reputation, LPL Financial has been welcoming its brokers looking for a fresh start. LPL, the nation's largest independent broker-dealer, reported Monday that 15 or the 72...

Wells Fargo wants mistakenly sent client data returned

July 25, 2017

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned. The bank has asked judges in New York...

Morgan Stanley says recruiting and attrition have slowed down

July 19, 2017

The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off. During a conference call Wednesday morning to discuss second-quarter earnings, senior Morgan...

Bank of America's Moynihan: No quick pullback from fiduciary rule

July 18, 2017

Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule. The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last...

Wells Fargo sustains more adviser losses following banking scandal

July 14, 2017

The steady flight of financial advisers from Wells Fargo & Co. following the revelation of a banking scandal at the firm last fall continues. The company's retail brokerage, Wells Fargo Advisors, lost 130 advisers in the second quarter. The...

UBS loses $793,000 in Puerto Rico bond arbitration case

June 28, 2017

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS. The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises...

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...

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...

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 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...

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...

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