Results for "wirehouses"

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Merrill shakes up group that works with richest clients

March 13, 2018

Merrill Lynch announced internally that it was streamlining its private banking, international and institutional groups with the goal of better serving its wealthiest clients. One key change announced Monday will bring experts working with international...

Wirehouse advisers: time to unionize?

March 13, 2018

Wirehouse advisers must feel like they are under siege. Within their own firms, payouts seem to change annually. Compensation plans are the size of a novelette. More and more compensation is held hostage — "deferred" — in order to keep advisers...

Morgan Stanley CEO says he's `not a fan' of Trump tariffs

March 7, 2018

Morgan Stanley CEO James Gorman said he's "not a fan" of tariffs proposed by U.S. President Donald J. Trump, saying they will lead to retaliation from trading partners. "You can always enter into a trade war, but doing it with allies, doing...

UBS shrinks recruiting costs in 2017, boosts adviser pay

March 9, 2018

In line with a shift in recruiting strategy, UBS Wealth Management Americas last year reduced the amount of money it spent on signing bonuses for new brokers, while at the same time increasing compensation for existing advisers. The firm reduced...

Ex-Morgan Stanley, UBS advisers prevail in TRO claims

March 2, 2018

Some financial advisers at Morgan Stanley and UBS Financial Services may be scared stiff of being sued if they leave their firms to move to another broker-dealer. That's because both wirehouses decided toward the end of last year to exit an...

Morgan Stanley names new head of wealth management tech

March 5, 2018

Morgan Stanley has appointed Sal Cucchiara head of wealth management technology, replacing Christopher Randazzo, who left to become head of wealth management and head of technology and operations at Rockefeller Capital Management. Mr. Cucchiara...

Top Wells Fargo exec to advisers: 'Stay positive,' keep walking the 'noble path'

March 1, 2018

The head of Wells Fargo's wealth and investment management group, which includes 14,544 financial advisers, exhorted his employees in a memo Thursday to remain upbeat and confident in the face of the bank's latest potential scandal. Hours after...

Ex-Wells Fargo rep barred and arrested for ripping off elderly

February 26, 2018

The Financial Industry Regulatory Authority Inc. has barred former Wells Fargo broker Jeffrey Palish for receiving more than $180,000 from an elderly client "with no intent or ability to repay" her. Wells Fargo terminated Mr. Palish's registration...

JPMorgan's Dimon extends reign as best-paid Wall Street CEO

February 16, 2018

For the second straight year, Jamie Dimon was the highest-paid chief executive officer of a Wall Street bank, while Michael Corbat got the biggest raise for 2017. Mr. Dimon, the JPMorgan Chase & Co. CEO, was paid $29.5 million, a 5.4% raise...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Morgan Stanley strategist who predicted volatility says buy now

February 12, 2018

The Morgan Stanley strategist who predicted volatility would ramp up in 2018 says the damage has been done and it's time to buy stocks. Michael Wilson, the firm's chief U.S. equity strategist, said the "volatility shock" that hit equity markets...

Wells quants predict Patriots will win the Super Bowl

January 31, 2018

Picking a winner in the Super Bowl can feel like a crap shoot, but if you ask Wall Street's rocket scientists, they'll tell you the smart money's on the New England Patriots. Wells Fargo Asset Management's Analytic Investors, the Los Angeles-based...

Morgan Stanley's wealth management fees climb to all-time high

January 18, 2018

Record stock markets have been good to Morgan Stanley. The firm's wealth management fees climbed to a record in the fourth quarter as the S&P 500 Index reached an all-time high. The company beat its target cost ratio for the year and posted...

Merrill Lynch veteran picked to replace Racquel Oden at Manhattan flagship office

January 26, 2018

Merrill Lynch has tapped firm veteran Matt Grossman to head its flagship Fifth Avenue branch in Manhattan. Mr. Grossman replaces Racquel Oden, who left the firm in December. The branch has 200 brokers and financial advisers under its roof. Earlier...

UBS adviser count continues to decline

January 22, 2018

With the recent overhaul of its wealth management business taking shape, UBS Wealth Management Americas continued to see a decline in its overall number of advisers, reporting on Monday morning a net decrease of 203 in 2017, or 2.9%. Meanwhile,...

Morgan Stanley seeks to clarify Harold Ford Jr.'s termination

January 22, 2018

Morgan Stanley, seeking to clarify circumstances surrounding the departure last month of former Congressman Harold Ford Jr., said Monday his separation was based on violations of corporate policy. "The press has reported that Mr. Ford was terminated...

Finra bars former Morgan Stanley rep over hearing no-show

January 16, 2018

The Financial Industry Regulatory Authority has barred former Morgan Stanley broker Guillermo Valladolid for failure to appear at a hearing looking into charges that he sold investments away from his employer and engaged in undisclosed outside...

Morgan Stanley sued for racial bias

February 1, 2018

A former Morgan Stanley wealth manager sued the bank, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. The suit was filed in federal court in New...

Wells Fargo, Morgan Stanley use contrary tactics to keep advisers

January 25, 2018

Wells Fargo Advisors and Morgan Stanley are using extremely different tactics in the battle to hang onto their financial advisers. Wells Fargo started the year by dangling a carrot at its 14,544 retail and wealth management advisers, while Morgan...

Morgan Stanley changes pay policies

December 3, 2007

Morgan Stanley is adjusting some of its pay policies to comply with a wage-and-hour lawsuit it settled last year. Beginning this month, the New York firm is picking up some state registration fees, paying for trading errors and changing the...

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