Mason Braswell writes about all things related to wirehouses and registered investment advisers for InvestmentNews. Since graduating from New York University in 2012, he has been covering the business of financial advice. In his spare time, Mason can be found wandering the street of New York City with his camera. Follow him on Twitter @masonbraswell for updates on wirehouses, RIAs and regulatory issues facing the industry.
More deal sweeteners are being used by custodians to lure big breakaway teams. (Plus: Our special report on custodians and clearing firms)
The St. Petersburg, Fla.-based firm, which has focused on attracting veteran advisers from wirehouses or boutique firms, scored the largest coup in its 54-year history with the addition of a $2.4 billion team from Morgan Stanley Wealth Management.
The broker-dealer and its top adviser in Louisiana cut ties after the adviser received a Wells notice announcing a Finra investigation. Adviser says the separation is unrelated.
The Securities and Exchange Commission says the firm overcharged retail clients by at least $4.6 million on new municipal bond sales.
A $2.5 billion broker who was fired this month for “inappropriate workplace behavior,” according to employment records, may have been too bullheaded for the thundering herd, his attorney said.
Anticipating an enforcement push, the broker-dealer told brokers that next year they will no longer be able to receive a fee or commission from retirement accounts belonging to family members.
Fund conversion takes a toll on UBS' fee revenue, but AUM and revenue per adviser hits a record as the firm sheds lower producers.
Largest firm by number of advisers cedes ground with 3% one-year drop; executives point to shedding of lower producers.
Bank of America CEO Brian Moynihan warned that adviser productivity and profit margins at Merrill may continue to fall as the firm sacrifices short-term profitability for long-term growth.
Automated investment management is less of a business opportunity than online brokerage was, says Raymond James' chairman.
