Meanwhile, Bank of America, like other large financial institutions that employ advisers, is facing regulatory scrutiny over employees' communications.
The recently announced merger of the Kingswood SPAC with broker-dealer aggregator Wentworth fell short of the Big Board's listing standards.
Annualized revenue per financial adviser increased at Wells Fargo Advisors, according to second-quarter earnings, even though the market tanked during the first half of this year.
The bank's wealth management division has added just one team of advisers since mid-April, but it continues to see growth in new customers.
Iqbal Khan, who had served as co-president of Global Wealth Management with Naratil, was promoted to president. Naureen Hassan will succeed Naratil as president of UBS Americas.
Broker-dealer aggregator Wentworth's deal to go public via SPAC Kingswood Acquisition Corp. raises a number of questions.
The attorney, John W. Pauciolo, provided the legal approval for years of commercials advertising the unregistered Par Funding investments.
Financial adviser moves are up 3.8% year over year through the first five months of the year but down when compared to their most recent high in 2019.
The award contains two unusual features: $500,000 in punitive damages to the clients and a two-to-one split decision among the three-person panel.
The review by Lowenstein Sandler gives no credence to a Georgia judge's critique of Finra's process for selecting arbitration panelists.
