Industry News

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Charles Schwab slams wealth tax as destroyer of U.S. creativity
NEWS INDUSTRY NEWS OCT 16, 2019
Charles Schwab slams wealth tax as destroyer of U.S. creativity

Eliminating commissions is fundamental in getting more people to engage in investing.

By Bloomberg
NEWS INDUSTRY NEWS OCT 16, 2019
Fisher client exodus nears $1 billion in backlash over remarks

The Boston Pension Board said Wednesday it is yanking $248 million that is managed by Fisher Investments.

By Bloomberg
How far will LPL move amid an industry price war?
NEWS INDUSTRY NEWS OCT 15, 2019
How far will LPL move amid an industry price war?

After Schwab and other brokerages cut some commissions to zero, LPL tells brokers it is 'exploring its options.'

By Bruce Kelly
Head count at Wells Fargo Advisors slips, but exits continue to slow
NEWS INDUSTRY NEWS OCT 15, 2019
Head count at Wells Fargo Advisors slips, but exits continue to slow

Meanwhile, the wealth management group sees a decline in assets due to net outflows.

By Bruce Kelly
Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down
NEWS INDUSTRY NEWS OCT 15, 2019
Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

Expense for litigation tied to scandals in Well's retail bank, cuts earnings by 35 cents a share.

By Bloomberg
Fidelity is reviewing its ties with Ken Fisher after his comments at conference
NEWS INDUSTRY NEWS OCT 15, 2019
Fidelity is reviewing its ties with Ken Fisher after his comments at conference

Fisher Investments manages about $500 million for Fidelity's Strategic Advisers unit

By Bloomberg
Wells Fargo reps managing $280 million move to Stifel
NEWS INDUSTRY NEWS OCT 15, 2019
Wells Fargo reps managing $280 million move to Stifel

Brokers join firm in Macon, Ga., Greensboro, N.C., and Brevard, N.C.

By InvestmentNews
Finra panel orders former broker to pay Raymond James almost $1 million
NEWS INDUSTRY NEWS OCT 15, 2019
Finra panel orders former broker to pay Raymond James almost $1 million

Arbitrators determine that John Charles Wyshak must pay cost of indemnifying clients.

By InvestmentNews
Medicare 2020 open enrollment begins Tuesday
NEWS INDUSTRY NEWS OCT 15, 2019
Medicare 2020 open enrollment begins Tuesday

Retirees can save money by reviewing new Medicare advantage and drug plan options for next year.

By Mary Beth Franklin
Sell but stay, and watch your business grow
NEWS OPINION OCT 15, 2019
Sell but stay, and watch your business grow

Joining up with an RIA consolidator allows you to spend your energy on the tasks you enjoy.

By Scott Hanson
NEWS INDUSTRY NEWS OCT 15, 2019
Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

Expense for litigation tied to scandals in Well's retail bank, cuts earnings by 35 cents a share.

By Bloomberg
NEWS INDUSTRY NEWS OCT 15, 2019
How far will LPL move amid an industry price war?

After Schwab and other brokerages cut some commissions to zero, LPL tells brokers it is 'exploring its options.'

By Bruce Kelly
NEWS INDUSTRY NEWS OCT 15, 2019
Wells Fargo reps managing $280 million move to Stifel

Brokers join firm in Macon, Ga., Greensboro, N.C., and Brevard, N.C.

By InvestmentNews
NEWS INDUSTRY NEWS OCT 15, 2019
UBS team managing $990 million moves to Raymond James

Four-advisor group in Bethesda, Md., joins firm's employee unit.

By InvestmentNews
NEWS INDUSTRY NEWS OCT 15, 2019
Fidelity is reviewing its ties with Ken Fisher after his comments at conference

Fisher Investments manages about $500 million for Fidelity's Strategic Advisers unit

By Bloomberg
Michigan pension fund pulls $600 million from Ken Fisher
NEWS INDUSTRY NEWS OCT 14, 2019
Michigan pension fund pulls $600 million from Ken Fisher

Chief investment officer says Fisher's comments at the Tiburon conference were unacceptable

By Bloomberg
Transition from JPMorgan Chase: Adviser Manages $100 Million, Goes Indie with LPL
NEWS INDUSTRY NEWS OCT 14, 2019
Transition from JPMorgan Chase: Adviser Manages $100 Million, Goes Indie with LPL

Joseph Mazzucco starts Stonebrook Wealth Management in Purchase, N.Y.

By InvestmentNews
With shares down, Franklin turns to tech to spur growth
NEWS INDUSTRY NEWS OCT 14, 2019
With shares down, Franklin turns to tech to spur growth

The company is opening a financial technology incubator next week at its San Mateo, California, headquarters.

By Bloomberg
Texas pulls license of adviser who sold Future Income Payments
NEWS INDUSTRY NEWS OCT 14, 2019
Texas pulls license of adviser who sold Future Income Payments

George Marwieh fraudulently sold $5 million of securities, says Texas regulator.

By Bruce Kelly
Pershing and Fidelity making it easier for advisers to use model portfolios
NEWS INDUSTRY NEWS OCT 14, 2019
Pershing and Fidelity making it easier for advisers to use model portfolios

Custodians introduce technology to help advisers outsource investment management to third parties.

By Ryan W. Neal