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Edward Jones loses court fight to restrain former broker

November 15, 2019

A federal judge in Indianapolis has denied Edward Jones' motion for a temporary restraining order against a former broker who joined a competing firm, and in a stinging rebuke, said the broker-dealer seemed more interested in teaching him a...

Stifel team managing $800 million moves to Wells Fargo

October 25, 2019

Manuel "Manne" Palan, Pamela A. Glaser and Danny Shoshnik, who managed $800 million at Stifel Nicolaus, have moved to Wells Fargo Advisors. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] The advisers, who...

Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

October 15, 2019

Wells Fargo & Co. investors got a reminder that the bank isn't past its problems even as it seeks a fresh start under a new leader. The lender took a $1.6 billion expense for litigation tied to scandals in its retail bank, dragging down third-quarter...

Focus on these steps for boosting D&I in advice industry

September 10, 2019

"Don't compare yourself, be yourself." This is the number one thing I tell the diverse financial advisers I meet and mentor at Edward Jones. In other words, "run your own race." The financial services industry is more diverse than ever before,...

Edward Jones wants TRO against broker in Indiana who jumped ship last month

September 9, 2019

In a dispute over clients, Edward Jones on Friday filed a complaint against a broker who bolted the firm last month and is seeking a temporary restraining order from a federal judge. The adviser, John Kerr, who managed $113 million and left...

Wells Fargo adviser managing $300 million creates hybrid

September 3, 2019

Chuck Cooper, who managed $300 million as part of a team at Wells Fargo Advisors in Lee's Summit, Mo., has formed a hybrid firm called StrongBox Wealth. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] Joining...

As Wells Fargo seeks CEO, toll on stock hits $24 billion

August 20, 2019

At Wells Fargo's town hall meetings, executives have fielded countless questions from employees about efforts to resolve scandals that erupted almost three years ago. One looming topic hasn't come up recently: Who will run the bank? While the...

Broker barred for excessive trading that cost clients $1.8 million

August 16, 2019

The brokerage industry's regulator has barred broker Gregory T. Dean from the industry for excessively trading customer accounts, which led to $1.8 million in losses for clients but generated hefty commissions for him. Mr. Dean, formerly registered...

Finra bars former Edward Jones rep involved in expense investigation

August 2, 2019

The Financial Industry Regulatory Authority Inc. has barred former Edward Jones representative Beth Hamilton for failing to appear at a hearing looking into her expense account filings. (More:​ Finra fines former Morgan Stanley rep $5,000...

Branding tips for financial advisers looking to grow

July 15, 2019

Financial advisers who seek to develop a growing and sustainable business should be deliberate about creating brands that resonate with the type of clients they're aiming to attract, industry experts said. "It's incredibly important that financial...

Finra panel awards $513,715 to divorcee who says Edward Jones rep favored husband

June 26, 2019

Finra arbitrators awarded $513,715 to a North Dakota woman who claimed Edward Jones improperly delayed payments to her following a bitter divorce because its representative favored her ex-husband. The three-person Financial Industry Regulatory...

Finra dings Edward Jones for underreporting alleged damages in customer complaints

June 20, 2019

Over a two-year period, Edward D. Jones & Co. understated alleged damages in nearly 80 customer complaints, according to a settlement announced Wednesday with the Financial Industry Regulatory Authority Inc. From April 2016 to March 2018, Edward...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

Trump tariffs have wiped out most families' tax-cut gains

June 7, 2019

President Donald J. Trump's trade wars have already wiped out all but $100 of the average American household's windfall from Mr. Trump's 2017 tax law. And that's just the beginning. That last $100 in tax-cut gains also could soon disappear —...

Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

June 7, 2019

Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission's investment advice reforms approved this week. But some firms are also gearing up for more changes promulgated by the organization...

Finra bars former LPL rep for non-cooperation

June 7, 2019

The Financial Industry Regulatory Authority Inc. has barred Jason Nelson, formerly a registered representative affiliated with LPL Financial, for declining to take part in an inquiry into his sales practices. (More:​ Finra bars former LPL...

Advisers on the Move: Latest trends in recruiting

May 20, 2019

Daily adviser move activity Net gains/losses in adviser headcount by channel, 2019 year-to-date Top 5 moves of the week Name of adviser(s) AUM Firm leaving Firm joining Transition Date Michael Lawrence Siden $500,000,000 Morgan Stanley Rockefeller...

Edward Jones doesn't sell indexed annuities, bucking broker-dealer trend

May 6, 2019

Edward Jones has taken a contrarian stance on indexed annuities, declining to allow its brokers to sell the annuity products even though its peers are doing so and the products are increasingly popular industrywide. The St. Louis-based brokerage,...

Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

No CEO and no plan in sight for Wells Fargo

April 3, 2019

For the past 30 months, the investor case for keeping Wells Fargo & Co. veteran Tim Sloan as chief executive officer was his steady hand. His abrupt departure last week is bringing more turmoil instead. The bank, already under fire from regulators...

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