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Finra bars another wirehouse broker involved in expense report snafu

November 12, 2018

The Financial Industry Regulatory Authority Inc. on Monday barred a former Morgan Stanley broker who failed to complete on-the-record testimony regarding his departure from the firm two years ago after it raised questions about his expense account...

InvestmentNews turns 20: A young industry evolves, as does our coverage

November 10, 2018

The 20 years since InvestmentNews launched in 1998 have involved tremendous change in and around the financial advice industry. Here are 20 events that rocked advisers and their clients — many of which will continue to shape the profession...

Step one: Withdraw from the broker protocol

November 10, 2018

Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry...

Finra bars ex-Merrill Lynch broker for falsifying childcare expenses

November 5, 2018

The Financial Industry Regulatory Authority Inc. barred on Friday a former Merrill Lynch broker for falsifying receipts to qualify for $4,910 in reimbursement for childcare expenses. According to the Finra settlement, the broker, Terrance Hood,...

Former LPL broker sentenced to 20 years for stealing from clients

November 2, 2018

Former LPL Financial broker Sonya Camarco was sentenced on Oct. 31 to 20 years in prison for stealing $1.8 million from her clients. Ms. Camarco, 46, received 10 years for one count of securities fraud and 10 years for one count of theft over...

Diversity and inclusion a 'bull-market phenomenon'

October 24, 2018

Financial companies are all too happy to support diversity programs during good times — but what happens in a bear market? That's the question posed by Carla Harris, vice chairman of wealth management at Morgan Stanley, who spoke Tuesday at...

Stifel, First Republic post top recruiting gains in Q3, as wirehouses continue to lose brokers

October 23, 2018

Two distinctly different firms posted the strongest gains of advisers during the third quarter, with registered reps and financial advisers continuing to leave large Wall Street firms. Stifel Nicolaus & Co. Inc., a retail wealth management shop,...

Investors increasingly bearish on global growth

October 16, 2018

Pessimism on the global economy is piling up amid rising trade tensions and expectations the U.S. central bank will carry on tightening despite the tumult in equity markets. Fund managers surveyed by Bank of America Merrill Lynch this month...

Wells Fargo team managing more than $239 million joins Janney

October 16, 2018

Janney has landed a four-member team from Wells Fargo Advisors. The team, which has more than 50 years in combined industry experience, managed over $239 million in client assets. Called KSF Wealth of Janney Montgomery Scott, the team of advisers...

Merrill to continue pay plan that rewards advisers for new clients

October 15, 2018

When it reveals its 2019 compensation plan in the coming weeks, Merrill Lynch will continue to reward its wealth management advisers for bringing in new client accounts. Last year, Merrill Lynch unveiled a 2018 pay grid that rewarded advisers...

A human touch in a digital world

October 6, 2018

As a senior financial planner for Betterment, Nick Holeman, 27, is one of hundreds of financial advisers working with thousands of clients in a novel way — as a complement to a robo-adviser. But his financial advice career began in the most...

Outdated tech could be the industry's greatest vulnerability — and greatest defense

October 5, 2018

Decades-old computer systems are at the heart of most of the world's financial institutions, and those antiques could be the industry's greatest vulnerability to technology companies that are looking to move into the market. Though they could...

Is the worst over for Wells Fargo Advisors?

September 29, 2018

After six years as a broker with Wells Fargo Advisors, Michael Landsberg parted company with the firm this past summer. And while the prime reason was a chance to start his own registered investment advisory firm, Mr. Landsberg acknowledged...

Merrill Lynch no longer will accept penny stock trades

September 28, 2018

With the Securities and Exchange Commission cracking down on penny stocks, Merrill Lynch recently told its clients and financial advisers that it is putting restrictions on the purchase and sale of a large swath of low-priced securities. "To...

Be inspired by incredible advisers and firms' charitable efforts

September 27, 2018

Five financial advisers and two firms won leadership awards for their charitable initiatives and corporate philanthropy on Thursday night at the 12th annual Invest in Others Awards. Presented by the Invest in Others Charitable Foundation, the...

Bank of America to sell alternative operations with $20 billion to iCapital

September 19, 2018

Bank of America Corp. agreed to sell businesses that administer alternative investment feeder funds to iCapital Network, a financial technology firm led by a former Goldman Sachs Group Inc. banker. The operations for feeder funds, which pool...

10 years later, advisers still shudder recalling the financial crisis

September 13, 2018

When the 2008 financial crisis is documented by historians and market watchers, it's often pegged to Lehman Brothers' record-setting $691 billion bankruptcy. But for financial advisers the overall bear market period between 2007 and 2009 is...

Inaccurate info from Social Security Administration a challenge for widows

September 12, 2018

Losing one's spouse is one of life's most difficult and overwhelming experiences. Claiming Social Security survivor benefits apparently ranks as a close second based on a frantic phone call I received from a close friend this week. My friend...

Finra suspends former Merrill Lynch broker for impersonating client

September 12, 2018

The Financial Industry Regulatory Authority Inc. has suspended a former Merrill Lynch broker for impersonating a client. Luke A. Eddy joined Merrill Lynch in Worcester, Mass., in 2014. According to Finra, he was terminated in June 2017 for impersonating...

The trillion dollar club: How to be a growth superstar

September 11, 2018

Amazon recently joined Apple in the trillion dollar club, becoming the second American company in history with a market cap surpassing $1 trillion. While Amazon and Apple climb to new highs, it's been fantastic for investors and for the wealth...

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