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Financial firms say they are making inroads in creating more diverse workforce

November 13, 2019

The financial advice profession will become more diverse over the next several years if the training programs of some major firms are any indication. Executives at Merrill Lynch, Chase Wealth Management and Morgan Stanley told the audience at...

Finra moves to limit brokers' ability to serve as executors, beneficiaries for clients

November 12, 2019

Finra wants to limit the ability of registered representatives to become beneficiaries of their clients or to assume control over their finances. Under a rule proposal released on Monday by the Financial Industry Regulatory Authority Inc., brokerages...

Morgan Stanley sees market returns tumbling over next 10 years

November 4, 2019

A weak environment for economic growth and inflation, paired with low bond yields, portends anemic returns from a typical stock-bond portfolio over the next decade, according to Morgan Stanley. A traditional fund — split 60% equities and 40%...

Robo adviser SRI portfolios outperform traditional investing styles

November 4, 2019

Socially responsible portfolios are outperforming their standard counterparts offered by several digital advisers, according to a new report by research firm Backend Benchmarking. Backend looked at six socially responsible investing portfolios...

What zero commissions mean for B-Ds

November 2, 2019

Discount broker Charles Schwab Corp., the biggest adviser custodian, has been shaking up the securities and financial advice industries for decades. Its move last month to eliminate commissions for most online trades is only the latest in the...

Galvin slaps Morgan Stanley with censure, $200,000 fine over ex-broker's churning

October 30, 2019

Secretary of the Commonwealth of Massachusetts William Galvin has censured Morgan Stanley and ordered the firm to pay a $200,000 administrative fine and provide $182,000 in restitution to four investors in the state who lost money due to Morgan...

LPL, Raymond James led gains in adviser headcount last quarter

October 29, 2019

Two large independent broker-dealers racked up strong recruiting gains in the third quarter, while all four wirehouses lost advisers on a net basis in the period. LPL Financial, the nation's largest IBD, had a net gain of 94 advisers, while...

Ex-UBS star broker called a 'bitch' by her boss wins $1.6 million discrimination claim

October 28, 2019

A former star broker for UBS Financial Services Inc. who was repeatedly called a "bitch" by her boss won a $1.6 million arbitration award last month. Chrisine Carona worked for UBS in Boston from March 2009 through July 2017 and currently is...

Security Benefit indexed annuity fraud lawsuit may signal trouble for other insurers

October 25, 2019

A lawsuit that alleges Security Benefit Life Insurance Co. engaged in a fraudulent scheme related to its indexed annuities hints at trouble for other indexed annuity shops at a time when the products are growing more popular. The lawsuit, Howard...

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...

Finra fines former rep $25,000 over unauthorized trades at two firms

October 23, 2019

Steven Yellen, a former broker at Morgan Stanley and Ameriprise in El Paso, Texas, has been fined $25,000 by the Financial Industry Regulatory Authority Inc. and suspended for one year. While at Morgan Stanley, from March 2013 through December...

UBS eliminating SMA management fees

October 22, 2019

UBS Financial Services is entering the race to zero.​ In an internal memo, the Swiss bank announced it is eliminating management fees on select separately managed accounts. While there is no specific price set on SMAs, clients typically pay...

Merrill duo managing $700 million joins RIA

October 22, 2019

Robert Marton and John Bute, who managed $700 million at Merrill Lynch in Boca Raton, Fla., have joined Lido Advisors, a registered investment adviser headquartered in Los Angeles. [More: See more adviser moves in InvestmentNews' Advisers on...

Ex-Morgan Stanley broker Ami Forte barred for role in churning account of HSN's co-founder

October 21, 2019

Correction: The following article has been corrected to clarify that Finra charged Ami Forte with aiding and abetting churning but not with churning. Finra barred former Morgan Stanley broker Ami K. Forte for her role in churning the accounts...

Morgan Stanley's James Gorman says pressure on advice fees could be next

October 17, 2019

Now that discount brokers have cut commissions to zero for certain trades, Morgan Stanley CEO James Gorman says it's valid to speculate whether there will be increased pressure on advisory fees in the future. Morgan Stanley released its third...

Head count at Wells Fargo Advisors slips, but exits continue to slow

October 15, 2019

Wells Fargo Advisors is continuing to see churn in its broker and adviser workforce, but — after three years of watching advisers leave the firm in the wake of banking scandals — the pace continues to slow down. In the earnings report Tuesday...

Fidelity fee match spells relief for investors, says Morgan Stanley

October 10, 2019

Investors can "breathe a sigh of relief" as Fidelity Investments matched rivals instead of escalating a recent price war, according to Morgan Stanley. [More: Fidelity eliminates commissions on online trades] Shares of TD Ameritrade Holding Corp....

Morgan Stanley wins 401(k) lawsuit over use of in-house and BlackRock funds

October 10, 2019

Morgan Stanley has won a lawsuit alleging that it included high-cost, underperforming in-house and BlackRock investment funds in its company 401(k) plan, costing its employees millions of dollars in lost retirement savings. Plaintiffs originally...

SEC bars former Morgan Stanley broker involved in insider trading scheme

October 9, 2019

The Securities and Exchange Commission kicked out of the industry a former Morgan Stanley broker who participated in an insider-trading scheme. In an Oct. 8 order, the SEC barred Michael Siva from working for a brokerage, investment adviser...

The risks of giving advice to 401(k) participants

October 8, 2019

From time to time, advisers who serve as investment fiduciaries for 401(k) plans ask if they can also provide investment advice to participants. The answer is "Yes, if it's done properly." As that suggests, the devil is in the details. The starting...

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