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Ken Fisher has a big bet on a risky corner of Wall Street

November 8, 2019

Billionaire Ken Fisher made his name and fortune picking stocks. But over the years he's also become a huge player in an arcane — and controversial — corner of Wall Street: exchange-traded notes. With little fanfare, his Fisher Investments...

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...

UBS looking to deploy fintech to reach mass affluent

October 31, 2019

Like many firms, UBS Global Wealth Management is looking to improve its digital financial planning capabilities, eliminate paper, and make it easier for more investors to access financial advice, the firm's technology executives said on Wednesday...

UBS broker duo managing $1.4 billion at UBS sets up RIA business

October 31, 2019

Terry Cook and Kyle Caouette, who managed $1.4 billion at UBS in Bellevue, Wash., have created Parcion Private Wealth. [More: See more adviser moves in InvestmentNews' Advisers on the Move database.] The RIA firm, which consists of 11 advisers...

Four-rep team from RBC managing $240 million moves to Raymond James

October 30, 2019

Kevin Bannister, Mark Raney, Nevin Cavanaugh, and Hobie Bannister, who managed $240 million at RBC Wealth Management, have moved to the employee unit of Raymond James. [More: See more adviser moves in InvestmentNews' Advisers on the Move database.]...

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...

Heads of Raymond James, Ameriprise say race to zero is getting murky

October 24, 2019

The financial advice industry's race to zero fees and commissions is getting confusing, with two top executives at major firms wondering today what UBS Financial Services' elimination of fees on separately managed accounts is all about. Are...

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...

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...

UBS team managing $990 million moves to Raymond James

October 15, 2019

Arun Sardana, Adam Proger, Paul Grambsch and Reilly Loflin, who managed $990 million in assets at UBS, have moved to the employee unit of Raymond James in Bethesda, Md. [More: See more adviser moves in InvestmentNews' Advisers on the Move database.]...

Broadridge moves deeper into advice space with Fi360 acquisition

October 10, 2019

Broadridge Financial Solutions, a technology company best known for processing trades, is continuing its move into the financial advice space by acquiring Fi360, a provider of fiduciary education, training and technology to advisers. Fi360 sells...

Finra censures, fines UBS $2 million over muni improprieties

October 2, 2019

The Financial Industry Regulatory Authority Inc. has censured and fined UBS Financial Services $2 million for "repeated failures" in addressing municipal short positions in a timely way and for inaccurately representing the tax status of thousands...

Wealthiest families are stockpiling cash

September 24, 2019

Rick Stone, a former partner at Cadwalader Wickersham & Taft, sees treacherous times ahead for family offices trying to deploy cash. The head of Stone Family Office said that he doubts the bond market will provide any real return over the next...

Goldman targets rich Europeans

September 23, 2019

Goldman Sachs is making another go at a business that not so long ago fell out of favor with U.S. banks: catering to the super wealthy, from Switzerland. Over the next three years, the U.S. investment bank plans to hire more than 30 wealth advisers...

Bonhill's Women in Asset Management award winners

September 20, 2019

Sixteen women won Women in Asset Management awards in New York on Sept. 12, the first such awards sponsored in the U.S. by London-based Bonhill Group, the parent company of InvestmentNews. Recognizing the imbalance of women at senior-level positions...

UBS 'raid' of Credit Suisse in U.S. prompts $9 million slap

September 18, 2019

A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment. It began in 2015, when Credit Suisse Group accused crosstown rival UBS Group of unfairly poaching staff from its U.S....

Finra fines J.P. Morgan $1.1 million for failing to disclose broker misconduct in timely manner

September 16, 2019

The Financial Industry Regulatory Authority Inc. has fined J.P. Morgan Securities $1.1 million for not reporting internal reviews or allegations of broker misconduct in a timely manner. From January 2012 to April 2018, Finra found 89 instances...

Finra panel orders UBS to pay $555,000 to 91-year-old widow for losses tied to Ponzi scheme

September 12, 2019

Finra arbitrators ordered UBS Financial Services Inc. to pay $555,000 to an elderly Texas widow who claimed she lost hundreds of thousands of dollars in her individual retirement accounts due to unsuitable investments. Betty H. Bailey alleged...

UBS considering mergers to cope with European banking market malaise

September 5, 2019

UBS Group is considering mergers as well as cooperation with other banks to help cope with Europe's challenging banking market. "We are looking at those issues about consolidation as one part of the equation," CEO Sergio Ermotti said at a conference...

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