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Wells Fargo reps managing $587 million go indie with Raymond James

June 14, 2019

A four-adviser team that managed $587 million in assets at Wells Fargo and had $385 million in institutional assets under advisement, have gone independent and affiliated with Raymond James. David A. McBee Jr., Michael M. Mikeska, Michael Peschel...

Finra bars former UBS rep involved in trading away investigation

June 12, 2019

The Financial Industry Regulatory Authority Inc. has barred former UBS representative and branch manager Nicolas Barrios for declining to take part in an investigation into alleged trading away activities. (More:​ UBS confronts 'one of the...

Finra bars former head of B-D over money-laundering lapses

June 12, 2019

The Financial Industry Regulatory Authority Inc. has barred Donna Jean Flemming, the former president and chief executive officer of Spencer Edwards Inc. for failing to implement an adequate anti-money laundering program and for falsifying documents....

Morgan Stanley sees massive growth from giant teams of advisers

June 12, 2019

Morgan Stanley is betting that giant teams of advisers with up to $100 million in annual revenue will be a big driver of growth in the future. That will occur even as the firm sees its total head count of 15,700 financial advisers and brokers...

Goldman CFO eyes wealth management acquisitions in Europe

June 6, 2019

Goldman Sachs Group may seek to manage more of the fortunes of Europe's wealthy as the Wall Street brokerage looks to expand beyond the volatile returns of equity and bond trading. The company currently only has a "single-digit" share of the...

Merrill Lynch adding human advisers to Guided Investing robo

June 3, 2019

Bank of America is adding human financial advisers to its digital advice platform, Merrill Guided Investing. The advisers will fill a service gap between the firm's purely digital, self-directed robo-adviser and the full-service advisers of...

One adviser from UBS and two from Merrill Lynch move to Raymond James

May 31, 2019

Dominick DiBona, who managed $190 million at UBS in Garden City, N.Y., has joined the employee unit of Raymond James in that Long Island suburb. Mr. DiBona began his career at Prudential Securities in 1987, and later worked at Smith Barney and...

Financial firms need to standardize data so fintechs can build next-generation software

May 31, 2019

One reason it's so difficult to develop new technology for financial advisers, or perfect the ones they use right now, is there is no universal standard for data in the financial services industry. The digital platforms at each bank, broker-dealer,...

The robo-advice market is growing, but changing

May 30, 2019

The market for direct-to-consumer digital advisers continues to grow, according to a new report from research firm Aite Group. Assets under management at direct-to-consumer digital advisers increased 15% in 2018, reaching a total of $257 billion...

Greg Fleming, Rockefeller Capital spending big on recruits

May 21, 2019

Greg Fleming's Rockefeller Capital Management is making a splash in the market to recruit veteran wirehouse financial advisers, offering lucrative recruiting deals that could equal three times or more of advisers' annual production. Industry...

Bob Oros of HighTower calls protocol exit 'form over substance'

May 15, 2019

HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol. "It's a little bit of form over substance," said Bob Oros, chief executive of the $50 billion...

Four-adviser team managing $530 million at UBS goes independent

May 13, 2019

Four advisers and their three staff members, who managed $530 million at UBS in Portland, Maine, have formed Great Diamond Advisors, a hybrid. The firm will use Purshe Kaplan Sterling Investments as its broker-dealer and Schwab as its custodian....

Wirehouses are losing the war for client assets

May 8, 2019

As a headhunter, I tend to define the war for assets in the wealth management industry in terms of where advisers leave and where they go. And the industry follows that very closely, too, since it is interesting and newsworthy when large teams...

Wealthy US investors sitting on cash despite optimism in economy

May 7, 2019

A majority of wealthy American investors are optimistic about U.S. stocks, but are still sitting on piles of cash, according to a UBS Group survey. A sunny outlook reigned among 57% of the survey's U.S. respondents. The survey, conducted in...

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,...

A new pay model: 300 advisers move, and the entire industry feels the shift

May 4, 2019

Bank of America's decision to move 300 Merrill Edge advisers into its Merrill Lynch Wealth Management branch offices last month didn't attract much attention. But 10 years from now, people might point to it as a watershed moment in the evolution...

UBS adviser team managing $300 million goes indie with Raymond James

May 1, 2019

Lori Siegel and Robert Russo, who managed $300 million in assets at UBS in Houston, have formed Centrix Wealth Partners and affiliated with the independent unit of Raymond James. Their three associates at UBS are joining them at the new firm....

UBS places restrictions on new hires in effort to cut costs

May 1, 2019

UBS Group AG is telling executives in its large wealth management business to be more selective when hiring bankers as it seeks to cut costs following a challenging first quarter, according to people familiar with the matter. The bank has introduced...

Adviser managing $166 million moves from UBS to Stifel

April 26, 2019

Mark Scaglione, who managed $166 million in assets at the Tampa, Fla., office of UBS, has joined Stifel Nicolaus there. (More:​ See more adviser moves in InvestmentNews' Adviser on the Move database.) A veteran adviser, Mr. Scaglione began...

UBS merges two divisions in pursuit of ultra-rich clients

April 25, 2019

UBS Group AG is starting a new venture at its U.S. operation, marrying its wealth-management unit and investment bank to capture more deals and trading activity among its ultra-rich clients. The move will merge capital-markets teams across wealth...

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