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Morgan Stanley case shows how firms smear departing brokers

October 23, 2018

Dale Cebert was managing over $400 million for Morgan Stanley Smith Barney when the bank fired him. That wasn't the only blow. The bank also claimed he had drawn multiple customer complaints and run a side business without approval — allegations...

UBS loses $20 million arbitration award over Puerto Rico investments

October 22, 2018

UBS Financial Services Inc. has lost a roughly $20 million arbitration award involving Puerto Rico bonds and closed-end funds, the largest penalty that the wirehouse brokerage has had to pay to date in such cases. A Financial Industry Regulatory...

New ETF team at Bank of America picks funds

October 17, 2018

Mary Ann Bartels knew there'd be pushback. "We're like Einstein," she nervously joked to a colleague at Bank of America Corp. in the months before they unveiled their latest research, alluding to the deeply skeptical reaction that greeted the...

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...

Morgan Stanley rolls out tech-friendly offices for brokers, bankers

October 8, 2018

Morgan Stanley is remodeling. About 1.2 million square feet (111,000 square meters) of office space will get an overhaul in the next 15 months to put technology experts closer to brokers, traders and bankers, the firm's head of technology, Rob...

Tim Sloan hasn't turned around Wells Fargo

October 8, 2018

What's the appropriate board gift for a CEO's two-year anniversary? If you're Tim Sloan at Wells Fargo & Co., the correct answer is a short leash. Mr. Sloan took over the CEO role in mid-October 2016, which means the anniversary is this week....

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...

LPL offers generous recruiting package to rivals at PE-owned broker-dealers

September 26, 2018

LPL Financial continues to take aim at rival broker-dealers owned by private-equity firms and this month reintroduced a special recruiting deal that could be particularly lucrative to recruits from those firms. Among the firms LPL is targeting:...

Managing wealth of the world's richest is still a man's domain

September 25, 2018

Men dominate the largest financial institutions globally even as their executives say they're trying to make Wall Street more welcoming for women. The situation is even worse at family offices, outfits which manage money for the world's richest...

Will Merrill Lynch leave the broker recruiting protocol?

September 25, 2018

Will Merrill Lynch leave the broker recruiting protocol? This is, by far, the question I have been asked most frequently during 2018. Let's examine the issues. In the fourth quarter of 2017, both UBS and Morgan Stanley departed the protocol,...

High times for ultra-high-net-worth families

September 25, 2018

These are heady times for the world's richest clans. Family offices scored average returns of 15.5% last year, up from 7% in 2016 and 0.3% the prior year, according to UBS Group and Campden Wealth. Those in Asia led the way with a 16.4% return...

No changes to compensation plan for UBS advisers in 2019

September 12, 2018

UBS Wealth Management's 6,936 financial advisers in the United States will see little to no changes next year in how they are paid by the firm, according to an internal document obtained Wednesday afternoon by InvestmentNews. The status quo...

Raymond James nabs $203 million team from Morgan Stanley

September 11, 2018

O'Neill Wealth Management, a Mount Laurel, N.J.-based advisory firm with $203 million in client assets, has left Morgan Stanley to join Raymond James & Associates, the firm's employee broker-dealer. The advisory firm is comprised of a team of...

Star broker, now at Morgan Stanley, alleges sexual discrimination at UBS

September 7, 2018

Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President's Council, an elite club for top producers. So it was headline news in the trade press when Morgan...

Stifel lands financial advisers from UBS, Merrill Lynch, Wells Fargo Advisors

September 4, 2018

Stifel Financial Corp. has landed three financial advisers from UBS, Merrill Lynch and Wells Fargo Advisors. Altogether, the new hires managed $520 million in client assets. The financial advisers have joined Stifel Nicolaus & Co., the firm's...

Millionaire boom in Asia pushes highest rate hike in decade for wealth managers

September 4, 2018

With great wealth comes great remuneration. Competition to manage the money of Asia's burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to a rival are getting...

As ESG investments boom, asset managers seek out fixed-income options

August 30, 2018

Wall Street's do-good investment boom is finally taking notice of the credit markets. Sustainable investment assets grew 37% last year, according to Bloomberg data, but the majority of those funds focus on stocks. That's leading to some awkward...

Former Wells Fargo broker could face 15 years in prison for embezzlement

August 16, 2018

A former Wells Fargo adviser, who was barred from the industry in 2015, is facing felony embezzlement charges for allegedly stealing more than $500,000 from a trust fund he was overseeing. David Homan of Saginaw, Mich., could face up to 15 years...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

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