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Janney lands $445 million team from Wells Fargo Advisors

September 4, 2018

Janney Montgomery Scott has landed five industry professionals previously affiliated with Wells Fargo Advisors. Together, they managed more than $445 million in client assets. Glenn Ratcliffe has joined the Fairfield office in Connecticut as...

Consolidation of record keepers for 401(k) plans 'worrisome'

September 1, 2018

Consolidation among record keepers in the retirement-plan business has created concern among some financial advisers. While deal activity has waned since a feverish pace of blockbuster acquisitions leading up to 2016, experts believe the frenetic...

Wells Fargo to combine bank and wirehouse reps under one roof

August 30, 2018

Wells Fargo & Co. has unveiled the first phase of a $4 billion cost-cutting plan that will fold its bank brokerage channel into the larger wirehouse channel, according to an internal memo obtained by InvestmentNews. The memo from Jon Weiss,...

Ameriprise scoops up $140M family team from Wells Fargo

August 30, 2018

Ameriprise Financial Inc. has scooped up a $140 million family team from Wells Fargo. Peter De Arcangelis worked for nine years at Wells Fargo Clearing Services in Charlotte, NC, according to Finra BrokerCheck. At Ameriprise, he's working as...

Finra bars former Wells Fargo broker terminated for allegedly asking a client for a loan

August 28, 2018

The Financial Industry Regulatory Authority Inc. has barred a former Wells Fargo broker who was terminated for allegedly asking a client for a loan and attempting to make an unauthorized trade. J. Gordon Cloutier Jr. worked at Wells Fargo Advisors...

U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts

August 27, 2018

Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies. JPMorgan Chase & Co., State Street Corp.,...

Raymond James lands $1 billion team from Wells Fargo Advisors in New York

August 22, 2018

An advisor team with more than $1 billion in assets has left Wells Fargo and joined Raymond James in New York. Stephen Adler, Mark Levy, Roger Jee and Michael Lubin have joined Raymond James & Associates, the firm's traditional employee channel....

What advisers think of JPMorgan's new mobile investing app

August 22, 2018

JPMorgan Chase & Co. made waves Tuesday when it introduced You Invest, a mobile brokerage app launching next week with free and discounted trading for retail investors. The news was a direct shot at discount brokerages. Shares of Charles Schwab,...

Fixed-income ETFs ranked by second quarter performance

August 18, 2018

Ranked by quarterly returns Name/ticker 3-month return 1-year return Net assets ($M) Expense ratio* 3-month average daily volume 1 Invesco DB US Dollar Index Bullish Fund (UUP) 5.72% 0.98% $509.30 0.75% 1,227,490 2 WisdomTree Bloomberg US Dollar...

What's in a name? For TCA by ETrade, everything

August 18, 2018

Has Trust Company of America hitched its wagon to a star or turned its back on loyal clients? It depends on whom you ask. Either way, the $275 million acquisition in April of TCA by discount broker ETrade has the custodian world buzzing. In...

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...

Wells Fargo brokers managing $179 million move to Stifel

August 16, 2018

Russ Schwartz, who managed $144 million at Wells Fargo Advisors, and Kaival Patel, who separately managed $35 million at the firm, each have moved to Stifel Nicolaus in Hackensack, N.J. Mr. Schwartz began his securities career in 1996 at Dean...

Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Wells Fargo loses $161 million team to Ameriprise

August 14, 2018

A two-person team managing $161 million at Wells Fargo in Temecula, Calif., have joined the employee unit of Ameriprise Financial. John Burg and Tamara Colon, and their associate Amy Irvine, will operate as The Burg Group. Mr. Burg began his...

Wells Fargo tests investor patience with latest scandal

August 13, 2018

Wells Fargo & Co. investors who were learning to live with an unprecedented penalty the Federal Reserve imposed on the bank for bad behavior will have their patience tested again as details emerge on another scandal. The bank disclosed earlier...

Hedge fund giant splits with Morgan Stanley on call on dollar peak

August 13, 2018

Don't bet on the U.S. dollar rally ending any time soon, says the world's largest publicly traded hedge fund. While investment titans such as Morgan Stanley and State Street Corp. wager the greenback's rally this year is just about finished,...

Tax-credit investigation may trip up Wells Fargo

August 13, 2018

As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn't have a handle on its own questionable behavior. In the latest turn of events, the Department of...

Wells Fargo team managing $170 million moves to Stifel

August 10, 2018

A team managing $170 million in assets at Wells Fargo Advisors has joined Stifel Nicolaus. Mark Graham will open an office for the firm in Spokane, Wash., and his partner, Brian Bissell, will work from Pasadena, Calif. Mr. Graham began his securities...

Many of the best financial jobs for women aren't on Wall Street

August 10, 2018

Women who want to manage money seem to be having better luck doing it someplace other than Wall Street. U.S. firms with the highest share of female portfolio managers are located thousands of miles from Manhattan, according to new Morningstar...

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