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Stifel, First Republic post top recruiting gains in Q3, as wirehouses continue to lose brokers

October 23, 2018

Two distinctly different firms posted the strongest gains of advisers during the third quarter, with registered reps and financial advisers continuing to leave large Wall Street firms. Stifel Nicolaus & Co. Inc., a retail wealth management shop,...

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...

Wells Fargo to pay New York $65 million over cross-selling practices

October 22, 2018

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling — the pitching of additional financial products to existing...

Best- and worst-performing fixed-income funds

October 20, 2018

CORE BOND Top 10 1-year return 3-year return 5-year return Expense ratio* Portfolio net assets ($M)** River Canyon Total Return Bond Fund;Institutional (RCTIX) 5.00% 5.31% N/A 0.72% $26.30 Anfield Universal Fixed Income Fund;I (AFLIX) 3.71%...

Best- and worst-performing fixed-income funds

October 20, 2018

CORE BOND Top 10 1-year return 3-year return 5-year return Expense ratio* Portfolio net assets ($M)** River Canyon Total Return Bond Fund;Institutional (RCTIX) 5.00% 5.31% N/A 0.72% $26.30 Anfield Universal Fixed Income Fund;I (AFLIX) 3.71%...

Best- and worst-performing international funds

October 20, 2018

EQUITY INTERNATIONAL MULTI-CAP CORE Top 10 1-year return 3-year return 5-year return Expense ratio* Portfolio net assets ($M)** PIMCO StocksPLUS International Fd (DH);Inst (PISIX) 7.45% 12.82% 8.74% 0.84% $1,791.40 State Street Hedged Internatl...

Wells Fargo Advisors to fire back against former brokers suing it

October 19, 2018

Wells Fargo Advisors plans to fight back against two ex-brokers who sued the firm this month, claiming they lost business in the wake of the bank's scandals, by filing a counterclaim against them in industry arbitration. The advisers, John L....

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

October 18, 2018

Two brokers who left Wells Fargo Advisors at the start of the month have sued the firm, along with Wells Fargo Bank, alleging that the steady stream of scandals over the past two years at the bank and brokerage substantially damaged their business....

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...

Ex-Wells Fargo broker complaint wins class action status in fight over deferred compensation

October 16, 2018

A federal judge has granted class action status to a lawsuit brought by a financial adviser who claimed Wells Fargo Advisors cheated him out of $200,000 in deferred compensation. The adviser, Robert Berry, worked at Wells Fargo Advisors and...

Raymond James snags $285 million team from LPL in Rochester, N.Y.

October 16, 2018

Raymond James has snagged a $285 million team from LPL Financial in Rochester, N.Y. The team, which operates as Legacy Financial Planning, includes financial advisers Tamar "Tammy" Mogilski and Brian Bedford. They have offices in Shelton, Conn.,...

Wells Fargo team managing more than $239 million joins Janney

October 16, 2018

Janney has landed a four-member team from Wells Fargo Advisors. The team, which has more than 50 years in combined industry experience, managed over $239 million in client assets. Called KSF Wealth of Janney Montgomery Scott, the team of advisers...

Largest financials ETF sees outflows

October 15, 2018

Bank bears are back. Investors yanked more than $1 billion from the $29 billion Financial Select Sector SPDR Fund (XLF) Friday, the largest outflow in more than a decade. In addition, trading in the fund hit $3.6 billion, more than double its...

Earnings fail to rescue equity bulls

October 15, 2018

Equity bulls counting on strong earnings to arrest the steep decline in U.S. stocks have something to worry about: These days, nothing has been good enough to please financial markets. "Early in the season, any news is bad news," writes Christopher...

Wealthfront risk parity fund accused of underperforming

October 12, 2018

Wealthfront's risk parity strategy has been controversial since launching in February, but now it is facing accusations that the fund underperforms. The Wealthfront Risk Parity Fund (WFRPX) is underperforming similar risk parity funds like the...

Finra arbitration panel orders Credit Suisse to pay former broker $844,621

October 12, 2018

A Finra arbitration panel awarded $844,621 to a broker who sought deferred compensation from Credit Suisse related to the firm's shutdown of its brokerage operation three years ago. The Financial Industry Regulatory Authority Inc. arbitrators...

Fidelity sued again for 401(k) plan mismanagement

October 11, 2018

Fidelity Investments Inc. has been sued by participants in its company 401(k) plan for alleged self-dealing that caused the firm to profit at the expense of its employees saving for retirement. The lawsuit filed against Fidelity — Moitoso...

After setting up phony accounts, ex-Wells Fargo broker stole money

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker, who was also a Wells Fargo Bank employee, who stole $2,226 after opening phony accounts using the names of clients. Based in Hilton Head...

Stocks slide deepens, with Dow off almost 600 points

October 10, 2018

A risk-off tone gripped financial markets Wednesday, with the rise in Treasury yields and fresh concerns over the trade war with China sending U.S. stocks tumbling by the most since June. The S&P 500 fell to a seven-week low, the Dow Jones Industrial...

Finra bars former Wells Fargo broker in Florida

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker who allegedly manipulated a client's account to retain his special status at the firm as an international financial adviser, according to...

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