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Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan

November 16, 2018

The Financial Industry Regulatory Authority Inc. on Thursday barred a former Wells Fargo Advisors broker who failed to cooperate with Finra regarding its investigation into his being fired by the firm more than two years ago. The broker, Terrence...

Wells Fargo cuts 1,000 jobs across the U.S.

November 15, 2018

Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year. Approximately 900 of the positions will come from the bank's home-lending...

Vanguard suffers consumer-satisfaction decline

November 13, 2018

Vanguard Group, famed for its low-cost investment products, just broke out of the pack in a consumer satisfaction survey. But not in a good way. The mutual fund firm with more than $5.3 trillion in assets under management suffered the largest...

Wells Fargo loses $560 million advisory team to Raymond James IBD

November 12, 2018

A team of six advisers managing $560 million in client assets is jumping from Wells Fargo to Raymond James' independent broker-dealer. Jackson Rhoades, Jan Schmeski, Mike Stockton, Steve Bettenhausen, David Matty and Logan Stone operate as Financial...

InvestmentNews turns 20: A young industry evolves, as does our coverage

November 10, 2018

The 20 years since InvestmentNews launched in 1998 have involved tremendous change in and around the financial advice industry. Here are 20 events that rocked advisers and their clients — many of which will continue to shape the profession...

Step one: Withdraw from the broker protocol

November 10, 2018

Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry...

Wells Fargo reportedly ends investigation of gender bias in wealth management unit

November 9, 2018

Wells Fargo's investigation into alleged gender bias within its wealth management division is reportedly over. When asked for confirmation of a report by The Wall Street Journal that the firm concluded its investigation, Wells Fargo spokeswoman...

Wells Fargo combines private bank, ultra-high-net-worth units

November 8, 2018

Wells Fargo & Co. plans to combine its ultra-high-net-worth business and private bank under one leader. The merged operation will be run by someone yet to be named, who will report to Jon Weiss, head of wealth and investment management, according...

Wells Fargo considering sale of retirement-plan unit

November 8, 2018

Wells Fargo & Co. is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter...

Credit Suisse hit again as Finra panel sides with second former broker on deferred compensation

November 7, 2018

A Finra arbitration panel has awarded $975,530 to a former Credit Suisse Securities broker who sought deferred compensation that he claimed was withheld when the Swiss bank closed its brokerage business in 2015. Nicolas Brine Finn, who now works...

Jay Welker, Wells Fargo head of wealth management, to retire

November 6, 2018

Wells Fargo & Co.'s head of wealth management and private bank, Jay Welker, said on Tuesday that he is retiring. Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking...

Wells Fargo boosts its count of improper foreclosures

November 6, 2018

Wells Fargo & Co. improperly foreclosed on 545 customers after wrongly denying them mortgage loan modifications, up from the 400 borrowers the company had disclosed in August, according to a report Wells Fargo filed with the Securities and Exchange...

Jackson National to settle 401(k) self-dealing lawsuit for $4.5 million

November 5, 2018

Jackson National Life Insurance Co. has reached a $4.5 million settlement in a self-dealing lawsuit that alleged the company profited at the expense of its employees by adding high-cost proprietary investment funds to its 401(k) plan. The settlement...

Wells Fargo Advisors loses $850 million hybrid RIA to Triad Advisors

November 2, 2018

Triad Advisors, an independent broker-dealer in Ladenburg Thalmann Financial Services Inc.'s network, has nabbed an $850 million team from Wells Fargo Advisors. Stonebridge Financial Group, based in Wormleysburg, Pa., is headed by co-directors...

Ameriprise Financial signs on $444 million team from FSC Securities

October 30, 2018

Ameriprise Financial Inc. has signed on a $444 million team from FSC Securities Corp. Dale Cebert, a financial adviser based in The Villages, Fla., was with FSC Securities for four years before joining Ameriprise. Mr. Cebert, whose new title...

Robo SigFig building digital platform for Citizens Bank advisers

October 30, 2018

SigFig is expanding its roster of products for financial institutions with CoPilot, a digital wealth management platform for financial advisers. The San Francisco technology firm is best known for building retail-facing digital advice platforms...

Wells Fargo places two executives on leave

October 25, 2018

Wells Fargo & Co. said its chief administrative officer and chief auditor will be placed on leave and removed from the bank's operating committee amid regulatory investigations into its sales practices. The leaves of absence for Hope Hardison...

The market doesn't care about positive earnings

October 24, 2018

A quarter of the way through earnings season, the raw numbers look strong. The market doesn't care. You can see the apathy in the S&P 500, which fell 3.1%Wednesday, extending its October rout to 8.8%, making it the worst month since February...

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...

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