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Wells Fargo eliminates commissions from stocks and ETFs on WellsTrade

December 10, 2019

The wave of zero-fee trading kept coming Tuesday with Wells Fargo Advisors dropping commissions on stocks and ETFs from WellsTrade, its self-directed trading platform. The move comes one day after Bank of America announced it would eliminate...

Advisers bypass zero expense ratios for brand-name ETFs

December 10, 2019

Low fees might be the surest form of investment alpha, but it turns out that brand-name asset managers with longer track records still rule when it comes to exchange-traded funds. It also helps to have shelf space on high-traffic brokerage platforms....

Donald Marron, Wall Street veteran active in the IBD business, dies at 85

December 9, 2019

Donald Marron, the financier who led Paine Webber Inc. for 20 years until it was sold to UBS AG in 2000 and who went on to buy and sell independent broker-dealers over the past decade, has died. He was 85. He died of a heart attack in New York,...

BofA puts final nail in the coffin of commissions on Merrill Edge platform

December 9, 2019

Recognizing the trend toward lower trading fees, Bank of America has made that final step in a steady migration to commission-free trades on its Merrill Edge Self-Directed platform. Less than two months after expanding free-trading access for...

Midsize broker-dealer in Atlanta to shut down

December 6, 2019

After getting whacked with a $10 million trading loss over the summer, IFS Securities will shut its doors. According to its BrokerCheck report, on Monday IFS Securities changed its status with the Financial Industry Regulatory Authority Inc....

Riskiest ETFs get a green light

December 5, 2019

A plan to greenlight some of the ETF industry's most controversial products comes with a caveat that could doom them to irrelevance. Asset managers will soon have free rein to create leveraged and inverse exchange-traded funds under a recent...

Adam Antoniades promoted to CEO of Cetera

December 3, 2019

Cetera Financial Group has appointed Adam Antoniades as its chief executive officer, and a member of board of directors. He has served as the company's president since 2014. [More: Robert Moore is back. And he's focused on REITs] Cetera's chairman,...

UBS joins Credit Suisse in focus on lowest ranks of wealthy

December 2, 2019

UBS Group plans to offer scaled-back services to a broader group of wealthy clients, joining Credit Suisse Group in changing how it targets the lowest ranks of the rich. Starting early next year, clients in Switzerland who have between $500,000...

Commending Finra on its efforts to improve its exam program

December 2, 2019

Assisting the Financial Industry Regulatory Authority Inc. in its ongoing effort to enhance the effectiveness of its examination program has been one of our long-standing priorities. In 2017, we submitted a comment letter containing several...

GPB announces another delay in release of audited financials

November 27, 2019

Investors in private funds sold by troubled investment firm GPB Capital Holdings, who have been waiting for audited financial results for more than a year, have been told yet again that the company will not meet its latest deadline of Dec. 31....

Does a Schwab-TD combo create a Walmart of financial planning?

November 25, 2019

With Charles Schwab Corp.'s $26 billion acquisition of rival TD Ameritrade Holding Corp. officially confirmed, custodian firm competitors are coming out with their own spins on how a combined entity representing at least​ half​ of the industry's...

Schwab-TD deal could create 'repapering nightmare' for thousands of RIAs

November 22, 2019

For one reason or another, financial advisers usually prefer working with some custodians over others, which is why the noisy rumors that Charles Schwab Corp. is planning to buy TD Ameritrade Holding Corp. is sending large swaths of independent...

Court orders $12 million disgorgement in stock manipulation case

November 22, 2019

As part of a final judgment in a case brought by the Securities and Exchange Commission, a federal court in New Jersey has ordered Samuel DelPresto and the firm he owned, MLF Group, to pay disgorgement of $12.12 million and interest of $1.8...

What a Schwab-TD combo could mean for advisers and the custody business

November 21, 2019

The custodian business could get a lot more interesting with the reported acquisition of TD Ameritrade Holding Corp. by rival Charles Schwab Corp. The $26 billion deal, which as of midday Thursday had yet to be confirmed by either company, would...

TD Ameritrade shares spike 25% as market anticipates deal

November 21, 2019

Shares of TD Ameritrade Holding Corp. were up nearly 25% in premarket trading Thursday morning in anticipation a blockbuster announcement that Charles Schwab Corp. will buy the rival discount brokerage operation for a reported $26 billion. Schwab...

Finra bars former Pruco rep fired for taking client's money

November 21, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco Securities representative Joseph Viet Duy Phan for failing to appear at a hearing looking into his conduct at the firm. In October 2018, Pruco discharged Mr. Phan because...

Finra bars former Merrill assistant for tapping broker's account

November 18, 2019

The Financial Industry Regulatory Authority Inc. has barred Julie Ann Mineard, a former registered assistant at Merrill Lynch in Seattle, for keeping $24,044 from the account of the rep she worked for, instead of paying his personal bills as...

Finra bars former Raymond James rep discharged over loans

November 14, 2019

The Financial Industry Regulatory Authority Inc. has barred Lance Roman Armstrong, formerly a broker with Raymond James, for failing to take part in an investigation looking into allegations that he borrowed money from customers. [More: No bonuses...

How new fintech solutions can assist with Reg BI

November 14, 2019

Financial services organizations have been tasked with showing that their broker-dealers and registered investment advisers are working in clients' best interest under the Securities and Exchange Commission's new Regulation Best Interest rule,...

RetireOne insurance platform buys EF Legacy Securities

November 14, 2019

RetireOne, a San Francisco-based platform for fee-based insurance products owned by Aria Retirement Solutions, has purchased EF Legacy Securities, a broker-dealer, from Edelman Financial Engines. [More: Guiding clients through the Medicare maze]...

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