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Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

When disclosing conflicts of interest, wiggle words like 'may' may not be good enough

April 19, 2019

The Securities and Exchange Commission and journalists have something in common. Both are leery of wiggle words like "may." Editors always prefer that reporters file stories that offer certainty for readers. If they write that something "may"...

InvestmentNews announces 2019 Innovation Awards winners

April 17, 2019

Six firms received InvestmentNews Innovation Awards Wednesday night for their creative and effective approaches to helping advisers run better businesses, improve client outcomes and tackle other planning industry challenges. The winners were...

Morgan Stanley rides wealth management train to solid first quarter

April 17, 2019

The first-quarter stock market rebound was cited as a driving force behind the strength of Morgan Stanley's wealth management business, which generated $4.39 billion in revenues during the quarter and beat analyst estimates by $200 million....

Finra bars former Aegis broker for churning

April 17, 2019

The Financial Industry Regulatory Authority Inc. has barred James Schwartz, a broker who worked at Aegis Capital during the time in question, for churning accounts of four clients. (More:​ SEC wins churning case against 'cockroaching' broker)...

For Merrill Lynch, emphasis on new clients and cross-selling paying off

April 16, 2019

Merrill Lynch's effort to motivate financial advisers to reel in new clients and cross-sell financial products from parent Bank of America is working, with the company reporting Tuesday that its wealth management advisers are on track for six...

Investigation into LPL broker's eBay business leads to bar

April 16, 2019

The Financial Industry Regulatory Authority Inc. has barred former LPL broker Renee Altamirano after she declined to take part in an investigation of her outside business activities. LPL terminated Ms. Altamirano in March 2018 for violating...

Rep barred for lying about variable annuity sales practices

April 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Frederick Holloway, who ran an eponymous firm in Easton, Md., for improperly withholding documents and providing altered documents to Finra in the course of an investigation into his...

Finra guidance could help departing reps hang onto clients

April 11, 2019

Brokers leaving firms could more easily hang on to their clients and avoid being disparaged by their former employers under recent Finra guidance. The Financial Industry Regulatory Authority Inc. issued a regulatory notice last week that told...

Will Merrill Lynch plan to add fresh advisers to offices be a boon — or a bust?

April 10, 2019

Merrill Lynch's plan to seat up to 300 young advisers in branch offices with its most experienced and profitable financial advisers could be a boon to business, with referrals flying back and forth, or it could backfire and add unnecessary friction...

Cetera to acquire assets of Foresters Financial's U.S. advisory business

April 9, 2019

Cetera has agreed to purchase select assets of Foresters Financial's U.S. broker-dealer and advisory business. Terms of the transaction, which is expected to close in June, were not disclosed. As part of the asset purchase agreement, Cetera...

Principal to buy Wells Fargo retirement unit for $1.2 billion

April 9, 2019

Principal Financial Group Inc. agreed to buy Wells Fargo & Co.'s retirement plan services unit for $1.2 billion as the bank streamlines operations in the wake of scandals. The business, which has $827 billion in assets under administration,...

Finra bars former LPL broker over possible loans from clients

April 8, 2019

The Financial Industry Regulatory Authority Inc. has barred former LPL broker James Bylenga of Kalamazoo, Mich., for failing to take part in a Finra inquiry regarding his conduct. Mr. Bylenga was affiliated with LPL Financial from 2016 until...

Buffett urges Wells Fargo to look beyond Wall Street for CEO

April 8, 2019

Warren Buffett, the largest shareholder in Wells Fargo & Co., says the bank should look outside Wall Street for its new chief executive officer to avoid drawing criticism in Washington. "They just have to come from some place [outside Wells]...

Air Force veteran-turned-adviser clashes with First Command

April 4, 2019

First Command Financial Planning Inc. is an independent broker-dealer that recruits retired military personnel. But one of the firm's former advisers — a disabled Air Force veteran — is unhappy with how he was treated and last month filed...

Hybrid firm managing $390 million switches from Foresters to LPL

April 2, 2019

Six advisers who managed $390 million in assets at Foresters Financial have created a hybrid firm, Firenze Wealth Management, which has affiliated with LPL as its broker-dealer and custodian. (More:​ See more adviser moves in InvestmentNews'...

Regulators assure industry CAT will not expose consumer data

April 1, 2019

Recent remarks by Securities and Exchange Commission chairman Jay Clayton regarding a market-surveillance system in the works seem to be allaying financial industry fears that it will collect investors' personal information. Last week, Mr. Clayton...

Wells Fargo CEO Tim Sloan steps down

March 28, 2019

Wells Fargo & Co. Chief Executive Officer Tim Sloan has stepped down effective immediately amid mounting pressure over the lender's scandals, and will be replaced on an interim basis by the bank's general counsel, C. Allen Parker. The bank is...

Regional firms provide an alternative to wirehouses

March 27, 2019

"Independence is not for everyone." So said my friend, a senior brokerage firm executive, after reading my last column on corporate culture. And, of course, he is right. While going independent with a registered investment adviser or an independent...

Wells Fargo taps company veteran as interim head of wealth management

March 25, 2019

Wells Fargo has tapped an interim replacement for its head of wealth management. At the start of next month, Tim Traudt will become interim head of wealth management, according to an internal announcement on Monday. He replaces Jay Welker, who...

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