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Wells Fargo facing possible Finra action over anti-money-laundering failures

September 8, 2014

Wells Fargo Advisors has been warned that it is facing possible Finra action for alleged failures in its anti-money-laundering policies, according to a disclosure posted to the firm's public BrokerCheck profile. The firm received a Wells Notice...

Bank of America doubling down on Merrill Edge

September 4, 2014

Bank of America intends by 2016 to almost double its head count of around 1,700 Merrill Edge advisers, a workforce that serves clients with more modest assets who are not being served by traditional advisers. By beefing up its effort to capture...

HighTower adds $440M team from Merrill

September 2, 2014

HighTower is continuing to build on recruiting momentum, picking up another large Bank of America Merrill Lynch duo who previously managed around $440 million in assets. The two advisers become the 46th team to join HighTower's original Partnership...

Nonlisted REIT 2Q rankings

August 31, 2014

Closed REITs ranked by 2Q invested assets Company 2Q invested assets ($M) Original share price Current share value1 Original distribution rate Current cash distribution rate 2Q14 FFO payout ratio2 Inland American Real Estate Trust $10,128.5...

Second-quarter nonlisted REIT review

August 31, 2014

See the data: Nonlisted REITs ranked by 2Q invested assets Closed nonlisted REITs still suffering financial crisis hangover While certain recently closed nonlisted REITs, such as Industrial Income, Griffin-American Healthcare REIT II, Cole Credit...

Possible fee refunds for poor performance spur debate

August 29, 2014

Offering refunds on managed-account fees when portfolios lose value grabbed readers' attention this week in the wake of news that TD Ameritrade Inc.'s retail advisory service had gotten the green light to pursue this approach. The hot-button...

Morgan Stanley dodges $15 million raiding claim

August 26, 2014

Morgan Stanley & Co. has dodged a $15 million complaint alleging that the firm violated Finra and state laws when it recruited financial advisers from Charles Schwab & Co. Inc. A Financial Industry Regulatory Authority Inc. arbitration panel...

Morgan Stanley managers depart amid reorg

August 25, 2014

A number of Morgan Stanley Wealth Management directors have left the firm amid a reorganization of the managed-accounts unit and streamlining of operations, according to sources familiar with the moves. Several of the higher-profile departures,...

BofA settlement comes back to bite homeowners

August 22, 2014

The flipside of Bank of America's giant mortgage settlement now looks like a giant tax bill for homeowners. Thanks for nothing, DOJ. 2 million homeowners at risk Warren Buffett gets all tangled up in the ever-expanding compliance web. Missed...

What grabbed InvestmentNews readers this week

August 22, 2014

Ex-Morgan Stanley broker loses nearly $1M but gains $100K in Finra arb case Wirehouse recruiting loans measure in the billions Vanguard takes keys to Pimco's bond kingdom Publication of Robin Williams' trusts highlights privacy concerns LPL...

NFP scores big with Financial Telesis recruits who forgo signing on with LPL

August 21, 2014

NFP Advisor Services, the brokerage unit of National Financial Partners Corp., has made hay in light of a recent deal announced between LPL Financial and Financial Telesis. NFP Advisor Services reported that it had wrapped up a recruiting spree...

Wells Fargo binges on Morgan Stanley recruits

August 21, 2014

This summer, Wells Fargo Advisors has made a name for itself as a hot destination for Morgan Stanley Wealth Management advisers looking to jump ship. The recent addition of a former Morgan Stanley duo with $348 million in client assets pushes...

$450 million hybrid RIA network launches with LPL

August 20, 2014

A group of hybrid registered investment advisers is rebranding as it looks to build a network for independent advisers at LPL Financial. Thirteen independent advisers with about $450 million in assets have started a collective, known as the...

Audit deficiencies could lead to higher regulatory costs for B-Ds

August 20, 2014

For the third year in a row, a federal watchdog has found shortcomings in the audits of broker-dealers, a trend that could lead to the firms spending more to get their books reviewed. Earlier this week, the Public Company Accounting Oversight...

Ex-Morgan Stanley broker loses nearly $1M but gains 100K in Finra arb case

August 20, 2014

A former Morgan Stanley broker was ordered to repay almost $1 million in a promissory note case but managed to eke out a small victory in an unusual twist. While an arbitration panel held Tomas Lenze liable for nearly the entire remaining loan...

LPL losing another top member of investment management team

August 19, 2014

LPL Financial is losing another key member of its investment management roster. Scott Welch, co-founder and chief investment officer of high-net-worth adviser and consultant Fortigent, will leave the firm. Fortigent is a wholly owned subsidiary...

Wirehouse recruiting loans measure in the billions

August 19, 2014

It's no secret that veteran wirehouse advisers can command top dollar when moving between firms but disclosures from Morgan Stanley and UBS AG show just how much advisers are able to bring in. Morgan Stanley Wealth Management, the largest advisory...

Finra accuses indie B-D of falling down on anti-money laundering supervision requirements

August 18, 2014

A Wall Street broker-dealer is in hot water for alleged violations with respect to the sale of unregistered securities after helping customers illegally offload almost 4 billion shares of unregistered microcap stocks, according to a complaint...

LPL's chief investment officer reads market tea leaves

August 15, 2014

LPL Financial's chief investment officer, Burt White, thinks the broad stock market is on track to produce gains of 10% this year, with room potentially to move slightly higher. Mr. White's mid-year outlook for the Standard & Poor's 500 Index...

Adviser movement heats up the dog days of summer

August 15, 2014

It was a week of departures in the adviser space. LPL Financial saw more high-level turnover as its chief market strategist, Jeffrey Kleintop, heads to the Charles Schwab Corp. Firms' ability to tell when one of their brokers is on the verge...

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