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Headcount at Wells Fargo Advisors continues to slide

April 12, 2019

The two-and-a-half-year trend of brokers and financial advisers leaving Wells Fargo Advisors accelerated in the first quarter, although the company is saying internally and externally that it is starting the year with good results in recruiting...

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...

Robert Cook says Finra doesn't levy fines to balance budget

March 25, 2019

Finra chief executive Robert Cook told industry compliance officials Monday the regulator does not levy fines in order to balance its budget. "Fines are not collected for budget purposes," Mr. Cook said at a Securities Industry and Financial...

Voya Financial Advisors exposes more sensitive adviser information on its website

March 22, 2019

Weeks after a computer glitch risked exposing the Social Security numbers of its 1,800 registered reps and financial advisers, Voya Financial Advisors Inc. again revealed sensitive information about its advisers. This time, a list on the Voya...

Warren, Brown ask regulators to oust Wells Fargo CEO Sloan

March 22, 2019

Sen. Elizabeth Warren is again taking aim at Wells Fargo & Co. CEO Tim Sloan, this time asking federal regulators to invoke their power to make management changes. The Democratic senator and presidential candidate joined Ohio Democrat Sherrod...

Wells Fargo hits more bumps as it tries to move past scandals

March 21, 2019

A federal judge said he's not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender's unauthorized-accounts scandal — even though the settlement was touted...

Finra budget to keep fees steady in 2019

March 21, 2019

The Financial Industry Regulatory Authority Inc. will not raise member fees for the sixth straight year, but depending how much it raises through fines and market performance, the broker-dealer regulator could draw up to $185 million from its...

Wells Fargo could be putting more of its focus on wealth management

March 20, 2019

Wells Fargo & Co. appears to be paring back on its businesses, and that could be a good thing for the 14,000 financial advisers and registered reps who work under the roof of its brokerage and advisory subsidiary, Wells Fargo Advisors. After...

Blucora to buy another broker-dealer with tax-focused advisers

March 19, 2019

Tax preparation software company Blucora Inc. said on Tuesday it intends to continue to add to its wealth management and tax preparation business and will pay $180 million in stock for 1st Global Inc., an independent broker-dealer that focuses...

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