Results for "broker-dealers"

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Morgan Stanley arms reps with ESG analysis tool

July 29, 2019

Morgan Stanley Wealth Management on Monday armed its more than 15,600 reps with a tool to help investors align their portfolios with their socially and environmentally conscious beliefs. The Morgan Stanley Impact Quotient, colloquiallydubbed...

Insurgent candidate vies for large-firm seat on Finra board

July 26, 2019

An insurgent candidate for the Finra board of governors said the body needs more input from large firms that provide financial advice and investment products. Chris W. Flint, president and chief executive of ProEquities Inc., has been nominated...

Mom-and-pop investors tilt bearish despite all-time high stock prices

July 26, 2019

U.S. equities at a record? Volatility near historic lows? Retail investors are in no rush to celebrate. At least that's the sentiment of mom-and-pop investors who took part in the latest survey from the American Association of Individual Investors....

Finra bars former Fidelity broker for noncooperation with reimbursment investigation

July 26, 2019

The Financial Industry Regulatory Authority Inc. has barred former Fidelity broker Ernie Garcia for refusing to take part in an investigation into reimbursements he received from the firm. (More: Former Wells Fargo adviser barred for noncooperation...

Raymond James, Ameriprise add advisers in Q2, as two wirehouses shed them

July 25, 2019

As the large wirehouses continue to watch a steady drip of advisers move to other employers or switch to other ways of doing business, large brokerage operations, including Raymond James Financial Inc. and Ameriprise Financial Inc., appear to...

UBS loses 248 advisers in the Americas over past year

July 23, 2019

UBS on Tuesday reported a year-over-year decline of 248 financial advisers, or 3.6% of the global bank's financial adviser workforce in the Americas, as of the end of the second quarter. The Swiss bank reported 6,689 financial advisers at the...

Connecting Clients to Liquidity

July 22, 2019

Get to know an increasingly popular player in today's wealth management space: the securities-based line of credit. Securities-based lines of credit, or SBLOCs, enable people to borrow against their non-retirement assets rather than cashing...

Broker-dealers say they have a leg up on aggregators

July 20, 2019

Aggregator firms are infringing more on broker-dealers' turf when it comes to 401(k) and wealth management clientele, but the additional competition doesn't seem to rattle brokerage executives. In fact, in cases where the two sides compete,...

Challenge or opportunity?

July 20, 2019

Brock Johnson, president, global retirement and workplace solutions, 
Morningstar Investment Management “We have so much more data today. Broker-dealers and advisers in the past might have been trying to provide scalable advice in a way,...

Advisor Group rolls out cybersecurity program for broker-dealers

July 19, 2019

Advisor Group has a new suite of cybersecurity services and technologies to help protect the 7,000 advisers across its four firms, FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial, against digital...

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

Finra reaches settlements with 56 firms for overcharging customers on mutual funds

July 17, 2019

Finra reached settlements with 56 brokerages and obtained $89 million in customer restitution as the result of a crackdown on firms overcharging for mutual funds, the agency announced Wednesday. The Financial Industry Regulatory Authority Inc....

Wells Fargo Advisors slows down outflow of advisers

July 16, 2019

After almost three years of bleeding brokers, Wells Fargo Advisors appears to have stanched the flow of advisers leaving the firm. Its parent bank, Wells Fargo & Co. has struggled with myriad problems and scandals since September 2016, resulting...

National Holdings facing lawsuit for allegedly retaliating against whistleblower

July 16, 2019

A fired chief compliance officer is suing National Holdings Corp., claiming her 16-year career with the brokerage firm was terminated when she started investigating alleged insider trading by executives of the firm. A lawsuit filed last week...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

LPL partners with Nationwide on 401(k) training for bank channel advisers

July 12, 2019

LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients....

UBS hires advisers with $2 billion in client assets

July 12, 2019

UBS Global Wealth Management is continuing to selectively hire financial advisers, with brokers recently joining the firm in San Francisco and New York. In June, UBS hired Mariia Eroshin in San Francisco. She had most recently worked at Citigroup...

Cetera Financial Group eliminating Summit as a separate broker-dealer

July 12, 2019

One of Cetera Financial Group's six broker-dealers, Summit Brokerage Services Inc., is being absorbed into another of the firm's B-Ds. Summit has $17.5 billion in client assets. Its 450 advisers and its branch offices will continue to operate...

Finra provides detail on enforcement breaks for cooperation

July 11, 2019

Finra gave more detail Thursday on how brokerage firms and registered representatives can reduce enforcement penalties by cooperating with the agency. In a regulatory notice, the Financial Industry Regulatory Authority Inc. reiterated that credit...

Ohio advisory firm managing $206 million moves to Kestra

July 10, 2019

Merkel Financial, a Columbus, Ohio-based independent firm managing $206 million, has switched affiliations. After 26 years with Principal Securities, Merkel has affiliated with Kestra Financial Inc. The firm is led by Michelle M. Merkel. (More:...

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