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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...

LPL's record recruiting year came with a cost — signing bonuses skyrocketed in 2018

March 15, 2019

LPL Financial last month reported a record amount of assets recruited to its platform last year. In a recent filing with the Securities and Exchange Commission, the firm revealed that those assets came with a cost — recruiting bonuses on its...

Wells Fargo CEO Tim Sloan gets 5.7 percent pay boost, $2 million bonus

March 14, 2019

Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan's compensation by 5.7% to $18.4 million for last year as the bank has worked to overcome multiple scandals. Mr. Sloan got $2.4 million in salary and $14 million of restricted stock...

Ameriprise getting ready to launch its bank

March 14, 2019

Ameriprise Financial Inc. is moving closer to launching a retail bank, which would add to the suite of products its close to 10,000 financial advisers can sell and recommend to clients. Among those products are likely to be mortgages, according...

First Republic snags another Wall Street veteran, this time from J.P. Morgan

March 13, 2019

First Republic Private Wealth Management has hired Michael S. Lee, who ran J.P. Morgan Securities' prominent Midtown Manhattan branch, to run its New York office, according to two sources with knowledge of the move. Mr. Lee was a prominent branch...

Finra set to propose new rules targeting rogue brokerages

March 13, 2019

Finra is poised to propose new rules targeting rogue brokerages. The Financial Industry Regulatory Authority Inc. made the announcement Wednesday in a statement about its Feb. 28 – March 1 board meeting in Boca Raton, Fla. "The board approved...

Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing

March 12, 2019

More than two years after Wells Fargo & Co. erupted into scandals, Chief Executive Officer Tim Sloan returned to Capitol Hill to lay out his efforts to clean up the mess. The bank has apparently made little progress in winning over lawmakers....

Wells Fargo CEO disputes claim the bank is too big to manage

March 12, 2019

Wells Fargo & Co. Chief Executive Officer Tim Sloan detailed efforts he's taken to turn the bank around and pushed back against a lawmaker's claims that it's too big to manage in testimony Tuesday before the House Financial Services Committee....

Concerns about GPB Capital trash hauling business come to the fore

March 12, 2019

The FBI's investigation of GPB Capital Holdings made headlines in InvestmentNews last week. But it is the investigation by New York City regulators that oversee the city's private trash industry that got the attention of news website ProPublica....

Wells Fargo Advisors sweetens the pot for both older and younger advisers

March 11, 2019

After bleeding advisers for more than two years, Wells Fargo Advisors is changing its succession plan by offering a bonus to advisers who stay on until retirement and giving financial help to young advisers acquiring the business of those advisers...

High-net-worth investors not impressed by mobile wealth management apps

March 11, 2019

Mobile apps are now consumers' preferred way to engage with many of the companies and services they use — but not wealth management customers. Utilization of wealth management apps is among the lowest of all industries, according to a J.D....

Things to watch as Tim Sloan of Wells Fargo testifies before Congress

March 11, 2019

How much progress has Tim Sloan made cleaning up Wells Fargo & Co.? That's the key question that Mr. Sloan, 58, will face when he testifies to the House Financial Services Committee Tuesday in a hearing titled "Holding Megabanks Accountable:...

529 plan costs: Advisers, broker-dealers brace for Finra crackdown

March 9, 2019

Finra is primed to start​ flexing its muscles against broker-dealers that allow their advisers to sell high-cost college savings plans. But rather than plowing ahead with penalties, the regulator is offering clemency to encourage reform. Will...

State securities regulators back Nevada's fiduciary rule proposal

March 7, 2019

While an organization representing state securities regulators focuses on guiding the direction of the U.S. Securities and Exchange Commission's investment advice reform proposal, the group also is supporting a separate Nevada effort to raise...

Merrill Lynch cross-selling hits the market

March 7, 2019

Merrill Lynch's push for advisers to cross-sell financial services products has the potential to be a formidable competitive advantage. Merrill Lynch and its parent, Bank of America Corp., right now are offering to shave off up to half a percent...

UBS escalates its pursuit of rich Americans with staff promotions

March 6, 2019

UBS Group promoted 96 employees to the level of managing director in the Americas as it seeks to gain more rich clients and expand in the region. The Swiss bank elevated 60 financial advisers and 36 Americas staff, according to Tom Naratil,...

SEC wins churning case against 'cockroaching' broker

March 5, 2019

The Securities and Exchange Commission obtained a final judgment against a broker charged with excessive churning of client brokerage accounts. William Gennity, who has been suspended from the industry by the Financial Industry Regulatory Authority...

Robert J. Moore bids farewell to the advice industry as he steps down as Cetera CEO

March 5, 2019

Editor's note: The following letter was written by Robert J. Moore, who is stepping down for health reasons as Cetera Financial Group's CEO later this month. Dear Valued Members of the Wealth Management Profession, At the outset, let me express...

Cetera Financial Group to offer fee-for-service business model

March 4, 2019

Cetera Financial Group is embracing the fee-for-service business model. The network of six independent broker-dealers is adding AdvicePay, a payment processing tool launched by XY Planning Network founders Alan Moore and Michael Kitces, to its...

GPB Capital Holdings now focus of FBI investigation

March 4, 2019

Already the focus of inquiries by the SEC and Finra, GPB Capital Holdings said on Monday that the FBI made an unannounced visit last week to the investment firm's office in New York. GPB Capital has raised $1.8 billion from accredited investors...

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