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SEC commissioner Peirce wants to move ahead on advice reform quickly

February 12, 2019

Securities and Exchange Commission member Hester Peirce said Tuesday she wants the agency to complete investment advice reform soon, an indication that a rule could be coming by summer. Ms. Peirce did not offer a specific time line for a final...

For Wells Fargo Advisors, finding new clients becoming difficult

February 12, 2019

Wells Fargo Advisors is having a tougher time finding new clients, according to a senior executive at Wells Fargo & Co., despite the fact that the bank is sending $10 billion in client asset referrals annually to its wealth management group....

Ramped up tech spending has helped LPL recruit advisers

February 12, 2019

LPL Financial expects to spend $135 million on technology in 2019, more than double the $60 million it spent four years ago, according to a presentation Tuesday at a Credit Suisse financial services conference in Miami. The company has recorded...

Schwab, Fidelity expand commission-free ETF trading

February 12, 2019

Brokerage platform giants Charles Schwab Corp. and Fidelity Investments issued near-simultaneous announcements Tuesday morning that they are each expanding to more than 500 the number of commission-free ETFs on their respective platforms. The...

MeToo: Even in the financial advice industry, sexual harassment is a serious problem

February 9, 2019

The #MeToo movement catapulted the issues of sexual harassment and assault into Americans' collective consciousness and forced the public to reckon with the sexual power dynamics that have long permeated certain industries and personal interactions....

UBS dinged by Virginia after broker recommended gold and precious metals securities

February 8, 2019

UBS Financial Services Inc. last month agreed to pay Virginia's State Corporation Commission $319,000 to settle charges that a former broker in a branch in Roanoke made unsuitable recommendations of certain gold and precious metals securities...

Don't be afraid to raise advisory firm fees

February 7, 2019

It's time for financial advisers to get over their fear of raising their fees, and a good place to start would be introducing a minimum annual fee for clients. Eliza De Pardo, a management consultant for TD Ameritrade Institutional, said her...

Wells Fargo system outage takes website, app, ATMs offline

February 7, 2019

Wells Fargo is experiencing a system outage that is disrupting access to the firm's website, mobile apps, ATMs and debit and credit cards. Wells Fargo customers took to Twitter Thursday morning to report their frustration about their transactions...

LPL adds new reporting tool to ClientWorks

February 7, 2019

The latest addition to LPL Financial's ClientWorks technology platform is Client Goals, a tool that lets advisers create personalized reports for clients and prospects. The new technology, developed in partnership with Fiserv, examines the funding...

Hundreds of advisers with tens of billions in assets left Wall Street in 2018

February 6, 2019

Last year was another banner year for brokers and advisers leaving the Wall Street wirehouses and moving to financial advice platforms, where they typically receive higher pay and deal with fewer conflicts of interest when it comes to selling...

Finra exams to probe compliance with elder abuse rules

February 5, 2019

Finra examinations will soon start probing broker-dealers' compliance with new rules issued a year ago that are meant to protect elderly clients from financial abuse and exploitation. "I think the next round of exams, we'll be looking a little...

Will big recruiting bonuses move reps to these firms in 2019?

February 5, 2019

Seeking either to build on or create momentum with potential recruits, three large brokerage networks — Wells Fargo Advisors, LPL Financial and Cetera Financial Group — are beginning 2019 with substantial offers to lure brokers and financial...

Voya Financial webpage glitch exposes Social Security numbers of reps

February 4, 2019

Voya Financial Advisors Inc. on Friday told its brokers and financial advisers that a glitch on a biography webpage for its brokers put their Social Security numbers at risk of exposure. According to a memo, Voya Financial Advisors' information...

Cetera new facial recognition technology to improve risk questionnaires

February 4, 2019

Financial planning technology took center stage at this year's T3 Adviser Conference, but it was Cetera Financial Group's demonstration of new facial recognition technology that really stood out in terms of a "wow" factor." For my money, Cetera's...

'Selling away' doesn't mean the B-D is not ultimately responsible

February 2, 2019

It looked like a routine arbitration award and in many ways it was. A small broker-dealer was found liable for the actions of one of its brokers for selling away. It was ordered to pay the client $276,226. The problem is that the broker, who...

New diversity push at Edward Jones stirs up controversy

February 1, 2019

An initiative by Edward Jones to help women and minority advisers jumpstart their careers is being praised by diversity advocates, but criticized internally for being discriminatory. In an internal document sent to brokers last month and obtained...

LPL reports record recruiting year

February 1, 2019

LPL Financial set an annual record for the amount of assets that recruited advisers brought over to its platform last year, following rollback of a contentious recruiting policy and a shake-up within the recruiting unit. LPL recruited $27.3...

Bank of America offers free trades on Merrill Edge to drive loyalty

January 30, 2019

Bank of America is hoping to lure millions of banking customers into its rewards programs by offering commission-free online trading for stocks and exchange-traded funds. Commission-free trading for the bank's top-tier rewards programs has been...

Wells Fargo RIA channel partners with TradePMR

January 29, 2019

Wells Fargo Advisors is souping up it's new channel for registered investment advisers by leveraging the technology expertise of second-tier custodian TradePMR. Wells Fargo's fledgling RIA business model became official earlier this month when...

Wells Fargo to implement new fee on advisory accounts

January 29, 2019

Wells Fargo Advisors is hitting clients with a new annual fee on advisory accounts that is roughly six basis points — equal to $590 per year on the average client with $1 million in advisory assets — according to a memo sent to the firm's...

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