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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 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...

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...

Regulators renew focus on best execution

January 28, 2019

When an investment adviser serves as an asset manager and has the responsibility to select broker-dealers and execute client trades, the adviser assumes a fiduciary obligation to seek best execution. The discretionary control exercised by advisers...

The RIA space is hot, and brokers are on the move

January 26, 2019

After working for more than 25 years in the securities industry, first as a broker and then as a hybrid adviser, Nathan Bachrach dropped his Financial Industry Regulatory Authority Inc. registration in 2012 and became a fee-only adviser. Mr....

Wells Fargo makes new attempt to repair its brand

January 25, 2019

Wells Fargo & Co. continues to try to spiff up its tattered brand, introducing a new marketing campaign Friday that will include a new look in promotional materials, including business cards and PowerPoint templates, used by 13,968 financial...

Unpaid arbitration awards stain the securities industry

January 24, 2019

Deadbeat brokers and firms are a persistent problem with the arbitration system managed by the Financial Industry Regulatory Authority Inc. When investors believe they are wronged by a broker or firm and have lost money, they file a claim through...

LPL Financial sues broker it fired for taking $292,000 that belonged to his ex-wife

January 24, 2019

LPL Financial is suing a broker it fired last summer after a dispute surfaced between the broker and his ex-wife over the disposition of funds in their joint brokerage accounts. LPL on Tuesday sued the ex-broker, Christopher Lossing, in U.S....

Hybrid team managing $350 million joins LPL from Kestra

January 23, 2019

Regal Wealth Advisors, a hybrid firm managing $350 million, has switched its brokerage and advisory affiliations from Kestra Financial to LPL Financial. The firm's four financial advisers — Michael McCarthy, Andrew Pincus, Gregg Gottlieb and...

Royal Alliance charged with failure to supervise variable annuity sales

January 22, 2019

Massachusetts securities regulators have charged Royal Alliance Associates with failure to supervise a broker who recommended unsuitable investments to a couple, which ultimately cost the investors nearly $60,000. The broker, Stephen F. Davis...

UBS saw decline in new client money in fourth quarter

January 22, 2019

As the market churned in the fourth quarter, UBS Group said on Tuesday that the amount of net new money in its wealth management business in the Americas declined by $3.6 billion in the final quarter of last year when compared with the same...

XY Planning Networks leads charge to help furloughed workers during shutdown

January 18, 2019

As the partial government shutdown entered a record 28th day Friday, some corners of the financial services industry have started stepping forward to help the 800,000 furloughed government workers. Sixty members of the XY Planning Network have...

Morgan Stanley wealth management revenue falls 6% in fourth quarter

January 17, 2019

As the broad market churned and fell in the last three months of 2018, Morgan Stanley's wealth management group saw net revenue fall to $4.14 billion, a 6% decline from the same three months a year ago. In its earnings release, the company said...

Widow awarded $4.2 million by Finra panel for theft by ex-Royal Alliance broker

January 16, 2019

A widow with a brain injury has been awarded $4.2 million by a Finra arbitration panel that found that a former broker for Royal Alliance Associates stole money from her. The ex-broker, Gary Basralian, 71, admitted in August as part of plea...

Merrill Lynch's thundering herd reeled in 53,000 new clients in 2018

January 16, 2019

The recent shift in Merrill Lynch's pay plan for its thundering herd of brokers and financial advisers looks like it is paying off, as Merrill Lynch Wealth Management on Wednesday reported record annual revenues of $15.9 billion. Its 14,796...

Wells Fargo Advisors loses another 106 brokers in quarter, down 576 for the year

January 15, 2019

More than two years after scandals engulfed its parent bank, Wells Fargo Advisors continues to see advisers walk out the door. On Tuesday morning during its earnings report, Wells Fargo reported it had 13,968 financial advisers across its various...

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