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Making younger clients a top priority — but not the only priority

October 15, 2018

When it comes to serving younger clients, financial advisory firms tend either to dabble in it with whatever leftover resources they have or take a whole-hog approach through something like the XY Planning Network. But that wasn't going to cut...

Wells Fargo loses more reps in Q3; total now more than 1,000 since banking scandal broke

October 12, 2018

Wells Fargo Advisors continued to lose advisers in the third quarter, pushing the total to more than 1,000 since September 2016, when the brokerage network's parent company, the giant bank Wells Fargo & Co., revealed that bank employees had...

Allianz dumps its IBD

October 11, 2018

Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Advisers with Allianz's Questar Capital...

Cetera purges board after being bought by Genstar Capital

October 11, 2018

Cetera Financial Group said on Thursday morning that it had overhauled its board of directors, with its new board reflecting the recent sale of the large brokerage network to Genstar Capital for $1.7 billion. Gone are Bob Dineen, the former...

After setting up phony accounts, ex-Wells Fargo broker stole money

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker, who was also a Wells Fargo Bank employee, who stole $2,226 after opening phony accounts using the names of clients. Based in Hilton Head...

RIA revenue growth on the rise, but smart firms are prepared for it all

October 10, 2018

If this year's Adviser Benchmarking Study had a tagline, it would be “the best defense is a good offense.” The InvestmentNews 2018 Pricing & Profitability Study, sponsored by BNY Mellon's Pershing, paints a positive picture for the advisory...

Finra bars former Wells Fargo broker in Florida

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker who allegedly manipulated a client's account to retain his special status at the firm as an international financial adviser, according to...

Baird adds $610 million by recruiting teams from Wells Fargo, Morgan Stanley

October 9, 2018

Baird's private wealth management business has brought on three veteran financial advisers who manage a combined $610 million. Gerald Galbraith and Cathie Coleman of The Galbraith Group in Abilene, Texas, oversee $220 million in assets and generate...

LPL reels in $275 million team from Securities America

October 9, 2018

LPL Financial said on Tuesday that it recently snagged a team of eight advisers based in Colorado with close to $275 million in brokerage and advisory assets from rival Securities America Inc., one of the broker-dealers in the Ladenburg Thalmann...

Morgan Stanley rolls out tech-friendly offices for brokers, bankers

October 8, 2018

Morgan Stanley is remodeling. About 1.2 million square feet (111,000 square meters) of office space will get an overhaul in the next 15 months to put technology experts closer to brokers, traders and bankers, the firm's head of technology, Rob...

Tim Sloan hasn't turned around Wells Fargo

October 8, 2018

What's the appropriate board gift for a CEO's two-year anniversary? If you're Tim Sloan at Wells Fargo & Co., the correct answer is a short leash. Mr. Sloan took over the CEO role in mid-October 2016, which means the anniversary is this week....

Finra bars ex-Morgan Stanley broker Kevin Smith

October 8, 2018

The Financial Industry Regulatory Authority Inc. on Monday barred a former Morgan Stanley broker who had been fired by the firm two years ago over allegations related to a trade in the trust of someone in his family. The broker, Kevin Smith,...

Brokerage exec pushes to get audit bill approved before Congress adjourns

October 8, 2018

Many trade associations representing financial advisers have put a major emphasis on their Capitol Hill Days, during which they meet with lawmakers and their aides to raise awareness about the industry and push for legislation. But for one brokerage...

Cetera Financial Group selling stock to its advisers

October 5, 2018

As part of a broad plan to bolster its 8,000 financial advisers, the recently sold Cetera Financial Group is offering its advisers loans to invest in their practices and an opportunity to buy stock in the company. In a press release Thursday,...

PIABA: Finra proposal to ease oversight of brokers' outside activities would spur selling away

October 4, 2018

A Finra proposal to ease requirements for brokerages' oversight of their registered representatives' work outside the firm will create a regulatory "black hole" and lead to more investor rip-offs, according to new report from securities attorneys....

Discrimination claim filed by ex-Morgan Stanley rep sent to arbitration

October 4, 2018

In February, a black former Morgan Stanley registered rep sued the wirehouse, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. A federal judge on...

Settlements at old Schorsch REIT could cost shareholders $730 million

October 3, 2018

Vereit Inc., a net lease real estate investment trust, could be on the hook for as much as $730 million in settlement payments stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch, the former...

Stifel subsidiary acquires $1.3 billion San Francisco-based RIA

October 2, 2018

1919 Investment Counsel, a subsidiary of Stifel Financial Corp., has acquired San Francisco-based independent registered investment adviser Rand & Associates, which manages approximately $1.3 billion in client assets. "The Rand acquisition gives...

Benjamin F. Edwards & Co. has been picking off Wells Fargo brokers for years

October 2, 2018

Wells Fargo Advisors has lost hundreds of brokers and advisers over the last two years to rivals in the wake of scandals at its parent bank, but one firm, Benjamin F. Edwards & Co., has perhaps the greatest long-term success in recruiting advisers...

Finra CEO Robert Cook cautions industry not to take comfort in sharp drop in fines last year

October 2, 2018

Finra chief executive Robert W. Cook cautioned the financial industry Tuesday not to take comfort in the recent sharp drop in total fines imposed by the regulator. The Financial Industry Regulatory Authority Inc. levied $173.8 million in fines...

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