Results for "wirehouses"

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SEC bars former Morgan Stanley broker involved in insider trading scheme

October 9, 2019

The Securities and Exchange Commission kicked out of the industry a former Morgan Stanley broker who participated in an insider-trading scheme. In an Oct. 8 order, the SEC barred Michael Siva from working for a brokerage, investment adviser...

Wells Fargo's New York CEO fuels questions about its West Coast base

September 30, 2019

Wells Fargo & Co.'s interim chief Allen Parker tried to bring a New York urgency to the California bank. The new boss is bringing New York. Charlie Scharf, who three years ago left the top spot at San Francisco-based Visa Inc. to rejoin his...

Wells Fargo names BNY Mellon's Charles Scharf CEO

September 27, 2019

Wells Fargo & Co. named Charles Scharf chief executive officer, marking a new era in the bank's efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years. Scharf, the CEO of Bank of New York Mellon...

Morgan Stanley fined $225,000 over questionable muni bond trades

September 19, 2019

The Securities and Exchange Commission on Tuesday said it was fining Morgan Stanley $225,000 for allegedly recommending unsuitable municipal bond transactions to its customers. Morgan Stanley, from June 2013 through December 2017, recommended...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

UBS considering mergers to cope with European banking market malaise

September 5, 2019

UBS Group is considering mergers as well as cooperation with other banks to help cope with Europe's challenging banking market. "We are looking at those issues about consolidation as one part of the equation," CEO Sergio Ermotti said at a conference...

Testing the breakaway waters

September 4, 2019

Breakaway, transition, "going indie" — no matter how you characterize it, a wave of financial advisers is moving away from traditional wirehouses and big-name brokerage firms in favor of launching or joining more independent-minded businesses....

UBS reshuffles execs atop wealth management unit

August 29, 2019

UBS Group CEO Sergio Ermotti moved to quell concerns surrounding the bank's long-term succession plan with a radical overhaul of the top ranks, hiring a star banker from a rival and ousting some of its most senior executives. After a year marred...

UBS hit with $4.4 million arb award over Puerto Rico bonds and funds

August 22, 2019

A group of investors who bought Puerto Rico bonds and closed-end funds won a $4.4 million arbitration claim against UBS Financial Services Inc. and its related business in Puerto Rico. The three investors and related trusts and businesses initially...

As Wells Fargo seeks CEO, toll on stock hits $24 billion

August 20, 2019

At Wells Fargo's town hall meetings, executives have fielded countless questions from employees about efforts to resolve scandals that erupted almost three years ago. One looming topic hasn't come up recently: Who will run the bank? While the...

Makeover at Wells Fargo Advisors well-received

August 20, 2019

Wells Fargo Advisors continued a reorganization of its wealth management business, cutting about a dozen market manager positions last week. And for some, it couldn't have come sooner. "Wells Fargo Advisors has been top heavy with management...

The road to independence: Attracting and retaining clients

August 19, 2019

After 15 years with one wirehouse and five years at another, Don Garman wrote a seven-figure check to release himself from an employment contract so he could start his own Registered Investment Advisor (RIA) firm, Mirador Capital Partners, in...

The fight over who owns the client comes to RIAs

August 13, 2019

The persistent war between who controls clients and their assets is typically fought between wirehouses and their advisers. And that fight can get ugly, with these major brokerage firms taking advisers to court when the advisers leave one firm...

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...

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...

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...

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...

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...

Former brokers say breaking away to be RIA went better than they feared

July 2, 2019

An appetite for control, independence and an opportunity to build equity in a sustainable business continue to fuel the migration by wirehouse brokers toward the independent registered investment adviser ranks. A new report from TD Ameritrade...

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