Results for "wirehouses"

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Wells Fargo CEO Tim Sloan could be hard to oust — here's why

February 22, 2019

Wells Fargo & Co.'s top critic makes it sound so easy. Sen. Elizabeth Warren has made her view clear — again and again — that the bank can't resolve its scandals until it names an untainted replacement for Chief Executive Officer Tim Sloan....

Cross-selling can be lucrative — and dangerous — for big brokerages

February 21, 2019

Merrill Lynch and Wells Fargo Advisors currently stand at opposite ends of the spectrum when it comes to advisers selling or recommending banking products to clients. Owned by Bank of America Corp., Merrill Lynch is embracing the practice and...

UBS ordered to pay more than $5.1 billion in French tax case

February 20, 2019

UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of having helped wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 3.1%. The Paris...

Wirehouse culture driving the move to independence

February 20, 2019

As a professional headhunter, I always discuss the culture of my client firms with the financial advisers with whom I work. Quite often, instead of inspiring curiosity, I get an eye roll, as if I had told my teenage daughter to clean her room....

Advisory fees push commissions further into the background

February 19, 2019

When there's a financial professional in the picture, investors mostly prefer paying fees based on assets under management. The latest research from Cerulli Associates found that clients seeking investment advice from financial professionals...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

RIA M&A sets another record in 2018

January 14, 2019

The financial market volatility that picked up in earnest last year was not enough to derail the pace of consolidation among registered investment advisers. Echelon Partners reported Monday that merger and acquisition activity in the RIA space...

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