Results for "wirehouses"

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Will LPL's new emphasis on recruiting from wirehouses pay off?

December 21, 2018

Recent moves in the recruiting group at LPL Financial make it clear that the firm is trying to target more registered reps and financial advisers who currently work at wirehouses and convince them to leap to a broker-dealer where they labor...

Finra sues Ami Forte, one-time Morgan Stanley superstar broker

December 21, 2018

Former Morgan Stanley broker Ami Forte responded to a Finra lawsuit charging her with churning by arguing that the suit reflects the industry's longstanding discrimination against women. On Thursday, the Financial Industry Regulatory Authority...

UBS sues Ohio National over lost variable annuity commissions

December 17, 2018

UBS has sued The Ohio National Life Insurance Co. and its subsidiaries for the insurer's new policy of ending adviser trail commissions on some variable annuity products. The wirehouse joins several other broker-dealers fighting the cessation...

UBS hit with $15 million in fines, penalties for AML problems

December 17, 2018

Securities and banking regulators are continuing to focus on anti-money laundering procedures and policies at firms of all stripes, announcing on Monday that UBS Financial Services Inc., home to more than 6,900 financial advisers, has been fined...

Regional broker-dealers quietly making comeback now, but the future remains uncertain

December 15, 2018

The financial advice industry frequently focuses on the rise of registered investment advisers and the independent broker-dealer market when it talks about trends in the business. But quietly making a comeback are regional broker-dealers, firms...

Finra fines Merrill $300,000 for failing to supervise rogue broker

December 14, 2018

Finra has fined Merrill Lynch $300,000 for failing to supervise the actions of rogue broker Eva Weinberg, who was employed by the wirehouse for one year in 2010. The fine is part of the lingering ripple effect of a series of court battles that...

Wells Fargo Advisors 2019 comp plan sees little change

December 13, 2018

Wells Fargo Advisors told the 9,000 or so advisers in its private client group on Thursday afternoon that the overwhelming majority of them will not see changes to their pay plan next year. Wells Fargo reps who produce more than $250,000 will...

Despite broker protocol mess, advisers still thinking about leaving Wall Street: Schwab study

December 12, 2018

The uncertainty created by large firms pulling out of a brokerage industry agreement that makes it easier for financial advisers to move to a new employer has had little effect on financial advisers' thinking about leaving the brokerage industry,...

UBS names new head of US wealth unit, seeks to capture more American billionaires

December 10, 2018

UBS Group AG is promoting a long-time executive in the U.S. as it seeks to expand in the region and offer ultra-rich clients more bespoke investments. Jason Chandler will become head of wealth management in the U.S. after more than two decades...

Wells Fargo says it's cleaning up its mess. Regulators demand more

December 7, 2018

Wells Fargo & Co. says it's a different bank today than it was two years ago — but it may not be different enough for regulators. CEO Tim Sloan told investors at a conference Tuesday that the bank aims "not only to meet but exceed regulatory...

UBS buckles under uproar from brokers over non-solicit agreements

December 5, 2018

After causing an uproar earlier this year with its advisers and brokers, management at UBS Financial Services Inc. should be commended for coming to its senses, paying attention to its field force and reversing an unpopular policy that potentially...

Are you serious, Wall Street? A response to the #MeToo 'advice' of men

December 5, 2018

This open letter is a response to a Bloomberg article​ InvestmentNews ran Tuesday about some male Wall Street executives whose concerns about #MeToo accusations have led them to limit the ways in which they work with female colleagues, for...

UBS Global Wealth Management will give ESG scores to funds

December 3, 2018

UBS Global Wealth Management will score the environmental, social and governance strategies of investment funds available to its advisers and clients starting next year. The scores will be placed on all long-only equity and bond mutual funds...

Large broker-dealers expand how they work with small 401(k) plans

November 28, 2018

Large brokerage firms are giving more attention to how their financial advisers do business with small 401(k) plans. Firms such as UBS Wealth Management Americas, Raymond James, LPL Financial, Morgan Stanley Wealth Management, Merrill Lynch...

Independent broker-dealers fastest-growing brokerage group

November 28, 2018

Independent broker-dealers saw the greatest asset growth over the past five years compared with other types of broker-dealers, according to new research from industry consultant Cerulli. IBDs posted a compound annual growth rate in assets of...

Independent Perspective: Why Reza Zamani Chose Independence

November 26, 2018

Going independent as a Registered Investment Advisor (RIA) is a decision requiring considerable thought and planning. In this second of a three-part series, InvestmentNews Content Strategy Studio explores how one advisor — Reza Zamani, Senior...

Morgan Stanley launches new adviser technology dashboard

November 20, 2018

Morgan Stanley is bringing all of the pieces of its adviser technology suite together in one digital dashboard called WealthDesk. WealthDesk provides Morgan Stanley advisers with a consolidated view of their entire book of business and integrates...

Wells Fargo cuts 1,000 jobs across the U.S.

November 15, 2018

Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year. Approximately 900 of the positions will come from the bank's home-lending...

Ex-Morgan Stanley broker sues firm for wrongful termination, smear campaign

November 9, 2018

A former Morgan Stanley broker is suing his ex-employer for what he claims was a calculated plan to destroy his career and take control of his clients. In a lawsuit filed Thursday with the Financial Industry Regulatory Authority Inc., 61-year-old...

Wells Fargo reportedly ends investigation of gender bias in wealth management unit

November 9, 2018

Wells Fargo's investigation into alleged gender bias within its wealth management division is reportedly over. When asked for confirmation of a report by The Wall Street Journal that the firm concluded its investigation, Wells Fargo spokeswoman...

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