Results for "wirehouses"

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Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Wirehouses using digital advice technology to boost cross-selling

July 2, 2018

Wirehouses may be playing catchup to the technology offered by custodians and independent fintech vendors, but the next-generation technology platforms they've recently revealed suggest a growth opportunity the others lack: a new chance to cross-sell...

Wells Fargo memo raises questions about commitment to broker protocol

June 25, 2018

A Wells Fargo Advisors memo Monday morning about client privacy policies sent a spasm of confusion across the network of 14,399 brokers and advisers, with one side saying that the memo undermined the firm's commitment to the protocol for broker...

D.A. Davidson expands with hires from Merrill Lynch

June 25, 2018

D.A. Davidson & Co., a broker-dealer headquartered in Great Falls, Mont., has recruited eight financial advisers in the past two months, including four from Merrill Lynch. "Our recruiting from wirehouses has picked up," said Michael Purpura,...

Morgan Stanley settles confidentially with departing broker

June 21, 2018

Morgan Stanley and former broker Daniel Abel, who left the firm in January, have entered into a confidential settlement agreement in which Mr. Abel agrees not to solicit former clients. Mr. Abel, who is now affiliated with American Portfolios...

Merrill Lynch fined $42 million for misleading customers

June 19, 2018

Merrill Lynch, Pierce, Fenner & Smith agreed to pay a $42 million penalty for misleading institutional customers about how it handled their trading orders, according to a report from the Securities and Exchange Commission. The SEC's order stated...

Take 5: Naureen Hassan talks integration, aggregation and retaining brokers at Morgan Stanley

June 19, 2018

Over the past few weeks, Morgan Stanley has been busy publicizing its new suite of integrated wealth management technology. Andy Saperstein, co-head of wealth management at Morgan Stanley, showcased the firm's account aggregation capabilities...

Wells Fargo weighs changes to wealth unit

June 19, 2018

Wells Fargo & Co. is considering restructuring its wealth management business as the bank pushes for $4 billion in cost cuts by the end of next year. "Our wealth and investment-management group is reimagining our business to become more efficient,"...

Merrill re-evaluates commission ban in retirement accounts

June 15, 2018

In the wake of the Wednesday's deadline to appeal the 5th Circuit Court's ruling striking down the Department of Labor's fiduciary rule, Merrill Lynch has announced plans to re-evaluate its ban on commissions in retirement accounts. Andy Sieg,...

Advisers with billions in AUM leaving Wall Street

June 13, 2018

The biggest firms continue to lose groups of financial advisers that have billions of dollars worth of assets under management. These advisers are moving because they want to set up their own shops so they can own a business or to work at smaller...

After firms dump protocol, advisers show reluctance to make a move

June 5, 2018

Last fall, Morgan Stanley and UBS Wealth Management Americas left an agreement among brokerage firms that allowed brokers and advisers to take a limited amount of client information to a new employer without being sued. Called the Protocol for...

Morgan Stanley wants brokers to use new tech to chase $2 trillion in assets held outside the firm

May 29, 2018

Morgan Stanley is betting that its brokers will use a new, integrated wealth management platform to grab some of the roughly $2 trillion in assets its clients currently hold outside the firm. In a presentation Tuesday in New York that focused...

Morgan Stanley wants to double asset manager's size to $1 trillion

May 23, 2018

James Gorman would like his asset management division to join the $1 trillion club. Morgan Stanley's CEO said he wants the unit to hit that level of client assets, in response to a question about his view on the next five to seven years at a...

UBS latest to make push for young, diverse advisers

May 22, 2018

Correction: An earlier version of this story incorrectly stated that 20 young advisers had completed UBS' general adviser training program. That is the number that have started the program.​ UBS Wealth Management Americas is the latest firm...

Wells Fargo sees slowdown in advisers exiting this year

May 17, 2018

Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That's when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening...

California rep files class action suit against Morgan Stanley

May 15, 2018

A former Morgan Stanley broker in San Francisco has filed a class action suit against the firm, saying that it violated California labor law and "unlawfully undercompensated" its reps in California for their work. The suit filed by Brandon Harvey,...

Former broker fined $10,000 and suspended six months over expense account

May 3, 2018

The Financial Industry Regulatory Authority Inc. has suspended former Merrill Lynch broker Joshua Crossman for six months and fined him $10,000 over an expense account report he filed while at the firm. In a letter of acceptance, waiver and...

Merrill Lynch fires Chicago star broker Bruce Lee

April 24, 2018

Merrill Lynch star veteran broker Bruce Lee, whose Chicago team managed nearly $3 billion in client assets, was fired for unknown reasons, according to sources with knowledge of the move. Mr. Lee, who was fired on Friday, was a perennial member...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

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