Results for "wirehouses"

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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...

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 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...

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...

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...

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 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...

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...

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 combines private bank, ultra-high-net-worth units

November 8, 2018

Wells Fargo & Co. plans to combine its ultra-high-net-worth business and private bank under one leader. The merged operation will be run by someone yet to be named, who will report to Jon Weiss, head of wealth and investment management, according...

Wells Fargo considering sale of retirement-plan unit

November 8, 2018

Wells Fargo & Co. is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter...

Merrill Lynch to focus team pay on digital, online areas

November 6, 2018

It's autumn, the time for leafy trees to turn spectacular colors, the time to pick out your Thanksgiving turkey and the time for financial advisers to fret and worry about how they will be paid next year. The four large wirehouses, Merrill Lynch,...

Jay Welker, Wells Fargo head of wealth management, to retire

November 6, 2018

Wells Fargo & Co.'s head of wealth management and private bank, Jay Welker, said on Tuesday that he is retiring. Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking...

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