Results for "wirehouses"

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Wall Street is going RIA-ish

July 1, 2019

The purpose of Wall Street is to chase, create and sniff out profits. By its nature, the Street will always move to where the money goes. In the financial advice industry, money and margins are moving slowly and inexorably away from the bank-owned...

Envestnet Tamarac expanding into wirehouses with Merrill partnership

June 27, 2019

Envestnet Tamarac is already immensely popular among registered investment advisers, but now the technology platform is going after bigger game in the wirehouse market. Bank of America Merrill Lynch is bringing Tamarac's performance reporting...

Technology can help turn client conversations toward planning in next bear market

June 24, 2019

Unless you've been living under a trading desk since the early 2000s, you've heard all about the shift in wealth management away from investments toward comprehensive financial planning.​ Investment management is commoditized. Advisers today...

Financial firms fight over $18 trillion held by poorest of the rich

June 20, 2019

People with assets of $250,000 to $1 million are set to become a new battleground for the world's financial firms as declining margins push firms to seek out pockets of wealth further down the scale. About 76 million people with $18 trillion...

Long-shot bid for Wells Fargo CEO job gains steam

June 12, 2019

More than two months into Wells Fargo & Co.'s broad search for its next leader, a pitch to keep its interim chief is gaining a bit of steam — thanks in part to the people who don't want the job. Several executives widely seen as attractive...

What does it mean when superstar breakaway brokers bolt again?

June 12, 2019

In 2008, when a group of advisers in charge of $7 billion left Merrill Lynch to set up their own RIA, Luminous Capital Holdings, the financial advice industry was aghast. It was an audacious move, particularly for a team of all-star financial...

Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

June 7, 2019

Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission's investment advice reforms approved this week. But some firms are also gearing up for more changes promulgated by the organization...

Merrill Lynch adding human advisers to Guided Investing robo

June 3, 2019

Bank of America is adding human financial advisers to its digital advice platform, Merrill Guided Investing. The advisers will fill a service gap between the firm's purely digital, self-directed robo-adviser and the full-service advisers of...

Finra suspends ex-Morgan Stanley broker who made hundreds of CD trades for elderly client

May 31, 2019

A veteran broker formerly with Morgan Stanley was suspended on Friday for 18 months by the Financial Industry Regulatory Authority Inc. over a matter involving hundreds of trades of bank-issued certificates of deposit in the account of an elderly...

JPMorgan's Dimon criticizes Wells Fargo CEO transition

May 28, 2019

One of Wells Fargo & Co.'s biggest competitors isn't impressed with the bank's leadership transition. JPMorgan Chase & Co. chief executive Jamie Dimon said it was "irresponsible" for Wells Fargo to announce CEO Tim Sloan's departure without...

LPL expanding platform to include employee brokers

May 22, 2019

LPL Financial, which has grown into one of the largest brokerage firms in the country by hiring advisers who act as independent contractors, is creating a new model which would employ brokers working directly for the firm. In a presentation...

Greg Fleming, Rockefeller Capital spending big on recruits

May 21, 2019

Greg Fleming's Rockefeller Capital Management is making a splash in the market to recruit veteran wirehouse financial advisers, offering lucrative recruiting deals that could equal three times or more of advisers' annual production. Industry...

Bob Oros of HighTower calls protocol exit 'form over substance'

May 15, 2019

HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol. "It's a little bit of form over substance," said Bob Oros, chief executive of the $50 billion...

Morgan Stanley wealth management clients burned in Uber IPO

May 13, 2019

Morgan Stanley investment bankers stand to reap millions of dollars in fees for leading Uber's initial public offering last week. Yet wealthy clients are facing losses. In 2016, the firm offered its elite clientele a chance to get in early on...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

A new pay model: 300 advisers move, and the entire industry feels the shift

May 4, 2019

Bank of America's decision to move 300 Merrill Edge advisers into its Merrill Lynch Wealth Management branch offices last month didn't attract much attention. But 10 years from now, people might point to it as a watershed moment in the evolution...

Salary model exploited by rivals

May 4, 2019

The Big Four wirehouses control trillions of dollars of client assets and are not about to disappear anytime soon. But they have been losing individual and groups of advisers to competitors. According to InvestmentNews data, 235 individual advisers...

Wells Fargo Advisors looks to cut red tape for advisers in reorganization

May 1, 2019

Wells Fargo Advisors continues its restructuring, reducing the number of regions its financial advisers work under from 21 to 14. The firm's roughly 12,000 advisers who work in the firm's employee channel work within those regions. The move...

Choppy stock market leads to fewer wirehouse reps fleeing the coop

April 30, 2019

The stock market correction at the end of last year is being credited with putting a damper on breakaway broker activity during the first three months of this year. The latest data from Echelon Partners show that just 94 advisers exited the...

UBS loses 166 advisers in its Americas unit over the past year

April 25, 2019

UBS lost 60 advisers in the first quarter compared with the previous quarter, pushing the total drop in adviser headcount over the past 12 months to 166, a 2.4% decline, the company reported Thursday. The firm's headcount, 6,790 at the end of...

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