Results for "wirehouses"

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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...

RIA deals starting to mirror excesses of wirehouse world

January 10, 2019

For those of us who have been in the wealth management industry for many years, the new reality of top advisers fleeing the wirehouses to go independent as opposed to the decades-long wirehouse to wirehouse "prisoner exchange" is as strange...

Carson Wealth snags Wells Fargo Advisors team in Iowa

January 7, 2019

Carson Wealth has picked up a team of four financial advisers from Wells Fargo Advisors in Des Moines, Iowa. Led by 30-year brokerage veteran Joel Worsfold, the team moved on Friday, according to Mr. Worsfold's BrokerCheck report. Ron Carson,...

Bob Oros takes over as HighTower CEO

January 7, 2019

HighTower Advisors confirmed on Monday that industry veteran Bob Oros has taken over as CEO of the Chicago-based RIA consolidator. The news, which was originally reported in November, puts Mr. Oros at the head of a $60 billion wealth management...

Wells Fargo to pay states $575 million over sales practices

December 28, 2018

Wells Fargo & Co. will pay $575 million to settle state-level claims over the bank's sales practices. The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo's practices from...

Finra fines Morgan Stanley $10 million for lapses in anti-money laundering program

December 26, 2018

The Financial Industry Regulatory Authority Inc. announced Wednesday that it fined Morgan Stanley Smith Barney $10 million for anti-money laundering program and supervisory failures that spanned a period of more than five years. FINRA found...

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...

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...

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...

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