Results for "wirehouses"

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Merrill Lynch to sweeten the pot for retiring advisers who stick around

November 6, 2019

As the financial advice industry intensifies its fight for client assets, Merrill Lynch said Wednesday that it will sweeten the pot for financial advisers who commit in 2021 to retiring from the firm and handing their clients over to colleagues....

LPL, Raymond James led gains in adviser headcount last quarter

October 29, 2019

Two large independent broker-dealers racked up strong recruiting gains in the third quarter, while all four wirehouses lost advisers on a net basis in the period. LPL Financial, the nation's largest IBD, had a net gain of 94 advisers, while...

Merrill Lynch growth strategy helping advisers reach record productivity

October 16, 2019

Merrill Lynch continues to grow revenue through new client acquisition and cross-selling Bank of America products, while also doing a better job with adviser retention and production, according to the firm. Following Bank of America's quarterly...

Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

October 15, 2019

Wells Fargo & Co. investors got a reminder that the bank isn't past its problems even as it seeks a fresh start under a new leader. The lender took a $1.6 billion expense for litigation tied to scandals in its retail bank, dragging down third-quarter...

Head count at Wells Fargo Advisors slips, but exits continue to slow

October 15, 2019

Wells Fargo Advisors is continuing to see churn in its broker and adviser workforce, but — after three years of watching advisers leave the firm in the wake of banking scandals — the pace continues to slow down. In the earnings report Tuesday...

SEC bars former Morgan Stanley broker involved in insider trading scheme

October 9, 2019

The Securities and Exchange Commission kicked out of the industry a former Morgan Stanley broker who participated in an insider-trading scheme. In an Oct. 8 order, the SEC barred Michael Siva from working for a brokerage, investment adviser...

Morgan Stanley fined $225,000 over questionable muni bond trades

September 19, 2019

The Securities and Exchange Commission on Tuesday said it was fining Morgan Stanley $225,000 for allegedly recommending unsuitable municipal bond transactions to its customers. Morgan Stanley, from June 2013 through December 2017, recommended...

Morgan Stanley changes pay policies

December 3, 2007

Morgan Stanley is adjusting some of its pay policies to comply with a wage-and-hour lawsuit it settled last year. Beginning this month, the New York firm is picking up some state registration fees, paying for trading errors and changing the...

The road to independence: Attracting and retaining clients

August 19, 2019

After 15 years with one wirehouse and five years at another, Don Garman wrote a seven-figure check to release himself from an employment contract so he could start his own Registered Investment Advisor (RIA) firm, Mirador Capital Partners, in...

UBS considering mergers to cope with European banking market malaise

September 5, 2019

UBS Group is considering mergers as well as cooperation with other banks to help cope with Europe's challenging banking market. "We are looking at those issues about consolidation as one part of the equation," CEO Sergio Ermotti said at a conference...

Makeover at Wells Fargo Advisors well-received

August 20, 2019

Wells Fargo Advisors continued a reorganization of its wealth management business, cutting about a dozen market manager positions last week. And for some, it couldn't have come sooner. "Wells Fargo Advisors has been top heavy with management...

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...

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...

Raymond James, Ameriprise add advisers in Q2, as two wirehouses shed them

July 25, 2019

As the large wirehouses continue to watch a steady drip of advisers move to other employers or switch to other ways of doing business, large brokerage operations, including Raymond James Financial Inc. and Ameriprise Financial Inc., appear to...

UBS loses 248 advisers in the Americas over past year

July 23, 2019

UBS on Tuesday reported a year-over-year decline of 248 financial advisers, or 3.6% of the global bank's financial adviser workforce in the Americas, as of the end of the second quarter. The Swiss bank reported 6,689 financial advisers at the...

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

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...

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...

Generous pay makes comeback on Wall St.

November 8, 2009

Happy paydays are here again — on Wall Street, at least. Compensation consulting firm Johnson Associates last week forecast that Wall Street bonuses will rise 40% this year. At The Goldman Sachs Group Inc., average pay per employee is on pace...

Can Sallie Krawcheck restore Merrill's luster?

August 9, 2009

Kenneth Lewis, Bank of America Corp.'s em-battled chief executive, gave a trenchant analysis of the state of banking — and the brokerage business, in particular— last week when he announced that former Smith Barney boss Sallie Krawcheck...

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