Results for "wirehouses"

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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...

Morgan Stanley sees massive growth from giant teams of advisers

June 12, 2019

Morgan Stanley is betting that giant teams of advisers with up to $100 million in annual revenue will be a big driver of growth in the future. That will occur even as the firm sees its total head count of 15,700 financial advisers and brokers...

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...

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...

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...

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...

Morgan Stanley rides wealth management train to solid first quarter

April 17, 2019

The first-quarter stock market rebound was cited as a driving force behind the strength of Morgan Stanley's wealth management business, which generated $4.39 billion in revenues during the quarter and beat analyst estimates by $200 million....

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...

UBS says wealthy clients add $22 billion in Q1

April 25, 2019

Rich Asians came to the rescue of UBS Group in the first quarter after CEO Sergio Ermotti's dire outlook on market conditions sent investors into shock and investment banking revenue plummeted. Wealthy clients in the Asia-Pacific region accounted...

Wells Fargo taps company veteran as interim head of wealth management

March 25, 2019

Wells Fargo has tapped an interim replacement for its head of wealth management. At the start of next month, Tim Traudt will become interim head of wealth management, according to an internal announcement on Monday. He replaces Jay Welker, who...

Things to watch as Tim Sloan of Wells Fargo testifies before Congress

March 11, 2019

How much progress has Tim Sloan made cleaning up Wells Fargo & Co.? That's the key question that Mr. Sloan, 58, will face when he testifies to the House Financial Services Committee Tuesday in a hearing titled "Holding Megabanks Accountable:...

Bank of America said to drop Merrill Lynch name from investment bank

February 25, 2019

Bank of America Corp. is planning to drop Merrill Lynch from the branding of its investment bank, while it will use the name Merrill for its wealth management unit. The Charlotte, N.C.-based lender will refer to its investment bank as BofA Securities...

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...

Wells Fargo to implement new fee on advisory accounts

January 29, 2019

Wells Fargo Advisors is hitting clients with a new annual fee on advisory accounts that is roughly six basis points — equal to $590 per year on the average client with $1 million in advisory assets — according to a memo sent to the firm's...

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...

Wells Fargo CEO disputes claim the bank is too big to manage

March 12, 2019

Wells Fargo & Co. Chief Executive Officer Tim Sloan detailed efforts he's taken to turn the bank around and pushed back against a lawmaker's claims that it's too big to manage in testimony Tuesday before the House Financial Services Committee....

Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing

March 12, 2019

More than two years after Wells Fargo & Co. erupted into scandals, Chief Executive Officer Tim Sloan returned to Capitol Hill to lay out his efforts to clean up the mess. The bank has apparently made little progress in winning over lawmakers....

Wells Fargo hits more bumps as it tries to move past scandals

March 21, 2019

A federal judge said he's not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender's unauthorized-accounts scandal — even though the settlement was touted...

Wells Fargo sees 'possible' legal losses rising by $500 million

February 27, 2019

Wells Fargo & Co., beset by a wave of government probes into suspected customer abuses, boosted an estimate for its potential legal losses by $500 million. The company said it might have to spend as much as $2.7 billion more than what it already...

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