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Wells Fargo Advisors ended 2022 with stable advisor head count
Advisors at Wells Fargo have been under a cloud since 2016, when the bank's fake-account scandal erupted.
Merrill still hanging ‘Help Wanted’ sign for advisors in 2023
The wealth management franchise at Bank of America continued to perform well in 2022 despite the stock market sell-off.
JPMorgan accuses defector to Morgan Stanley of poaching clients
Joseph Michael, who had worked at a JPMorgan bank branch in Michigan, has already persuaded about 32 clients to begin transferring their accounts, according to a complaint filed in court.
Finra dings Morgan Stanley $802,000 for overcharging clients
Morgan Stanley was penalized for failing to catch excess sales charges and fees from mutual fund transactions between 2015 to 2021.
Wells Fargo to pay $3.7 billion for mistreating customers
The bank's settlement with the Consumer Financial Protection Bureau deals with a variety of allegations and includes a $1.7 billion fine that's the biggest in CFPB history.
Thank you, 2022, from InvestmentNews
I’m grateful to have led the remarkable team at InvestmentNews as editor-in-chief in 2022, and we have great expectations for 2023.
Nontraded REIT chickens come home to roost at wirehouses, RIAs
The liquidity issue is squarely in the laps of financial advisers who have never had to deal with the difficulties posed by nontraded REITs before.
Morgan Stanley cutting workforce while Goldman warns of job cuts
As the U.S. braces for a recession, Morgan Stanley is reducing its global head count.
Morgan Stanley ordered to pay $11.5 million over covered call strategy
An investor alleges the firm made unauthorized trades. The Finra arbitration decision comes as the regulator is conducting an exam sweep on options.
Naureen Hassan to oversee UBS Americas’ digital-focused teams
The groups that Hassan will take responsibility for were previously part of the global wealth-management operation.
UBS retreats from plans to target US mass affluent clients
Chairman Colm Kelleher said the bank has been slow to identify cross-selling opportunities to wealth management clients.
Finra spanks Morgan Stanley over sales of high-risk stocks
The Finra penalty included a fine of $200,000 and restitution to clients of $498,000 plus interest.
Team managing $270 million exits Janney for Merrill
The two advisers are based in the firm’s Bala Cynwyd, Pennsylvania, office
Morgan Stanley rep managing $430 million moves to Merrill
Nandi Gunning joins a trio of advisers managing $2.5 billion in San Francisco.
Morgan Stanley’s richest clients being offered Tiger Global venture fund
The investment firm has tapped Morgan Stanley's wealth management arm as it seeks to raise $6 billion for its next venture fund.
Merrill nabs $1 billion team from Citi
A team of four advisers in suburban New York is making the switch.
Adviser managing $350 million at Morgan Stanley joins Linsco
Tim Truebenbach will open an office for the LPL Financial unit in Tacoma, Washington.
Merrill Lynch to drop unpopular pay hurdle in 2023
Known as the '3% investment policy,' the rule acted as a modest — if nagging — monthly charge on the revenue advisers generated.
Big adviser teams say hello and goodbye at Wells Fargo
The latest moves illustrate the push-and-pull dynamics of recruiting and hiring advisers at Wells Fargo.
Wells Fargo faces demand for fine exceeding $1B from CFPB
The Consumer Financial Protection Bureau is pressuring the bank to pay the fine to settle a series of investigations into the bank's mistreatment of customers.
