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Bank of America’s Moynihan: No quick pullback from fiduciary rule
Chairman and CEO of the bank that contains Merrill Lynch says the DOL regulation is part of a larger trend in financial services.
Wells Fargo sustains more adviser losses following banking scandal
One hundred and thirty advisers left in the second quarter, marking the firm's third consecutive quarter of reductions.
UBS loses $793,000 in Puerto Rico bond arbitration case
Claimants asserted firm was negligent and breached its fiduciary duty.
Finra fines Wells Fargo $3.25 million for options trade reporting violations
Firm censured for inaccuracies and errors in OTC options reports from 2008 through this year.
Morgan Stanley to let financial advisers text clients
The move is part of an enhanced digital approach the firm plans to roll out in stages over the next several months.
Morgan Stanley loses $628 million team to Merrill Lynch
The team is comprised of four-advisers, working in Paramus, N.J.
As DOL fiduciary rule takes effect, B-Ds focus on compliance
Firms have trimmed their lineups of investment products, leveled broker compensation and standardized compensation across product lines
Morgan Stanley overhauls senior leadership in its wealth management unit
The firm has created a new role, head of the field, and eliminated division-level leadership positions
UBS latest to shift broker compensation ahead of DOL fiduciary rule
Brokers will be paid a flat rate based on clients' retirement assets, not transactions.
Former Morgan Stanley rep barred by Finra for concealing Venezuelan bond trades
John Batista Bocchino hid $190 million in transactions, creating fake account firms and tickets
Morgan Stanley to arm its financial advisers with algorithms to take over routine tasks
The firm will pilot the program with 500 advisers in July and expects to roll it out to all of them by year-end.
As Merrill Lynch and Morgan Stanley cut back, what’s next for recruiting deals?
If you are a wirehouse adviser who has counted a giant recruiting package as part of your net worth, you need to recalculate.
Wells Fargo’s move to boost signing bonuses could give it a lift
Wirehouse is seen as trying to shore up adviser ranks that took a hit after banking scandal
Brokerage firms hunt for fintech in early-stage development
Edward Jones and Wells Fargo invest in tech start-ups to find technology before competitors.
DOL fiduciary rule pushing broker-dealer assets to fee-based accounts, away from commissions
Some large brokerages such as Morgan Stanley, Edward Jones and Raymond James have seen a surge in advisory assets a year on from promulgation of the retirement regulation.
Wells Fargo Advisors restricting investments for retirement accounts
Mutual fund sales will be limited to T shares, while municipal bonds, preferred stock and international debt will be prohibited.
Wells Fargo FiNet loses $275 million team to Raymond James
Five-person Holloway Harman & Associates is based in Kansas City, Mo.
Finra fines Merrill Lynch $650,000 for bond trading violations
Regulator censures firm for handling of customer orders for nonconvertible preferred securities
Merrill Lynch’s move away from signing bonuses seen as risky
Wirehouse's new recruiting strategy will focus on hiring and training younger advisers at the expense of signing top producers from rival firms.
Morgan Stanley’s decision to cut Vanguard funds likely due to DOL fiduciary rule
Because of the fiduciary rule, broker-dealers are looking to have level compensation across their platforms.
