Doug McKelvey of South Lake, Texas, misused at least $1.5 million of funds held in brokerage accounts belonging to clients that included his mother and another elderly family member.
UBS will see its workforce, costs and balance sheet swell next week when the Credit Suisse deal likely closes, prompting it to weigh deep cuts to staffing levels and wind down riskier assets.
Both banks have recently signaled their interest in bolstering their wealth management operations, but they can't snap their fingers and conjure financial advisors from thin air.
Miami-based Eva Marina Ovejero has more than two decades of experience.
Richard Ina will open an office for the firm in the Nashville, Tennessee, area.
Barry Simmons is at least the third senior wealth management executive Wells Fargo has hired in the last few years from JPMorgan.
Banks' interest is growing in the evolving technology of artificial intelligence and its likely impact on their business.
The bank aims to almost double its profit from wealth management through asset growth, more lending and expanding markets, co-president Andy Saperstein said at a conference.
The settlement with the SEC follows Carrie Tolstedt's agreement in March to plead guilty to obstructing a problem of the bank's practice of opening accounts for customers without their authorization.
Since becoming a hybrid RIA, Concurrent has added five new firms that combine for $440 million and it's ramping up to co-brand advisors from every possible direction.
Jonathan Kesselman is opening an independent practice, Kesselman Wealth Management, in Westlake, Ohio.
Chief executives at leading brokerage and advisory firms are earning more money than ever. Here are the numbers on last year’s compensation for some of the highest-profile executives.
The executive team under Lindsay Hans and Eric Schimpf is taking shape; Ken Correa takes on an expanded role as head of business and client development, while Erik Vatter was named head of advisor development.
Bruce Pienton and Scott O’Mara launch Bridgewright Wealth Partners in Grand Rapids, Michigan.
Andy Saperstein, Ted Pick and Dan Simkowitz are thought to be executives in the running to succeed James Gorman, who says he will step down in the next 12 months.
Jersey City, New Jersey-based Crescent Harbor Private Wealth was founded by John Araneo.
San Jose-based O’Connor & Associates has $875 million in client assets; Garden City-based Cuneo Denihan & Associates has almost $1 billion in assets.
Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, will assume the role of executive chairman after exiting as chief executive.
But the bank warns that it faces billions in potential costs, including about $13 billion in markdowns on Credit Suisse assets and up to $4 billion in legal costs.
The shareholder suit accused the bank of making misleading statements about its compliance with federal consent orders following its 2016 scandal related to unauthorized customer accounts.
