The SEC enforcement action is another example of the agency's increased scrutiny of wrap-fee programs.
Investors’ happiness with their advisors took a hit last year as the stock market dived, according to J.D. Power’s annual survey.
He is being replaced at Merrill Lynch by Lindsay Hans and Eric Schimpf, who have been appointed presidents and co-heads of Merrill Wealth Management.
Finra arbitrators ruled on the estate's claim that Morgan Stanley ignored rules laid out by a court for how funds in the estate were to be handled.
The addition of breakaway Ensign Wealth Partners, a $500 million RIA, pushes Steward's total custodial assets on the Pershing platform to more than $1 billion.
Ermotti, who previously served as UBS' CEO for nine years, is familiar with UBS and the Swiss financial landscape, qualities seen as critical for the integration.
The San Francisco-based Marchetti Porter Wealth Partners jumped ship over the weekend.
New York-based Steven M. Rozencwaig will join the firm’s Manhattan office.
Focus Financial is going private. There’s a banking crisis. What has the impact been on these companies?
As the Justice Department investigates whether financial professionals helped Russian oligarchs evade sanctions, subpoenas also went to employees of some major US banks.
Citi alleges Steven Taub is violating a 12-month nonsolicitation agreement and has already convinced clients to move more than $100 million.
Vishal Bakshi, an advisor who reportedly has $1.5 billion in client assets, left to join Morgan Stanley late last week, after signing on at First Republic less than a year ago.
Columbus, Ohio-based Matthew Terwilliger and his team will operate as Iterhic Wealth Advisors.
Almost half the financial advisors hired by First Republic since 2010 came from Wells Fargo Advisors, J.P. Morgan Securities, UBS Financial Services and Morgan Stanley.
In addition, Fitch places UBS on rating watch negative due to uncertain implications of the acquisition on the combined credit profile of the two banks.
The UBS deal to acquire its banking rival, along with the continued drop in the share price of First Republic Bank, could mean a further shake-up in the US wealth management market.
The rating agency lowered the bank's long-term issuer credit rating to B+ from BB+, having already downgraded the lender to junk last Wednesday.
The Swiss bank is reportedly paying more than $2 billion for its rival in an all-share deal priced at a fraction of Credit Suisse's close on Friday.
The plan, which the banks devised with US regulators, is meant to stave off a widening panic in the wake of regulators' seizure of Silicon Valley Bank and Signature Bank over the past week.
Several large banks are discussing a potential deal that could include a sizable capital infusion to shore up troubled First Republic.
