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.
Their independent firm, 18Forty8 Private Wealth, is based in Madison, Wisconsin.
In a break with tradition, the firm is introducing next year's pay plan for its 12,000 advisers earlier this year.
The firm is in talks with the Consumer Financial Protection Bureau regarding cases involving automobile lending, consumer-deposit accounts and mortgage lending.
The service allows the firm's high-net-worth clients to use a variety of third-party asset management firms.
The bank added that it had a 'strong quarter' in financial adviser recruitment in the Americas but gave no details in its earnings information.
While CEO Ralph Hamers pursues his vision of harnessing automated tools and boosting the firm's standing in the US, wealth business head Iqbal Khan and his disciples are concerned about diluting UBS' private banking brand.
Plano, Texas-based Valorous Advisors specializes in retirement plan consulting.
Both revenue and adviser head count increased, and Andy Sieg, president of Merrill Lynch Wealth Management, attributed the strong results partly to the firm's advisers.
Net interest income rose 24% in the third quarter as the bank reaps the benefits of the Fed's interest rate hikes.
The firm is assessing its head count, CEO James Gorman suggested on an earnings conference call.
The wealth management group attracted $65 billion in net new asset during the quarter, pushing the total this year to $260 billion.
The wirehouse employed a total of 12,011 financial advisers at the end of September, a loss of 173 advisers in Q3.
Alexander Guiliano is launching Resonate Wealth in Ridgewood, New Jersey, along with two staffers.
It's the second time in as many weeks that Finra has penalized a firm for such trading problems.
The firm is positioning Merrill Advisor Match as a modern solution for investors who are looking for financial advice.
Three plan participants are suing the bank, alleging that it overpaid for company stock in its employees’ retirement plan.
Three make the switch in New York City and two will be based in Paramus, New Jersey.
In court documents, the SEC described at least a few senior managers at each firm who engaged in rampant texting with colleagues and clients.
The penalties levied against firms including Citigroup, Bank of America and Goldman Sachs constitute the largest-ever penalties against US banks for record-keeping lapses.
