Ajay Gupta and partners managed $540 million at wirehouse; clients include new-age guru Chopra.
Rudy Adolf of Focus Financial has done the math: Wall Street wirehouses destroy close to $50 billion of portfolio value each year with "unnecessary fees and depressed performance based on poor product choices, or both."
Plus, Morgan Stanley's Graystone Consulting gets new executive director, financial adviser.
Four-adviser team have combined production of $5.8 million.
RIAs appear to be losing their competitive edge. Why? Wirehouses and regional firms are adopting some of their practices.
Two advisers split Morgan Stanley to join RBC but the wirehouse adds three teams.
Moves by Wells, Merrill, LPL sign of times?
A federal judge has ruled that Merrill Lynch can't force a group of brokers suing the firm over overtime into arbitration. The case has big implications for the Finra-Schwab class action case.
<i>IN</i> data indicate the firm lost a net 11 adviser teams, $8.4B in client assets, in the third quarter.
Danny Ludeman, longtime chief of Wells Fargo Advisors, is retiring, leaving all bankers in charge. That has advisers worried.
Officials say broker helped Qualcomm executive trade on inside information over acquisition.
The moves from Morgan Stanley and Goldman Sachs add to a spate of adviser movement
Rudy Adolf of Focus Financial says strong wealth management relationships are about trust, and the bond of trust with the client has been broken
A new partnership between Broadridge Financial Solutions and Scivantage will provide Broadridge clients with access to Scivantage Maxit, an automated cost-basis application.
Big incentive packages and adviser frustration mark new momentum as turnover picks up.
Court denies request by bank, Merrill on overtime suit.
Financial adviser and IBD headcounts continue to shrink as training can't catch up with the drain of talent. But how's the rest of the business faring?
Changes are expected as Finra considers its controversial broker-comp rule this week. Industry watchers say wirehouses are largely backing a recruiting incentive regulation but IBDs oppose it.
