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Plenty of advisers eager to scoop up ‘orphaned’ accounts
A central argument against the DOL fiduciary rule is that investors with smaller accounts will be abandoned. But many advisers stand ready to serve them.
Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm
Despite a trying year, the firm has said it will sweeten signing bonuses for veteran advisers.
Fired UBS adviser revives Palm Beach scandal
Craig Price claims he was fired for speaking up about the abuse of a trust fund.
The latest in financial adviser #FinTech (August 2017)
Welcome to the August issue – where we look at the big news, announcements and underlying trends.
Morgan Stanley loses $500 million team in New York
Four-person group joins the Alex. Brown division of Raymond James.
LPL Financial benefits from flight of Wells Fargo advisers
Independent broker-dealer signs up 15 teams from the bank's wirehouse in the second quarter.
Wells Fargo wants mistakenly sent client data returned
Information includes names, Social Security numbers of tens of thousands of wealthy clients.
Morgan Stanley says recruiting and attrition have slowed down
If wirehouses can successfully reduce their reliance on signing bonuses to recruit brokers, they could increase profits.
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.
