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First Republic starts year with a bang
Picks up two Merrill Lynch groups with nearly $2 billion in assets; more deals might be on the horizon.
RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed
Differentiating themselves from brokers would be easier now that debate has raised investor awareness of the role of a fiduciary
SEC hits Morgan Stanley with $13 million fine
Says wirehouse overbilled investment advisory clients due to coding and other billing system errors.
Morgan Stanley fined more than $10 million for violating customer protection rule
That rule is intended to safeguard clients' cash and securities so they can be promptly returned should the broker-dealer fail.
Morgan Stanley advisers hit revenue record in fourth quarter
Advisers produced average annualized revenue of $1 million in the period.
Merrill Lynch branch manager resigns over expense reporting
This is at least the second time this fall that Merrill has had a high-profile termination over improper expense reporting.
TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms
From incubator relationship to back-office service provider.
Bank of America wants more referrals from its Merrill Lynch advisers
Brokers will be expected to provide two referrals a year to the bank or face a 1% penalty on their payout. (More: Morgan Stanley sales contests among advisers didn't help clients)
TD Ameritrade says trading impacted by Trump’s tweets
First-quarter volume was up 11%, in part because of president-elect's frequent social media activity
RIAs merging at a record clip, more breakaways become RIAs
Multiple forces are driving industry consolidation.
Morgan Stanley teams up with data-aggregation company Addepar to get insight into clients’ holdings
The deal is the latest example of the finance industry working with technology firms that provide services the old guard can't easily replicate.
Raymond James recruits Oregon adviser from Morgan Stanley
Veteran adviser manages $170 million in client assets.
Wells Fargo eliminates bonuses for advisers selling banking products
Months after its parent bank Wells Fargo & Co. was hit with a $185 million fine for opening…
Raymond James grabs four-man team from Wells Fargo
The team had $288 million in client assets and generated $1.7 million in fees and commissions annually.
Advisor Group taps wirehouse veteran Jamie Price to be CEO
The new head of one of the largest independent broker-dealers served as head of wealth management at UBS's Advisor Group Americas.
UBS to pay close to $1 million in another Puerto Rico claim
The wirehouse is facing a raft of customer complaints tied to its sales of the commonwealth's municipal bond funds.
Wells Fargo Advisors to pony up $35.5M in race discrimination, class action settlement
The group of six brokers are joined by 325 confirmed African American brokers or trainees at the firm. There could be another potential 200 class members.
Finra wants to speak with fired Wells Fargo reps connected to cross-selling scandal
Citing news articles with Wells Fargo workers questioning why they were fired after the bank’s recent cross-selling scandal…
UBS fires top Connecticut broker Phil Fiore Jr. for multiple violations
Phil Fiore Jr. was part of an $8 billion team and was selected by Barron's as a top adviser in Connecticut in 2015. (More: Former registered representative in Texas arrested for internet Ponzi scheme)
Wells Fargo financial adviser with $350 million in assets skips to Raymond James
The Denver area practice will operate as First Avenue Wealth Partners.
