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U.S. Trust hires managing director from JPMorgan in expansion bid
Firm looks to deepen its reach in the ultrahigh-net-worth market segment with plans to double head count in Washington by year's end.
Billion-dollar teams inch into indie market
With improvements in technology and compensation models, independent firms are narrowing the gap in the competition for the biggest talent on Wall Street.
J.D. Power: Satisfaction with investment firms up
Investor satisfaction with large investment firms continues to inch higher since plummeting in 2009, and the firms with…
Firms use looming bonus disclosure rule to turn up the heat on recruits
Some branch managers are telling prospects that they should consider moving now before Finra's looming bonus disclosure rule goes into effect.
Finra gets arbitration process back on track in Puerto Rico
After several months of deliberations, Finra has expanded its pool of arbitrators and is ready to move forward with the hundreds of complaints related to collapses in Puerto Rico bond funds. That doesn't necessarily mean smooth sailing.
UBS, Merrill push to keep bond fund hearings in Puerto Rico
In confidential meeting, firms' attorneys oppose allowing arbitration cases to be heard in Southeast venues.
Finra tags Merrill Lynch with $8 million fine for mutual fund sales charges
Finra fines Merrill Lynch $8 million for failing to waive mutual fund sales charges to certain charities and retirement accounts and requires the wirehouse to pay back $89 million in restitution.
Morgan Stanley sues convicted ex-broker for legal fees
Brokerage seeks payback of more than $3.6 million, claiming ex-broker Darin DeMizio “intentionally defrauded Morgan Stanley and concealed his fraud” while working at the firm.
Brokerages toss around ideas about salary for Next Gen advisers
Wells Fargo is testing new models that would pay on a salary plus commission basis in effort to attract Millennials
Finra approves background checks for brokers
At its board meeting, Finra approved background checks for brokers and plans to consider requiring new information such as exam scores on BrokerCheck.
Merrill Lynch hires Barclays adviser duo
The team, who previously managed $285 million in assets, join Merrill in New York.
Merrill Lynch dodges high-profile gender bias suit
N.Y. Supreme Court justice dismisses a complaint from three former trainees who claimed they were given a book called “Seducing the Boys' Club” and ultimately fired out of bias.
Wirehouses, banks, RIAs under cost pressure even as assets rise
The rich are getting richer, and that's good news for banks' wealth management units. But for how long?
Clintons jump through financial planning loopholes to dodge estate taxes they support
Breakfast with Benjamin: Brokers pouncing on 401(k) biz. Plus: The Clintons dodge the estate taxes they support. The Fed wants to add exit fees to bond funds, U.S. banks on the edge of new funding rules, Congress mulls investor confidence on your dime, El-Erian sides with the IMF, and merger mania is alive and well.
Schorsch’s pickup of J.P. Turner: "Such a bargain!"
Nick Schorsch has been snapping up B-Ds with the fervor of Carrie Bradshaw from “Sex and the City” chasing down her next pair of Manolo Blahniks. But with J.P. Turner, is the firm's stock-jockey history a problem or did Nick buy a gem at downtown prices?
Financial industry groups oppose adding exam scores to BrokerCheck
Both SIFMA and FSI cautious about Finra proposal to strengthen its database.
Morgan Stanley taps new head for private wealth unit
Morgan Stanley Wealth Management, the largest of the four wirehouses by financial adviser head count, has filled a…
Head count falls but fee revenue boosts Merrill Lynch in 1Q
Asset management fees hit a record $1.5 billion, up 21% from the first quarter last year; assets on Merrill One surge.
Brokerage industry sounds off about Finra broker compensation proposal
Comment letters show independent B-Ds want no part of it, while wirehouses are all for it.
Merrill Lynch’s Thiel: Fee transparency key to restoring trust
If the industry hopes to build trust, clients have to understand what they're paying, executive tells crowd at conference in New York.
