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An open letter to Next Generation financial advisers
“The times they are a'changing.” So said Bob Dylan in 1964. I am fairly certain he wasn't talking about the financial services industry, but now 50 years later, his message most definitely applies to our world.
UBS acquires $2.6 million Beverly Hills team from Merrill Lynch
Two Grueninger Group principals and an associate make the move.
Schwab offers independent advisers access to hot debt market
Firm hopes the move allows it to compete with Wall Street brokerages.
Wall Street bonuses rose 15% last year
Wall Street's bonus pool rose to $26.7 billion in 2013 as profits from broker-dealer operations on the New York Stock Exchange fell by 30%, according to estimates by New York state Comptroller Thomas DiNapoli.
Morgan Stanley shuffles top leadership with addition of new role
Firm shifts shifting some top brass to create a new role focused on strategy and client management.
HighTower grabs Merrill Lynch adviser managing $320M
Laurie C. Kamhi is breaking away from Merrill Lynch Wealth Management's Private Banking and Investment Group, where she managed $320 million for well-heeled clients and institutions.
Don’t let brokers keep watch on themselves
Bloomberg columnist William D. Cohan on the saga of Jill Wile, a former manager in the southeast regional office of the Financial Industry Regulatory Authority Inc.
Former Merrill Lynch broker accused of 18-year Ponzi scheme
A former Merrill Lynch broker already serving a 33-month sentence for securities fraud is back in the hot seat after being indicted for an 18-year Ponzi scheme.
Musk’s next move; brokers fail to report trouble
The Tesla chief wants to get into military satellite launching. Plus, brokers failing to report trouble to Finra, stocks (and Costco earnings) drop, the Citi/Oceanografia plot thinkens, who you should follow on Twitter, and more.
Ex-Wells Fargo adviser wins nearly $1 million in promissory note quarrel
Wells Fargo sought $76,152 from a former broker, but in the end was ordered to pay the adviser more than 10 times that amount .
Bank of America won’t face damages claim over Merrill in N.Y. suit
Lawsuit over '09 acquisition seeks injunction barring individuals from the securities industry.
Top executive to depart Wells Fargo Financial Network
Outgoing regional director Ron Sallet had talks with Dynasty, sources say.
Advisers still leaving wirehouses but there’s no exodus
Strong profits from asset fees and potential regulatory changes are keeping most wirehouse reps in their seats, as the firms have mostly maintained their adviser forces since the third quarter of 2011.(Plus: Wall Street's pay gloom)
Morgan Stanley suffers big client asset loss in 3Q as advisers split
Morgan Stanley suffered $8.4B in client asset losses in the third quarter as big advisers split. The wirehouse says attrition is near record lows but some disagree.
<i>Live! From TD Ameritrade Institutional:</b></i> Advisers have targets on their backs from wirehouses, robo-advisers
To help advisers compete, executives announce rollout of update to VEO platform, intern network and a new retirement plan platform.
Investors of all asset levels attracted to self-directed trading platforms
With investors of all asset levels attracted to self-directed trading platforms, advisers need to keep up with all the do-it-yourself online offerings because the DIY channel is mainstream.
Ex-Merrill adviser sentenced to 10 years in prison
A former Bank of America Merrill Lynch financial adviser was sentenced to 10 years in prison for running a Ponzi scheme that defrauded at least six investors of $2.7 million. Mason Braswell has the story.
Individual advisers can be liable for money laundering, Finra warns
In some cases, the failure to supervise rests with the adviser, not the firm, senior director says.
Two teams split Morgan Stanley to go independent
Focus hires $250 million team, on the heels of the departure of $550 million team to Raymond James.
Morgan Stanley hits key growth target in 4Q as pretax profit margin reaches 20%
As Morgan Stanley chief executive James Gorman sets a new profit margin target for the firm's wealth management unit, executives will be looking to advisers to capitalize on new opportunities, such as lending to high-net-worth clients, an area where the firm lags.
