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Morgan Stanley shakes up wealth unit

April 24, 2019

Morgan Stanley CEO James Gorman shook up leadership of the firm's massive wealth management division, assigning one of its co-heads to focus on bank units offering loans and deposit accounts. The move affects two executives who've been widely...

Centerbridge said to be in talks to buy Advisor Group

April 23, 2019

Centerbridge Partners is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor...

Wells Fargo annual meeting 'less relevant' amid bank's CEO search

April 22, 2019

Wells Fargo & Co.'s top managers and board members are set to face investors Tuesday, but the bank's conspicuous lack of a CEO has damped expectations that it will say anything new about how to emerge from the shadow of customer-abuse scandals...

IBD report: Another impressive year

April 20, 2019

Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. The...

Finra reminds brokerages of a client's right to a straight answer

April 20, 2019

A regulatory notice issued earlier this month by the Financial Industry Regulatory Authority Inc. told member firms that they must "communicate clearly, and without obfuscation," when the brokerage firms or its managers are asked questions by...

Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

When disclosing conflicts of interest, wiggle words like 'may' may not be good enough

April 19, 2019

The Securities and Exchange Commission and journalists have something in common. Both are leery of wiggle words like "may." Editors always prefer that reporters file stories that offer certainty for readers. If they write that something "may"...

Finra bars former Aegis broker for churning

April 17, 2019

The Financial Industry Regulatory Authority Inc. has barred James Schwartz, a broker who worked at Aegis Capital during the time in question, for churning accounts of four clients. (More:​ SEC wins churning case against 'cockroaching' broker)...

Morgan Stanley rides wealth management train to solid first quarter

April 17, 2019

The first-quarter stock market rebound was cited as a driving force behind the strength of Morgan Stanley's wealth management business, which generated $4.39 billion in revenues during the quarter and beat analyst estimates by $200 million....

InvestmentNews announces 2019 Innovation Awards winners

April 17, 2019

Six firms received InvestmentNews Innovation Awards Wednesday night for their creative and effective approaches to helping advisers run better businesses, improve client outcomes and tackle other planning industry challenges. The winners were...

For Merrill Lynch, emphasis on new clients and cross-selling paying off

April 16, 2019

Merrill Lynch's effort to motivate financial advisers to reel in new clients and cross-sell financial products from parent Bank of America is working, with the company reporting Tuesday that its wealth management advisers are on track for six...

Investigation into LPL broker's eBay business leads to bar

April 16, 2019

The Financial Industry Regulatory Authority Inc. has barred former LPL broker Renee Altamirano after she declined to take part in an investigation of her outside business activities. LPL terminated Ms. Altamirano in March 2018 for violating...

Rep barred for lying about variable annuity sales practices

April 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Frederick Holloway, who ran an eponymous firm in Easton, Md., for improperly withholding documents and providing altered documents to Finra in the course of an investigation into his...

Headcount at Wells Fargo Advisors continues to slide

April 12, 2019

The two-and-a-half-year trend of brokers and financial advisers leaving Wells Fargo Advisors accelerated in the first quarter, although the company is saying internally and externally that it is starting the year with good results in recruiting...

Finra guidance could help departing reps hang onto clients

April 11, 2019

Brokers leaving firms could more easily hang on to their clients and avoid being disparaged by their former employers under recent Finra guidance. The Financial Industry Regulatory Authority Inc. issued a regulatory notice last week that told...

Will Merrill Lynch plan to add fresh advisers to offices be a boon — or a bust?

April 10, 2019

Merrill Lynch's plan to seat up to 300 young advisers in branch offices with its most experienced and profitable financial advisers could be a boon to business, with referrals flying back and forth, or it could backfire and add unnecessary friction...

Cetera to acquire assets of Foresters Financial's U.S. advisory business

April 9, 2019

Cetera has agreed to purchase select assets of Foresters Financial's U.S. broker-dealer and advisory business. Terms of the transaction, which is expected to close in June, were not disclosed. As part of the asset purchase agreement, Cetera...

Principal to buy Wells Fargo retirement unit for $1.2 billion

April 9, 2019

Principal Financial Group Inc. agreed to buy Wells Fargo & Co.'s retirement plan services unit for $1.2 billion as the bank streamlines operations in the wake of scandals. The business, which has $827 billion in assets under administration,...

Finra bars former LPL broker over possible loans from clients

April 8, 2019

The Financial Industry Regulatory Authority Inc. has barred former LPL broker James Bylenga of Kalamazoo, Mich., for failing to take part in a Finra inquiry regarding his conduct. Mr. Bylenga was affiliated with LPL Financial from 2016 until...

Buffett urges Wells Fargo to look beyond Wall Street for CEO

April 8, 2019

Warren Buffett, the largest shareholder in Wells Fargo & Co., says the bank should look outside Wall Street for its new chief executive officer to avoid drawing criticism in Washington. "They just have to come from some place [outside Wells]...

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