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Wells Fargo, Morgan Stanley use contrary tactics to keep advisers

January 25, 2018

Wells Fargo Advisors and Morgan Stanley are using extremely different tactics in the battle to hang onto their financial advisers. Wells Fargo started the year by dangling a carrot at its 14,544 retail and wealth management advisers, while Morgan...

Mark Cortazzo leaves LPL after five years

January 25, 2018

LPL Financial is losing another well-known wealth management firm. MACRO Consulting Group, a hybrid firm managing more than $800 million, announced in an email to the firm's employees that it had switched its broker-dealer affiliation to Mutual...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Finra arbitrators award $878,712 to broker wrongfully terminated by Ameriprise

January 24, 2018

Finra arbitrators awarded $878,712 to a broker who they found was wrongfully fired by Ameriprise Financial Services Inc., but the victor will continue to serve a Finra suspension over a related investigation until April. The Financial Industry...

Wells Fargo erasing hurdles for advisers looking to move to its IBD

January 24, 2018

The independent contractor arm of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, or FiNet, intends to make it easier this year for brokers who are employees to jump to another side of the business and work as independent reps...

Finra suspends, fines broker for posting fake sex ads

January 24, 2018

The Financial Industry Regulatory Authority Inc. is suspending and fining Paul Betenbaugh, a former registered representative with Edward Jones, for impersonating a competing adviser and using that adviser's information to create explicit internet...

Finra arbitrators award more than $4 million in case against rogue broker

January 23, 2018

Finra arbitrators awarded more than $4 million to a group of investors who say a notorious rogue broker put their retirement savings into risky, unsuitable investments. But the satisfaction of winning the case may be their only reward. In a...

Finra launches helpline for small-firm members

January 22, 2018

Finra launched a helpline for small-firm members on Monday to answer "general and routine" compliance questions. Financial Industry Regulatory Authority Inc. personnel will be available on the helpline from 9 a.m. EST until 5 p.m. EST Monday...

Morgan Stanley seeks to clarify Harold Ford Jr.'s termination

January 22, 2018

Morgan Stanley, seeking to clarify circumstances surrounding the departure last month of former Congressman Harold Ford Jr., said Monday his separation was based on violations of corporate policy. "The press has reported that Mr. Ford was terminated...

UBS adviser count continues to decline

January 22, 2018

With the recent overhaul of its wealth management business taking shape, UBS Wealth Management Americas continued to see a decline in its overall number of advisers, reporting on Monday morning a net decrease of 203 in 2017, or 2.9%. Meanwhile,...

Two practices, each managing $150 million, leave Wells Fargo FiNet

January 18, 2018

Two brokerage teams affiliated with Wells Fargo FiNet, each of which manages $150 million in assets, have affiliated with other broker-dealers. LongView Wealth Solutions, based in York, Pa., has affiliated with Raymond James. Corinthian Wealth...

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

January 18, 2018

Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting. The number of brokers leaving in the fourth quarter was the most in any single quarter...

Hybrid group managing $1.3 billion leaves LPL

January 18, 2018

Cornerstone Wealth, which managed $1.3 billion as a hybrid affiliated with LPL Financial, has switched its broker-dealer affiliation to Mutual Securities and its custodian to Fidelity. It also has joined Focus Financial for support with its...

Finra releases budget for first time, foresees declining operating revenues

January 18, 2018

Finra projects declining operating revenues this year but will not raise membership fees in 2018, the broker-dealer regulator said Thursday. In its first-ever publicly released budget summary, the Financial Industry Regulatory Authority Inc....

Carson Group platform gives investors financial planning choices

January 18, 2018

The Carson Group on Thursday announced a digital platform that is designed to offer investors the full range of financial planning services, from robo to human adviser. The platform is made up of four-stages that allows clients to move from...

Morgan Stanley's wealth management fees climb to all-time high

January 18, 2018

Record stock markets have been good to Morgan Stanley. The firm's wealth management fees climbed to a record in the fourth quarter as the S&P 500 Index reached an all-time high. The company beat its target cost ratio for the year and posted...

Finra, investigating misuse of funds, bars former Edward Jones rep

January 17, 2018

The Financial Industry Regulatory Authority Inc. has barred Matthew Kerby, a former Edward Jones broker, for failing to take part in a hearing looking into allegations that he misused client funds. Mr. Kerby was employed by Edward Jones in Paoli,...

Former Investors Capital rep barred by Finra ​

January 17, 2018

The Financial Industry Regulatory Authority has barred Matthew Peregoy, a former broker with Investors Capital, for failing to take part in a hearing looking into his possible misuse of client funds. Finra said that Mr. Peregoy, whose registration...

Team managing $124 million at Raymond James moves to Ameriprise

January 17, 2018

Jose Gabriel Lopez and Misael Lugo of Orlando, Fla., who managed $124 million at Raymond James & Associates, have joined the employee unit of Ameriprise. They brought with them two service associates. Mr. Lopez began his securities career at...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

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