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Nontraded REITs to post worst sales since 2002

November 21, 2017

Sales of nontraded real estate investment trusts are headed for their worst year since 2002, with the industry on track to raise just $4.4 billion in equity in 2017, about $100,000 less than a year earlier, according to data from Robert A. Stanger...

RBC Wealth Management on recruiting roll

November 14, 2017

RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. According to data compiled by Mopedia, RBC Wealth Management successfully...

Wells Fargo requires advisers to use level fees for new 401(k) business

November 14, 2017

Wells Fargo Advisors is requiring that financial advisers servicing 401(k) plans do so in a level-fee arrangement for new business, as have other large brokerage firms, in response to the Department of Labor's fiduciary rule. "We have moved...

To 'fix' the broker protocol, bring in the SEC

November 14, 2017

The foundation of the Protocol for Broker Recruiting, and indeed the stated purpose, is to support client freedom of choice, to permit clients to move with their adviser when they change employment. By joining the protocol, member firms agree...

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

Morgan Stanley's broker protocol exit: How did we get here?

November 2, 2017

Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble....

Did Morgan Stanley just kill the broker protocol agreement?

October 31, 2017

Morgan Stanley's decision to walk away from the brokerage industry's protocol agreement "overnight, increased the risk of other brokerage firms likely pulling out of the agreement," said Brian Hamburger, chief executive of compliance consulting...

Morgan Stanley dumps broker recruiting protocol

October 30, 2017

Morgan Stanley's decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One reason for that...

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

October 17, 2017

Morgan Stanley Wealth Management continues to see assets surge into fee-based accounts, but that flow began slowing noticeably in the third quarter, following more certainty of a delay in the implementation of major parts of the Department of...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

Bank of America names new head of US Trust

October 2, 2017

Bank of America has named Katy Knox president of its U.S. Trust private banking business, replacing Keith Banks. Mr. Banks, who held the post since 2009, will become vice chairman of the global wealth and investment management unit, which encompasses...

Rollins Inc. 401(k) participant sues Morningstar, Prudential over alleged RICO violations

August 31, 2017

A participant in a 401(k) plan of Rollins Inc., Atlanta, sued Morningstar and units of Prudential Financial, alleging they violated a federal racketeering law in offering an investment service to plan members. Rollins plan officials and Rollins...

Financial industry steps up in Harvey's wake

August 31, 2017

As downgraded-to-a-tropical-depression Harvey moves across the country, the damage in its wake has left at least 32 people dead and displaced more than 32,000 Gulf Coast residents. Also in the storm's wake: a financial services industry that...

Merrill Lynch loses $600 million team to Texas RIA

August 28, 2017

A three-person team managing $600 million at Merrill Lynch Private Banking and Investment Group in Dallas has joined Syntal Capital Partners, a registered investment advisory firm based in Midland, Texas. (More: SunTrust rep managing $260 million...

Plenty of advisers eager to scoop up 'orphaned' accounts

August 17, 2017

The financial services industry would like to kill the Department of Labor's fiduciary standard. It's expensive to put into place, and the industry's grave fear is that it leaves brokers open to substantial legal risk. As part of its effort...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

August 16, 2017

It's been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with Mopedia tracking 70 teams of advisers working with $19.2 billion in client assets...

Morgan Stanley loses $500 million team in New York

August 2, 2017

A two-adviser, four-person team that managed $500 million in assets at Morgan Stanley in New York has joined the Alex. Brown unit of Raymond James. The two advisers —Todd L. Kissel and Joshua Pasahow — were joined by associates Ida Ng and...

LPL Financial benefits from flight of Wells Fargo advisers

July 31, 2017

As Wells Fargo & Co. deals with yet more scandals that are hurting its reputation, LPL Financial has been welcoming its brokers looking for a fresh start. LPL, the nation's largest independent broker-dealer, reported Monday that 15 or the 72...

Wells Fargo wants mistakenly sent client data returned

July 25, 2017

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned. The bank has asked judges in New York...

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