Wells Fargo & Co. is offering many of its brokers a reward for bringing in more assets from new and existing clients.
A new rule requiring some RIAs to undergo annual surprise audits may help stem the kind of malfeasance con artist Bernard Madoff has come to represent. But many RIAs won't be subject to them.
by
Eric Rasmussen
Broker-dealers try to find their bearings in 2010 as their antagonists push back.
A confidentiality order in an arbitration case in which a branch manager won a victory is considered unusual.
The number of financial advisors leaving major brokerages has
essentially slowed to a halt along with recruitment at these firms,
and the virtual
freeze could be just beginning.
More hedge funds and other investors are gambling on the potential for
profits in certain auction-rate securities, more than a year-and-a-half
after the market failed en masse.
A brokerage company's former CEO has been suspended for improper marketing of private placements, the first settlement in a crackdown by Finra on sales practices involving these securities.
A provision in landmark financial industry legislation recently passed
by the U.S. House could lead to ongoing confusion
about whether advisors are acting as fiduciaries.
Morgan Stanley Smith Barney is launching a pricing plan for fee-based
accounts in April that will charge clients based on the level of
service provided rather than the product.
UBS AG's Wealth Management Americas head Robert McCann is offering some
financial advisors an incentive to stay with the Swiss bank's U.S.
brokerage.
The change in strategy for Citigroup Inc.'s wealth management group
will start to get reflected in advisors' paychecks next month.
While it is hard to resist the name of a new bill that would tax stock
trades, tax analysts say legislators would be smart to resist making it
law.
Headhunter Danny Sarch has a simple reminder for those who
want to make brokers adhere to fiduciary standards of service for the
sake of protecting consumers. "Madoff was an RIA," he said.
by Edward K. Riley
Why affiliating with a broker-dealer makes sense for some advisors who want to go independent.
National Financial Offers FDIC Coverage
National Financial is launching a new program that enables retail broker-dealers to deposit cash from their customers' eligible...
Financial Services Overhaul Getting Closer
December should be a busy month for those involved with overhauling the U.S. financial services industry...
The team structure is nothing new to Wall Street brokerages. Nor is the
idea that it can make it harder for restless advisors to break away,
and take clients with them.
by David J. Drucker
How do bad economies affect new client flow? Veteran advisors share their experiences.
Corporate compliance officers have been rolling their eyes at the
unfolding story of Terra Nova Financial LLC, the Chicago broker-dealer
fined $400,000 for making improper soft dollar payments.
