Broker-Dealers

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Sanctuary CEO Envisions Tripling AUM In Five Years

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A year after taking the helm at Sanctuary, industry veteran Adam Malamed sees a "huge opportunity" for growth.

Aon Investments Fined $1.5M Over Incorrect Pension Statements

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The faulty performance statements caused wide-ranging disruptions for the Pennsylvania pension fund, the SEC said.

RIAs Lead The Industry In Headcount, Asset Growth, Cerulli Says

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The firm's 2023 report on U.S. advisors also found headcount at wirehouses and independent B-Ds shrank.

JPMorgan Shuffles Top Managers As Jamie Dimon Prepares Successors

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Insiders have been predicting the firm would need to rotate bosses to give them new challenges.

Cetera Stakes $2.8B AUA OSJ Wilde Wealth

by FA Staff

Wilde Wealth, based in Scottsdale, Ariz., has more than 42 advisors working from nine Southwest U.S. locations.

DOL's Fiduciary Rule Will Cost Advisors $2.7B In First Year, FSI Says

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That's 11 times more than the agency has estimated, the independent broker-dealer industry group said.

J.P. Morgan Sues Ex-Advisor, Accuses Him Of Poaching Clients

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The wirehouse alleges Nader Joseph Al-Mooshi is soliciting a group of its clients that is worth $420 million.

Wells Fargo Fined $425K For Trade Disclosure Failures, Finra Says

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The bank failed to report exact prices on millions of client trades, the regulator said.

Family-Run Advisor Team With $615M AUM Exits Raymond James For LPL

by FA Staff

Maier & Associates Financial Group of Bay City, Mich., was founded in 1984.

Edward Jones Goes Beyond Solo FA Offices

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The firm has also rolled out a managed account program.

Morgan Stanley Pays Gorman $37 Million For Final Year As CEO

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The board raised his pay 17% after cutting his compensation in 2022 because of profit declines.

JPMorgan Lifts CEO Jamie Dimon's Pay To $36 Million For 2023

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Dimon was granted a $1.5 million salary and $34.5 million of performance-based incentive compensation.

Robinhood To Pay $7.5M Fine To Mass. Over 'Gamification' Strategies

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The trading platform used lottery-style scratch-off tickets and other gimmicks to attract investors, regulators said.

Goldman Sachs Wants To Hire In Wealth And Asset Management Units

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Growth in these units helped boost the bank's recent fourth-quarter earnings.

The Advice Industry Needs New Blood, Cerulli Says

by FA Staff

The industry could lose 37.5% of advisors to retirement over the next decade, the research firm said.

Schwab Falls On Results As CEO Says No One ‘Kidding Themselves'

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The company's shares tumbled after a year of interest rate hikes hurt its balance sheet.

Client Accuses Ameriprise Of Selling Him Almost $800,000 In 'Unsuitable' Annuities

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John R. Marshall said he was put in the products by a now deceased Ameriprise rep he trusted.

FSI Renews Legal Fight To Overturn DOL's Independent Contractor Rule

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The IBD trade group claims the rule will force independent reps to become employees or RIAs.

Goldman Sachs Equity-Trading Surge Drives Jump In Profit

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The asset and wealth division helped drive the gains.

Private Advisor Group Adds Troy, Mich. Advisor

by FA Staff

Led by Robert Drake, Drake Financial Services manages approximately $100 million in client assets.

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