Regional & Wirehouse Brokers

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UBS Fined $850K Over Rep's Sale Of Unapproved Annuities Via Wire Transfers

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After a customer complaint, the wirehouse reimbursed customers more than $17 million, Finra said.

Finra Orders Merrill To Repay Customers Almost $1.5M On Fee Lapses

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The regulator said Merrill Lynch caused customers to pay avoidable fees on brokerage account recommendations.

Barred Ex-Morgan Stanley Broker Ordered To Pay Firm $1.9M

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A Finra panel rejected Candido Viyella's claims he was wrongfully terminated and defamed.

Lawsuit Says Morgan Stanley Pays Unreasonably Low Interest On Sweep Accounts

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The class-action lawsuit claims the low rates represent a violation of fiduciary duties and Reg BI.

Wall Street Fights Back Against FTC Ban On Some Noncompete Contracts

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Business groups say these contracts keep prized employees from running off with trade secrets.

The Overhyped Move To Subscription Fees

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Clients might want a different deal. So why does the AUM model remain so entrenched?

Advisors Who Go Independent Hold On To 86% Of Clients, Schwab Survey Says

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The study found that advisors considering independence now have a wide variety of options to consider.

Merrill Lynch To Pay Nearly $20M In Discrimination Lawsuit Settlement

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The ex-employees, mostly financial advisors, said they earned less and were passed over for promotions.

Is The End Near At The Wirehouses?

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The headlines, reports and data all seem to indicate that the model is tagged for extinction. But is that really the case?

JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback

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Peter Doelger and his wife sued JPMorgan over investments they allege never should have been allowed.

Ex-Merrill Advisor Thrives As She Takes Coaching, Subscription Fees To Mass Market

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Shannon McLay decided early in her career that the size of her clients' bank accounts didn't matter.

Robinhood Unveils Credit Card In Further Push Beyond Trading

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The commission-free trading platform is looking to become a broader financial services company.

Finra Panel Rules Morgan Stanley Must Pay $3M To Ex-Brokers For Deferred Comp Claims

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A Finra panel found these ex-advisors' deferred compensation was protected by ERISA.

Raymond James Names Shoukry President And Successor CEO To Paul Reilly

by FA Staff

Paul Shoukry, the firm's chief financial officer, will take the CEO reins from Paul Reilly in fiscal 2025.

UBS Has Better Business Mix Than Morgan Stanley, JPMorgan Says

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This Swiss bank is vying for primacy in global wealth management.

Nearly 9,700 Series 7 Advisors Changed Firms in 2023, Report Says

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IBDs saw small gains while wirehouses suffered attrition.

Morgan Stanley Suit Isn't About Money, Billionaire Mike Ashley Says

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Ashley said the bank acted unfairly during a margin call.

2023 Recruits Add $15.9 Billion To Commonwealth

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The leading financial network rolled out new offerings of every stripe to keep advisors coming.

Pimco Squares Up For A Bare-Knuckle Fight In Private Credit

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The asset manager has been one of the loudest prophets of doom on private credit.

JPMorgan And Citigroup Are Ramping Up Their Investments In Repackaged Loans

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The biggest banks are moving back into the $1.3 trillion market for collateralized loan obligations.

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