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Clients that purchased an investment from their financial institution will keep their deposit and credit products longer, increasing the profitability of the institution overall, a new study shows.
FINRA banned a rep for allegedly forging a customer's signature on bank withdrawal slips, a move that allowed the customer's sister to steal $3,900 from the customer's account. Two others were suspended for relatively minor infractions.
Bank advisors produced an average of $32,888 in revenue in November of 2014, down 16% from the previous month, according to BISRA's most recent Monthly Bank Investment Services Monitor.
The Minneapolis-based bank generated $457 million in fourth-quarter revenue from wealth management and securities services, up 9.6% year-over-year. Profits also increased, surging 53.5%.
The Birmingham, Ala.-based bank generated $91 million in fourth-quarter revenue from its brokerage, trust and insurance services operations, up 8.3% year-over-year.
Customer alleged that broker made unsuitable recommendations of mutual funds, structured products and equities that set him back more than $125,000.
The bank's brokerage services generated $64 million in fourth-quarter revenue, up 12% year-over-year.
The $47 million year-over-year decline was due to foregone revenue resulting from the sale of asset management firm RidgeWorth Capital Management in the second quarter of 2014.
JP Morgan Private Bank and JP Morgan Securities generated $1.5 billion in fourth-quarter revenue, up 4% year-over-year. Meanwhile, the number of advisors fell.
The firm will offer advisors expanded trust services and support with multi-generational family planning.
Banks are expected to start rolling out digital wealth management offerings this year that could attract young clients who favor a mix of technology and personal advice.
The firm was sanctioned for failing to review the incoming and outgoing email correspondence of its registered reps.
Bank wealth management has been on a tear, but pressures such as recruiting and robos threaten to the slow down the momentum. Here’s how banks are fighting back.
Three of the four formed a team with $218 million in assets under management.
After a 10-year stretch with CUSO, Oregon's biggest credit union has switched its investment services program to Raymond James.
The advisor allegedly solicited and received loans totaling $56,000 from two customers in violation of the firms' policies.
Third-quarter sales of annuities receded to $56.9 billion, down 5% from the previous quarter and 1% from the same period last year.
Mark Evans will provide investment advice to clients of Ascent Private Capital Management. He is the second managing director of investments to join Ascent's Minneapolis office.
The rep was expelled for allegedly cashing a $12,000 third-party check that was later found to have been stolen and the payee's endorsement forged.
The 6,800-plus-square-foot office in Silicon Valley will allow the firm to serve its growing client base in the area, while also being near one of the country's top technology centers.