
Margarida Correia
Former associate editorMargarida Correia is a former associate editor of the Employee Benefits Group and of Bank Investment Consultant.
Margarida Correia is a former associate editor of the Employee Benefits Group and of Bank Investment Consultant.
Banks and credit unions scramble to adjust their product choices with a significant 40% of those surveyed developing separate menus for retirement and retail accounts.
Which banks are advisers moving to? Several recently jumped to BNY Mellon, U.S. Bank and M&T Bank from myriad financial institutions.
The executive will set the overall advisory strategy for both CUSO and sister firm Sorrento Pacific as well as RIAs that provide investment and insurance services to financial institutions.
The broker was terminated after a series of unauthorized transactions involving the accounts of customers of both BBVA and its affiliate bank, FINRA claimed.
The bank will add "targeted talent that will play more of an advisory rather than transaction-oriented role," says SunTrust's CFO.
The regulator rebuked the broker for excessive trading that generated more than $666,000 in commissions and fees and resulted in $397,000 in losses.
Intense competition and the advent of the fiduciary rule are prompting financial institutions to consider making select purchases.
"We believe they have made our overall platform more competitive," said a top executive in the LPL division that supports banks and credit unions.
FINRA chided the rep for following through on trading instructions received via email from bank employees without confirming the transactions with the customers.
Brokerage revenue is likely to drop for three to five years.