Economy

The decision is effective immediately and was made within hours of the Department of Labor issuing new regulatory guidance on the fiduciary rule's implications.

"We fully expect to offer a range of options to help our clients," CEO Paul Reilly said.

CEO Jim Cracchiolo said the firm will still offer variety on its platform, but that it needs to make sure products are "appropriate for the client."

Unlike other scandals in recent years involving foreign exchange rates and the London Whale, Wells' employees falsifying accounts and charging unfair fees is easy to grasp.

The new CEO said the aggressive sales goals – which were ditched earlier this month – served the interests of neither clients nor branch employees.

Client assets for the firm's advisory business hit a record high.

Months before the law is phased in, "traditional firms are beginning to look more and more" like independents.

A new pilot program will test whether clients will be drawn to a voice-controlled technology the retailer's customers know as Alexa.

CEO Wayne Bloom says the threat of lawsuits in the wake of the new regulation prompted the change, which could be a first among IBDs.

One recruit started in the industry more than two decades ago.

The new recruits come from Morgan Stanley and Wells Fargo Advisors.

Will RBC's Christopher Vollmer, the current No. 1 on the regional ranking, return to the newest list? Or will a new young professional take the top spot? Advisers now have more time to join this elite group.

Execs see revenue sinking 7% to 20% next year while management is counting on growth of 4% to 6%.

Prosecutors served a warrant seeking names of employees who opened unauthorized accounts, as well as the bank’s fee structure and a calculation of losses suffered by affected customers.

"Optimizing choice for our clients … is critical to how we operate as a firm," CEO James Gorman said during an earnings call where the wirehouse reported net revenue was a record $3.9 billion last quarter.

Paul T. Lebel excessively traded shares that carried large front-end loads and "willfully disregarded the customers' interest," the agency said.

A $2.2 billion Morgan Stanley team's move to independence shows how breakaways use shell companies to take advantage of the legal pact, and why more than 1,500 firms have signed on.

The firm's digital advice service, to be piloted in early 2017, is a bid to give RIAs unprecedented scale.

The new recruits are the 10th team to join HighTower this year.

The regional brokerage firm picked up recruits from Wedbush Securities and Merrill Lynch.