Independent BDs

Northwestern Mutual’s practices raise difficult questions about the nature of retail advice just as wealth management faces greater scrutiny under new rules.

“The face of our industry is typically not me,” says the Vanguard and DFA veteran. “I thought about how many young people that I could inspire. So I raised my hand.”

“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.

In a sign of long term changes and pivotal questions for the industry, the difference between the amount of fees and commissions in the sector has nearly doubled.

Advisor Antoine Souma, who leads the group, had been with the wirehouse for just four years.

The rep defrauded clients with promises of a “lucrative investment” tied to the popstar that would also “help needy people,” according to regulators.

The survey's perennial champions scored higher than competitors like Wells Fargo, Ameriprise and LPL on every metric.

The leaders Bowersock Capital Partners were academia-bound before discovering wealth management was their true calling.

Some of the defecting advisors had been long-time advisors at their former wirehouse before making the move.

The largest percentage of women advisors for any single firm rose from the previous year, but the available numbers paint a stark picture.