Regional banks

FINRA moved to banish the broker for failing to cooperate with an investigation into allegations that he borrowed thousands of dollars from a 70-year-old customer without Wells Fargo's prior approval.

With the acquisition of City National Bank complete, RBC will begin beefing up its capabilities – but in a carefully planned roll-out, says John Taft, CEO of RBC Wealth Management-U.S.

The recruits generated $1.7 million in annual production while at the wirehouse.

On Wall Street's annual Top 40 Under 40 rankings recognize the hard work of an elite group of young professionals employed by the wirehouses and largest regional broker-dealers. The editors of On Wall Street are now accepting nominations for the overall Top 40 Under 40 ranking, and Top 40 Under 40 Advisors at Regional Broker-Dealers. The results will be published in January.

As business models converge in the industry, firms risk diluting advice with sales pitches and product promotion, says John Taft, head of RBC Wealth Management-U.S.

Ron Kruszewski talks with On Wall Street about Stifel’s recent acquisitions and why there has been some advisor attrition at Barclays' U.S. brokerage unit ahead of its acquisition by Stifel.

Edward Jones and four other firms were sanctioned by FINRA for overcharging some clients on mutual fund sales.

Tash Elwyn, the president of Raymond James & Associates, says the path to success lies in recognizing that "every advisor is unique, every client is unique and the delivery of advice should be unique."

The super regional may have an opportunity to significantly boost its presence in key markets by adding the boutique – but at a cost of up to $900 million, one analyst says.

Chief Executive Paul Reilly acknowledged that the firm has been exploring potential acquisitions, but declined to discuss specific targets with analysts during an earnings call.

The firm's wealth management unit reported that growth in client assets was flat year-over-year, and declined $20 billion from the previous quarter to fall to $433 billion.

Jim Weddle, head of Edward Jones, says his firm won't develop a robo advisor, but adds that competitive pressures are pushing the entire industry to up its digital game.

Four advisors left the wirehouse to join regional broker-dealer Benjamin F. Edwards.

If you take only one message from a rather tumultuous 2015, you might want to consider this: Build your practice with a firm where retail wealth management is a core business.

Barclays lost a team to RBC, the latest defection since the British-owned firm agreed to sell its brokerage unit to Stifel. This is the first to go to a regional brokerage instead of a wirehouse or high-profile boutique.

Jim Weddle, managing partner of Edward Jones, says the firm hasn't been finding as many quality recruits as it would like.

The Canadian-owned firm won't rule out a potential acquisition of a digital advice provider. "Everything you can imagine is on the table and actively being explored," John Taft, head of the firm's U.S. brokerage operations, tells On Wall Street exclusively.

A longtime wirehouse advisor with $48 million in AUM has joined regional broker-dealer Wunderlich.

A retired couple alleges their advisor lost millions through negligence and misrepresentation of certain securities, but the firm says that the clients were sophisticated self-directed investors.

The group of 5 advisors will be opening a new office for the regional broker.