Wirehouses

FINRA has issued a long-awaited regulatory notice outlining the proposal for a controversial data-sharing system known as CARDS, asking for comments from the industry and other stakeholders.

At an advisor summit, the industry group urges members to reach out individually to lawmakers to fight regulatory plans.

Bank of America agreed to pay $7.65 million to settle U.S. regulatory claims that it overstated its capital by billions of dollars after failing to report losses tied to its 2009 purchase of Merrill Lynch & Co.

Raymond James' annual Women's Symposium, to be held Oct. 8, is due to feature leading women in the financial services industry, including Sallie Krawcheck.

Four Wells Fargo advisors have left the wirehouse to join Benjamin Edwards, opening the regional broker-dealer's 49th office.

Alternative investments have been growing rapidly in popularity in recent years as new funds have been mushrooming and money has been flowing in. Andy Saperstein, Morgan Stanley’s head of investment products and services, explains the wirehouse’s history of working with alts and Morgan’s current approach to leveraging them in client portfolios.

Two advisors with $80 million in AUM leave Wells Fargo for RBC Wealth Management.

Mention bankruptcy on a Form U4 and there's no erasing it, even if you settle your debts.

Female executives from U.S. Trust and Goldman Sachs join New York-based Dynasty Financial Partners.

Consumer and industry advocates are criticizing FINRA over its alternative to a proposal that would have required recruiting firms to disclose advisor compensation incentives to clients when moving between brokerages.

Wells Fargo landed in hot water for failing to act on indications that a broker traded on insider information.

"One thing we can tell you is our opposition was there before us," says FPA's director of advocacy. "We heard over and over again the argument that if a fiduciary standard were extended to broker-dealers the middle market would be hurt."

"Any effort to put broker-dealers and advisors into the same box is probably not going to work," says a former deputy director of the SEC's Division of Investment Management.

Morgan Stanley hired a team with $4.5 billion in AUM – the second multi-billion-dollar team plucked from Merrill Lynch this month.

Wells Fargo continues recruiting from UBS, hiring advisors with a combined $410 million in AUM.

An ex-Morgan Stanley advisor represented himself in a contract dispute with the firm before FINRA, and the arbitration panel assessed him over $200,000 in fees.

Wealth management firms look to grow the bottom line out West. "Everybody is trying to get bigger in the marketplace. And those who aren't present here want to enhance their presence," says Bill Willis, a Los Angeles-based recruiter.

A veteran Merrill Lynch advisor with $1.5 million in production joins RBC Wealth Management.

Supporters of a broader and more rigorously enforced fiduciary standard are rallying behind a set of best practices they would like to see advisors and brokers incorporate into their practices.

Independent Financial Partners, an LPL firm, tapped a financial services veteran to recruit advisors from the wirehouse channel.