The market pullback in the second quarter took its toll on the global wealth management sector of Morgan Stanley Smith Barney LLC, which today reported a 26% decline in pretax income from the first three months of the year to $207 million.
The Securities and Exchange Commission is close to proposing upgrades to Part 2 of the Form ADV, the primary disclosure document that clients receive from investment advisers.
Recent setbacks to Broadridge Financial Solutions Inc.'s Ridge business have driven down the price of the clearing unit's impending sale to Penson Financial Services Inc.
Soltis Investment Advisors is consolidator's 10th deal
Bank of America Corp. is re-branding its online-discount-brokerage platform under the Merrill Lynch imprint in an attempt to attract young investors, and reclaim assets of Merrill clients who keep self-directed brokerage accounts at rivals such as Charles Schwab & Co. Inc. and TD Ameritrade Holding Corp.
Citi Personal Wealth Management, the last vestige of retail brokerage at Citigroup Inc. following its spinoff of Smith Barney last June, plans to launch its long-awaited referral program to outside registered investment advisers this summer.
The Charles Schwab Corp.'s effort to drum up business in its newly launched stable of exchange-traded funds by waiving commissions for its clients continues to draw intense interest from its competitors and advisers. At two separate conferences Wednesday, questions were raised about Schwab's ground-breaking decision with various levels of concern.
Barnaby Grist, senior managing director of strategic business development at Charles Schwab Corp.'s investment advisor group, is leaving to join Cetera Financial Group, a new independent brokerage venture controlled by Lightyear Capital LLC.
Now that it has completed its acquisition of J.P. Morgan Securities Inc.'s RIA custody business, RBC Advisor Services is gunning for assets from advisers and breakaway brokers.
The Geller Group LLC, a New York retirement plan administrator and registered investment adviser, has confirmed in internal memoranda that it is being investigated by the Labor Department.
