'When was the last time you saw an article that said an RIA is going to a wirehouse?' asks Verdence founder Leo Kelly.
The SEC alleged that Texas broker Doug McKelvey misappropriated more than $1.7 million.
During his 14 years running the firm, Gorman engineered a transformation of Morgan Stanley.
New York City-based GKB & Associates includes five advisors.
Succession planning is critical, as advisors 55 and older account for 42 percent of head count but 57 percent of assets, Cerulli found.
Industry executive warns it will take time for Pick to earn the trust of advisors.
Many advisors are leaving, disillusioned by what they consider prohibitive pay grids and a lack of flexibility.
As the migration to independent broker-dealers and RIAs continues, concerns about the Big Four’s compensation plans may be contributing to the outflow.
'We’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth,' says Wells CFO Mike Santomassimo.
'In 2023, a record number of existing Bank of America clients became Merrill clients,' says Eric Schimpf, president and co-head of Merrill Wealth Management. 'We can and will do more here.'
Despite tough conditions in the region, the wealth and asset manager sees potential.
A Wells Fargo client who was born in 1939 had his birthdate incorrectly recorded as 2001, according to a lawsuit.
James Gorman says regulator’s ideas were ‘extremely aggressive.’
Merrill has consistently been the brokerage firm paying the lowest rates on swept cash, according to a suit filed by Merrill Edge client.
The wirehouse is emphasizing better pay for advisors who sell alternative investments and offer loans to clients.
Launched over the summer, &Partners is replete with executives from Wells Fargo Advisors.
Katz moved beyond cold calls to cultivate relationships with influential figures like sports agents and estate attorneys, thus broadening his network significantly.
The second half of next year should provide better conditions after challenging first half.
Firm adds advisors in Florida, Missouri, and Mississippi.
What's not clear is how many FiNet advisors will feel the sting of the fee increase.
