HighTower debuts fee-for-service platform for independent wealth managers after signing its first client, an advisory firm with $19.9 billion under advisement.
Thirty-one of 37 brokers at IAA Financial, partly owned by Finra board small firm rep Kevin Carreno, came from firms Finra had expelled.
Wirehouse slapped with fine after Finra alleged it paid retired brokers $100M in commissions without making sure they had stopped providing advice.
New unit will influence product selections for 15,000 advisers managing $1.6 trillion in assets.
Stephen Davis joins the firm after spending his entire 21-year career at Merrill.
The wirehouse is one of the first to break away from exclusively canned content on Twitter.
A Finra arbitration panel denied the broker's claim that Wells Fargo made false promises during recruiting.
A former Morgan Stanley adviser who joined LPL last month won back the right to serve his clients.
Wirehouse CEO looks to reduce compensation to 55% of revenue from around 60% as brokers do more banking and lending.
CIO Chris Randazzo says 3D has 'turned the corner,' while upgrade continues
U.S. authorities in Puerto Rico investigating allegations over advice to borrow money to make investments.
Firm looks to deepen its reach in the ultrahigh-net-worth market segment with plans to double head count in Washington by year's end.
With improvements in technology and compensation models, independent firms are narrowing the gap in the competition for the biggest talent on Wall Street.
Some branch managers are telling prospects that they should consider moving now before Finra's looming bonus disclosure rule goes into effect.
After several months of deliberations, Finra has expanded its pool of arbitrators and is ready to move forward with the hundreds of complaints related to collapses in Puerto Rico bond funds. That doesn't necessarily mean smooth sailing.
In confidential meeting, firms' attorneys oppose allowing arbitration cases to be heard in Southeast venues.
Finra fines Merrill Lynch $8 million for failing to waive mutual fund sales charges to certain charities and retirement accounts and requires the wirehouse to pay back $89 million in restitution.
Brokerage seeks payback of more than $3.6 million, claiming ex-broker Darin DeMizio “intentionally defrauded Morgan Stanley and concealed his fraud” while working at the firm.
Wells Fargo is testing new models that would pay on a salary plus commission basis in effort to attract Millennials
