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As their interest income dwindles, banks are looking to bulk up their wealth management businesses in a bid to boost their fee-based revenue.
Steven J. Dunkelberg was barred for allegedly swiping nearly $5,000 from a bank customer's account. He's the third rep to be ousted from the industry this year.
The regulator meted out $135 million in fewer, but bigger, fines last year, the most it's assessed against firms and their registered reps since the financial crisis.
The group has expanded into Seattle, following entries into New York, San Francisco and Los Angeles.
The advisors collectively managed nearly $2 billion in assets.
Staying relevant amid growing commoditization permeated discussions at the firm's annual symposium, held this year. Here are some of the more notable things we heard.
John Houston, managing director of Raymond James’ Financial Institutions Division, shares his views.
The market isn't as drop-dead gorgeous as it used to be, but it's still attractive.
To justify their higher cost, advisors need to go beyond a commoditized service. If you're merely providing asset allocation or portfolio rebalancing, you're in the danger zone.
New hire will split his time between two community banks that Wintrust's holding company owns in the greater Chicago area.
The three join a growing roster of J.P. Morgan alumni suspended and fined by FINRA since January.
Jan Hendrickson, former managing director and a founder of a venture capital firm, will grow the bank's ultrahigh-net-worth wealth management business in Seattle.
FINRA finally threw the book at a former J.P. Morgan registered rep who it claims issued unauthorized ATM cards as part of scheme to loot money from customer bank accounts.
Brendan Freeman was named regional wealth executive for Mid-America and will oversee Regions Private Wealth Management teams serving clients in nine states.
Clients that purchased an investment from their financial institution will keep their deposit and credit products longer, increasing the profitability of the institution overall, a new study shows.
FINRA banned a rep for allegedly forging a customer's signature on bank withdrawal slips, a move that allowed the customer's sister to steal $3,900 from the customer's account. Two others were suspended for relatively minor infractions.
Bank advisors produced an average of $32,888 in revenue in November of 2014, down 16% from the previous month, according to BISRA's most recent Monthly Bank Investment Services Monitor.
The Minneapolis-based bank generated $457 million in fourth-quarter revenue from wealth management and securities services, up 9.6% year-over-year. Profits also increased, surging 53.5%.
The Birmingham, Ala.-based bank generated $91 million in fourth-quarter revenue from its brokerage, trust and insurance services operations, up 8.3% year-over-year.
Customer alleged that broker made unsuitable recommendations of mutual funds, structured products and equities that set him back more than $125,000.