Recent Stories From This Author
Revenue from trust and investment management services plunged 35% to $84 million from $130 million in the same quarter a year ago.
Revenue from wealth and investment services dropped for the fifth consecutive quarter, swooning 10.7% to $7.9 million from $8.8 million a year ago.
Michael J. Oppenheim allegedly used his position as a private client advisor to persuade at least two customers to withdraw millions out of their accounts on the promise the money would be invested in muni bonds.
The bank's brokerage services generated $67 million in first-quarter revenue, up 21.8% year-over-year and up 4.6% from the prior quarter.
Wealth management and securities services earned $59 million in first-quarter profits, up 13.5% year-over-year. Revenue rose 6.9%.
J.P. Morgan Private Bank and J.P. Morgan Securities generated $1.47 billion in first-quarter revenue, up 7% year-over-year.
Richard Ohrn, a former Chase and Wells Fargo broker accused of stealing money from customers, was discovered Sunday after staging his disappearance.
The bank hired a chief investment officer to oversee asset management and promoted an executive to lead Regions Institutional Services.
Of the 40 odd banks that own their broker dealer, eight list their wealth management executives among their five highest paid officers.
The two advisors were banished from the industry late last month for allegedly stealing money from customers, joining nine others who have been barred by FINRA so far this year.
The partnership will help the bank expand the financial advisory services available to business owners in the New York metro area.
The trustees of the family claimed that the family matriarch received bad advice from the broker at the firm.
Nicholas Kramer, an ex-Wells Fargo advisor, and Louis James Deeley, a former J.P. Morgan registered rep, were kicked out of the industry for alleged financial wrongdoing.
At the urging of management, advisors and bankers now hold joint annual review meetings with customers in a coordinated quest to secure more of their business.
An ex Wells Fargo rep allegedly improperly obtained almost $100,000 from a bank trust account, while a former First Brokerage America broker forged a notary's seal and signature on customer documents.
While managed account programs are projected to grow significantly, many advisors are not confident in their platform's ability to meet their needs due to the difficulty in integrating data firmwide.
Banks and credits unions have only about one-third of the total advisors they need to provide "a really good client experience," says executive at BISA's 2015 annual convention.
Tricia Denise Willis was expelled from the brokerage industry for allegedly swiping $17,400 from a bank customer.
The move highlights a broader shift in the way large regional banks are running their wealth management businesses.
While Generation Y may seem uninterested in what advisors do, they may be the answer to the shortage of talent in the industry.