Updated Monday, October 20, 2014 as of 4:13 AM ET
SEC Files Record Number of Enforcement Actions
Agency secures $4 billion in penalties; expert says: “make sure that you have a robust and dynamic compliance program.”
More in Wirehouses
Morgan Stanley Wealth Management saw profits jump 17% for the 3rd quarter, despite a 1% drop in the firm's advisor workforce. more »
Stifel Financial brings in a veteran Morgan Stanley advisor for a newly created client office in West Chester, Pa. more »
The SEC plans an enforcement action against a former Wells Fargo compliance officer for altering report. more »
Bank of America said wealth management profits were up 13% year-over-year and reported an increase in its advisor ranks. The company reported that profits for its Global Wealth & Investment Management division, or GWIM, which includes Merrill Lynch and U.S. Trust, increased to $813 million for the third quarter from $720 million a year ago. … more »
Assets under management among SEC-registered advisors increased 12.6% in 2014 to $61.7 trillion in April, according to an industry report. more »
Wealth management advisory work has evolved from the retail brokerage days of the 1980s, when advisors were considered salespeople. more »
Wells Fargo said that third quarter net income for its wealth management division rose 22% year-over-year. more »
A Morgan Stanley advisor duo with $213 million in AUM has left the wirehouse to join RBC Wealth Management. more »
A former UBS broker was ordered to pay back the wirehouse $1.75 million of his recruiting bonus – the third such million-dollar judgment against him this year. more »
An advisor pair that jumped to Merrill Lynch after just four months with Barclays must pay back over $6.6M in hiring bonuses, FINRA rules. more »
Two wirehouse advisor teams, each managing $400 million in AUM, went independent. But wirehouse and regional broker-dealers did not remain idle: Morgan Stanley recruited advisors managing over $600 million in assets, while Raymond James grabbed a million-dollar producer from Merrill Lynch. more »
A UBS advisor managing $108 million in assets has left the wirehouse to join rival firm Merrill Lynch. more »
On Wall Street has dropped its minimum AUM for its annual ranking of the top 40 advisors under age 40. Who will it be this year? more »
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