Pressure Intensifies on Wells Fargo’s Stumpf to Claw Back Pay
Lawmakers cite “multiple grounds” for recouping compensation; Senators’ letter calls out former executive Carrie Tolstedt.
Betterment Played Favorites With Clients After Brexit Vote: Massachusetts Regulator
The regulator is unhappy with the unequal treatment of Betterment’s retail and institutional clients during the firm’s trading halt following Brexit.
U.K. Official: No Brexit Negotiations This Year; U.S. Groups Want Transition Period
A British official overseeing trade policy told a SIFMA symposium that the U.K. will “definitely not” begin the process of exiting the EU before year end.
Merrill Hires 3 New York Advisors From UBS
Bank of America-Merrill Lynch has recruited three veteran financial advisors from UBS with combined client assets of $750 million.
$550M Merrill Team Goes Indie With Dynasty in Florida
Also, Raymond James and Wells Fargo add several Morgan Stanley reps; Pavilion Financial to buy Jeffrey Slocum & Associates.
Wells Fargo Drops Product Sales Goals for Retail Bankers
Step taken after CFPB fines bank for creating fake accounts; Treasury Secretary Lew says scandal shows need for CFPB.
$2.2B Morgan Stanley Group Leaves to Form RIA
The Wichita, Kansas, firm will serve about 900 families in Kansas and work with Pershing Advisor Solutions.
Top Portfolio Products: New Funds from Fidelity, CBOE Vest and Direxion
Fidelity introduced six factor-based ETFs, CBOE Vest added a defensive stock fund and Direxion launched two leveraged ETFs.
Betterment Study Urges Strong Oversight of Advisors Working With 401(k) Plans
The study, conducted by Forrester Consulting, recommends that employers demand more information on 401(k) fees and investment decisions from advisors.
9/11 Commission Chairs Call for New Effort to Combat Terrorist Ideology
Tom Kean, Lee Hamilton say task force will address U.S. failure to address the ideology behind terror attacks, especially among young Muslims.