Irate Investor Calls for Congress to Investigate Wells Fargo Advisors
Texan Lacy Harber, who took out ads in four newspapers, says he lost nearly $6 million while trading some $35 million last year.
John Thiel, Head of Merrill Lynch, to Step Down
Thiel says he will stay on as an advisor; the new chief will be Andy Sieg, head of Global Wealth & Retirement Solutions.
Recruiting Roundup: LPL Affiliated Reps Jump to Focus Financial, Form $600M RIA
Meanwhile, the Harvest Group breaks away from UBS with about $300 million in assets; more
Merrill Lynch to Enter Robo-Advice Race
Merrill Edge plans to introduce a robo-advice offering later this year that combines online investing technology with human advisors.
Galvin Rips Morgan Stanley for Fostering ‘Dishonest Conduct’ With Sales Contests
William Galvin of Massachusetts said Morgan’s sales contests tied to securities-based loans encouraged “dishonest and unethical conduct.”
New Directions for Rival BDs
Several employee-advisor firms have reached significant milestones recently.
Scottrade Said to Be Exploring Sale to TD Ameritrade
There is speculation that the discount broker, which works with about 1,000 RIAs, could be bought by TD Ameritrade.
California Suspends ‘Business Relationships’ With Wells Fargo
California is the largest municipal-bond issuer in the U.S. and has $75 billion in investments.
Wells Fargo’s Troubles Mount With Fine for Mishandling Soldiers’ Loans
DOJ is ready to sanction beleaguered bank over repossessions; OCC said to fine bank as much as $20 million over car seizures.
Recruiting Roundup: Wells Fargo, Merrill Nab Morgan Stanley Reps
Meanwhile Deutsche Bank Wealth Management and MV Financial share news on their latest hires.