Wells Fargo Adds 2 Reps, Boosts Overall Headcount in Q3
The third-biggest wirehouse says its client assets total $1.4 trillion.
Morgan Stanley Recruits 5 Advisors; Merrill Adds Team
The wirehouses each add registered reps from rival firms with more than $500 million in client assets.
Morgan Stanley Q3 Profits Jump 87%; Wealth Unit Improves Margins to 22%
The wirehouse reps’ average fees and commissions top $930,000 but remain behind Merrill FAs’.
DOL Advisor Crackdown Is ‘Out of Control’: Benefits Lawyer
The DOL conducted more than 3,600 audits of qualified retirement plans last year. Settlements related to violations totaled $1.7 billion in plan reimbursements and fines.
The Bizarre Recruiting Case of Alfonso Montoya
A $150 million book of business Wells Fargo promised him never materialized — and then the wirehouse took him to arbitration.
Hacked: What to Do When Cybercriminals Hit Your Firm
Cybersecurity is a constant threat, and considering how attractive a target a financial firm is, especially if it serves high-net-worth clients, advisors should be prepared for the worst.
Enforcement Roundup: FINRA Fines Morgan Stanley for Failures to Supervise Advisor Program
In other action, Massachusetts charges couple with fraud in real estate ventures.
SEC Slaps E*Trade for Unregistered Transactions, Issues Risk Alert
SEC says that brokerage subsidiaries of E*Trade engaged in unregistered sales of micro-cap stocks; also issues Risk Alert reminding BDs of unregistered transaction duties.
New Hire Roundup: Vanguard’s McNabb to Serve Additional Term at ICI
Meanwhile, Dynasty Financial Partners announced a new partnering with Nova Wealth Advisors.
ThinkAdvisor’s 2014 Q3 Earnings Calendar for the Finance Sector
A list of Q3 earnings release dates for companies of interest to financial advisors and investors.