Ed. Note: This article first appeared in Bloomberg When Wall Street bond dealmakers congregated in Las Vegas last week for their annual get-together, one group of folks was conspicuously absent: SEC enforcement officials. For years now, they have been crashing the marquee event, trying to, somewhat awkwardly, mingle and make industry contacts while sniffing around […]
Ed. Note: This article first appeared in Yahoo Janney Montgomery Scott announced the hiring of Senior Vice President Noah Doyle and Vice President Charles Princiotto, formerly associated with Merrill Lynch. Doyle and Princiotto will be joined by Sean Martin, also formerly associated with Merrill Lynch. Doyle previously managed Doyle & Associates at Merrill Lynch Wealth Management. […]
Former New York Giants, Miami Dolphins, and New England Patriots cornerback Will Allen was sentenced to six years in prison and three years of supervised release and ordered to pay $16.8M in restitution by a federal judge for his role in a multimillion-dollar Ponzi scheme.
Ed. Note: This article first appeared in Reuters Add discount brokerage E*Trade Financial that joined brokerage firm rivals in slashing trade commissions amid intense competition to attract customers. Bowing to pressure from rivals, E*Trade said it lowered its trade commission by about 30% to $6.95 from $9.99 for all customers. Fidelity Investments and Charles Schwab cut trade commissions earlier […]
BlackRock, the world’s largest money manager, reduced annual employee bonuses by an average of 2 percent to 4 percent for last year, the first such cut since 2011, a person with knowledge of the matter said.
Ed. Note: This article first appeared in Reuters Fidelity and Charles Schwab made moves in quick succession on Tuesday to slash trade commissions, accelerating the race to zero and foreshadowing a more important battle to win clients for potentially more lucrative services. Fidelity cut its commissions to trade stocks and exchange-traded funds to $4.95 from $7.95 […]
Ed. Note: This article first appeared in Bloomberg After months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow. But the wealth managers woke on Oct. 28 to find the ground […]
Story written at Yahoo The American College of Financial Services, the nation’s only non-profit, accredited college devoted to financial services, has launched a scholarship program aimed at increasing the number of African Americans in the financial services profession. This fund is part of a broader coalition effort to double the number of African American financial advisors […]
Posted by Jonathan Horn, Mark Saunders at 10News. Financial services company LPL Financial is cutting 133 jobs from its San Diego location. LPL Financial announced that they will relocate the jobs to its Fort Mill, S.C., campus. The company also has a campus in Boston, Massachusetts. LPL have offered 36 San Diego employees the opportunity to move to South Carolina […]
It looks like the best the White House can do is keep kicking the regulatory ball down the road, leaving the fiduciary standard in limbo. The DOL won’t enforce the new rules, but they aren’t going away any time soon either. The DOL fiduciary rule, which requires financial advisors to make sure that all decisions […]