News
Wealth Tax Would Be a Pain for the IRS and a Boon for Appraisers
A wealth tax affecting the country’s 75,000 richest households could raise $2.75 trillion over the next decade, according to Warren’s plan.
Rockefeller to Buy Silicon Valley Multi-Family Office
Firm run by former Morgan Stanley Wealth head Greg Fleming adds Financial Clarity, a $2.3-billion AUM firm in northern California, to its roster.
Ladenburg Executive Erinn Ford Cleans Part of Her Record
Chief executive of Ladenburg-owned KMS Financial Services has had mixed success in expunging more than a dozen customer complaints that splotch her BrokerCheck record.
Credit Suisse Wins $9 Million in UBS Raiding Case
Award follows UBS’s hiring almost four years ago of almost one-third of its rival’s brokers after Credit Suisse said it was shuttering its U.S. business.
Raymond James to Pay $15 Mln to Settle UIT, Fee Account Abuses
Brokers across three RayJay channels overcharged customers by putting them in fee-based accounts, mispricing positions and recommending premature exchanges that generated commissions, regulator says.
RIA Rollup Mercer Advisors Attracts Another Private Equity Firm
Oak Hill Partners will recapitalize fast-growing firm, showing that the financial planning sector remains a red-hot investment area for “smart money” investors.
Morgan Stanley Shifts Senior Management in New England
Morgan Stanley Dean Witter veteran Jeff Swartz takes reins of three Boston branches while his Beantown counterpart Joe Malarney, who has Smith Barney roots, shifts to oversee six offices in coastal towns.
Morgan Stanley Hires Merrill Pair from Private Wealth Mega-Team
Brokers in La Jolla were part of southern California-based team at Merrill managing more than $16.5 billion.
J.P. Morgan Failed to Report Internal Probes of Registered Reps—Regulator
Banking giant agrees to $1.1 million fine for failing to timely file U5 disclosures on dozens of former reps who left amid allegations or investigations of fraud, theft or other violations.
Schwab Wins Suits Against Brokers in Texas, Nebraska, Dismisses Another Claim
Advisors in Texas and Nebraska last week agreed to stop soliciting their former clients, but Schwab and Fidelity Investments also last week withdrew complaints against breakaway brokers in Wisconsin and Connecticut.
U.S. Banks Are More Profitable Than Ever, But Wall Street Pay Is Slipping
Compensation per employee is down by 61% at the Wall Street firm when adjusted for nominal wage growth in the period, according to company filings and calculations by Bloomberg.
