News
Edward Jones Freezes Pay, Suspends Overtime, for Advisor Support Staff
Firm with more than 15,000 branch offices imposes a one-year pay freeze and suspends non-broker hiring through May for about 24,000 employees in the face of the coronavirus economy.
Arbitrators Dismiss Another Merrill Stock-Loss Case from Former Manager
For at least the fourth time this year, a Finra panel dismissed an arbitration claim from a former Merrill Lynch employee who sought damages for the decline of his company stock holdings as a result of alleged financial-crisis-era fraud.
Robo Advisors Gain New, Younger Clients Amid Market Turmoil
TD Ameritrade Holding Corp., Betterment LLC and Wealthfront Corp. are among robo advisers attracting new clients as younger investors see a buying opportunity amid market upheaval.
Merrill Hires $525 Mln-Asset UBS Team in Texas
Three of the advisors have been registered reps for over three decades, and two were previously at Merrill for more than 20 years.
Finra Bars 43-Year Broker Accused of Taking Stifel Client’s Money
Former Colorado broker gets permanent bar after failing to cooperate with probe into Stifel’s termination of him after eight years with the firm and 43 years in industry.
Insurers Gird Against Business Loss Virus Claims
Legislators in at least three states — New Jersey, Ohio and Massachusetts — have proposed bills to require that insurers pay out for certain claims related to Covid-19.
This Week’s Top: Morgan Stanley Outage, Firms Delay Comp Changes, and More
Most popular stories from March 22 to March 28
UBS Hires Morgan Stanley Producing Manager, Loses Brokers to Independence
California advisor takes reins of Walnut Creek office, Salt Lake City family team joins Ameriprise’s “franchise” channel.
Morgan Stanley Delays Tougher Pay Hurdles, Wells Stays Higher Customer Fees
Deferring to coronavirus challenges, Morgan Stanley delays grid changes that will lower some advisors’ pay, and Wells postpones fee it plans to charge customers who keep less than $500,000 in brokerage accounts.
Morgan Stanley CEO Assures Employees of Near-term Job Security
“While long term we can’t be sure how this will play out, we want to commit to you that there will not be a reduction in force at Morgan Stanley in 2020,” James Gorman e-mails company’s 60,000-plus employees.
Stocks Jump on Hope Spending Blunts Unemployment
U.S. stocks rallied as investors speculated that the $2 trillion rescue package poised to pass Congress will blunt the pandemic’s toll on the economy.
