News
Wealthy Investors Worry About Lack of Cash If Pandemic Returns
The fallout from coronavirus has provoked fears among the world’s wealthy, with the majority planning to curtail travel and move closer to family in a world they see permanently altered by the pandemic.
EXCLUSIVE: Morgan Stanley Tells Customers of Potential Data Compromise
There have been no hacks, but wirehouse offers free credit reports for two years because hardware from decommissioned data centers was not completely scrubbed before disposal.
Whoops! Morgan Stanley Retracts Brokers’ Direct Deposits
Wirehouse alarmed some brokers Friday with a withdrawal of monthly pay, blames ADP for glitch
Top U.S. Banks Set for Worst Quarter Since Financial Crisis
U.S. banks had only a few weeks’ experience with the full-blown pandemic when they last tried to forecast how bad things would get. Now, they’re about to reveal what three more months of Covid-19 did to the industry.
Merrill Lynch Curbs New Investments in BlackRock-managed SMAs
The decision to “soft close” managed commission accounts that Merrill has offered for 36 years and that hold $45 billion reflects Reg BI-era restrictions, the firm said.
Merrill Parts Ways with Veteran Manager in Michigan
Producing manager who had overseen Grand Blanc office since 2007 left abruptly last week after allegations of inappropriate behavior, according to two sources.
Virus Impels Billionaires to Rethink Wills, Succession Plans
Since the pandemic began, the world’s rich have been making the most of more time at home and, in many cases, reduced asset values to outline the future of their wealth.
U.S. Initial Jobless Claims Fall, Ease Worry of Worsening Market
Applications for unemployment benefits in the U.S. declined last week by more than projected, easing concerns of a renewed downturn in the labor market after several large states reported a pickup in coronavirus cases.
RBC Wealth Lures $370 Million-Asset Wells Broker In Texas
Dallas broker managing $370 million in client assets moved to RBC yesterday after over three decades with Wells Fargo and predecessor A.G. Edwards.
Ex-Merrill Broker Tom Buck Loses Bid for Early Prison Release
Federal judge turns down former top Indiana broker’s bid for compassionate early release from his 40-month sentence for securities fraud as a result of his vulnerability to Covid-19.
RIA Boom: Mercer Buys $910 Million-Asset Indie, Midwest TAMPs Combine
Mercer Advisors adds $910-million Colorado firm to bring its AUM to $20 billion, while $3.5 billion-asset Formula Folio combines with $3-billion Brookstone Capital Management to offer broader asset management services to retirement advisors.
