Four UBS brokers managing $1 billion were the stub of a sprawling stock-plan team that had split for Morgan Stanley last year.
Rock-bottom interest rates mean a loss of hundreds of millions of dollars and wealth profit decline, but Morgan Stanley’s Gorman is upbeat about recovery and expansion of wealth management.
After absorbing the mass affluent United Capital RIA firm in July, Goldman pushes ahead to custody assets of other RIAs through acquisition of tech-savvy Folio.
Discount broker is upgrading RIA servicing technology and its digital platform to take advantage of seismic industry shifts, CEO says.
TDA advisors fret about repapering, integration and service if a deal gets done, and consider custodial alternatives; others celebrate a balance sheet that would rival wirehouses.
Bank of America-owned online brokerage unit may enhance relationship-based pricing model but won’t extend free trading across the board, says Edge CEO Aron Levine.
E*Trade Financial Corp. cut trading commissions to zero, joining major rivals in the race to the bottom and setting the stage for mergers among discount brokerages.