Merrill and two others settle charges of selling mutual fund shares with expensive 12b-1 fees, concluding U.S. program that granted leniency to firms that self-reported their violations.
A veteran Texas independent advisor changes broker-dealers, a Merrill duo in Indiana affiliate with Oregon-based RIA.
Michael Goldfader, who left UBS as part of a reorganization in December, will run southern California operations of a new high-net-worth group within Wells.
Firm also will cap front-end fund loads, restrict buyers of structured notes and market-linked products and create uniform commissions by fund styles.
Client advisory assets fell 14.4% during the quarter that felt the sting of the coronavirus market in its closing weeks.
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.
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.
Bank of America’s Merrill Edge was the second brokerage firm to suffer client account access issues on Wednesday.
UBS bids adieu to L.A. complex manager Ron Meraz and recruits junior brokers from Merrill Lynch in Las Vegas who had a $116 million book.