August 10, 2019
This Week’s Top Stories: Fidelity’s Battle for Cash, Edward Jones ‘Reverse Churning’ Suit Lives on, and More
- Fidelity Stokes New-Account War, Offering 1.9% on Client Cash
Its core cash-sweep into a high-yielding government money-market fund pressures competitors only days after Fed cut rates.
- Edward Jones Customers Revive Reverse Churning Lawsuit
Lawyers for current and former customers refiled a complaint dismissed last month by a California judge that says Jones fraudulently shifted them to fee-based advisory accounts.
- Morgan Stanley Manager Merry-Go-Round Keeps Spinning
Tim Byrnes, a former Southeast Region manager currently running a Palm Beach, Fla. complex, is moving north to central Pennsylvania.
- Wells Fargo Kentucky Team Bolts for Morgan Stanley
Firm creates new office for two-advisor, five-person team said to be producing about $4 million from their small Kentucky home.
- Wells to Consolidate Advisor-Support Offices
Wells Fargo Advisors plans to close about 45 supervisory and operations support “hubs” as part of an efficiency drive that earlier merged its bank-based brokerage business into its broader network of private client group offices.