Megan Leonhardt

Megan
Leonhardt

Megan Leonhardt is senior editor for WealthManagement.com and REP. magazine, reporting on national brokerage firms and the independent advisor landscape, as well as regulatory updates, legal cases and compliance issues. Prior to covering the financial services industry, Megan worked as a legal reporter breaking stories on major law firms and writing on significant court cases all over the country.
 

Articles
Reformers Win Seats on FINRA Board 1

The Financial Industry Regulatory Authority’s board of governors seats reserved for small and mid-sized firms have been filled with two broker/dealer owners who campaigned to reduce the burdens the regulator places on smaller firms. 

Wirehouses Build Out International Teams to Balance Risks, Rewards

Like other firms on Wall Street, Merrill Lynch announced this week that it’s planning to develop a new team of specialized advisors to handle international clients. But while the move is a win for the firm and for wealthy clients, it remains to be seen if advisors will benefit.

Court Refuses to Second Guess CFP Enforcement Policies
A federal judge refused to second guess the CFP Board’s handling of the enforcement action against Jeff and Kim Camarda, saying in a recently unsealed opinion that the advisors had failed to show the organization was motivated by “bad faith or ill will” in its discipline procedures.
UBS Wealth Reports Record Revenues, Productivity, And Is Not For Sale: CEO

UBS Wealth Management Americas reported record revenues and advisor productivity for the quarter, just some of the reasons CEO Sergio Ermotti says the business is not for sale.

DOL Comment Letter Dump: Top Firms Finally Weigh In

Following the July 21 deadline for public comments, the Department of Labor on Thursday night released an additional 250 letters from some of the industry’s largest financial services firms, including Bank of America, Edward Jones, Morgan Stanley and Wells Fargo. Even the robos weigh in.

Ameriprise Advisors Post Record Productivity Amid Steady Growth
Ameriprise Financial reported record advisor productivity in a second quarter and showed modest gains in revenues and profit, as the advisory division ramps up for a new brand and advertising platform this fall.
Raymond James Continues Recruiting Streak Amid Record Revenues
Raymond James reported a strong third fiscal quarter, with record revenues and profit gains that beat analysts’ predictions for the quarter.
What Key Financial Industry Players Are Saying About The DOL Fiduciary Proposal 1
The Department of Labor received hundreds of comment letters in response to its proposed fiduciary rule that would require advisors to act in their clients’ best interests when working in retirement accounts. Here we've rounded up where the key players fall on the issues.
NextGen Advisors Seek Client-Facing Roles
For firms looking to put recent graduates to work drafting financial plans, would-be advisors say that’s not what they’re looking for in a career plan. Instead, they’re looking for positions that allow them to see first-hand how financial services can help clients.
FINRA, SIFMA 'Best Interest' Standards Don't Go Far Enough 1

The “best interests” standards proposed by industry groups like the Securities Industry and Financial Markets Association and Financial Industry Regulatory Authority don’t cut it, according to a prominent fiduciary scholar.

Ron Rhoades, a professor at Western Kentucky State University, says in his comment letter to the Department of Labor regarding its fiduciary rule proposal that these “best interest” standards are wholly misleading and ineffective and argues for strengthening the best interest contract exemption.

Morgan Stanley Wealth Sees 20 Percent Profit Surge
Morgan Stanley’s wealth management business had a strong second quarter in which the unit’s net income rose 20 percent over the past year to $561 million, helping to boost the investment bank’s overall performance, while at the same time further shedding the number of advisors employed by the firm.
SIFMA: DOL Fiduciary Rule To Cost Firms Over $5 Billion 3
The Department of Labor’s proposed fiduciary rule could cost firms almost $5 billion implement and an additional $1.1 billion annually, double what the regulator initially calculated, according to a brokerage industry trade group.
Throwback Thursday: The 1995 Outstanding Brokers 20 Years Later...
Where are they now? In May 1995, Rep. magazine honored 11 of the industry's top professionals in the annual Outstanding Broker Awards. Today, many are still in the industry, a few have retired or passed on, and two spent time in jail.
BofA's Wealth Profits Fall 5 Percent
Bank of America’s wealth unit posted a 5 percent drop in profits and revenues in line with a year ago, due to low interest rates.
FSI Says Costly DOL Fiduciary Rule Affects RIAs Too 3
Brokers aren’t the only ones who should be concerned about the Department of Labor’s fiduciary proposal, according to a brokerage industry trade group. RIAs will pay a price too.
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