Wirehouse http://wealthmanagement.com/taxonomy/term/39431/more en Morgan Stanley to Pay $275 Million Penalty for Misleading RMBS Investors http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors <div class="field-byline"> Reuters </div> <div class="field-deck"> The SEC found Morgan Stanley had not given investors the correct information about how many of the mortgages they contained were delinquent </div> <div class="node-body article-body">The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two residential mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors" target="_blank">read more</a></p> http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors#comments News Industry Legal Wirehouse Thu, 24 Jul 2014 17:09:00 +0000 612571 at http://wealthmanagement.com Wirehouse Retention Deals Spurs Ray Jay Recruiting http://wealthmanagement.com/wirehouse/wirehouse-retention-deals-spurs-ray-jay-recruiting <div class="node-body article-body">Raymond James added 49 net new advisors in the fiscal third quarter, as wirehouse retention deals start to burn off and reps look to leave. </div> <div class="field-stocksymbols"> <span>Stock Symbols:&nbsp;</span> RJF </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/wirehouse-retention-deals-spurs-ray-jay-recruiting" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/wirehouse-retention-deals-spurs-ray-jay-recruiting#comments Raymond James Wirehouse Thu, 24 Jul 2014 15:01:00 +0000 612411 at http://wealthmanagement.com Baird Hires Two Advisors to Expand Houston Offices http://wealthmanagement.com/people/baird-hires-two-advisors-expand-houston-offices <div class="field-byline"> Reuters </div> <div class="field-deck"> The hires come as part of Baird's "second wave" of expansion in the Houston market </div> <div class="node-body article-body">Baird Financial Group, the holding company of Robert W. Baird &amp; Co, said on Wednesday it has hired two financial advisers to bolster its Houston offices, including the manager of one of the top producing offices for UBS Financial Services in the Texas city.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/people/baird-hires-two-advisors-expand-houston-offices" target="_blank">read more</a></p> http://wealthmanagement.com/people/baird-hires-two-advisors-expand-houston-offices#comments People Wirehouse Wed, 23 Jul 2014 22:09:00 +0000 611701 at http://wealthmanagement.com Copyright Scott Halleran, Getty Images Making the Call: Leaving the Wirehouse http://wealthmanagement.com/wirehouse/making-call-leaving-wirehouse <div class="field-byline"> Kristen Niebuhr </div> <div class="node-body article-body"><p>Transitioning can elicit a lot of concern, and can certainly be daunting. It does not, however, need to be a source of fear.</p> </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/making-call-leaving-wirehouse" target="_blank">read more</a></p> Business Planning Wirehouse Tue, 22 Jul 2014 14:41:00 +0000 610281 at http://wealthmanagement.com Evgeny Sergeev/iStock/Thinkstock Merrill Rolls Out New Team Track for Trainees http://wealthmanagement.com/wirehouse/merrill-rolls-out-new-team-track-trainees <div class="node-body article-body"><p>Merrill Lynch introduced a new training program on Monday aimed at building trainees into current advisor teams.</p> <p>In letter sent out to all of our 13,845 FAs on Monday, the firm announced the Team Financial Advisor (TFA) program, a 31-month track within the existing Practice Management Development (PMD) program.</p></div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/merrill-rolls-out-new-team-track-trainees" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/merrill-rolls-out-new-team-track-trainees#comments Industry Wirehouse Mon, 21 Jul 2014 19:51:00 +0000 609701 at http://wealthmanagement.com Morgan Stanley Wealth Unit Fuels Strong Second Quarter Earnings http://wealthmanagement.com/wirehouse/morgan-stanley-wealth-unit-fuels-strong-second-quarter-earnings <div class="field-deck"> The wealth management business saw profits of $767 million in the second quarter, up almost $112 million, or 15 percent </div> <div class="node-body article-body">Morgan Stanley’s bet on wealth management is paying dividends. The global investment bank posted strong second quarter results, largely driven by the wealth division, which reported record profit margins of 21 percent last quarter.</div> <div class="field-stocksymbols"> <span>Stock Symbols:&nbsp;</span> MS </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/morgan-stanley-wealth-unit-fuels-strong-second-quarter-earnings" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/morgan-stanley-wealth-unit-fuels-strong-second-quarter-earnings#comments Wirehouse Thu, 17 Jul 2014 13:54:00 +0000 606601 at http://wealthmanagement.com Spencer Platt/Getty Images UBS Cements Lead as Largest Private Bank, Assets Near $2 Trillion http://wealthmanagement.com/industry/ubs-cements-lead-largest-private-bank-assets-near-2-trillion <div class="field-byline"> Reuters </div> <div class="field-deck"> Zurich-based UBS displaced Bank of America in the top spot last year </div> <div class="node-body article-body">UBS cemented its lead over U.S. brokerage Bank of America Corp as the world's largest private bank and is within striking distance of managing $2 trillion on behalf of the wealthy, according to a study on Thursday.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/industry/ubs-cements-lead-largest-private-bank-assets-near-2-trillion" target="_blank">read more</a></p> http://wealthmanagement.com/industry/ubs-cements-lead-largest-private-bank-assets-near-2-trillion#comments Industry UBS Wirehouse Thu, 17 Jul 2014 13:01:00 +0000 606111 at http://wealthmanagement.com Merrill's New Advisor Platform Sees Early Success http://wealthmanagement.com/wirehouse/merrills-new-advisor-platform-sees-early-success <div class="field-deck"> Early markets at almost 100 percent adoption of new Merrill Lynch One platform </div> <div class="node-body article-body">Almost a year into Merrill Lynch’s ambitious rollout of its new managed accounts platform, about $91 billion in assets have been transitioned onto the technology platform.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/merrills-new-advisor-platform-sees-early-success" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/merrills-new-advisor-platform-sees-early-success#comments Technology Wirehouse Wed, 16 Jul 2014 14:57:00 +0000 605641 at http://wealthmanagement.com Copyright Mario Tama, Getty Images Legal Woes Hit BofA Bottom Line, Wealth Unit’s Profits Dip http://wealthmanagement.com/wirehouse/legal-woes-hit-bofa-bottom-line-wealth-unit-s-profits-dip <div class="node-body article-body">Litigation expenses totaling $4 billion dragged down Bank of America’s profits by 43 percent during the second quarter, while the wealth management sector also reported lackluster profits.</div> <div class="field-stocksymbols"> <span>Stock Symbols:&nbsp;</span> BAC </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/legal-woes-hit-bofa-bottom-line-wealth-unit-s-profits-dip" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/legal-woes-hit-bofa-bottom-line-wealth-unit-s-profits-dip#comments Wirehouse Wed, 16 Jul 2014 14:13:00 +0000 605561 at http://wealthmanagement.com Merrill Lynch Hiring Again, Recruits Top From Morgan Stanley Advisor http://wealthmanagement.com/wirehouse/merrill-lynch-hiring-again-recruits-top-morgan-stanley-advisor <div class="field-byline"> Reuters </div> <div class="field-deck"> Robert Labriola joined Merrill Lynch's Rockefeller Center New York office on July 11 </div> <div class="node-body article-body">Less than a month after a top Merrill Lynch executive said the Bank of America securities brokerage would begin recruiting again, the firm has hired a top financial adviser away from rival Morgan Stanley.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/wirehouse/merrill-lynch-hiring-again-recruits-top-morgan-stanley-advisor" target="_blank">read more</a></p> http://wealthmanagement.com/wirehouse/merrill-lynch-hiring-again-recruits-top-morgan-stanley-advisor#comments Merrill Lynch Wirehouse Tue, 15 Jul 2014 16:41:00 +0000 604821 at http://wealthmanagement.com