Raymond James is raising minimums for new RIAs who want to custody assets on its RJFS-IAD platform from $30 million to $50 million. The firm said the move will both help it cut the cost of serving RIAs and also act as...
If they haven’t already, financial advisors and wealth managers should take extra steps to protect themselves from client litigation. Though the violent spike in customer arbitration filings in the first quarter...
UBS announced Tuesday that it has hired Bob McCann as the CEO of its UBS Wealth Management Americas unit. Speculation about his appointment to the position had been mounting. As recently as two weeks ago, McCann...
Morgan Stanley reported its first profit in a year on Wednesday, with third-quarter earnings of $757 million, or $0.38 per diluted share, beating analyst estimates for earnings per share of $0.30. The company’...
The Financial Services Institute, a trade group for small independent b/ds, attacked current government proposals to make the fiduciary standard of care a universal one for all financial advisors—not just RIA...
Citigroup on Monday announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund...
Merrill Lynch launched a new marketing campaign Monday called help2, which includes the iconic Merrill bull logo. It will cost the firm $20 million in the fourth quarter, the most Merrill has ever spent on marketing...
James Gorman has risen to the top at Morgan Stanley. The former head of Morgan Stanley’s retail brokerage division, now co-president of the firm, is slated to take over the CEO job on Jan 1, 2010, when John Mack...
It should not come as a surprise that financial advisors made a few changes in the way they manage client portfolios and their own businesses following the near collapse of the financial services industry and the...
