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 a draw for bigger RIAs, who...
The National Association of Independent Broker/Dealers (NAIBD) is working to prevent proposed legislation in Congress from increasing the auditing costs of small independent broker/dealers. These could rise to $100,000, the group says, and might...
In an interview with Registered Rep., McCann said the wealth management division would not be put on the block, despite rumors that UBS is dressing it up for sale to boost its capital position. He also vowed to cut costs for the unit, and raise...
If anyone was hoping to catch a break on the regulatory front now that the market environment has eased, they’re in for a surprise. Speaking at this morning in New York at SIFMA’s annual meeting, Securities and Exchange Commission...
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 declined to comment on specific job...
Edward Jones today announced the sale of its U.K. business operations to Towry Law, an independent wealth management firm based in the U.K., for an undisclosed sum. The operation was simply too expensive to operate, and only accounted for about 1...
Today Morgan Stanley Smith Barney announced the integration of Smith Barney’s Citi Family Office into its own ultra-high-net-worth division, which will now be called Morgan Stanley Private Wealth Management. Unlike the old family office, the...
Fidelity announced a new and improved online trading platform today, significantly expanding its international and foreign currency investment capabilities for financial advisors, broker-dealers and retail investors. With U.S. long-term growth...
In its effort to raise capital and shed some of its non-core business units, Bank of America is selling First Republic Bank just two years after Merrill Lynch purchased the San Francisco-based private banking and wealth-management firm.
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’ results were boosted by higher...