First, there was the breakaway broker phenomenon; now, it seems, we have a growing vogue of breakaway clients—former wirehouse investors who ditch their old advisors for new ones at independent RIAs or broker/dealers.
This week the Financial Industry Regulatory Authority announced it is seeking the SEC’s approval to expand the amount of information made public on current and former brokers’ permanent records in its free online CRD database...
Senator Tim Johnson (R- S.D.), incoming Senate Banking Committee Chair, began floating an amendment last week that would eliminate from Senate regulatory reform legislation the application of a fiduciary standard to investment advice provided by...
A former Citi broker doesn’t have to pay back the full amount owed on his sign-on bonus, a FINRA arbitration panel ruled this week.
The New York Attorney General’s office today charged Bank of America CEO Ken Lewis with fraud for failing to disclose material details about Merrill Lynch in its merger with the brokerage. The move takes the case one step further than the...