The lawsuit, which seeks a class action, was filed in New York federal court last week. It follows similar suits brought against UBS, Ameriprise and LPL Financial.
According to the federal complaint calling for a class action, the firm’s policies “maximize profits for UBS while at the same time disregarding its clients’ best interests.”
The Securities Industry and Financial Markets Association filed a lawsuit against the regulation that took effect last year, saying there was “no precedent for it in the securities laws.”
Morgan Stanley CEO Ted Pick said fee-based flows remained a “growth space” for the business, while Merrill CFO Alastair Borthwick said high asset management fees offset the NII dip.
The number of registered firms hit an all-time high of 15,396, according to an annual snapshot co-created by the Investment...
The move from the trio of advisors in Ocala, Fla. comes several months after a $450 million team made a similar jump from the...
Advocates say RIAs have little to worry about, yet one opponent accused the DOL of waging an “ideological crusade” and said he...
Edelman Financial Engines is fighting Mariner’s motion to dismiss its lawsuit. In a new filing, Edelman argues that Mariner gets “free rides” off of its competitors.
Mariner asked a federal court to pause Edelman Financial Engines' trade-secret lawsuit during an ongoing arbitration process. Edelman says that would only let Mariner continue raiding its advisors and clients "with impunity."
CIM Group Principal Emily Vande Krol discusses the firm’s tactics for making inroads with RIAs and financial advisors and why it’s targeting the wealth channel.
