October 22, 2019
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Legal Tussle Between Ex-Morgan Stanley Broker and Finra Ends in Bar for Ami Forte
Barred broker’s lawyer puts Finra to task for giving Morgan Stanley a “free pass” and not sanctioning it for the alleged wrongdoing of other employees.
Investor Asks Judge to Toss Merrill Lynch Counter-Suit Against Him
The wirehouse claims the investor made misrepresentations when buying a 529 plan.
Fidelity Joins Ranks of Investors Cutting Ties With Fisher Investments
Ken Fisher’s firm was the sub-advisor of $500 million in assets for Fidelity’s Strategic Advisers Small-Mid Cap Fund.
UBS Wealth Management’s FA Ranks Shrink by 186
But the division was able to reverse recent net new money outflows.
Merrill Lynch and Bank of America Join Race to Zero Commissions
After a host of independent broker-dealers had taken the plunge, Merrill Lynch becomes the first wirehouse to make the move.
TD Ameritrade Sees 7% Growth in Net New Client Assets
But the firm expects net revenues to drop 15% to 16% in light of its decision to eliminate trading commissions.
Merrill Lynch Loses More FAs to This Rival
Meanwhile, a broker discharged by the wirehouse in 2017 has found a new home with a boutique firm.
Ex-Wells Fargo Broker Suspended Over Allegedly Unauthorized Trading
The man allegedly placed orders in a client’s account without knowing that the client had died three days prior.
Current Workers Optimistic About IRAs, 401(k)s Funding Retirement
But eight in 10 current retirees rely primarily on Social Security or pensions.
Fidelity Ramps Up Cryptocurrency Custody Business
The company started adding clients earlier this year and is now doing a full rollout.
Does the SEC’s Form CRS Miss the Point of Disclosures?
The form should be alerting investors about why they need to be asking about conflicts of interest and fees, not just drawing attention to them.
