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October 15, 2020
Wells Fargo Fires a ‘Sizeable Group’ of Salaried FAs; More Cuts Expected
The bank’s strategy is “to focus on a highly productive team of advisors and to manage out underperformers,” according to a spokesperson.
Morgan Stanley Wealth Mgmt FA Count Up in Q3, Net Income Down 12% YoY
The wealth management unit saw healthy growth in client assets but faced added expenses from a regulatory settlement and the acquisition of E*Trade.
Merrill FAs Get More ‘Concierges’ to Help Clients with Consumer Banking
The wealth management bankers provide “white-glove service” for Merrill Lynch advisors and their clients, according to a senior executive at the wirehouse.
Morgan Stanley Overhauls Discretionary Portfolios to Help FAs Make Choices
The company needed to be more granular and descriptive about the portfolios.
Fidelity to Hire Thousands, Including FAs, in Next 6 Months
The company plans to fill half of 4,000 positions before the end of the year.
Goldman Wealth Mgmt Unit Posts 6% Revenue Growth YoY
Assets under supervision in the consumer and wealth management unit were up 14% in the third quarter year-over-year.
JPMorgan ‘Very Interested’ in Participating in Industry Consolidation
CEO Jamie Dimon said the company is open to acquisitions given the right fit.
ChangePath Acquires $700M RIA in California
Partnervest Advisory Services offers a turnkey wealth management platform for financial advisors and clients.
Apella Acquires $489M RIA in Washington
The addition of Vestory is Apella Capital’s second deal this year.
|The Client - Finding and winning new clients||The Client - Client retention|
|The Client - ERISA plans/institutional management||The Client - Behavioral finance|