Miriam Rozen

Merrill Lynch executives have told brokers that they need to “reestablish” their value as industry fee compression trends appear to be taking a tougher toll on the wirehouse compared to its peers.

A federal judge has denied Morgan Stanley’s motion to reconsider a November 2023 ruling that has tipped the scales in favor of brokers who have argued the wirehouse unlawfully withheld their deferred compensation when they moved to another firm.

Osaic Services agreed to pay a $250,000 fine and a censure over findings that its predecessor, SafePoint Financial, failed for a 14-month period starting in June 2018 to establish a supervisory system to prevent excessive, unsuitable and options trading, among other violations, according to a November 7 settlement letter posted by the Financial Industry Regulatory Authority.

Two veteran Merrill Lynch advisors, both Black women, filed on Friday a proposed class action against accusing the brokerage and its Bank of America parent of discriminating against African Americans and women with its succession planning, teaming and account distribution policies and practices.

Consolidators of registered investment advisory firms are reshaping a once fragmented channel, Boston-based consulting firm Cerulli Associates underscored on Wednesday.

When it rains, it pours—at least with client associates’ litigation this month.

Morgan Stanley is seeking to restrain a Las Vegas broker who leads a team that had generated $9 million in revenue at the wirehouse when they joined Raymond James Financial in May.

Two brokers on the verge of being suspended over an unpaid arbitration award have caught a possibly fleeting break thanks to a California state judge in Orange County.

Raymond James Financial’s incoming chief executive expects fewer of the large, self-supervising practices known as offices of supervisory jurisdiction to leave its independent brokerage unit.

With an eye toward boosting a lagging profit margin at its U.S. wealth unit, UBS is trimming a popular incentive for teams and nicking rates on its core pay grid for brokers next year, according to sources familiar with the changes.