Finra arbitrators ordered Morgan Stanley to pay a senior investor $1.8 million for weighting too much of her portfolio in a single stock — WisdomTree Investments Inc. From August 2011 to July 2020, Karen Busch worked with Morgan Stanley broker Todd Wachsman in the firm’s Garden City, New York, office....
With Goldman Sachs considering jettisoning the registered investment advisor business it bought just four years ago, two giant broker-dealer networks, LPL Financial and the recently rechristened Osaic, make intriguing potential buyers, one industry analyst said. In 2019, Goldman acquired United Capital for $750 million and then renamed it Personal...
A rewarding professional life begins when you operate at the intersection where all your individual talents and skills, your passions and what the marketplace values most, come to meet. When you occupy this zone, you can achieve remarkable results and never face burnout. We’ve all heard the advice given to...
Asset managers are looking to grow distribution, but many of the old ways of reaching new markets aren’t working anymore, or simply don’t generate sufficient return on investment. Growing third-party distribution is the No. 1 objective for asset managers currently, with a recent Cerulli survey reporting that more than four...
Charles Schwab Corp. is looking to raise fresh debt in the U.S. investment-grade bond market after revealing plans Monday to cut jobs and close or downsize offices to curb costs. The financial services firm brought a benchmark-sized deal of senior unsecured notes Tuesday, according to a person familiar with the...
Raymond James announced Tuesday that advisor Burdette Park, who managed about $300 million in client assets at Merrill Lynch, is joining the firm’s employee advisor channel, Raymond James & Associates. Park and a staffer, Heather Jones, will operate as Burdette Park | Raymond James in Louisville, Kentucky. The firm focuses on...
LPL Financial said Tuesday that Matthew Holbrook, a California advisor who had overseen about $385 million in client assets at UnionBanc Investment Services, has affiliated with its employee advisor channel, Linsco by LPL Financial. Holbrook is launching Coastline Wealth Advisory of LPL Financial in Irvine, California. According to his BrokerCheck report,...
A team of 16 advisors and 12 support staff are changing their affiliation to build on the substantial growth they have enjoyed over the past 14 years. Watermark Wealth Management has offices in Scottsdale, Chandler and Payson, Arizona, and Minneapolis, Minnesota, and was founded in 2009 during the financial crisis...
Citigroup Inc. Chief Executive Officer Jane Fraser is weighing an overhaul of the firm’s most powerful committee of decision makers as she seeks to simplify the Wall Street giant. The CEO has discussed adding executives including Andy Morton, who leads the trading division, and Shahmir Khaliq, who runs treasury and...
Climate-related investments at KKR will now be overseen by a trio of leaders after the firm hired a new co-head of its climate strategy. Charlie Gailliot joins KKR in New York from Goldman Sachs, where he spent 20 years as a private markets investor and was most recently a partner...