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LPL Looks Beyond Indie Roots with New Employee Channel

20:20 23 May in In the News by rafferty

May 22, 2019 by Mason Braswell and Jed Horowitz, AdvisorHUB   LPL Financial, the nation’s largest independent broker-dealer, will use its acquisition of Allen & Co. of Florida to seed a new business channel of brokers who work as full-time employees, executives said on Wednesday. LPL announced its plan to buy Allen, which has about 30 brokers servicing $3 billion of client assets, after the market closed on Tuesday. It followed Wednesday with an outline of how it hopes to attract advisors from traditional firms with higher payouts, albeit fewer services, than they are used to.“This is the largest segment of the marketplace, and one we have not traditionally pursued,” LPL business development head Richard Steinmeier said at LPL’s Investor Day presentation in New York on Wednesday. Steinmeierjoined LPL last year from UBS Financial Services,...

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Wells Fargo Hits More Bumps

18:23 27 September in In the News by rafferty

By Janet Levaux, Investment Advisor Magazine Excerpted from Janet Levaux's Broker-Dealer Beat feature in the October issue of Investment Advisor magazine. As departures continue at Wells Fargo Advisors in the wake of scandals at its parent company and within its own operations, the unit is reworking some of the leadership at its independent advisor channel — WFA Financial Network, or FiNet. FiNet recently named Tim Boostrom — the former head of national recruiting for the indie channel — as the regional head of FiNet’s Southeast operations. Joe Gianino, who led FiNet’s business development group for nearly five years, was tapped as regional head of the Great Lakes. According to Wells Fargo, the ex-head of FiNet in the Southeast — Charles Cornett — left for another firm. But the former Great Lakes manager — Jason McLaughlin —...

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When Will Wells Fargo’s Scandals End?

17:09 06 August in In the News by rafferty

July 30, 2018 By Janet Levaux, Investment Advisor magazine As the bad news and advisor departures continue, experts debate Wells Fargo's future and what the wealth industry can learn from its scandals. July 13, 2018, was a bad day for Wells Fargo. Its second-quarter earnings and revenues missed analysts’ expectations, loans and deposits dropped over the past year, and its stock price fell 1.2%. Meanwhile, net income at the Wealth and Investment Management unit sank 37%. The bank revealed that it has set aside $114 million for refunds to wealth clients tied to “incorrect fees being applied to certain assets and accounts … during the past seven years,” according to CFO John Shrewsberry. During a call with equity analysts, he explained that the third-party review of its client accounts continues “to determine the extent...