Wells Fargo doesn't expect any disruption to its advisor compensation program following a major class-action settlement led by a former advisor who sued to recover deferred compensation that he said the firm improperly withheld from him when he left to launch his own practice.
Three former Wells Fargo advisors’ termination records must be expunged after the firm “fabricated investigatory findings” and ousted them, an arbitration panel ruled this month.
On January 15th, a FINRA arbitration panel in Indianapolis recommended expungement of Forms U-5, finding that Wells Fargo Advisors Financial Network (“Wells Fargo”) had disaffiliated with a team of financial advisors “as a result of fabricated investigatory findings.”
Wells Fargo Securities has agreed to pay the SEC $812,500 to settle a pending civil lawsuit against the firm which stemmed from allegations that it misled investors in a $75 million bond offering.
According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.
Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.
In a recent press release, Wells Fargo announced the launch of its new service offering to help advisors become RIAs through its multi-channel business model. The goal of the model is to allow for ownership, independence and flexibility, as well as business growth. TradePMR, a privately held brokerage and custodian service provider, would provide middle-office support, while also utilizing First Clearing.
A New York federal judge has denied Wells Fargo Advisors’ attempt to vacate a ruling from an American Arbitration Association (AAA) arbitrator that a punitive class-action lawsuit involving unpaid overtime could proceed in arbitration.
According to Wells Fargo Advisors, a Philadelphia-area advisor will be the first Wells Fargo private wealth employee to join the firm’s new registered investment advisor custody business.
Once overlooked compared to the registered investment adviser and the independent broker-dealer market, regional brokerage firms quietly are making comeback due to recruiting gains at the expense of wirehouses.
You were most helpful with my FINRA deposition. You are a good lawyer and a good person.
The CFP Board has released a "Generative AI Ethics Guide" to address the growing use of artificial intelligence in financial advising.
Troy N. Tremblay (CRD #4625407) of Centaurus Financial, Inc. (doing business as Tremblay Financial Services), has or has had three customer disputes, according to his BrokerCheck report.
Chuck A. Roberts (CRD #2064602), currently registered with Stifel, Nicolaus & Company Incorporated, has or has had two regulatory events and twenty-five customer disputes over the course of his career in the financial services industry.
