News
Democrats Float $10,000 Threshold for Bank-Account Reporting
Democrats are vowing to crack down on tax cheats by giving banks new requirements to disclose to the IRS accounts that have total annual inflows or withdrawals of at least $10,000.
J.P. Morgan Advisors Gives Broker Comp a Facelift, Adds Sunsetting Program
Phil Sieg, who took over the traditional brokerage unit earlier this year, briefed advisors on Tuesday about a new grid formula and bonuses for asset gathering, length of service and teaming.
$3-Mln Duo Decamps from Morgan Stanley in NYC for RBC
The team, which had $450 million in client assets, moved Friday and is working from an RBC branch in Connecticut.
SEC GameStop Report Debunks Conspiracies, Backs Gensler Plan
A highly anticipated U.S. Securities and Exchange Commission report on January’s frenzied GameStop Corp. trading debunked some conspiracy theories that have swirled around social media for months, while adding momentum to Chair Gary Gensler’s push to toughen rules.
Rockefeller and LPL Nab Merrill Defectors in Texas and Michigan
The latest Merrill departures include a three-advisor San Antonio team managing $500 million in client assets, and a solo advisor in Troy, Michigan managing $150 million.
First Republic Notches Tenth Team This Year With $3.1-Mln Merrill Group in NY
The bank’s Chairman and Co-CEO James H. Herbert II said it was benefitting from word-of-mouth referrals from those who had already joined.
Robinhood Wannabes Dare Regulators With Embrace of Games and Prizes
Among the many complaints about Robinhood Markets Inc. in the pandemic era, one attack seemed to stick: the brokerage app was making trading too easy and too fun.
This Week’s Top 5: Project Thunder Week 7, First Republic Hires $10-Mln Private Bank Team, And More
Most-read stories from October 10 to October 16.
Goldman Sachs Wealth Biz Open to More Acquisitions as Revenue Jumps 40%
“I think there are wealth management opportunities for us in the U.S. as we move from simply managing money with ultra-high net worth clientele that have been our traditional [private wealth management] PWM business to a more mass affluent structure,” the CEO said.
Rockefeller Plants a Flag in Indiana with $3-Mln Merrill Private Wealth Team
The six-person group led by Christopher D. Jacobs had managed $520 million in assets, according to two sources familiar with their practice.
Schwab Posts Record Earnings With Retail Trading Powering On
Charles Schwab Corp. reported record earnings per share in the third quarter as clients opened new brokerage accounts and traded more amid volatile markets.
