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.
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.
The team, which had $450 million in client assets, moved Friday and is working from an RBC branch in Connecticut.
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.
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.
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.
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.
Most-read stories from October 10 to October 16.
“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.
The six-person group led by Christopher D. Jacobs had managed $520 million in assets, according to two sources familiar with their practice.
Charles Schwab Corp. reported record earnings per share in the third quarter as clients opened new brokerage accounts and traded more amid volatile markets.