News Roundup

News Roundup (634)

Wells Fargo Under Pressure to Pay $1B Over Consumer Abuses

The Consumer Financial Protection Bureau has been pushing Wells Fargo toward what would be a record settlement of more than $1 billion over consumer abuses. So reports Bloomberg.

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UBS Restructures in Pursuit of Ultra-Wealthy  

UBS is overhauling its wealth management structure as the company follows ultra-wealthy clients to regions like Florida and Texas. So reports Advisor Hub.

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Wells Fargo Stays the Course in New Advisor Comp Plan

Wells Fargo has stuck to its guns with its newly unveiled 2023 compensation plan for financial advisors. So reports Barron’s.

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Are Financial Advisors Ready to Talk About Touchy Subjects?  

Financial planning software provider eMoney Advisor has announced new research that pinpoints what it describes as a disconnect between financial advisors and end clients.

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Goldman’s Asset, Wealth Management Units to Merge Again

People familiar with the matter have revealed Goldman Sachs’ plans to bring its asset management and wealth management units back together. So reports Bloomberg.

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Merrill Boasts Best Recruiting Quarter in More Than a Decade

Merrill Lynch Wealth Management president Andy Sieg said that the quarter ending September 30, marked the wirehouse brokerage’s “strongest recruiting quarter in over a decade.” So reports Advisor Hub.

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Citizens Plans to Hire 200 Financial Advisors  

Citizens Financial has announced that it plans to hire 200 financial advisors as part of an expansion of its wealth management offering. So reports Barron’s.

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Edward Jones Scraps Bank Bid

Edward Jones has dropped its application to launch a Utah-based industrial bank, according to a regulatory filing. So reports Banking Dive.

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How FAs Can Fight Stress

Financial advisors are more stressed out than their clients, according to a new study from the Financial Planning Association. More specifically, 71% of advisors are stressed out, while 63% of clients admit to feeling high or moderately stressed. So reports U.S. News & World Report.

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Despite Downturn, Americans Still Charitable: Edward Jones

The majority of American adults (68%) intend to donate a similar amount of money to charity this year as they did in 2021 despite the current economic uncertainty, according to a new study conducted by financial services firm Edward Jones with Morning Consult.

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