Clearing and Custodial Firms
Read up on clearing and custodial firms serving RIAs and others in the wealth management arena.
September 13, 2024
Wells Fargo Clearing to Pay $3M Over Reps' Unsuitable TradesThe firm failed to supervise short-term trading of income-generating securities, FINRA says.
September 11, 2024
Schwab Discriminated Against Pregnant Advisor: LawsuitThe former associate advisor says the firm failed to accomodate her need to take frequent breaks.
September 05, 2024
BNY to Buy Archer Platform in Wealth PushThe deal should help BNY with the infrastructure for and distribution of managed accounts to financial advisors and their clients.
August 21, 2024
TD Takes $2.6B Hit on Probe, Sells Schwab SharesThe bank is selling part of its stake in Charles Schwab to cover fines it expects to pay for failures in its money-laundering controls.
August 14, 2024
Advisor Accused of Stealing Millions From Widowed Aunt, Former ExecScott Mason and his firm may have misappropriated money from several other investors, the widow's lawyer says.
August 12, 2024
RBC's Former CFO Sues Bank, Denies Affair With ColleagueFired in April, Nadine Ahn says she suffered "reputational harm" and "humiliation" and is asking for $36 million in pay and damages.
August 05, 2024
Schwab, Fidelity, TD, Vanguard Trading Sites Faced Outages as Stocks PlungedInvestors reacting to the market rout reported login problems this morning on several major brokerage sites.
July 31, 2024
Pershing Hit With $1.4M Fine Over Bad Interest Rate DataOne million account statements and trade confirmations had inaccurate interest rate information for some securities, FINRA said.
July 19, 2024
Brokerages, Banks Caught Up in Massive Tech OutageClients at Bank of America, JPMorgan Chase, Schwab and Wells Fargo reported problems Friday morning.
July 16, 2024
Schwab's Stock Sinks After It Vows to Shrink BankThe latest move comes after fewer clients opened new brokerage accounts in the second quarter than analysts were expecting.