In today’s financial landscape, the notion of independence has taken center stage for financial advisors. Top firms are imposing stringent compliance measures, facing financial penalties for misconduct, and subjecting advisors to invasive surveillance. As a result, many advisors feel trapped and long for personal freedom. Compensation structures are also becoming uncertain, leaving advisors unsure about…
Today, the Consumer Financial Protection Bureau (CFPB) has taken action against Bank of America for engaging in illegal activities that harmed its customers. The bank has been ordered to pay over $100 million to affected consumers and an additional $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency…
Remember, Wells Fargo lost almost 4,000 advisors over years due to the exact headline risk. If this headline is picked up heavily in the press it could have far reaching consequences for advisors’ practices. At the least, these types of headlines do not bode well for client perception. Particularly since Bank of America leadership has…
In a scenario reminiscent of The Clash’s iconic song “Should I Stay or Should I Go,” First Republic advisors find themselves facing tough decisions. While JPMorgan Chase (JPMC) assures them that they will be treated differently, respecting their unique culture and franchise, skepticism abounds. Advisors are being enticed with promises that their former offices will…