A lawsuit has been filed against Wells Fargo alleging that an error in entering data when setting up an account led to $130,000 in tax penalties, according to InvestmentNews. The plaintiffs are the beneficiaries of a family trust who filed suit last month in U.S....
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Independent broker-dealers expected to forge closer ties to advisors in 2024
Independent broker-dealers are expected to forge closer ties with their advisors during 2024 as they continue to evolve, according to industry experts who spoke with WealthManagement.com. The IBDs that will thrive and stand out are those that are flexible and...
Report finds low use of alternative products among financial advisors
A new report examines the utilization of alternative strategies and vehicle structures by financial advisors, reports InvestmentNews. The analysis was contained in the Fuse Research Network's Advisor Trend Monitor Series Report. It found that while some advisors have...
Client files lawsuit against Bank of America alleging elder financial abuse
Bank of America has been hit with a lawsuit by one of its clients in California who alleges elder financial abuse, according to a ThinkAdvisor report. 77-year-old Annie Ma claims that she lost her $690,000 in life savings in a so-called "Chinese authorities scam." ...
Wells Fargo under investigation by SEC over cash sweep options
Wells Fargo & Company disclosed that it is under investigation over cash sweep options provided to its investment advisory clients, Reuters reports. The disclosure of the probe by the Securities and Exchange Commission came in a regulatory filing by the bank. The...