Dan Shaw

Milwaukee, United States

Reporter at Financial Planning

Reporter at Financial Planning. Covering how regulations, policy and politics affect planners and their clients.

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Articles

RBC recruits $5B ex-First Republic team from JPMorgan: Advisor Moves

1 week ago | financial-planning.com | Dan Shaw

More than two years after JPMorgan bought First Republic out of receivership, advisors formerly registered with the regional bank are still heading for the exits. RBC Wealth Management announced on Thursday that it had recruited a team of them previously managing $5 billion. It was just one of many recruiting deals this week involving AUM tallies well in excess of $1 billion. Read about them below.
What to expect in financial advisor pay in 2025

1 week ago | financial-planning.com | Dan Shaw

When markets go up, even advisors whose compensation rates have dipped have fewer reasons for complaining. They can at least take comfort in knowing their growing assets under management will boost their higher take-home pay. Such was the case in recent years, in stocks no doubt eased the pain of advisors whose compensation was reduced because they were on the low end of the revenue-generation scale.
Merrill rides asset inflows to revenue bump in first quarter

1 week ago | financial-planning.com | Dan Shaw

Merrill and Bank of America Private Bank both saw their net new asset inflows hold steady in the first quarter, before economic turmoil began to roil markets. Merrill and the private bank, both part of Bank of America's global wealth and investment management unit, reported Tuesday that they brought in nearly $24 billion in net client assets in the first quarter. That figure was virtually unchanged from the same period a year ago.
LPL says Ameriprise sent clients 'misleading' data breach notices

1 week ago | financial-planning.com | Dan Shaw

LPL Financial is alleging that Amerprise sent unwarranted alerts of a "data breach" to thousands of LPL clients over past transfers of account information from Ameriprise. It's the latest in a series of courtroom clashes between the industry rivals.
Edward Jones revives bank plans in bid to boost services — and revenue

1 week ago | financial-planning.com | Dan Shaw

Nearly three years after abandoning an attempt to start a state-chartered bank, Edward Jones is back at it again with a new proposal. The St. Louis-based firm says its goal in seeking to set up Edward Jones Bank is to be able to offer products like certificates of deposit to its more than 9 million customers.
Following strong Q1, Wells Fargo preps for 'slower economic environment'

1 week ago | financial-planning.com | Dan Shaw

is reporting a rise in its client asset tally even as executives acknowledge that current market volatility has yet to take a bite out of the firm's results. said in an earnings report Friday that it had $2.2 trillion in client assets in the first quarter. That was down by 3% from the end of 2024 but nonetheless up 2% year over year. Like and other wealth management firms, has seen its AUM tallies boosted over the past two years by bull runs in the stock market.
Market turmoil isn't weighing on Morgan Stanley's asset flows — yet

1 week ago | financial-planning.com | Dan Shaw

Morgan Stanley pulled in new assets at a healthy pace in the first three months of 2025. But company executives were reluctant to speculate about what current market turmoil will mean for the firm in coming quarters. Morgan Stanley reported Friday that its wealth management division had $93.8 billion in net new assets in its first quarter, a figure virtually unchanged from a year ago but up 66% from the fourth quarter of 2024.
Raymond James, Osaic bulk up with big teams: Advisor Moves

1 week ago | financial-planning.com | Dan Shaw

Recruiting and M&A deals are constantly reshaping the wealth management industry. This week, Raymond James and Osaic picked up advisory teams from their rivals, while LPL Financial hired a data and AI officer from JPMorgan. Check it out below.
JPMorgan to pay 2 years salary to fired employee, FINRA says

2 weeks ago | financial-planning.com | Dan Shaw

JPMorgan's wealth unit has to pay a former employee the equivalent of two years' salary after firing him over allegations that he made a false claim to incentives for bringing on clients' money. A Financial Industry Regulatory Authority arbitrator on Tuesday ordered JPMorgan's wealth management unit, J.P. Morgan Securities, to pay $363,200 plus interest for back wages to Even Becht, a former private client banker who lost his job in 2023.
NASAA rule lets states restrict brokers' use of 'advisor' title

2 weeks ago | financial-planning.com | Dan Shaw

Financial advisors are voicing strong support for a proposed state-level rule that would restrict certain professionals in wealth management from adopting the "advisor" title. But their counterparts in the brokerage world are warning about possible conflicts with federal law and a resulting regulatory patchwork that could leave the investing public more befuddled than enlightened.