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March 11, 2019

Nuisance Fines are Hurting Small B-Ds and Driving Consolidation, Warn Experts
Some smaller firms are literally one Finra fine away from going out of business.
Merrill Lynch and Bank of America Ramp Up Cross-Selling Initiative
The bank is offering to slash mortgage rates by up to half a percent for clients who increase assets with the bank or the wirehouse.
Wells Fargo Employees, Including FAs, Say Aggressive Sales Culture Remains
A former Wells Fargo financial advisor tells the New York Times that brokers were steered to push recurring-fee products even if they weren’t in the clients’ best interest.
Judge Sends Butowsky’s $100 Million Suit Against Charles Schwab into Arbitration
Ed Butowsky accuses the firm of poaching his clients following reports suggesting he had colluded to spread fake news.
Merrill Lynch, Wells Fargo and Hilliard Lyons Lose FAs to Stifel
Raymond James and Janney also scoop up advisors
Cetera Adds $640 Million Wealth Management Practice
Chicago-based firm caters in part to members of labor organizations.
Finra Extends Self-Reporting Deadline on 529 Plan Violations
Self-regulator has also put out guidance on an initiative launched in January.
Chalice Financial Network Secures Discounted Access to Orion’s Services
Chalice’s 43,000 members will be able to access Orion’s billing, performance reports, trade order management and other tools.

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