The transaction, the biggest acquisition for a U.S. bank since the 2008 recession, has huge implications for FAs at Morgan Stanley and for the industry.
February 21, 2020
Finra arbitrators ordered the Swiss-based company to pay four of its former reps around $2.1 million.
Pershing faced accusations that it aided and abetted a $7 billion Ponzi scheme.
The claims were related to alleged failures to recommend a suitable investment strategy and asset allocation.
Eric Oscar Wolf, who’s now registered with LPL Financial, is barred from contacting Schwab clients until 2021.
The new integration is a further enhancement of the firm’s ClientWorks platform.
The new portfolios combine products from BlackRock, Clark Capital, Legg Mason, PIMCO and Russell Investments.