The man continued to sell annuity contracts, even though he was no longer licensed to sell insurance or securities, according to allegations by the Massachusetts Secretary of the Commonwealth.

Elias Herbert Hafen told clients to liquidate stocks and retirement accounts to invest in a fake investment fund, according to allegations; instead, the money went toward his expensive art collection.

Wells Fargo will pay $450,000 after 1,098 agents and 561 supervisors did not register in Massachusetts.

Summit announced that two advisors with more than $1.5 billion in AUM will join the firm from Wilmington Trust to open the office in Harrisburg.

The team, with $300 million in client assets, has formed StrongBox Wealth and partnered with Dynasty for back-office services.

Conventional wisdom says that 'Old Guard' financial advisors from established Wall Street firms like UBS, Morgan Stanley, Merrill Lynch and Wells Fargo are doomed when it comes to the great wealth transfer soon to fall to the millennial generation.

Mercer Global Advisors revealed on Wednesday that it has become one of the first independent RIA signatories to the United Nations’ Principles for Responsible Investment.

The firm has created a new 'continuous improvement' department and invested in a new platform to collate advisor feedback from surveys, in-person interactions and social media.

Wells Fargo & Co. said Wednesday that it has promoted Jim Hays to president and head of Wells Fargo Advisors.

Wellborn, the head of wealth management at Comerica Bank, will lead Wells Fargo's private bank and Abbot Downing.