Regulation
NASAA Announces Settlement with Wells Fargo and Merrill Lynch Over Excessive Commissions on Small-Dollar Trades
NASAA has announced a combined $4.4 million settlement with Wells Fargo Clearing Services, LLC, Wells Fargo Advisors Financial Network, LLC and Merrill Lynch following an investigation into the firms’ practices of charging unreasonable commissions to retail customers on small-dollar transactions.
Summary as published by NASAA
More on Wells Fargo
Wells Fargo hub →ThinkAdvisor · Oct 15, 10:36 PM ET
Merrill, Wells Fargo to Pay $4.4M Over CommissionsFinancial Advisor Magazine · Sep 30, 5:44 AM ET
Wells Fargo FiNet Adds Former UBS Team In Ohio Managing $1.3B
More on Merrill
Merrill hub →ThinkAdvisor · Oct 15, 10:36 PM ET
Merrill, Wells Fargo to Pay $4.4M Over CommissionsRIABiz · Sep 29, 6:35 AM ET
Merrill Lynch creates hefty new 'data' and 'shelf' fees and offers third-party managers who pay them a leg up when its 'thundering herd' recommends investments – but stops short of leveling the playing field, analysts say
Financial ADVSR links to reporting from across the industry. This story was reported by NASAA. Financial ADVSR is not affiliated with NASAA. Updated every 10 minutes.