Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were ...

The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have ...

The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have ...

The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.

Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and ...

According to the regulator’s orders — between 2018 and 2024 for Wells Fargo, and between 2022 and 2024 for Merrill Lynch — ...

The firms failed to consider the best interests of clients when selecting cash sweep programs, the agency said.

The Securities and Exchange Commission on Friday announced settled charges against registered investment advisers Wells Fargo Clearing Services ...

“Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs, or BDSPs, as the only cash sweep option for most advisory clients and received a significant financial benefit from ...

Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.

When the Federal Reserve started raising its benchmark rates in 2022, banks kept paying very little on sweep accounts. That ...