Wells Fargo discloses an SEC investigation into cash sweeps option

"The United States Securities and Exchange Commission (SEC) has undertaken an investigation regarding the cash sweep options that the Company provides to investment advisory clients at account opening ...
Financial Advisor

Wells Fargo, Merrill Fined $60M For Low Cash Sweep Rates, SEC Says

Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle Securities and Exchange Commission charges that they failed to pay advisory ...
InvestmentNews

Pershing discussing move to control portion of broker-dealers’ cash.

The financial advice industry’s skirmish over cash sweep accounts is taking another turn, with clearing giant Pershing evaluating plans to create a new charge, akin to a tax, on cash held by its ...
WealthManagement.com

Wells Fargo, Merrill Lynch Pay $60M to Settle Cash Sweep Charges

The Securities and Exchange Commission has charged two registered investment advisor units of Wells Fargo and Merrill Lynch with compliance failures relating to their cash sweep programs. The firms ...