Andrew Welsch

The offering would mirror a similar move by Charles Schwab to offer clients a new pricing plan for its robo service.

The alleged supervisory lapses occurred over a five-year period, according to the regulator.

A sullied reputation and frustrations with bureaucracy have driven some advisers to the competition.

They will be deployed to the branches and teach veteran brokers how to make use of the firm's new high-tech wealth management tools, the company says.

It’s tough enough to grapple with sexual harassment in the workplace. It’s more complex when clients are involved.

From inappropriate touching to belittling comments, women advisors confront workplace environments that are far from welcoming.

Andy Sieg says the firm's digital wealth and mobile app investments are "a key strategic story."

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

UBS is piloting a program with Alexa, Amazon's chatbot. Clients won't be able to ask Alexa about their portfolios yet, but they can ask questions about the economy.

Morgan Stanley outlined its plans for deploying automated advice tools, with executives emphasizing that it was only a part of its digital strategy.

Wells Fargo plans to pilot a digital advice platform in early 2017, according to a high-ranking executive at the wirehouse.

Mary Mack will step down as head of Wells Fargo Advisors in order to take on a bigger role in overseeing the company's Community Banking unit. Mack is replacing Carrie Tolstedt, who is retiring after 27 years at the San Francisco-based company.

The bank is rolling out a new digital advice offering that pairs robo technology with financial advisers, most of whom have the CFP designation.

UBS is partnering with the technology developer SigFig to launch a robo platform for its 7,000 advisers, making this one of the most high-profile deals of its kind between a wealth management firm and a tech startup.

Wealth management units have been a surefire source of fees for banks over the last few years, as low rates dragged down spread income. But a policy change will likely be a crucial test to the business model.

The Canadian bank's U.S. wealth management arm is moving toward a hybrid digital-human advice platform, partnering with BlackRock's FutureAdvisor to add robo tools for its 1,900 advisers.

CEO James Gorman says the firm can achieve higher profit margins for the wealth management unit through greater expense discipline, additional growth of its lending business and unspecified digital opportunities.