News
This Week’s Top Stories: Morgan Stanley Boots Texas Broker, Merrill’s 2020 Growth Numbers and More
Most popular stories from January 17 to January 23.
RIA Deal-making Hits Record Despite Pandemic
An Echelon Partners report says the 124 deals done in the second half of 2020 made it ‘by far the most active period’ in the industry’s history.
Wells Fargo Recoups $2.5 Million from New Jersey Duo
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
Former Wells Client Associate Files Overtime Class-Action Suit
Lawsuit claims Wells Fargo Advisors violated Missouri and federal law by failing to pay overtime wages to client associates who regularly work more than 40 hours a week.
Morgan Stanley Fires Another Broker Over Inherited Account Issues
Dallas broker was discharged in Morgan Stanley’s continuing pursuit of advisors who allegedly cheated retired advisors on accounts they passed along.
Yellen Leaves Door Open to Tax Increase on Wealthy Americans
Treasury Secretary-designate Janet Yellen refrained from making specific pledges on boosting individual tax rates in responses to questions from U.S. senators, pledging only to work with lawmakers on the issue of whether households earning up to $400,000 a year would face increased levies under Biden administration proposals.
Mercer Extends RIA Acquisition Spree with Washington State Deal
Purchase of Spokane-based Hart Capital Management by Mercer Global Advisors in December was the RIA rollup’s fifth closing that month.
RBC Team Seeks Tit-for-Tat Solicitation Halt Against Morgan Stanley
Princeton, NJ, advisors say Morgan Stanley is soliciting clients they brought with them when they moved from UBS in 2010, in violation of written and verbal agreements.
Morgan Stanley Q4 Wealth Revenue Up 24%, Profit Down 4%
Morgan Stanley’s October acquisition of E*Trade spurred a big gain in quarterly trading and net interest income, along with soaring integration costs.
Morgan Stanley Traders Drive Earnings Surge for Best Year
Morgan Stanley traders cashed in during the waning months of 2020 to round off the bank’s best year on record.
Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year
Net new assets rebounded and customer balances hit a record thanks to rising markets and a renewed focus on prospecting by Merrill’s “thundering herd.”
