The heads of Merrill Lynch and Morgan Stanley’s wealth units and complex heads weigh in on the challenges of older advisors and finding their replacements.
The fine is tied to a broader $26 million settlement the independent broker-dealer reached last year with state securities regulators.
Since September, Edelman has filed for temporary restraining orders and/or Finra arbitration damages against at least three advisors who jumped to rival firms.
Regulatory notice reminds member firms they must provide “timely and complete answers” and “reasonable contact information” about brokers who leave the industry or who join rivals.
Rob Meredith, a 23-year Morgan Stanley veteran who most recently ran a Maryland complex, fills a hole as company reorganizes regions.
UBS Group AG investors should reject the the firm’s compensation report, shareholder adviser Glass Lewis said, citing high fines in a legal dispute and a generally lackluster performance of the bank’s shares.
Says firm contractually owes estate 100% of broker’s payout from year prior to his death despite his failure to enroll in UBS’s survivor benefit program.
Wells Fargo & Co. agreed to sell a retirement plan services unit to Principal Financial Group Inc. for $1.2 billion as the bank streamlines operations in the wake of scandals.
Three hundred advisors who typically work from call centers or bank branches will get seats in full-service Merrill Lynch offices in major cities.
Finra arbitrator grants Florida resident full amount of damages and lawyers’ fees sought over her purchase of energy partnership notes.