Finra Fights Merrill Broker’s Expungement and Other Top Stories
Regulator asks court to vacate its own arbitration panel’s July decision to remove seven customer complaints from elite Florida broker Patrick Dwyer’s records.
Court extends restraining order preventing Florida broker Daniel Abel from calling clients and orders expedited Finra hearing.
3. UBS Wins It All in $611K Claim Against Long Island Broker
Arbitration panel awards UBS full promissory note claims and legal fees from a broker who left after just over one year for Oppenheimer.
4. Wells Fargo Advisors Assures Brokers They Can Keep Growing
The Federal Reserve’s severe order freezing assets at the bank company should not limit recruiting efforts nor client account growth, the bank tells advisors.
Considers requiring state-registered advisers to annually send clients and prospects a table of all fees charged—including retainer, subscription and third-party robo advisory fees—to “enable comparison shopping” and to increase transparency.
Comments of the Week
By Think About It on Judge Hands Morgan Stanley Another TRO Win, Hands Off to Finra
The reason you don’t see TROs against FAs that go to ML, UBS etc. is because the Big Firms pay Morgan to drop the TRO. RIAs can’t afford that. Could run into hundreds of thousands of dollars based on the production and AUM of the departing FA…
Finra may have a lust for power but this guy has a rap sheet as long as your arm. I know dozens of advisors that have been in business 20 plus years with zero complaints. I can understand one maybe two but this guy had at least 7. One more example of the culture of dishonesty at BofA. “we must put the client first unless you are a pbig advisor with a good trailing 12, then we will put you first”.