Four-advisor group in Bakersfield, Calif., stays independent with Ameriprise’s franchise division.
UBS broker with $700,000 in production said he craved more attention to serve his 150 household accounts.
Outcry came from brokers in “franchise channel” who could have been charged as much as $2,000 monthly for using the discretionary advisory account platform.
Will charge $750 to $2,000 a month to brokers who manage portfolios on discretionary fee platform to help offset development and regulatory costs, but some advisors say they are bearing the brunt of revenue-sharing declines.
After a single day of evidence, arbitrators tell Edward Jones and Nevada broker who moved to Ameriprise to have a court dissolve an order restraining his customer solicitations.
A father-and-son team left Stifel after the firm refused to let it hire an advisor from Wells Fargo.
A Nevada broker who moved 11 household accounts since leaving Jones at the end of October has been ordered to refrain from contacting former clients for two weeks.
RayJay added a net 107 advisors last quarter to bring its brokerage force up 4% to 8,011 from a year earlier, while Ameriprise had a net decline of 21 brokers in the quarter, ending with a flat year-over-year headcount of 9,930.
Atlanta broker with over four decades of experience recommended investments from Ameriprise’s “prohibited” list, mismarking orders to circumvent blocks.