Michigan broker with almost 50 years of industry experience accepted a three-month suspension and $5,000 fine for making over a hundred trades without permission, according to the regulator.
Morgan Stanley’s systems failed to put some retirement plan clients and charitable accounts into less expensive fund-share classes that were created for them.
Two advisors with 60 years of experience at a UBS branch near Buffalo, and their branch manager, migrated to Morgan Stanley.
In a move to keep senior brokers’ clients and compete with UBS and Morgan Stanley, Merrill adds 5 to 75 percentage points to payouts of those who transition their books internally.
Hire is at least the sixth from UBS since September by Morgan Stanley, signifying that recruiting is back at some wirehouses.
State imposes $200,000 penalty and orders $182,500 in restitution to clients for wirehouse’s failure to supervise a now-barred broker in Boston.
Finra says adviser, who had generated over $9 million of revenue, and another member of her former team for excessive trading in accounts of founder of Home Shopping Network when he had been diagnosed with dementia.
Lower compensation costs from retention note runoff, deferred comp valuations and a drop in broker count offset a small revenue decline in the third quarter.