Wirehouse alarmed some brokers Friday with a withdrawal of monthly pay, blames ADP for glitch
Antoine Souma, former $3 billion-asset Barron’s-ranked broker with a multi-million-dollar client settlement in his past, leaves wirehouse for unusual alliance with two independent firms.
Morgan Stanley also recruited a credit union-housed broker in Oregon who generated $1.1 million in annual revenue.
Veteran Atlanta manager Walter Jameson shifts to run a new complex, handing some of his former duties to a manager who rejoined Morgan Stanley from RBC Wealth.
Empower Retirement, large 401(k) record-keeper, to pay $825 million plus potential earnout for Personal Capital in latest example of workplace asset manager-wealth manager synergy.
The team represents RBC’s largest hire by assets in St. Louis, a branch where the Canadian bank-owned wealth management firm has hired nine advisors since its opening in 2018.
Wirehouse will allow brokers in about 8% of its branches to return to their offices after four months of working from home, but like many companies is unlikely to open in densely populated areas until 2021, executives say.
Morgan Stanley Wealth continued its strategy shift of building assets through servicing employer plans by hiring a benefits outsider to run its Graystone Consulting unit and a hedge fund vet to develop institutional client strategies.
Morgan Stanley was sued by its former head of diversity for allegedly discriminating against Black women who work at the bank.
Morgan Stanley teams in California, Connecticut and Florida overseeing $465 million and UBS advisors in New York and L.A. managing $568 million make pandemic moves.