Firm must pay 27 customers but a Louisiana branch manager can expunge failure-to-supervise claims because he had “insufficient” tools for monitoring “excessive levels of concentration,” arbitrators say.
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.
Former Chase Private Client broker in Indiana allegedly moved $27 million in assets since leaving the bank last month.
Colorado advisor forms an independent practice, along with his son, after 17 years at Edward Jones.
Exit of 37-year industry veteran extends a long-running list of departures from Morgan Stanley complexes in South Florida.
RayJay won’t market auto-investing directly to customers, says Tash Elwyn, head of the firm’s employee channel.
Three-broker Morgan Stanley team in Houston that produced $3 million joined Raymond James last week, while Merrill Lynch loses $675 million-asset-under-management team in Annapolis.
Florida-based brokerage firm also promotes former Morgan Stanley manager Bert White from a complex head to oversee some all of its home-state employee channel branches.