Quasi-independent team in Richmond with some $2.7 million of production joins RayJay’s “AdvisorSelect” channel, while 21-year Wells complex director in Omaha brings team to Ameriprise employee channel.
Heads of $450-million Merrill team and $340-million Wells Advisors team explain their motivations in frank messages to former clients about their new and old firms.
Award for investment losses, punitive damages and witness and attorneys’ fees involves a former Morgan Keegan manager whose alleged failure to supervise earlier cost RayJay $762,000.
Dallas team shifts to firm affiliated with Raymond James, Greensboro group joins broker-dealer Woodbury and $650-million AUM team in Seattle stutter-steps to Wells’ RIA channel.
Morgan Stanley broker in Boca Raton was producing $2 million after 32 years in the industry, while 30-year Pittsburgh-area veteran broker who left UBS generated $3.2 million in past 12 months.
Ameriprise CEO will spend a “lot more time” scouting team lift-outs and small independent firms and RayJay chief is “ready, willing and able” to buy but sees few willing candidates.
Plaintiffs claiming they were charged excessive execution and clearing fees in self-directed fee-based accounts say they have reached a settlement.
Team of four advisors is led by 27-year industry veteran who had worked at the Bank of America company for almost 12 years.