LPL’s army of independents fell a net 65 during the quarter due to the loss of a large firm, while Stifel added a net three brokers and Oppenheimer continued to let loose low producers.
In letter to Hilliard Chief Executive James Allen, Stifel CEO Ron Kruszewski promoted his firm as a stronger nurturer of financial advisor talent, sources said.
Alleges that six-broker team in Illinois that joined Stifel two months ago lied about their possession of client-contact data—violating their employment contracts and their new firm’s “Non-Protocol Transition Guide.”
Father-son team in Memphis psychologically sealed their move before last week’s merger announcement, say they have no regrets after reviewing retention deal.
Broker who moved with two Scottsdale teammates in late September rejoined his former firm after five weeks.
Saginaw advisor managing $139 million in client assets goes independent with Ameriprise while another Michigander with $54 million of AUM joins Stifel.
Lynn Faust, a South Carolina broker who lost her job after 30 years over concerns about UIT sales practices, moved to Stifel with her son on Friday.
Merrill teams in Virginia and NYC join independent firms while Stifel group with $180 million of assets affiliates with Ron Carson’s Cetera-based network of firms.
Broker who was generating around $6 million in annual revenue reportedly stumbled over an unreported effort to help an associate buy a car.