UBS reported record third quarter profit of $371 million despite declines in revenue, net asset outflows and a continued decline in its advisor force.
Wells Fargo’s seesaw battle to rebuild its advisor force yields three million-dollar teams from rivals in California and Vermont despite net erosion in headcount.
Class-action filing alleges that UBS failed to properly notify clients of its 2014 decision to freeze investment accounts of U.S. customers living abroad, and kept interest for itself.
Minneapolis-based Ameriprise recruits southern Florida advisor with 23 years of experience to its employee channel and 17-year San Francisco broker to its independent arm.
Robert Stoker, who built a $750 million book over a 22-year Sanford Bernstein career, is at least the fourth large producer to leave this year for UBS.
Billion-dollar-asset J.P. Morgan Private team in Atlanta to become UBS advisors, while $150-million father-son team of UBS/PaineWebber lifers join J.P. Morgan Securities in New Jersey.
Two million-dollar brokers in Aventura join one week after Morgan Stanley hired dozens of advisors and support staff across the country from UBS and Merrill Lynch.