Recruiting loans to financial advisors dropped below $3 billion as the firm focuses on retention rather than new hires.
UBS’s longtime Chicago complex manager will be chief operating officer of Raymond James & Associates.
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Dismissal over penny-stock complaint was a subterfuge for firm’s anger over his cooperation with authorities in uncovering alleged elder abuse fraud by colleague and former client, broker claims in lawsuit.
Overall advisor ranks fell 2% as new president Naratil executes plan to cut expensive recruiting wars.
UBS Financial Services and other firms still face over 1,000 claims, according to study from expert-witness firm.
Balances on recruiting and retention loans to financial advisors dropped around 4% to 5% last year at both firms, according to filings.
Houston veterans who were together managing about $750 million affiliate under Dynasty Financial’s umbrella.
Arbitrators cite UBS’s “extreme recklessness and indifference” in sales of closed-end bond funds and use of non-purpose loans to buy more debt.