Rick Blosser, a Forbes Top 250 broker, left Wells’s private client group on Thursday to join a seven-year-old California registered investment advisory firm.
North Carolina broker with over three decades of experience is fired, fined and suspended for making unauthorized trades and writing that customer who died two days earlier gave him permission to do so.
A “President’s Club” member and an associate joined a registered investment advisory firm and another advisor signed up as a Wells Fargo independent broker.
Lower compensation costs from retention note runoff, deferred comp valuations and a drop in broker count offset a small revenue decline in the third quarter.
Experienced brokers have grown household accounts on average by 27% versus last year, but Merrill is no longer breaking out its “experienced advisor” headcount.
Despite no-cost trading for RIAs and self-directed investors, BlackRock will not pull off of Fidelity’s no-commission ETF platform to save costs, said CEO Larry Fink.
Customer withdrawals from advisory accounts offset gains across Wells’ wealth division from higher market valuations and referrals to brokers from retail bankers.