Panel orders UBS to pay $11 million in compensatory and punitive damages to a compliance officer fired for allegedly failing to supervise uncovered options in broker accounts.
Wells Fargo keeps production hurdles and grid rates unchanged, stretches some deferred bonus requirements and incents bank-based brokers to prospect.
Outcry came from brokers in “franchise channel” who could have been charged as much as $2,000 monthly for using the discretionary advisory account platform.
Five advisors left the Thundering Herd near Dallas on Tuesday after seven years for the “advisor-led” employee channel of Wells Fargo Advisors.
Bill Carroll, Brad Smithy and Jennifer Povlitz emerge as divisional survivors as UBS seeks to align its private wealth organization into its “core field organization.”