News
This Week’s Top Stories: Merrill Stands by Recruiting Freeze, UBS Hires Big Private Wealth Team, And More
Wells’ FiNet “Fabricated” Reason for Firing Indiana Brokers, Arbitrators Rule
Leaders of big independent brokerage team now with Ameriprise can expunge regulatory records that say FiNet “disaffiliated” them over annuity sales violations.
UBS Hires $16.7-Mln Merrill Lynch Private Wealth Team
North Carolina team oversaw $10.8 billion of assets, much of which was referred from an institutional custody servicing unit that Merrill is winding down.
Independent Firm to Pay $400,000 for Failing to Catch Brokers Who Stole Millions
Finra fines and censures Royal Alliance, an Advisor Group firm, for supervisory flaws involving two now-imprisoned brokers.
Morning Brief: BofA Private Prowls for Advisors, Executive Says
Top stories from around the web.
Blucora CEO Clendening Exits, Furthering Management Turmoil
The Texas-based broker-dealer rollup, whose CFO resigned last week, said its chief executive left amid a battle over “authority.”
First Republic Hooks $2.5Bln-Asset J.P. Morgan Team in Florida
Six-broker team is led by Sal Tiano, who has worked for almost three decades at J.P. Morgan and its Bear Stearns predecessor.
Schwab Trading Revenue Plunges, Client Assets Hit $4 Trillion Milestone
The San Francisco, Calif.-based discount brokerage pioneer that adopted zero commissions in October, said trading revenue fell 58% in the fourth quarter.
Morgan Stanley Sees Higher Wealth Profitability After Strong Quarter
Wirehouse raises profit margin goals, and CEO says it won’t be done through compensation grid changes.
Morning Brief: Morgan Stanley Stingy with M.D. Promotions
Top stories from around the web.
Merrill Sticks to Hiring Novices, Freezing Out Veterans, Staying in Protocol
Attrition of veteran brokers fell in the fourth quarter, sustaining Merrill Lynch’s decision to remain in the Broker Protocol and continue recruiting less experienced advisors.
BlackRock Amasses $7 Trillion of Assets on Record Net Inflow
World’s biggest asset manager attracted $429 billion in new money in 2019, with $75 billion pouring into ETFs in the fourth quarter.
