San Diego brokers took the unusual step of seeking a court ruling voiding their employment contracts to preempt their former firm from stopping them from soliciting clients.
Emphasize the “big numbers” large producers can earn over a long UBS career and the “unrealistic” sales targets that competitors set when offering back-end bonuses, it says in presentation.
Rhode Island team that was managing about $340 million joins independent broker’s “private client group,” an RIA aiming to provide more support and lower payout than in a traditional Kestra arrangement.
New Jersey team, which went independent in April after decades at Wells and predecessor firms, allegedly took client data in violation of company rules, privacy laws and the Protocol for Broker Recruiting.
Co-head of wealth management business warns of tough second quarter but says firm is content with its hiring, compensation and technology strategies.
Veteran San Diego advisers who left Friday for Hilltop Securities ask a judge to invalidate their employment contracts’ non-solicit clauses in a novel move with high legal risks.
In separate moves, three advisers who were each with UBS for nine years, jumped despite firm’s exit from the Protocol to the headline-plagued Wells.
Though neither wirehouse is in the Protocol for Broker Recruiting, the Cincinnati brokers have moved without drawing a challenge from their former employer.