RIA
Mercer Extends RIA Acquisition Spree with Washington State Deal
Purchase of Spokane-based Hart Capital Management by Mercer Global Advisors in December was the RIA rollup’s fifth closing that month.
Sanctuary Hires $435-Mln Merrill Team, Snowden Lures Another from Retirement
Independent broker-dealer Sanctuary has landed its 42nd team since its 2018 launch while Snowden says it wooed a former billion-dollar Merrill broker back to the business.
Mercer Snaps up $800 Million-Plus RIA in Oregon
Purchase of Portland, Oregon-based McGee Wealth Management is Mercer’s third announced in the past week.
Brokers’ Plans to Join RIAs Hit Covid-19 Roadblock–survey
About one of four brokers surveyed still plan to go independent, but the pandemic has delayed their exit schedules and caused them to seek options where they will receive greater support than they had planned.
Phil Shaffer Folds His Breakaway Shop, Joins Larger RIA
Morgan Stanley Smith Barney “institutional consulting” veteran joins 70-employee, $2.5 billion AUM firm, Hamilton Capital, in Columbus, Ohio.
Prudential Hires LPL’s Brad Hearn to Run Advisory Business
Executive who was trained at Schwab and ran business consulting at LPL will oversee more than 3,000 advisors at the insurance giant’s Prudential Advisors unit.
Ex-Merrill Broker Who Borrowed from Client to Go Indie Gets Finra Suspension
Virginia advisor timely repaid a $250,000 loan he used to remodel his “breakaway” office while at the wirehouse, but lost his job and has been sanctioned for failing to receive Merrill approval.
Fired Texas Advisor Overcomes Firm Claim for Reimbursement
Independent broker-dealer Cambridge Investment lost arbitration request for more than $390,000 from advisor fired for block-trading issues.
Wells Sues Breakaway Missouri Team for Breach of Broker Protocol
Wells asks court to restrain five-person team managing about $600 million from using information they allegedly took prior to their departure in late September.
One Wells Team Splits to Start RIA, Another Joins Regional D.A. Davidson
The departures in Missouri and Oregon on Friday add to steady drain of brokers from Wells over the past two years.
Nickel-and-dime Trading Violations Yield Big Fine for Small Firm
BAC Florida Investments, which has 23 registered reps, agrees to $100,000 fine for overcharging a registered investment advisor’s customers in fixed-income pricing fraud.
