Articles by Jed Horowitz
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Morgan-Stanley-To-Move-Deeper-Into-Retail-By-Buying-Stock-Plan-Company

Morgan Stanley to Move Deeper Into Retail by Buying Stock-Plan Company

2/11/19 | News | 5 Comments

Agrees to buy Solium Capital for about $900 million to administer stock plans to employees of public and private companies in hopes of converting them to wealth management clients.

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Merrill-Prevails-In-Dismissing-30-Mln-Stock-Loss-Claim-From-Former-Manager

Merrill Prevails in Dismissing $30-Mln Stock-Loss Claim from Former Manager

2/5/19 | News

Firm has lost 12 previous motions to dismiss arbitration claims from former executives and managers who claim subprime mortgage fraud devastated the value of their Merrill stock and options.

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wells-aims-new-ria-channel-at-larger-advisors

Wells Aims New RIA Channel at Larger Advisors

1/29/19 | News | 5 Comments

Independent advisors must have at least $100 million of assets under management, be 100% fee-based and agree to use TradePMR for trade execution and account servicing.

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Barry Sommers

JPMorgan’s Sommers to Leave, Depriving Brokers of Top Management Link

1/29/19 | News | 24 Comments

JPMorgan’s Sommers to Leave, Depriving Brokers of Top Management Link

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Wells-Ups-Recruiting-Deals-To-Replenish-Diminished-Brokerage-Force

EXCLUSIVE: Wells Ups Recruiting Deals to Replenish Diminished Brokerage Force

1/18/19 | News | 32 Comments

Wells Fargo Advisors is offering as much as 275% of 12-month revenue to producers around $500,000 and 325% to those at $500,000 and above.

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Morgan-Stanley-Burned-By-Deferred-Comp-Program-In-Fourth-Quarter

Morgan Stanley Burned in Q4 by Deferred Comp Program

1/17/19 | News | 6 Comments

Losses in investing deferred-plan assets contributed to a 12% decline in pretax fourth-quarter profit and a 6% fall in revenue.

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Andy Sieg

Merrill’s Sieg: 70% of Advisors Performed at Peak Levels in 2018

1/16/19 | News | 15 Comments

Head of Bank of America’s wealth unit credits carrots and sticks in new “growth grid” for rise in new accounts that drove record revenue and productivity.

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$7-Million-Morgan-Stanley-Trio-Ousted-over-Passwords-Joins-Stife

$7-Million Morgan Stanley Trio Ousted over Passwords Joins Stifel

1/14/19 | Advisor Moves, News | 17 Comments

Brokers in Cincinnati who were put on leave for using customer logins and passwords to review outside accounts transition quickly to another firm.

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Credit Suisse Seeks to Vacate Broker’s $975.5K Deferred Comp Award

1/11/19 | News, Uncategorized | 2 Comments

Bank that closed its U.S. wealth business claims arbitrators’ alleged failure to accommodate a key witness and consider evidence of broker’s negotiations with rival firms deprived it of a fair hearing.

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Merrill’s PBIG Hires Wife of Broker Fired for Excessive Trading

1/9/19 | News | 7 Comments

Los Angeles advisor worked for more than 20 years with now-estranged husband who was dismissed by J.P. Morgan in September.

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Morgan-Stanley-Sends-Its-Upscale-Brokers-Back-To-School

Morgan Stanley Sends Its Upscale Brokers Back to School

1/4/19 | News | 12 Comments

Firm is requiring every Private Wealth Management team to have at least one member pass a 150-hour internal course on servicing the very wealthy.

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Widow-Of-Merrill-Fa-Claims-Seeks-30-Mln-For-Value-Of-His-Book

Widow of Merrill FA Seeks $30 Mln for Value of His ‘Book’

1/2/19 | News | 12 Comments

California woman says distribution of her late husband’s Silicon Valley-focused client book without compensation to him or his estate violates his employment contract and Family Medical Leave Act.

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Finra Charges Ami Forte in Churning Case that Cost Morgan Stanley $34 Mln

Finra Charges Ami Forte in Churning Case that Cost Morgan Stanley $34 Mln

12/21/18 | News | 19 Comments

Former top broker charged with excessive trading in accounts of the cognitively impaired cofounder of Home Depot responds that regulator is acting like “Morgan Stanley’s lapdog.”

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BofA to Give Free Stock to Thousands of Employees, Including FAs

EXCLUSIVE: BofA to Give Free Stock to Thousands of Employees, Including Merrill FAs

12/20/18 | News | 15 Comments

“Special” award of 200 to 500 restricted shares will go to full- and part-time workers grossing $100,000 to $350,000, following cash gifts already paid to those earning less than $100,000.

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Stifel-To-Pay-Massachusetts-For-Brokers-Client-Sharing-Scheme-With-Ria

Stifel to Pay Massachusetts for Broker’s Client-Sharing Scheme with RIA

12/19/18 | News | 5 Comments

Consents to $300,000 fine for letting Cape Cod broker charge full-service commissions to customers shuttled to him from fee-based independent adviser.

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Phil Shaffer Folds His Breakaway Shop, Joins Larger RIA

Phil Shaffer Folds His Breakaway Shop, Joins Larger RIA

12/17/18 | Advisor Moves | 1 Comment

Morgan Stanley Smith Barney “institutional consulting” veteran joins 70-employee, $2.5 billion AUM firm, Hamilton Capital, in Columbus, Ohio.

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Morgan Stanley Refiles TRO to Gag Stifel Brokers, Settles in NJ

Morgan Stanley Refiles TRO to Gag Stifel Brokers, Settles in NJ

12/12/18 | News | 5 Comments

Alleges that six-broker team in Illinois that joined Stifel two months ago lied about their possession of client-contact data—violating their employment contracts and their new firm’s “Non-Protocol Transition Guide.”

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Bonuses for Growing Assets ‘OK’ Under Reg BI–SEC’s Clayton

Bonuses for Growing Assets ‘OK’ Under Reg BI–SEC’s Clayton

12/11/18 | News

Asset growth awards are likely acceptable under forthcoming customer-care rules, SEC chairman tells Senate committee, even as he repeats his opposition to “high pressure, product-specific” sales contests.

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Exclusive-Rockefeller-Signs-Ubs-Duo-In-Atlanta-Producing-50-Million

Rockefeller Signs UBS Duo in Atlanta Producing $13 Million

12/7/18 | News | 3 Comments

Tom Epperson and Justin Ryan, who oversaw about $2 billion of customer assets combined, join Greg Fleming’s new venture.

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Industry Leader Swings Against State Fiduciary Proposals

Industry Leader Swings Against State Fiduciary Proposals

12/6/18 | News

New Jersey, Nevada and other states trying to raise customer-care standards for brokers should back off in favor of the SEC’s soon-to-be proposed rule package, said Sifma head Ken Bentsen.

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Merrills-Ben-Prince-Head-Of-Community-Markets-Unit-To-Leave

Merrill’s Ben Prince, Head of Community Markets Unit, to Leave

12/5/18 | News | 2 Comments

After a 21-year brokerage career at Merrill and predecessor firms, the former Southwest division head will take early retirement, several sources said.

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LPL to Offer Proprietary CRM Software to Brokers

LPL to Offer Proprietary CRM Software to Brokers

12/5/18 | News

Independent brokerage giant tells its 16,000 affiliated advisors to expect a proprietary customer-contact application by yearend and ‘enhanced integration’ of third-party applications by next year.

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Morgan Stanley Prevails in Dismissing Class-Action Discrimination Suit

Morgan Stanley Prevails in Dismissing Class-Action Discrimination Suit

12/3/18 | News

New York judge says some named plaintiffs in the “Kathy Frazier” racial and gender case can pursue complaints of discriminatory teaming and pooling policies in arbitration.

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UBS Reverses Course on Gagging Brokers Who Leave

UBS Reverses Course on Gagging Brokers Who Leave

12/3/18 | News | 6 Comments

Brokers who collect bonuses and leave can contact former clients without fear of being sued, UBS says, telling managers it wasn’t an effective plan.

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Edward Jones Files to Dismiss Fee-Account Migration Suit

Edward Jones Files to Dismiss Fee-Account Migration Suit

11/30/18 | News | 53 Comments

Clients who moved from transactional commission to fee-based advisory accounts receive “significant additional services” and know through disclosures that fee accounts “could be more expensive over time,” firm argues in a filing to dismiss purported class-action lawsuit.

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Another Credit Suisse Alumnus Wins Deferred Comp in Arbitration

Another Credit Suisse Alumnus Wins Deferred Comp in Arbitration

11/7/18 | News | 5 Comments

Nicholas Finn, who joined UBS after its Swiss rival announced the shuttering of its U.S. brokerage business, is awarded almost $1 million and a change in his regulatory form to “terminated without cause.”

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Wells Fargo Wealth President Jay Welker to Retire

Memo: Wells Fargo Wealth President Jay Welker to Retire

11/6/18 | News | 1 Comment

Private bank and wealth head, who was reportedly being investigated for gender bias, will leave at the end of March “following a long and successful career,” according to an internal memo.

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SEC Director Hints at Conciliatory Approach to Eliminating Conflicts

SEC Director Hints at Conciliatory Approach to ‘Eliminating’ Conflicts

11/6/18 | News

“It’s intended to be somewhat of a flexible rule,” Trading and Markets Division head says of a proposed directive for firms to either mitigate or eliminate material conflicts of interest in retail sales incentives.

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Merrill Lynch to Withhold Payment on 3% of Brokers’ Monthly Production

EXCLUSIVE: Merrill to Withhold Payment on 3% of Brokers’ Monthly Production

11/1/18 | News | 95 Comments

Credits on which brokers will not be paid will be capped at $4,000 of revenue a month, an attempt to rein compensation growth that has been exceeding revenue growth.

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UBS Bosses Lay Down New Profit Goals for U.S. Brokers

UBS Bosses Lay Down New Profit Goals for U.S. Brokers

10/25/18 | News | 2 Comments

Company ratchets up profit margin and productivity goals and introduces new advisor desktop to help achieve them, but stands fast on restraining recruiting.

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Raymond James Keeps Recruiting Gate Open Despite Expense Jump

Raymond James Keeps Recruiting Gate Open Despite Expense Jump

10/25/18 | News

Revenue generated by the Florida-based firm’s burgeoning brokerage force rose 12% last quarter, but rising legal and compensation costs contributed to an 8% decline in pretax profit at its wealth division.

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Morgan Stanley Gilds Retirement Program for Top Producers

EXCLUSIVE: Morgan Stanley Gilds Retirement Program for Top Producers

10/18/18 | News | 9 Comments

In return for deferred bonuses equal to 75% to 100% of trailing-12 revenue and the ability to manage their investments, producers generating $5 million and more will have to sign garden-leave contracts.

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Morgan Stanley Focuses on ‘Wallet Share’ as Q3 Profits Rise 7%

Morgan Stanley Focuses on ‘Wallet Share’ as Q3 Profits Rise 7%

10/16/18 | News | 2 Comments

Executives say key to growth is convincing wealthy customers to concentrate more of their assets at the firm, a core goal of firm’s 2019 compensation plan.

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More Advisors Jump from Wells in Southwest

10/8/18 | Advisor Moves

J.P. Morgan lands a $2-million plus solo practitioner in Dallas while a team of veterans in Oklahoma overseeing $300 millon become partners in a young Texas-based RIA.

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D Ameritrade to Settle Blind Woman’s Website Accessibility Lawsuit

TD Ameritrade to Settle Blind Woman’s Website Accessibility Lawsuit

10/4/18 | News | 1 Comment

Brokerage firm agrees in principle to make technology changes and pay legal fees to former customer but avoids class-action claims.

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JP Morgan Hires Away Lifetime UBS Manager in San Francisco-772x485

J.P. Morgan Hires Away Lifetime UBS Manager in San Francisco

9/18/18 | News | 2 Comments

Stephen McCashin, who ran UBS’s private wealth complex in San Francisco, will join the former Bear Stearns business unit in November after a ‘garden leave.’

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Merrill to Restore Commission-Based Retirement Accounts

Merrill to Restore Commission-Based Retirement Accounts

8/30/18 | News | 11 Comments

Tells brokers it underestimated how upset many customers were over losing an IRA account choice available at most competitors.

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Merrill to Pay $8.9 Million Over Retail Product Platform Conflict

Merrill to Pay $8.9 Million Over Retail Product Platform Conflict

8/20/18 | News | 4 Comments

A senior Merrill Lynch retail executive allowed investment banking relationships between Bank of America and a third party to override standard due diligence procedures regarding separately managed account products.

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Wells Moves Closer to Consolidating Wealth Units

Wells Moves Closer to Consolidating Wealth Units

8/17/18 | News | 19 Comments

Firm preparing to begin a “top down” consolidation of leadership as it folds its bank-based brokerage channel into its private client group.

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Ex-Credit Suisse (USA) Broker Appeals Rejection of Class-action Pay Suit

Ex-Credit Suisse (USA) Broker Appeals Dismissal of Class-action Pay Suit

8/16/18 | News | 1 Comment

Christopher Laver, who says he and dozens of other former CS brokers are owed hundreds of millions of dollars in deferred compensation, appealed California judge’s order to dismiss suit and go to Finra arbitration.

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Ex-Broker Wins Another Round Against Morgan Stanley

Ex-Broker Wins Another Round Against Morgan Stanley

8/14/18 | News

After beating wirehouse’s demand to have him repay almost $2 million of forgivable loans 20 months ago, a fired Minnesota advisor wins new arbitration requiring firm to pay his six-figure lawyer’s bill in a customer arbitration.

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Edward Jones Broker Count, and Profits, Surge

Edward Jones Broker Count, and Profits, Surge

8/13/18 | News | 4 Comments

One of Wall Street’s last partnerships says its brokerage ranks grew by 10% as of June 30 from a year earlier, while net revenue was up 11%.

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UBS, Morgan Stanley Lose Big-Hitting Teams in New York, New Jersey

UBS, Morgan Stanley Lose Big-Hitting Teams in New York, New Jersey

8/10/18 | Advisor Moves | 4 Comments

UBS Wealth Management USA and Morgan Stanley Wealth Management, which each left the Protocol for Broker Recruiting last year, were…

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One-Third of Merrill Brokers Took Payout Cuts in First Half of 2018

One-Third of Merrill Brokers Took Payout Cuts in First Half of 2018

8/8/18 | News | 20 Comments

Firm applauds success of 2018 comp plan focused on new-asset and account, despite pay clawbacks from almost 4,900 advisors.

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Wells Fargo Wealth Boss Weiss Telegraphs Major Reorganization

Wells Fargo Wealth Boss Weiss Telegraphs Major Reorganization

8/2/18 | News | 9 Comments

Wealth and Investment Management head Jon Weiss says “difficult decisions” are being made in an effort to improve “how we function as a business.”

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Fidelity Bares Teeth Against Brokers Joining Other Firms

Fidelity Bares Teeth Against Brokers Joining Other Firms

8/1/18 | News

For the second time in two weeks, the discount broker goes to court to prevent high-producing advisors from calling former customers at their new advisory firms.

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Wells Advisors Gives Headhunters More Time on Recruiting Bounty

Wells Advisors Gives Headhunters More Time on Recruiting Bounty

7/31/18 | News

Deal that pays recruiters a hefty 10% of a hired advisor’s 12-month revenue was to have ended in September, but will continue through year-end as Wells pushes to fill seats.

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2019 Comp: Morgan Stanley Adds Account-Level Bonuses, Leaves Grid Unchanged

2019 Comp: Morgan Stanley Adds Account-Level Bonuses, Leaves Grid Unchanged

7/30/18 | News | 11 Comments

In push to get brokers to use financial plans and adopt asset-gathering technology, firm adds grid payout points for each customer with a plan and boosts revenue credit for each customer that makes firm its primary commercial bank.

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J.P. Morgan Dallas Star Steve Smith Leaves After 49-Year Career

J.P. Morgan Dallas Star Steve Smith Leaves After 49-Year Career

7/20/18 | Advisor Moves | 2 Comments

In his mid-70s, the ex-Lehman and Bear Stearns fixed-income specialist is starting an investment fund, leaving his book with family members.

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Merrill Advisors Shine on Loan Growth But New Asset Flow Stalls

Merrill Advisors Shine on Loan Growth But New Asset ‘Flows’ Stall

7/16/18 | News | 5 Comments

Net income at Merrill Lynch Wealth and U.S. Trust grew by 20% from last year’s second quarter to $968 million but declined from the first quarter’s record $1.04 billion of profit.

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Ex-Ameriprise Broker Seeks to Vacate Finra Panel’s ‘Note’ Award

Ex-Ameriprise Broker Seeks to Vacate Finra Panel’s ‘Note’ Award

7/11/18 | News

In reclassifying an arbitration chair from public to non-public panelist, Finra gave a court reason to overturn a $287,000 award, California broker argues in rare courthouse request.

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Another Morgan Stanley Complex Manager Leaves, This Time in L.A.

Another Morgan Stanley Complex Manager Leaves, This Time in L.A.

7/10/18 | News | 4 Comments

Robert Perry, who was with the firm and its predecessors for 26 years in Beverly Hills and surroundings, is out.

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Morgan Stanley Ousts Texas Complex Manager Ben Fujihara

Morgan Stanley Ousts Texas Complex Manager Ben Fujihara

7/10/18 | News | 1 Comment

Twenty-year veteran of company who had been given expanded responsibilities in the past year may have stumbled over an outside business activity.

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Merrill Mini-Market Strategy Takes Root, Asset Growth Nears Rest of Firm

Merrill Mini-Market Strategy Takes Root, Asset Growth Nears Rest of Firm

7/5/18 | News

Effort to corral about 1,650 brokers in some 100 slow-growth branches into ‘community markets’ unit with focused management attention yields early signs of progress.

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UBS Cracks Down on Options Trading by Brokers and Families

UBS Cracks Down on Options Trading by Brokers and Families

6/22/18 | News | 2 Comments

Tells top managers that they must hold themselves “to the highest standards with all accounts” following a margin-call debacle in an employee-related account.

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BB&T Strafes Herd, Bags 2nd Merrill Team in 2 Months in Fort Worth

BB&T Strafes Herd, Bags 2nd Merrill Team in 2 Months in Fort Worth

6/22/18 | Advisor Moves

Don Bescher, whose five-person group reportedly oversaw $386 million, joins a Texas complex run by two former Merrill managers and staffed by Thundering Herd and UBS brokers.

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RBC to Ease Small Accounts Away from Brokers

RBC to Ease Small Accounts Away from Brokers

6/20/18 | News | 9 Comments

Firm is expected to offer mini-bonuses for referring accounts under $100,000 to call centers and to slash payouts to near-single digits if advisors continue servicing them.

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Merrill Weighs Fewer Retirement Account Restrictions

Merrill Weighs Fewer Retirement Account Restrictions

6/15/18 | News | 8 Comments

Wealth head Andy Sieg told brokers firm will decide in about 60 days how to simplify its rigid DOL Rule restrictions and perhaps allow commissions for some asset classes.

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RayJay Sticks with Recruiting Despite Rising Costs

RayJay Sticks with Recruiting Despite Rising Costs

6/14/18 | News

Hiring and retention bonuses slice profit margin of private client group by almost 5%, and forgivable loan balances hit $885 million, but Florida firm says is not retreating.

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Merrill Edge Assets Continue to Soar, BofA Executives Say

Merrill Edge Assets Continue to Soar

6/13/18 | News | 3 Comments

Assets under management at the no-frills brokerage unit are up almost 56% in the past three years, four times the growth rate of Bank of America’s much larger Merrill Wealth unit.

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Morgan Stanley’s Gorman Doubles Down on Serving the Very Wealthy

Morgan Stanley’s Gorman Doubles Down on Serving the Very Wealthy

6/12/18 | News | 15 Comments

Deploying technology to transform the jobs of sale associates and to help advisors gather more money from the ultra-rich saves hiring costs and avoids having to attract the masses with cut-rate robo pricing, CEO says.

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Major Merrill PBIG Team in NYC Goes Independent

Major Merrill PBIG Team in NYC Goes Independent

6/4/18 | Advisor Moves | 11 Comments

A five-advisor, 12-person team led by Eric Bodner and Ben Sax overseeing some $5 billion of assets walked from the wirehouse on Friday to set up an advisory firm with the help of Fidelity Investments.

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Watch Your Business Finra Enforcers Crack Down on Outside Activities-772x485

Watch Your Business: Finra Enforcers Crack Down on Outside Activities

6/1/18 | Enforcement

Former Morgan Stanley broker ignored the firm’s denial of his requests to buy mobile home and fuel-service businesses, but others stumble over less obvious business and investment reporting violations.

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$2 Million Morgan Stanley Team Goes Indie with Wells Fargo

$2 Million Morgan Stanley Team Goes Indie with Wells Fargo

6/1/18 | Advisor Moves | 4 Comments

Husband-and-wife team of Bosnian emigrants and a junior advisor open independent financial planning shop in Buffalo, NY.

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Wells Seeks TRO Against Four FAs Affiliated with Kestra-772x485

Wells Seeks TRO Against Four FAs Affiliated with Kestra

5/31/18 | News | 3 Comments

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.

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Ameriprise Fattens Recruiting Deal in Employee Channel

Ameriprise Fattens Recruiting Deal in Employee Channel

5/30/18 | News | 27 Comments

Aggressive offer includes potential for top-quintile brokers to receive 320% of their trailing-12 production over four years, including 170% upfront in cash.

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Andy Saperstein

Morgan Stanley “Feels Good” About Its Comp and Recruiting Policies—Saperstein

5/29/18 | News | 9 Comments

Co-head of wealth management business warns of tough second quarter but says firm is content with its hiring, compensation and technology strategies.

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Former Broker Alleges Widespread Race Discrimination at Edward Jones

Former Broker Alleges Widespread Race Discrimination at Edward Jones

5/25/18 | News | 9 Comments

Files putative class-action alleging company-wide policies that disadvantage African Americans from training through territory assignment to account inheritance.

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UBS Loses Claim for $1.9 Million Note Balance from Broker

UBS Loses Claim for $1.2 Million Note Balance from Broker

5/24/18 | News

New York City advisor was forced to leave UBS after it allowed a colleague to poach his largest account, invalidating its employment policies, according to his lawyer.

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Why Hiring Firms Sometimes Say ‘No’ to Strong Producers

Why Hiring Firms Sometimes Say ‘No’ to Strong Producers

5/24/18 | News | 3 Comments

When an adviser has a pittance saved in his or her own retirement accounts alarms go off at Raymond James, while Lincoln Financial wants a detailed workout plan from advisers with financial difficulties.

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SEC’s Best-Interest Proposal Challenged by Small-Firm CEO

SEC’s Best-Interest Proposal Challenged by Small-Firm CEO

5/22/18 | News

A regulator defends the SEC’s proposed customer-care advice standard as good for investors and flexible for broker-dealers, prompting the head of Sutter Securities to say it presents “real problems” for small and mid-sized firms.

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Arbitrator Cures Smith Barney Broker’s ‘Jack Grubman’ Headache

Arbitrator Cures Ex-Smith Barney Broker’s ‘Jack Grubman’ Headache

5/17/18 | News | 2 Comments

In frankly explained decision to expunge a 15-year-old complaint, public arbitrator says broker was falsely blamed by a telecom investor’s lawyer.

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JPMorgan to Remove Some Fiduciary Rule Handcuffs, Others May Follow

JPMorgan to Remove Some Fiduciary Rule Handcuffs, Others May Follow

5/4/18 | News | 1 Comment

The corpse of the DOL rule hasn’t been buried, but firms are revising retirement account products and policies in preparation for the expected repeal.

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Merrill to Pay $750,000 for Defaming Broker by Insinuating Insider Trading

Merrill to Pay $750,000 for Defaming Broker by Insinuating Insider Trading

5/2/18 | News | 1 Comment

International broker in Miami asked for $26 million in damages, claiming the firm’s write-up of his 2014 dismissal scotched a lucrative deal to move to another wirehouse.

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Merrill Revamps Expense Account Program After Eye-Popping Error Rates

Merrill Revamps Expense Account Program After Eye-Popping Error Rates

4/26/18 | News | 5 Comments

To help brokers toe the line on expense submissions and improve efficiencies, the Bank of America-owned firm mandates an in-house course following rejection of 66% of their claims.

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Elderly Brokers at Wells and UBS in Conn. and New York Get Pink Slips

Elderly Brokers at Wells and UBS in New York Get Pink Slips

4/25/18 | News | 9 Comments

‘Profit Formula’ advisor in Norwich, Conn., broker with 36 years of experience and Manhattan broker with 41 years, neither of whom have BrokerCheck disclosures, accused of violating firm standards.

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UBS Broker Headcount Slipped Again in First Quarter

UBS Broker Headcount Slipped Again in First Quarter

4/23/18 | News | 2 Comments

UBS and some of its brokers disagree on the exact size of the firm’s U.S. broker count and on the level of attrition.

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$22-Million Merrill Lynch Team in Boston Splits for First Republic

$22-Million Merrill Lynch Team in Boston Splits for First Republic

4/20/18 | Advisor Moves | 2 Comments

Days after Merrill boasted of record-low attrition, 34-year veteran James Atwood led his 15-person Private Banking and Investment Group team to the bank that Merrill once owned.

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Marc Brookman, Longtime Head of Morgan Stanley’s Graystone Unit, Resigns

Marc Brookman, Longtime Head of Morgan Stanley’s Graystone Unit, Resigns

4/19/18 | News | 1 Comment

Head of the retail managed-money unit servicing “institutions” such as foundations, nonprofits and small corporations, is said to be joining Schroders.

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Latest Morgan Stanley Broker Gag Effort Moves to Arbitration

Morgan Stanley’s Latest Broker Gag Effort Moves to Arbitration

4/19/18 | News | 2 Comments

Firm suspends motion for restraining order against New Jersey broker who affirms that he does not have documents or data from his former employer.

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SEC Proposes ‘Best Interest’ Standard for Brokers and Their Customers

SEC Proposes ‘Best Interest’ Standard for Brokers and Their Customers

4/18/18 | News | 2 Comments

Controversial rules would require enhanced disclosures about conflicts but critics say they largely preserve the status quo.

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Morgan Stanley Execs: Broker Attrition Sinks, Offsetting Recruiting Drought

Morgan Stanley Execs: Broker Attrition Sinks, Offsetting Recruiting Drought

4/18/18 | News

Executives at the wirehouse that led the exit from the Broker Protocol aren’t sweating modest erosion in advisor headcount.

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Morgan Stanley Seeks TRO Against New Jersey Broker Fired Last Week

Morgan Stanley Seeks TRO Against New Jersey Broker Fired Last Week

4/17/18 | News | 3 Comments

Broker embroiled in a dispute over production credits with senior partner joined Capitol Securities the day after his termination.

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HighTower to Buy Salient Private Client in Houston

HighTower to Buy Salient Private Client in Houston

4/17/18 | News

Fueled by its private equity recapitalization, the Chicago-based aggregator of RIA firms inks its biggest single-office deal since its founding.

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Goldman Hints (Again) at Adding Muscle in Wealth Management

Goldman Hints (Again) at Adding Muscle in Wealth Management

4/17/18 | News

Firm’s small wealth management franchise booked a 33% jump in commission revenue in the first quarter.

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Wells Fargo Advisors Bleeds More Brokers

Wells Fargo Advisors Bleeds More Brokers

4/13/18 | News | 1 Comment

Wealth management unit of scandal-plagued bank lost a net 155 advisors in the first quarter while client assets fell during the quarter by $2 billion.

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Merrill and Morgan Stanley Part Ways with Midwestern Brokers

Merrill and Morgan Stanley Part Ways with Midwestern Brokers

4/10/18 | News | 2 Comments

In an apparent sign of brokerage firms’ raised sensitivity to a range of compliance issues, brokers in Ohio and Michigan were shown the door.

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Wells Ups Bounty for Headhunters in Short-Term Recruiting Push

Wells Ups Bounty for Headhunters in Short-Term Recruiting Push

4/5/18 | News | 7 Comments

Wells Fargo is offering recruiters a hefty 10% of a hired broker’s trailing 12-month revenue, up from about 6%, through the end of September.

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Wells Wealth Boss Rebuts Bloomberg Report on Advisor Sales Bias

Wells Fargo’s Wealth Boss Rebuts Report on Advisor Sales Bias

4/5/18 | News | 2 Comments

Wealth and Investment Management head Jon Weiss says brokers go no incentives or compensation for “simply opening accounts.”

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Merrill Retreats from Battle to Fight Former Executives in Court

Merrill Retreats from Battle to Fight Former Executives in Court

4/3/18 | News

Firm will continue to battle more than 60 ex-managers seeking more than $1.2 billion in arbitration, their lawyers’ preferred venue.

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Morgan Stanley to Squeeze Mutual Fund Sales Compensation

EXCLUSIVE: Morgan Stanley to Squeeze Mutual Fund Sales Compensation

3/29/18 | News | 4 Comments

Will convert “C” shares of all mutual funds to load-waived “A” shares, which have lower trail commissions, as of early 2019, company says in memo.

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Raymond James Revamps Alex Brown Manager Ranks

Raymond James Revamps Alex. Brown Manager Ranks

3/26/18 | News | 1 Comment

Brett Kellam and John Sutton take sales division reins from Frank McGrail and John Davis as dust from 18-month-old acquisition of Deutsche Bank’s U.S. wealth unit continues to settle.

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Merrill Sticks with Retirement Restrictions Despite DOL Court Loss

Merrill Sticks with IRA Constraints Amid DOL Rule Turbulence

3/16/18 | News

DOL will not enforce fiduciary rule after appeals court decision, but firms for now are sticking with their existing sales policies.

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DOL Fiduciary Rule Appears Headed for the Supreme Court

DOL Fiduciary Rule Appears Headed for the Supreme Court

3/16/18 | News

Stage is set for a determination on the controversial rule at highest level following a split decision Thursday in a Texas appeal court that vacates the Labor Department rule.

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Oppenheimer Plans Indie Channel, Shifts California Managers

Oppenheimer Plans Indie Channel, Shifts California Managers

3/14/18 | News

Embryonic unit being formed under former LPL Financial executive Derek Bruton, who hands reins of Newport Beach office to former Merrill manager.

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Ex-Morgan Stanley Brokers in Florida Emerge from TRO Battles

Ex-Morgan Stanley Brokers in Florida Emerge from TRO Battles

3/9/18 | News

Daniel Abel has cobbled out a mediation agreement and is marketing his new RIA while the peripatetic Doron Rachman has joined Oppenheimer.

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UBS Removes Number of Recruited Brokers from Annual Report

UBS Removes Count of Recruited Brokers from Annual Report

3/9/18 | News | 2 Comments

After seven years of disclosing broker hiring data, the Swiss bank omits data as it slashes recruiting and tries to combat attrition.

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Wells Fargo to Industry: Hands Off Our Private Bankers and Neophyte Brokers

Wells to Industry: Hands Off Our Private Bankers and Neophyte Brokers

3/2/18 | News | 4 Comments

Wells executive “makes plain” that scores of personal bankers, private bankers and emerging private client group advisors are excluded from the shelter of the Protocol for Broker Recruiting.

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UBS Broker in Charlotte Joins Ameriprise, Shakes Off TRO Request

UBS Broker in Charlotte Joins Ameriprise, Shakes Off TRO Request

3/1/18 | Advisor Moves, News | 1 Comment

Richard Bean, a “rising UBS talent” managing around $77 million of assets, prevails against bank’s attempt to restrict his contacting former clients at new firm.

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Blind Woman Sues TD Ameritrade Over Allegedly Inaccessible Website

Blind Woman Sues TD Ameritrade Over Allegedly Inaccessible Website

2/28/18 | News | 9 Comments

Class-action filing comes from former customer who moved her account ten years ago to Scottrade, which is transferring accounts back to TD Ameritrade platform.

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Morgan Stanley Withdraws TRO Claim Against Big Michigan Team

Morgan Stanley Withdraws TRO Claim Against Big Michigan Team

2/27/18 | News | 4 Comments

Advisors refuted insinuations that they took confidential data from office and told customers about their plans to move to a Raymond James unit hours before they resigned.

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BREAKING: UBS Withdraws Bonus Handcuffs—Until Next Year

UBS Withdraws Bonus Handcuffs—Until Next Year

2/25/18 | News | 2 Comments

Retracts plan to impose non-solicit penalties on brokers who take their 2017 bonuses and leave, and promises to void the penalty that will be restored in 2018 if it adopts a salary-and-bonus plan or reduces conventional grid payout by 5%.

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Ameriprise Seeks to Vacate $879,000 Award to Fired Broker

Ameriprise Seeks to Vacate $879,000 Award to Fired Broker

2/23/18 | News

In a rare move, broker-dealer argues that it failed to get a fair hearing because of an arbitrator’s undisclosed bias toward employees and the Boston-based panel’s alleged refusal to hear some evidence.

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UBS’s Naratil and Hull Apologize for Non-Solicit Document Snafu

UBS’s Naratil and Hull Apologize for Non-Solicit Document Snafu

2/22/18 | News | 24 Comments

Advisors who signed bonus-acceptance agreements can retract them if they have concerns about clauses preventing them from calling clients if they leave.

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Morgan Stanley Says Fleeing Michigan Team Leaked Plans at Client Dinner

Morgan Stanley Says Fleeing Michigan Team Leaked Plans at Client Dinner

2/21/18 | News | 8 Comments

In latest restraining order lawsuit, firm accuses brokers who produced $3 million of telling clients about their plans the evening before leaving for Raymond James.

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EXCLUSIVE: UBS Slips Non-solicit Language Into Bonus Documents

EXCLUSIVE: UBS Slips Non-solicit Language Into Bonus Documents

2/20/18 | News | 20 Comments

To receive 2017 bonus money, brokers must sign contracts prohibiting them from contacting former clients (and other UBS employees) for a year if they leave.

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HighTower Dismisses Senior Recruiting, Marketing Executives

HighTower Dismisses Senior Recruiting, Marketing Executives

2/15/18 | News | 5 Comments

Under new ownership structure, the RIA “rollup” formed to lure top wirehouse brokers loses national sales head Kim Papedis and the high-profile “chief branding strategist” it hired last summer.

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Goldman Projects 30% Growth in Wealth Management Advisor Force

Goldman Projects 30% Growth in Wealth Management Advisor Force

2/14/18 | News | 2 Comments

In a new emphasis on the profitability and growth prospects of its small retail wealth unit, Goldman CEO boasts that average annual production of its 700 advisors is $4.5 million, “much higher than our large bank competitors.”

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Former Credit Suisse Broker Files Class-Action to Collect Deferred Stock

Former Credit Suisse Broker Files Class-Action to Collect Deferred Stock

2/8/18 | News | 2 Comments

Case in San Francisco alleges that Swiss bank avoided outright sale of U.S. unit to Wells Fargo to avoid a “triggering” event that would have accelerated compensation payments after it shuttered operations.

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Finra Fights to Overturn Merrill Broker’s Expungement Victory

Finra Fights to Overturn Merrill Broker’s Expungement Victory

2/6/18 | News | 8 Comments

Regulator asks court to vacate its own arbitration panel’s July decision to remove seven customer complaints from elite Florida broker Patrick Dwyer’s records.

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Wedbush to Pay $2.5 Million Fine (in Installments) for Capital Deficiencies

Wedbush to Pay $2.5 Million Fine (in Installments) for Capital Deficiencies

2/5/18 | News

Los Angeles-based firm was charged with failing to segregate customer funds, wrongly calculating reserve requirements (including failing to properly account for a parent company and an executive spouse’s accounts) and being short of capital.

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Morgan Stanley Hires Senior Schwab Exec to Democratize Stock Plan Unit

Morgan Stanley Hires Senior Schwab Exec to Democratize Stock Plan Unit

2/2/18 | News

Brian McDonald, a lifetime Schwab employee, is charged with increasing conversions of stock plan participants to wealth management customers through a digital makeover.

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EXCLUSIVE: Morgan Stanley Brokers Jump to Ameriprise, Win in Court

EXCLUSIVE: Morgan Stanley Brokers Jump to Ameriprise, Win in Court

1/25/18 | Advisor Moves | 7 Comments

County court judge in central Texas turns down Morgan Stanley’s attempt to prevent veteran father-son team from contacting their former clients.

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Raymond James Holds the Line on Pay Packages

Raymond James Holds the Line on Pay Packages

1/25/18 | News

But CEO said company will not slow down recruiting efforts and will lobby regulators to preserve the Protocol for Broker Recruiting.

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Morgan Stanley Disses Former Broker’s Career in New TRO Suit

Morgan Stanley Disses Former Broker’s Career in New TRO Suit

1/23/18 | News | 3 Comments

Accuses demoted Florida broker who left two weeks ago of using confidential information to solicit clients who kept some $18 million with the firm.

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Morgan Stanley Sues Another Fleeing Broker, This Time in Indiana

Morgan Stanley Sues Another Fleeing Broker, This Time in Indiana

1/17/18 | News | 6 Comments

Seeks temporary restraining order and expedited discovery against 17-year legacy Smith Barney employee who joined Robert W. Baird.

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Merrill Grows Revenue But New Client Assets Languish

Merrill Grows Revenue But New Client Assets Languish

1/17/18 | News | 11 Comments

Bank of America CEO promises greater digitization of wealth management, and increased push of “lower affluent” clients to Merrill Edge in bid to lower expenses.

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J.P. Morgan Opens Houston Office Seeded by Big Merrill Team

J.P. Morgan Opens Houston Office Seeded by Big Merrill Team

1/12/18 | Advisor Moves | 4 Comments

After ending 2017 with a wave of big hires in its “boutique wealth management unit,” the bank is broadening its base beyond legacy Bear Stearns offices.

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Morgan Stanley to Give $1,000 Bonus to Bottom-Tier Employees

Morgan Stanley to Give $1,000 Bonus to Lower-Tier Employees

1/12/18 | News | 9 Comments

CEO James Gorman and President Colm Kelleher give all U.S. employees making $150,000 or less a New Year’s gift (but wealth and asset managers need not apply).

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SEC Seen on Verge of Proposing a Fiduciary Rule

SEC Seen on Verge of Proposing a Fiduciary Rule

1/10/18 | News | 3 Comments

The Commission could submit a customer best-interest proposal by the second quarter and possibly regulate brokers’ ability to call themselves financial advisors.

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Finra Bearing Down on Securities-Backed Loans and Rollovers

Finra Bearing Down on Securities-Backed Loans and Rollovers

1/8/18 | News | 6 Comments

In 2018 exam priority letter, Wall Street’s self-regulator says firm policies and procedures for vetting high-risk brokers remains a focus and highlights a new kind of reverse churning issue.

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UBS Broker Wins $400,000 from Ex-Partner in Slander Case

UBS Broker Wins $400,000 from Ex-Partner in Slander Case

1/4/18 | News | 1 Comment

Arbitration panel grants punitive damages and an unusual permanent injunction against Morgan Stanley broker who allegedly disparaged former partner and his family.

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Merrill Lynch Fined $26 Mln for Money-Laundering Lapses

12/21/17 | Enforcement | 4 Comments

Finra attributes problems in part to firm’s decision to subordinate its retail monitoring system to Bank of America’s broader system.

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Morgan Stanley Seeks to Clamp Another Departing Broker

Morgan Stanley Sues to Muffle Another Departing Broker

12/19/17 | News | 19 Comments

Asks a Chicago judge to issue an order restraining Steven Glazer, who quit last week, from contacting his former customers from his new firm.

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Credit Suisse ‘Raid’ Case Against UBS Americas Marches On

Credit Suisse ‘Raid’ Case Against UBS Americas Marches On

12/14/17 | News

The unusual allegation from CS Securities (USA) of unfair hiring by its Swiss rival in the U.S., as CS was shutting the unit’s doors, is scheduled for arbitration in January.

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Broker Sued by Morgan Stanley Refutes Its Client Ownership Assertions

Broker Sued by Morgan Stanley: I Found My Clients by Myself

12/13/17 | News | 17 Comments

Newly independent New Jersey broker says firm handed him “absolutely ZERO clients.”

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UBS Loses Oil Industry Stock Plan Broker to RayJay’s HNW Unit

UBS Loses Oil Industry Stock Plan Broker to RayJay’s Alex. Brown

12/12/17 | Advisor Moves | 1 Comment

Longtime UBS advisor and manager Jim Sheehan leaves New Jersey team for Alex. Brown’s midtown Manhattan office.

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Merrill Lynch Tweaks Pay Policy So Brokers Can Collect on Family IRAs

Merrill Tweaks Pay Policy So Brokers Can Collect on Family IRAs

12/11/17 | News | 2 Comments

Reversing policy, Merrill and Wells let advisors collect fees on their own and family member retirement accounts if money comes from non-retirement IRAs.

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Finra Tightens Noose on Broker Expungement Process

Finra Tightens Noose on Broker Expungement Process

12/8/17 | News

New proposal to limit brokers’ ability to remove complaints from publicly available records likely to sail through SEC, lawyers representing brokers and customers say.

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HighTower Founder Argues That He Is Illiquid

HighTower Founder Argues That He Is Illiquid

12/4/17 | News | 11 Comments

In testimony during a court hearing on a missed payment in his divorce settlement, Elliot Weissbluth testified that on a monthly basis despite his $650,000 base salary, he is “negative cash flow.”

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Baird Scores $5-Million Mega-team from Wells Fargo

Baird Scores $5-Million Mega-team from Wells Fargo

11/30/17 | Advisor Moves | 4 Comments

Wisconsin firm opens first office in Alaska with team led by broker who had been with Wells and predecessors for 30 years.

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J.P. Morgan Moves Again, Hires from UBS in Atlanta, Dallas and Elsewhere

J.P. Morgan Moves Again, Hires from UBS in Atlanta, Dallas, Palm Beach

11/30/17 | Advisor Moves | 1 Comment

On eve of a wirehouse’s withdrawal from the Protocol for Broker Recruiting, J.P. Morgan Securities again pulls out the recruiting stops and lands a $5 million team.

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Wells Fargo to Raise Payout to 50% on Top Brokers’ First Dollar of Revenue

EXCLUSIVE: Wells to Raise Payout to 50% on Top Brokers’ First Dollar of Revenue

11/30/17 | News | 13 Comments

Wells Fargo Advisors’ private client group to keep 2018 compensation plan largely unchanged but adds incentives for big producers and their teams.

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Merrill Rallies Top Advisors to Cheerlead 2018 Comp Plan

Merrill Rallies Top Advisors to Cheerlead 2018 Comp Plan

11/29/17 | News | 13 Comments

Wealth management employees receive memo from 28 colleagues that calls the firm’s carrot-and-stick push for account growth “right on target” and “truly Merrill Lynch.”

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UBS Lands Six Oklahoma City Brokers from Merrill Lynch

UBS, Amid Protocol Shock, Lands Six Oklahoma City Brokers from Merrill Lynch

11/28/17 | Advisor Moves | 3 Comments

In unusual Tuesday move, UBS welcomes four Sooner State practices with combined $7 million of production a day after announcing Protocol departure.

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Before Abandoning Protocol, UBS Welcomed Sizable Merrill Producers

Before Abandoning Protocol, UBS Welcomed Sizable Merrill Producers

11/27/17 | Advisor Moves | 5 Comments

Brokers in New Jersey and Illinois believed to be collectively managing some $1.6 billion of assets changed wirehouse partners earlier this month.

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BREAKING: UBS Pulling Out of Broker Protocol

UBS Pulling Out of Broker Protocol

11/27/17 | News | 11 Comments

One month after Morgan Stanley shakes up recruiting world with pullout from inter-industry pact, UBS also breaks ranks.

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Morgan Stanley Ties Hands of Broker Who Jumped After Protocol Exit

Morgan Stanley Ties Hands of Broker Who Jumped After Protocol Exit—Sources

11/21/17 | News | 12 Comments

Sending a message about its ferocity in pursuing departed brokers, firm seeks and wins restraining order silencing a Florida broker who joined a competitor.

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Mega-Goldman Team in Los Angeles Leaves for First Republic

Mega-Goldman Sachs Team in Los Angeles Leaves for First Republic

11/17/17 | Advisor Moves | 2 Comments

Matthew Babrick and James Wilcox, who jointly produce more than $14 million, to join the aggressive San Francisco-based rival early next year following garden leave.

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EXCLUSIVE: UBS Wealth to Raise Customer Account Fees in 2018

EXCLUSIVE: UBS Wealth to Raise Customer Account Fees in 2018

11/16/17 | Exclusive, News | 6 Comments

Annual fees will jump for households with as much as $1.99 million, creating some uncomfortable conversations, brokers say.

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Edward Jones Noses Ahead of Morgan Stanley to Boast Biggest Brokerage Force

Edward Jones Noses Ahead of Morgan Stanley to Boast Biggest Brokerage Force

11/10/17 | News | 10 Comments

Managing Partner Jim Weddle scoffs at critics who say firm is crowding out existing brokers with accelerated growth strategy.

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Finra Suspends Ex-Merrill Star in Boston for False Expense Reports

Finra Suspends Ex-Merrill Star in Boston for False Expense Reports

11/9/17 | Enforcement | 7 Comments

Sandy Galuppo, already fired by Merrill, agrees to one-year industry suspension and $10,000 fine, illustrating growing employer and regulatory scrutiny of ethical lapses.

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2018 Comp: Merrill Lynch Adds Penalties/Awards to Spur Asset Growth

2018 Comp: Merrill Lynch Adds Penalties/Rewards to Spur Asset Growth

11/8/17 | News | 40 Comments

Attacking the grid, the Bank of America brokerage unit adds 2% to payout for hitting new-money and new-account targets—and deducts 2% for brokers failing to grow.

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Analysis: Smaller Rivals Quake After Morgan Stanley’s Protocol Decision

Analysis: Smaller Rivals Quake After Morgan Stanley’s Protocol Decision

11/6/17 | News | 4 Comments

Independent advisory firms, broker-dealers, and regionals that were hiring steadily from wirehouses have the most to lose if the big firms protect their flanks through litigation.

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Morgan Stanley Brokers Jump to Regionals Under Protocol Pressure

UPDATE: Morgan Stanley Brokers Jump Early Under Protocol Pressure

11/2/17 | Advisor Moves | 15 Comments

Five wirehouse veterans who woke up on Thursday managing about $565 million at Morgan Stanley in New York, Texas and Illinois accelerated moves to Stifel and RBC so they wouldn’t have to worry about being sued by their former firm.

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Morgan Stanley Lowers Broker Payout on International Accounts

Morgan Stanley Lowers Broker Payout on International Accounts

11/2/17 | News | 7 Comments

Lost in the turmoil over Morgan Stanley’s plan to exit the Broker Protocol has been pay cuts the firm is making on extra-territorial and family accounts.

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BREAKING: Morgan Stanley to Pull Out of Recruiting Pact with Rival Firms

Morgan Stanley to Pull Out of Recruiting Pact with Rival Firms

10/30/17 | News | 42 Comments

Firm tells managers that as of Friday it will drop out of the Protocol for Broker Recruiting, opening the gates to potential litigation if people who leave contact clients within a year.

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UBS Ordered to Pay Florida Broker $3 Million for Defamation

UBS Ordered to Pay Florida Broker $3 Million for Defamation

10/27/17 | News | 5 Comments

The wirehouse decimated a top producer’s business by falsely telling his former clients that he had overcharged them and by “reimbursing” their fees, according to his lawyer.

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Morgan Stanley to Change Payout Calculation

EXCLUSIVE: Morgan Stanley to Change Payout Calculation

10/26/17 | News | 11 Comments

2018 comp plan to recalculate broker payout with a “rolling grid” that adjusts monthly based on trailing 12-month production.

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Farmer, 94, Sues Cetera for Ignoring Alleged $640,000 Annuity Theft

Farmer, 94, Sues Cetera for Ignoring Alleged $640,000 Annuity Theft

10/20/17 | News

Iowa man says son-in-law looted his savings with forged documents and activity that aroused alert from Jackson National but no inquiries from bank-based brokers.

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2018 Comp: UBS Incents Brokers to Offload ‘Small’ Accounts to Call Center

2018 Comp: UBS Incents Brokers to Offload ‘Small’ Accounts to Call Center

10/18/17 | News | 1 Comment

In another bid to retain brokers and focus them on wealthier clients, the U.S. broker-dealer adds incentives to dump small accounts.

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ANALYSIS: Wirehouses Paying Up in Race for Deposits

ANALYSIS: Wirehouses Paying Up in Race for Deposits

10/17/17 | Uncategorized

As wealth management firms press the pedal on lending to wealthy clients, they are finally having to spend more on what they are paying to fund the loans.

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Morgan Stanley Wealth Profit Zooms on Advisory Fees

Morgan Stanley Wealth Profit Zooms on Advisory Fees

10/17/17 | News | 7 Comments

CEO James Gorman says very wealthy clients are developing more loyalty to the “firm” and to its variegated loan and “goals-based” investment products.

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Merrill Lynch Commission-Account Assets Almost Equal to Those in Fee Accounts

Merrill Commission-Account Assets Fall to Almost Half of Total

10/13/17 | News | 4 Comments

Asset-based fee accounts helped generate 6% revenue rise in third quarter at Bank of America’s global wealth and investment management division.

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Wells Fargo, Credit Suisse Renege on Lucrative Retail Syndicate Plan

Wells, Credit Suisse Renege on Lucrative Retail Syndicate Plan

10/12/17 | News | 5 Comments

CS brokers who were offered near-exclusive five-year access to Swiss bank’s equities offerings at Wells have been told that their future allocations will be greatly diluted.

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After 44 Years, a Top Washington State Broker Takes Team Independent

After 44 Years, a Top Washington State Broker Takes Team Independent

10/11/17 | Advisor Moves

Richard Tschetter leaves D.A. Davidson with $2 million-plus of production to form registered investment advisor with Charles Schwab as custodian.

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Stifel Branch Manager Trampled in Deer-Breeding Scheme

Stifel Branch Manager Trampled in Deer-Breeding Scheme

10/10/17 | News | 4 Comments

Alabama advisor who reports no outside business on his BrokerCheck pays $750,000 in federal and state fines for illegally importing deer to his ranch from Indiana.

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Morgan Stanley Sues Manager, Broker Who Left for Merrill Lynch

Morgan Stanley Sues Manager, Broker Who Left for Merrill

10/6/17 | News | 5 Comments

The firm filed two lawsuits on Thursday to restrain a former manager near Princeton, NJ, from soliciting brokers and a broker he allegedly recruited from soliciting inherited-account clients.

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Former UBS Private Wealth Regional Manager Joins Independent Firm

Former UBS Private Wealth Regional Manager Joins Independent Firm

10/5/17 | News | 1 Comment

Ray DiNunzio, a 17-year UBS veteran based in Houston, has hooked up with his former boss John Straus’s FallLine Securities.

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2018 Compensation: UBS Promises U.S. Brokers No Payout Change

2018 Compensation: UBS Promises U.S. Brokers No Payout Change

10/5/17 | News

Chief Executive Tom Naratil has told advisors there will be no surprises in the pay plan the company will release in coming weeks, in contrast to last year’s whirlwind of changes.

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Oppenheimer Replaces Long-Time Advisory Account Head

Oppenheimer Replaces Long-Time Advisory Account Head

10/2/17 | News | 3 Comments

David Aplin, head of asset management product selection and overseer of brokers running discretionary accounts, is replaced after 22 years by a UBS manager.

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EXCLUSIVE: Merrill Lynch to Accelerate Release of 2018 Comp Plan

EXCLUSIVE: Merrill Lynch to Accelerate Release of 2018 Comp Plan

9/20/17 | News | 38 Comments

Faced with sluggish growth of new customer accounts, the big broker-dealer will disclose a compensation program a month early that is expected to punish net household account diminution and reward increases.

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Morgan Stanley Loses Michigan Pension Mandates After Broker Leaves

Morgan Stanley Loses Michigan Pension Mandates After Broker Leaves

9/15/17 | News

Retirement plans shift advisory assignments on billions of assets to firm that employs former Graystone advisors.

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Jerry Murphy, Top Advisor Group Executive, Steps Down

Jerry Murphy, Top Advisor Group Executive, Steps Down

9/13/17 | News

Head of Atlanta-based independent broker FSC Securities is joining an OSJ at the firm, and has been replaced by former Waddell & Reed President Derek Burke.

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Behind First Republic’s Allure: 300% Signing Package and Referrals

Behind First Republic’s Allure: 300% Signing Package and Referrals

9/11/17 | News | 35 Comments

San Francisco-based bank is picking up high-end teams by offering deals that wirehouses used to give, and laying plans for geographic expansion.

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Wells Rivals Announce Spurt of Recruiting from Scandal-Tarred Firm

Wells Rivals Announce Spurt of Recruiting from Scandal-Tarred Firm

9/5/17 | Advisor Moves | 5 Comments

Six brokers managing about $750 million left Wells Fargo Advisors, according to announcements on Tuesday from rival firms and brokers.

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Ex-Merrill Executive Escapes Fines in Case that Cost Firm $415 Million

Ex-Merrill Executive Escapes Fine in Case that Cost Firm $415 Million

9/5/17 | Enforcement | 1 Comment

William Tirrell, Merrill’s former regulatory reporting boss, slapped on wrist with cease-and-desist by administrative judge despite agency’s holding him responsible for major segregated-fund sanction against firm.

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Firm Says Broker Told Customer to Sue, He Cries Foul, Arbitrators Hold Noses

Firm Says Broker Told Customer to Sue, He Cries Foul, Arbitrators Hold Noses

9/1/17 | News

Independent B/D Prospera Financial made an unusual claim that it should be indemnified by a broker for damages and defamation related to a customer’s arbitration.

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Fired Wells Private Banker Prevails in Unusual Defamation Case

Fired Wells Private Banker Prevails in Unusual Defamation Case

8/29/17 | News | 1 Comment

Arbitrators rule that broker-dealer defamed former Atlanta-area banker by sacrificing accuracy for letter-of-the-law language in a separation notice.

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Morgan Stanley Readies Hiring Program for Mid-Career “Dropouts”

Morgan Stanley Readies Hiring Program for Mid-Career “Dropouts”

8/25/17 | News | 7 Comments

Expands “return-to-work” internships for people who took career breaks to join wealth management at a time when it has retrenched from hiring experienced brokers.

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UBS Lawyers Battle “Bad Actor” Evidence in Puerto Rico Claims

UBS Lawyers Battle “Bad Actor” Evidence in Puerto Rico Claims

8/18/17 | News | 1 Comment

Finra arbitration panel allows expungement of customer complaint against two San Juan-based UBS employees whose BrokerCheck records cumulatively record almost 200 disclosure events.

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LPL Forecasts Up to $100 Million of Retention Pay to NPH Brokers

LPL Forecasts Up to $100 Million of Retention Pay to NPH Brokers

8/16/17 | News | 4 Comments

Largest independent broker-dealer expects purchase of smaller firm to add $75-$100 million of earnings by end of 2018.

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Credit Suisse Quietly Transfers ‘Orphaned” U.S. Brokerage Assets

Credit Suisse Quietly Transfers “Orphaned” U.S. Brokerage Assets

8/15/17 | News | 1 Comment

Amid continuing legal battles with its former U.S. brokers, the Swiss bank is transferring a “substantial” amount of money left in customer accounts to a small New York City brokerage.

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Stifel Brokers Pay for Tampering with Former Firm’s Client Data

Stifel Brokers Pay for Tampering with Former Firm’s Client Data

8/14/17 | News | 3 Comments

Arbitrators uphold Hilltop Securities’ claim of criminal computer crime in imposing damages against San Diego brokers who jumped to Stifel.

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Wells Fargo Advisors Shuffles Field Leaders, Creates New Region

Wells Fargo Advisors Shuffles Field Leaders, Creates New Region

8/11/17 | News | 16 Comments

Reorganization is aimed to “position our field leaders closer to our advisors,” according to an internal memo.

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Oppenheimer Loses $28 Million Claim Against Jefferies Wealth Executive

Oppenheimer Loses $28 Million Claim Against Jefferies Wealth Executive

8/10/17 | News | 5 Comments

Arbitrators deny attempt to collect mega-damages from fixed-income star Greg Fisher and to pay his hefty legal fees.

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RayJay Lands Baird Vet in Chicago, Wells/Pru Lifers in Rochester

RayJay Lands Baird Vet in Chicago, Wells/Pru Lifers in Rochester

8/7/17 | Advisor Moves

After 30 years at William Blair and Robert W. Baird, Rosa Ebling signs with the Florida-based firm’s Windy City employee-channel branch, while $2-million team led by Keith Bock in New York State leaves his home of more than 35 years.

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Breakaway Morgan Stanley Broker’s Expungement Attempt Fizzles

Breakaway Morgan Stanley Broker’s Expungement Attempt Fizzles

7/31/17 | News | 3 Comments

The complaints were old, only one was settled and the firms didn’t care but the arbitrator wouldn’t clean the record.

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Raymond James CEO on Defensive About Payout Grid Cut

Raymond James CEO on Defensive About Payout Grid Cut

7/27/17 | News | 2 Comments

Paul Reilly says advisors understand that the DOL fiduciary rule requires some compensation sacrifice but doesn’t spell out the details.

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Merrill Readies New Unit to Serve Clients (and Brokers) in Small Markets

EXCLUSIVE: Merrill Readies New Unit to Serve Clients (and Brokers) in Small Markets

7/20/17 | News | 9 Comments

Firm is likely to allow payout on accounts of under $100,000 in the small markets it is targeting.

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Ka-Ching! Recruiting Slowdown Fattens Brokerage Bottom Lines

Ka-Ching! Recruiting Slowdown Fattens Brokerage Bottom Lines

7/19/17 | News | 1 Comment

Morgan Stanley executives applaud return to sanity in recruiting deals and improvement in retention as deal-making slows.

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Bank of America CEO Blesses Wealth Management (In His Way)

Bank of America CEO Blesses Wealth Management (In His Way)

7/18/17 | News

Brian Moynihan expects Merrill’s no-commission retirement account policy to continue, regardless of DOL rule modification, and wants to continue hiring policy.

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Merrill to Unveil Mid-Year Award for New Account Growth

EXCLUSIVE: Merrill to Unveil Mid-Year Award for New Account Growth

7/17/17 | News | 4 Comments

As firms wrestle with effects of their recruiting cutbacks, they parse ways to stimulate productivity through ‘organic’ growth.

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Wedbush Slammed in Elder Abuse Case

7/14/17 | News | 2 Comments

Arbitrators order Los Angeles firm to pay $1.8 million to a couple who bought long-term munis and structured CDS and to indemnify their broker despite his misconduct.

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UBS Lands $3-Million Merrill Lynch Lifer in New Jersey

UBS Lands $3-Million Merrill Lynch Lifer in New Jersey

7/12/17 | Advisor Moves | 2 Comments

The move of Matt Kraft’s 4-person team on Monday in Paramus continues a spurt of hiring by UBS from its rival despite announcing a hiring pullback last July.

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Morgan Stanley Wins Bid to Tie Hands of Former Connecticut Brokers

Morgan Stanley Wins Bid to Tie Hands of Former Connecticut Brokers

7/11/17 | News | 3 Comments

Arbitrators prohibit duo who jumped to Janney Montgomery in May from contacting “inherited” clients until April 2019.

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RayJay Stretches West, Grabs Two Teams from Merrill Lynch

RayJay Stretches West, Grabs Two Teams from Merrill Lynch

7/6/17 | Advisor Moves | 7 Comments

The firm’s traditional employee branch channel also plans its first outpost in Las Vegas.

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HighTower Loses Billion-Dollar Asset Teams in Maryland and Ohio

7/5/17 | Advisor Moves | 1 Comment

Leo J. Kelly and Joel Guth, whose firms respectively managed more than $2 billion and $1 billion respectively, cut their ties with Chicago-based aggregator last week.

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Jones Ordered to Pay Ex-Broker in Dispute over Account Openings

Jones Ordered to Pay Ex-Broker in Dispute over Account Openings

7/5/17 | Enforcement | 9 Comments

Firm defamed advisor who allegedly opened unfunded “new household” accounts to receive a bonus, arbitration panel rules.

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Brokers with Clients in Nevada Are on Red Alert

Brokers with Clients in Nevada on Red Alert

6/30/17 | News | 2 Comments

Amended state securities law exposes firms and advisors to lawsuits if advice results in a loss and requires compensation disclosure.

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DOL’s New Fiduciary Missive Invites Questions...and Agita

DOL’s New Fiduciary Missive Invites Questions, Induces Agita

6/30/17 | News | 2 Comments

Opponents as well as critics of the original rule lament the ongoing uncertainty.

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Raymond James Recruiting Binge Extends to Small Markets

Raymond James Recruiting Binge Extends to Small Markets

6/28/17 | Advisor Moves | 1 Comment

Merrill Lynch veteran joins sparsely populated complex near Mexican border.

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UBS Loses $3 Million-Duo in San Francisco to First Republic

UBS Loses $3 Million-Duo in San Francisco to First Republic

6/23/17 | News

Team who had been with the Swiss bank’s private wealth group for 11 years accept offer from rapidly expanding bank.

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Morgan Stanley “Institutional” Bigwig Shaffer Takes a Walk

Morgan Stanley “Institutional” Bigwig Shaffer Takes a Walk

6/23/17 | Advisor Moves

Marquee advisor whose “consulting group” network oversees some $4 billion leaves with four others to form RIA after 24 years with Morgan Stanley.

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Oppenheimer Gets Another “Critical” Report Card, Makes No Remedial Promises

Oppenheimer Gets Another “Critical” Report Card, Makes No Remedial Promises

6/21/17 | News

Law firm run by former SEC chairman scrutinized internal audits after previously criticizing Opco’s corporate governance, management and compliance programs.

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One Seasoned Manager Returns to Merrill, Another Old Pro Leaves Wells

One Seasoned Manager Returns to Merrill, Another Old Pro Leaves Wells

6/20/17 | News | 9 Comments

After one-year hiatus with SunTrust, Dwight Mathis returns to run Long Island branches for the Thundering Herd while Wells’ Kevin Ortmeyer leaves after 25 years in Illinois for Stifel.

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Jefferies’ Retail Unit Loses Senior Manager, Top Broker

Jefferies’ Retail Unit Loses Senior Manager, Top Broker

6/16/17 | News | 2 Comments

The small brokerage unit of the New York-based investment bank bid farewell this week to Chief Operating Officer Frank Scheuer and $3.25 million-producer Rick Davidson, both Credit Suisse/DLJ veterans.

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Technology Changes Core Functions of FAs at Wealth Firms

Technology Changes Core Functions of FAs at Wealth Firms

6/14/17 | News

Morgan Stanley outlines radical shifts in automating client communications, branch processes and asset accumulation.

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Morgan Stanley Revs Up Proprietary CD Sales on Eve of Fed Rate Meeting

Morgan Stanley Revs Up Proprietary CD Sales on Eve of Fed Rate Meeting

6/13/17 | News | 3 Comments

Adds its own short-term savings products to fixed-income menu and also begins selling them through third-party broker-dealers.

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Wells Fargo Confirms Expulsion of Big Indie Team for Annuity Violations

Wells Fargo Expels Big Indie Team for Alleged Annuity Practices

6/13/17 | News | 4 Comments

Indiana-based Bison Financial principals now with Ameriprise lost their FiNet licenses because of “certain annuity processes,” regulatory filings say.

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Finra Proposes BrokerCheck Alert on ‘High-Risk’ Firms

Finra Proposes BrokerCheck Alert on ‘High-Risk’ Firms

6/12/17 | News | 1 Comment

CEO Robert Cook spells out details of self-regulatory group’s plan for patrolling the beat, including doubling exams of suspect firms this year.

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Stifel Shakes Up Board, Insiders Step Down

Stifel Shakes Up Board, Insiders Step Down

6/8/17 | News

Head of wealth management keep functional roles but resign as directors in corporate governance move.

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Big Midwest Group Shifts to Ameriprise Franchise from Wells Fargo’s FiNet

Big Midwest Group Shifts to Ameriprise Franchise from Wells Fargo’s FiNet

6/6/17 | Advisor Moves

Wells reportedly pressured Bison Financial to leave, but permitted two of the Indiana-based firm’s eight offices to remain.

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Wells Fargo Lards Recruiting Deals as Rivals Turn Spartan

Wells Fargo Lards Recruiting Deals as Rivals Turn Spartan

5/25/17 | News | 12 Comments

Wells Fargo grabs opportunity to replenish its experienced-advisor force by offering all-in bonuses approaching three times trailing 12-month revenue.

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RBC Hires Another Wirehouse Broker, This Time in Houston

RBC Hires Another Wirehouse Broker, This Time in Houston

5/24/17 | News | 1 Comment

Kevin Roberts, a $1.4 million producer who had been with Morgan Stanley for eight years, hooks up with Canadian bank’s U.S. broker-dealer.

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Another Domino Falls as Morgan Stanley Curtails Recruiting

Another Domino Falls as Morgan Stanley Curtails Recruiting

5/23/17 | News | 4 Comments

Biggest brokerage firm follows leads of rivals Merrill Lynch and UBS in pulling back on hiring veteran producers, says money can be better spent.

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With DOL Rule Date Ensured, Class-action Lawsuits Take Spotlight

DOL Rule Date Ensured, Class-action Lawsuits Take Spotlight

5/23/17 | News | 14 Comments

Industry trade groups and consumer advocates focus on the rule’s enforcement mechanism.

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Morgan Stanley Poaches Two of Jefferies Top Four Brokers

Morgan Stanley Poaches Two of Jefferies Top Four Brokers

5/19/17 | News

Duo in Atlanta with more than $9 million of production move to wirehouse after nine years with the smaller firm.

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With Days to Go, DOL Rule Still Confounds Brokers

UPDATE: With Days to Go, DOL Rule Still Confounds Brokers

5/18/17 | News

Industry executives from giant firms to midgets say they and their brokers are struggling with what’s to come two weeks before the fiduciary rule becomes effective.

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Finra Proposes New Crackdown on Rogue Brokers

Finra Proposes New Crackdown on Rogue Brokers

5/17/17 | News | 6 Comments

Highlighting the industry’s “few bad apples” risks casting shadow over its many responsible advisers but regulation builds investor confidence, CEO Cook says.

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Ex-Vanguard CEO Endorses Fund Firms Paying for Shelf Space

Ex-Vanguard CEO Endorses Fund Firms Paying for Shelf Space

5/16/17 | News

“You pay for the right to be on a platform and…for the most part that’s a good thing,” former Vanguard CEO and Chairman Jack Brennan says at regulatory conference.

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Multi-billion Merrill Team in San Francisco Sets Up as Independent

Multi-billion Merrill Team in San Francisco Sets Up as Independent

5/15/17 | News | 2 Comments

Father-son team of Roger and Josh Carter and fellow broker Brad Edgren reportedly manage more than $4.5 billion and produce more than $13 million as private banking brokers.

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Merrill to Halt Conventional Recruiting, Test Salary Plan

EXCLUSIVE: Merrill to Halt Conventional Recruiting, Test Salary Plan

5/12/17 | News | 23 Comments

Merrill curtails expensive signing bonuses for veterans, pilots program to hire early-career brokers who are paid primarily through salaries rather than revenue-based payouts.

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Merrill, in Reversal, to Allow Limited Commision-Based Retirement Accounts

Merrill, in Reversal, to Allow Limited Commission-Based Retirement Accounts

5/11/17 | News | 4 Comments

Will permit customers to buy and sell certificates of deposit, hold cash in IRAs after fiduciary rule takes effect and, if rich enough, buy hedge funds and private equity investments after DOL rule becomes effective next month.

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Financial Planning Fraud Costs Veteran Advisor $6.3 Million, Double What His Firm Paid

Financial Planning Fraud Costs Veteran Advisor $6.3 Million, Double What His Firm Paid

5/5/17 | News

New Hampshire hits Former Waddell & Reed broker with money claims and permanent bar for deceiving customers about their need to pay fees for optional financial plans.

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LPL Pays More to States, Doubles Down on Rollover Compliance

LPL Pays More to States, Doubles Down on Rollover Compliance

5/4/17 | News

With a new $1 million fine from Massachusetts and an order to pay New Hampshire REIT buyers up to $8 million, LPL focuses brokers on avoiding DOL rule-related “rollover” lawsuits.

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Dynasty Tweaks Model with Offer to Buy Stakes in Partner Firms

Dynasty Tweaks Model with Offer to Buy RIAs’ Revenue

5/3/17 | News | 1 Comment

New financing program will give firm that had provided independent advisors pay-for-service practice management strategies and operational support 5-10% of a firm’s revenue.

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Morgan Stanley Scores Brokers in New York, Loses Them in Utah

Morgan Stanley Scores Brokers in New York, Loses Them in Utah

5/2/17 | Advisor Moves

A Long Island duo with 73 years jointly at Merrill Lynch jumps to rival, while Morgan Stanley’s biggest team by advisory assets in Utah goes independent.

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Morgan Stanley Takes a UBS Sales Assistant to Court

Morgan Stanley Takes a UBS Sales Assistant to Court

5/2/17 | Enforcement | 2 Comments

Firm alleges a year after SA left its Toledo, Ohio, office that she is illegally sharing her former colleagues’ customer data with her new associates.

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EXCLUSIVE: Morgan Stanley Caps Stock and ETF Commissions

EXCLUSIVE: Morgan Stanley Caps Stock and ETF Commissions

5/1/17 | News | 1 Comment

In mid-year change, trading charge cannot exceed 2.5% of a transaction and the $125 minimum “ticket” charge for a stock trade has been eliminated.

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Raymond James Broker Count Rises in Litigation-Damaged Quarter

Raymond James Broker Count Rises in Litigation-Damaged Quarter

4/27/17 | News | 1 Comment

Added a net 94 advisors in first three months of 2017 as private client group revenue jumped 23% while profit fell 65%.

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Goldman Sachs Wealth Rainmaker Frank Ghali Resigns, Forms RIA

Goldman Sachs Wealth Rainmaker Frank Ghali Resigns, Forms RIA

4/25/17 | News | 5 Comments

San Francisco-based managing director and most of his 18-person team are setting up a multi-family office for clients with at least $50 million apiece.

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Same Annuity, Same Broker, Same Arbitrator = Another Client Victory

Same Annuity, Same Broker, Same Arbitrator = Another Client Victory

4/21/17 | News

Ordered last week to pay $1.1 million to a client for a broker’s allegedly fraudulent product, independent broker-dealer Wilbanks is hit with another $130,000 finding this week over same broker and product.

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Merrill Lifer Admits to Bank Fraud But Clients Don’t Know He’s Gone

Merrill Lifer Admits to Bank Fraud But Clients Don’t Know He’s Gone

4/19/17 | News | 2 Comments

A 25-year veteran of a St. Paul, Minn., office borrowed almost $9 million over 15 years on muni bond funds pre-pledged to Merrill; partner also leaves office.

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Raymond James Paying $150 Million to Settle Ski Resort Fraud Case

Raymond James to Pay $150 Million to Settle Ski Resort Fraud Case

4/13/17 | News | 5 Comments

Settlement with SEC receiver ends five lawsuits hanging over the brokerage firm related to claims that it abetted massive fraud against foreign investors.

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Merrill Picks Off $3 Million “International” Broker from Morgan Stanley

Merrill Picks Off $3 Million “International” Broker from Morgan Stanley

4/13/17 | News | 2 Comments

Leon Friedlander, a Venezuelan native who lives in Florida, jumps three weeks after Morgan Stanley promoted him to managing director.

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Morgan Stanley Settles Massachusetts Sales Contest Allegations

Morgan Stanley Settles Massachusetts Sales Contest Allegations

4/12/17 | News | 5 Comments

Agrees to pay $1 million without admitting that it promoted securities-based lending by offering production-based expense-account rewards.

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LPL Cut Retiring CEO’s Pay 8% in 2016, Raised Replacement’s by 58%

LPL Cut Retiring CEO’s Pay 8% in 2016, Raised Replacement’s by 58%

4/11/17 | News

Biggest independent broker-dealer cut outgoing CEO Mark Casady’s compensation to $5.28 million and raised incoming CEO Dan Arnold’s to $2.90 million in 2016.

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Goldman Sachs Team’s Split (from Firm and Internally) Creates Waves

EXCLUSIVE: Goldman Sachs Team’s Split (from Firm and Internally) Creates Waves

4/10/17 | Advisor Moves

Departure of $10-million trio in DC, compounded by wooing back of one, raises questions about bank’s ability to maintain loyalty in its tightknit wealth management unit.

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Credit Suisse and Star Broker Katz to Pay $7.9 Million for Fund Violations

Credit Suisse and Star Broker Katz to Pay $7.9 Million for Fund Violations

4/4/17 | News

SEC says Sandy Katz, now with Wells Fargo, pocketed $2.5 million of 12b-1 fees over five years by buying A shares in discretionary managed accounts.

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Raymond James Riles Recruiters with New Pay Policy

Raymond James Riles Some Recruiters with Pay Policy

4/3/17 | News | 4 Comments

Florida firm halves some headhunters’ upfront fee to 3% of a recruit’s trailing-12 revenue.

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Morgan Stanley Revs Up Proprietary CD Sales on Eve of Fed Rate Meeting

Morgan Stanley Midtown Manhattan Manager Turetzky Departs Abruptly

3/30/17 | News

After 17 years, veteran leaves without explanation.

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Oft-Sanctioned Ex-Broker Kathleen Tarr Loses Expungement Request

Oft-Sanctioned Ex-Broker Kathleen Tarr Loses Expungement Request

3/29/17 | News | 3 Comments

Customer who won settlement over allegedly unsuitable private REIT investments persisted in opposing Royal Alliance’s bid to expunge case from its former broker’s records.

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Finra Mulls Best-Interest Standard for Brokers: CEO

Finra Mulls Best-Interest Standard for Brokers: CEO

3/28/17 | News

The self-regulator could step in if the SEC fails to mandate a stronger customer-care rule for brokers, Robert W. Cook said.

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Ex-Wachovia Broker Beats Wells Fargo Advisors on Promissory Note Claim

Ex-Wachovia Broker Beats Wells on Promissory Note Claim

3/28/17 | News

Arbitrators call Wells “disingenuous” in arguing that an amendment extending a forgivable loan agreement benefited the broker and not the firm.

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UBS Wealth Americas Shifts Management Roles

UBS Wealth Americas Shifts Management Roles

3/27/17 | News

Product maven Paul Hatch swaps post with Northeast sales division head Jason Chandler.

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Merrill Bleeds More Brokers at HQ Office, to Morgan Stanley’s Benefit

3/27/17 | Advisor Moves | 5 Comments

Departure comes as firm unveils new national “bullish” ad campaign.

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Who Needs Fiduciary? Acting SEC Chief Says Suitability Just Fine

Who Needs Fiduciary? Acting SEC Chief Says Suitability Just Fine

3/24/17 | News | 1 Comment

Piwowar says consequences of investor confusion over the meaning of terms such as “financial advisor” are worth further study but not rule-makings any time soon.

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Merrill Lures Four-Broker Team in New Jersey from Morgan Stanley

Merrill Lures Four-Broker Team in New Jersey from Morgan Stanley

3/23/17 | News | 2 Comments

Led by 36-year industry veteran Michael Greenstone, the group was managing $343 million of client assets at their former home, Merrill said.

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Fired UBS Advisor Claims Retaliation for Whistleblowing

Fired UBS Advisor Claims Retaliation for Whistleblowing

3/22/17 | News | 5 Comments

Dismissal over penny-stock complaint was a subterfuge for firm’s anger over his cooperation with authorities in uncovering alleged elder abuse fraud by colleague and former client, broker claims in lawsuit.

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Analysis: Merrill Lynch Brokers Hanging On to More Assets and Loans

Analysis: Merrill Brokers Hanging On to More Assets and Loans

3/21/17 | News | 1 Comment

Dollars leaving Merrill advisors for Merrill Edge fell by 22.5% last year while loans jumping to the bank skidded 93%.

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Persistent Ex-Client Loses Bid to Punish Morgan Stanley Brokers

Persistent Ex-Client Loses Bid to Punish Morgan Stanley Brokers

3/17/17 | News

Aussie who failed to prove botched execution of a T-note purchase in his U.S. IRA loses in bid to keep his claim against California advisors alive on BrokerCheck.

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JP Morgan Loses Vet Broker to Wells, Shifts Role of Private Bank Manager

JP Morgan Loses Vet Broker to Wells, Shifts Role of Private Bank Manager

3/16/17 | Advisor Moves | 1 Comment

Ned Kennedy to run new HNW branch for Wells Fargo in Chicago; Jeremy Geller to lead strategy at JPM for lower-tier private bankers.

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Andy Sieg, Merrill’s New Leader, Riles Executive Ranks

Andy Sieg, Merrill’s New Leader, Riles Executive Ranks

3/15/17 | News

Riley Etheridge, who ran client sales, product and advisor training areas under former head John Thiel, retires, along with Sieg’s older brother.

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SEC Weighs Fraud Charges Against Navellier

SEC Weighs Fraud Charges Against Navellier

3/14/17 | News | 1 Comment

Well-known Nevada-based advisory firm says it and founder received Wells notices relating to advertising of ETF performance based on F-Squared strategies.

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Charles Schwab, Echoing Wirehouses, Pursues Broker Who Jumped to Competition

Schwab, Echoing Wirehouses, Pursues Broker Who Jumped to Competition

3/13/17 | News | 3 Comments

The discount brokerage giant says Wisconsin man took list of “HNW” clients with him to Fidelity Investments.

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ANALYSIS: Merrill’s Sieg Wavers on Retirement Account Policy

ANALYSIS: Merrill’s Sieg Wavers on Retirement Account Policy

3/10/17 | News | 4 Comments

Firm uses likely delay in fiduciary rule’s effective date to consider allowing commission-based IRAs in “limited” situations.

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Morgan Stanley to Advisory Clients: Here’s What You’re Paying in Fees

Morgan Stanley to Advisory Clients: Here’s What You’re Paying in Fees

3/9/17 | News | 10 Comments

Establishes a “fee accuracy team” and sends out annual rate “communication” in aftermath of $13 million regulatory settlement for overbilling.

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Former Merrill Manager Sues for Billions Over Illegal Use of Customer Funds

Former Merrill Manager Sues for Billions Over Illegal Use of Customer Funds

3/1/17 | News | 2 Comments

Files class-action fraud lawsuit on behalf of himself and other customers allegedly harmed by Merrill’s admitted violations of the SEC’s Customer Protection Rule.

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Ron Carson Takes Forgivable Loans from Cetera

Ron Carson Takes Forgivable Loans from Cetera

2/23/17 | News | 1 Comment

Regulatory filing discloses that the former LPL Financial superstar is getting bonuses tied to hitting asset transfer and production goals.

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Ex-Wells Fargo Broker Files Rare Suit to Vacate $1.6 Mln Arb Award

Ex-Wells Broker Files Rare Suit to Vacate $1.6 Mln Arb Award

2/17/17 | Enforcement | 1 Comment

New Jersey broker says arbitrators violated Finra evidence rules in ordering him to return $1.6 million for forgivable loan balance and attorneys’ fees.

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Merrill Reversed Pay Limit on Transferred Accounts After Broker Outcry

Exclusive: Merrill Reversed Pay Limit on Transferred Accounts After Broker Outcry

2/16/17 | News | 6 Comments

Firm’s 2017 compensation plan would have reduced production credits to advisors buying books from retiring colleagues.

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Seattle Broker Prevails in Quashing Morgan Stanley TRO Suit

Seattle Broker Prevails in Quashing Morgan Stanley TRO Suit

2/15/17 | News | 4 Comments

Federal judge denies firm’s attempt to prevent $700K advisor who jumped to RBC from contacting clients allegedly close to his former senior partner.

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Morgan Stanley Broker Rushes Back from Thailand after Partner Bolts

Morgan Stanley Broker Rushes Back from Thailand after Partner Bolts

2/10/17 | Advisor Moves, Enforcement | 10 Comments

Firm files lawsuit to restrain Seattle broker from contacting team clients from his new post at RBC.

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Stifel Offers Loans to Clients of Rival Broker-Dealers

Stifel Offers Loans to Clients of Rival Broker-Dealers

2/9/17 | News | 4 Comments

St. Louis-based bank unit of Stifel Nicolaus is funding securities-backed loans and credit lines set up through Supernova consulting firm.

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Merrill Robo Debuts as Pressure for Broker Referrals Dissipates

Merrill Robo Debuts as Pressure for Broker Referrals Dissipates

2/8/17 | News | 3 Comments

The automated platform managed accounts platform loses some mojo with the Trump administration’s fiduciary rule maneuvers.

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Trump Move on Fiduciary Rule Sows Relief...and Confusion

Update: Trump Move on Fiduciary Rule Sows Relief…and Confusion

2/3/17 | News | 2 Comments

Firms will benefit from lower compliance and litigation costs, but business models may have permanently changed.

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Former UBS, Morgan Stanley Executive Attacks ‘Pay to Play’ Policies

Former UBS, Morgan Stanley Executive Attacks ‘Pay to Play’ Policies

2/2/17 | News | 1 Comment

In bid to attract wirehouse advisors to his new broker-dealer, John Straus says they and their clients are hurt by big firms’ policies of promoting fund managers who pay for shelf space.

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New England Regulators Step Up Independent Broker Policing

New England Regulators Step Up Independent Broker Policing

1/30/17 | Enforcement

Massachusetts fines LPL almost $1 million and continues to prosecute a former broker over annuities sales violations, while New Hampshire pursues ex-Waddell broker for financial planning double-speak after fining firm $900,000.

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