Articles by Jed Horowitz
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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 | 21 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 | 3 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 | 19 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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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 | 3 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 | 6 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 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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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 | 8 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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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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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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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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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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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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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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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 | 4 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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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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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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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 | 37 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 | 34 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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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SEC Weighs Fraud Charges Against Navellier

SEC Weighs Fraud Charges Against Navellier

3/14/17 | News

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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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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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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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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Raymond James CEO Optimistic About DOL Rule’s Demise

Raymond James CEO Optimistic About DOL Rule’s Demise

1/26/17 | News

Firm may have been “lucky” in delaying restrictive changes in pricing and products that may not be necessary, executive says.

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Morgan Stanley Lifts Big Team from JP Morgan in Beverly Hills

Morgan Stanley Lifts Big Team from JP Morgan in Beverly Hills

1/17/17 | Advisor Moves | 1 Comment

After wooing clients at Bear Stearns and its successor bank for more than 20 years, David Pollock and Alan Solursh hang their hat with another Morgan.

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Merrill FAs Marched Steadily to Bank’s Drumbeat Last Quarter

Merrill FAs Marched Steadily to Bank’s Drumbeat Last Quarter

1/13/17 | News | 2 Comments

Revenue at Merrill Wealth dipped, but brokers increased loans and deposits and shifted client assets to advisory accounts.

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Edward Jones Boosts Broker Count, But Commissions Plummet

Edward Jones Boosts Broker Count, But Commissions Plummet

1/12/17 | News | 8 Comments

Trading revenue plunged 18% at the mass-market broker last year while fees were up 8%.

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Ex-Merrill Complex Manager Charges Firm, Division Executive with Anti-Gay Bias

Ex-Merrill Complex Manager Charges Firm, Division Executive with Anti-Gay Bias

1/10/17 | News | 3 Comments

Los Angeles executive says regional director says he was terminated for complaining to H.R. about threats and vile remarks; Merrill says he violated hiring policies.

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Another Year, Another Operating Expense for Independent Brokers

Another Year, Another Operating Expense for Independent Brokers

1/5/17 | News | 3 Comments

Summit Brokerage, a unit of Cetera Financial, imposes new “affiliation fee” of $1,500 a year.

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UBS Slashes Advisory Account Payout for New Advisors

UBS Slashes Advisory Account Payout for New Advisors

1/3/17 | News | 6 Comments

Tells managers to prepare brokers in training program for an end to their 50% payouts as it “standardizes” compensation across all products and services.

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Morgan Stanley and Ami Forte Escalate Pay and Slander Battle

Morgan Stanley and Ami Forte Escalate Pay and Slander Battle

12/22/16 | News | 1 Comment

Broker at center of $38-million arbitration award says firm let other scandal-scarred employees leave with clean records, bonuses and deferred pay while it freezes her funds and defames her.

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Morgan Stanley Curbs Alternative Pricing Plan for Active Traders

EXCLUSIVE: Morgan Stanley Curbs Alternative Pricing Plan for Active Traders

12/20/16 | News | 1 Comment

Brokers say demise of “Choice Select” could send some customers to discount brokers at a time when payouts are under pressure.

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Men Leaving

Major Merrill Advisor in NJ Jumps After 18 Years as Trader and Broker

12/16/16 | Advisor Moves

John Parisi, who markets himself as Annika Sorenstam’s advisor and is a repeat Top Barron’s honoree, goes independent with half of his team in tow.

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Wells Frago to Excise Loans from Brokers’ Incentive Schedules—Sources

UPDATE: Wells Excises Loans from Brokers’ 2017 Incentive Plans

12/14/16 | News | 5 Comments

Under the shadow of its sham-account scandal, Wells Fargo is expected to tells advisors on Thursday they can’t use bank product sales to lift their 2017 pay.

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Morgan Stanley NJ Manager on leave

Morgan Stanley Fires NJ Broker, Puts Manager on Leave

12/12/16 | Enforcement | 3 Comments

After a rapid-fire one-week investigation, veteran broker in Ridgewood branch was accused of stealing from a client.

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Morgan Stanley

Morgan Stanley Raises Minimum Stock Ticket Charge by 25%

12/7/16 | News | 1 Comment

Firm’s 2017 comp plan also changes formulas for brokers’ “growth” bonuses, dropping a requirement they generate six new loans to qualify for a key incentive.

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Trump Understands and Has Opinion on DOL Fiduciary Rule—Aide

Trump Understands and Has Opinion on DOL Fiduciary Rule—Aide

12/6/16 | News | 2 Comments

Kellyanne Conway says the president-elect’s thinking may not track that of his outspoken adviser and fiduciary rule opponent Anthony Scaramucci.

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Morgan Stanley to Raise Payout Grid Hurdles for 2017

EXCLUSIVE: Morgan Stanley to Raise Payout Grid Hurdles for 2017

12/2/16 | News | 13 Comments

Brokers will have to generate 10% more production to qualify for same breakpoints that are in 2016 plan.

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los-angeles-skyline-772x485

Another JPM Brokerage Team in Los Angeles Jumps, This Time to Merrill

11/29/16 | Advisor Moves

Two brokers and two associates who brand themselves as theUgroup, follow three other multi-million dollar teams who left legacy Bear Stearns branches in California for wirehouses.

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Wells Commits to Protocl

Wells Advisors Lifts Risk and Credit Exec to Senior Management Role

11/23/16 | News

Hubbert replaces brokerage technology head Hammersmith on wirehouse’s management committee.

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dinner-772x485

Mass. Charges Annuities Seminar Patron with Fraudulent Advising

11/22/16 | Enforcement

Trading software creator says he is not an adviser and that his client sponsored the dinner-seminar.

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Jefferies Nabs Morgan Stanley Complex Head to Run Wealth Business

Jefferies Nabs Morgan Stanley Complex Head to Run Wealth Business

11/18/16 | News | 1 Comment

Bob Peyreigne, head of Morgan Stanley’s Madison Avenue complex with 450 employees, to oversee unit with fewer than 60 brokers.

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Cetera Brokers Endure Two-Day Systemwide Crash

Cetera Brokers Endure Two-Day Systemwide Crash

11/15/16 | News

Network outage across company’s two data centers prevented company’s 9,000 brokers from accessing client data and, in some cases, inputting orders.

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Trump Victory Does Not Ensure Repeal of DOL Fiduciary Rule

Trump Victory Does Not Ensure Repeal of DOL Fiduciary Rule

11/10/16 | News | 5 Comments

The new administration’s regulatory reform efforts are unlikely to affect new retirement sale standards.

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Brokers Gird for Grid Changes Under Shadow of Fiduciary Rule DOL

Brokers Gird for Grid Changes Under Shadow of Fiduciary Rule

11/7/16 | News | 3 Comments

Scrambling to crack the Department of Labor’s new compensation code, firms question retroactive grids, penalty boxes and two-tier payouts.

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LPL Okays Commission-Based Retirement Accounts, Avoids Merger Comments

LPL Okays Commission-Based Retirement Accounts, Avoids Merger Comments

11/3/16 | News

Biggest independent brokerage firm expects to capture advisors and clients from wirehouses, independent rivals and small bank-run brokerage firms, CEO says.

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Merrill Lynch Slams Door on Mutual Funds in Commission IRAs

Merrill Slams Door on Mutual Funds in Commission IRAs

11/1/16 | News | 17 Comments

Tells brokers Tuesday they must immediately end sales of mutual funds into commission-based retirement accounts.

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Bank of America Doubles Down on Commission Ban at Brokerage Units like Merrill Edge

Bank of America Doubles Down on Commission Ban at Brokerage Units

11/1/16 | News | 7 Comments

Merrill Edge to stop selling “advised” brokerage accounts as of January, while Merrill Lynch brokers will not be able to recommend transfer of IRAs and qualified annuities to Edge advisory accounts after next week.

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Broker-Dealer Executives “Shocked, Shocked” Over DOL Bonus Decision

Broker-Dealer Executives “Shocked, Shocked” Over DOL Bonus Decision

10/28/16 | News | 11 Comments

Wirehouses rush to retract recruiting offers after government squelches deals with back-end payments.

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Finra May Liberalize Social Media Policy Guidelines

Finra May Liberalize Social Media Policy Guidelines

10/28/16 | News

Regulator is weighing looser book-and-record and disclosure requirements for tweets and posts from advisors not directly related to products and promotion.

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Commonwealth Defends Ban on Commission-based Retirement Products

Commonwealth Defends Ban on Commission-based Retirement Products

10/25/16 | News | 4 Comments

Major independent firm draws line in the sand in anticipation of DOL fiduciary rule, saying implementing a BIC exemption would be a “hopeless endeavor.”

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Morgan Stanley Boasts Fat Third Quarter in Wealth Management

Morgan Stanley Boasts Fat Third Quarter in Wealth Management

10/19/16 | News

CEO also hints that firm will let brokers continue to offer commission-based retirement accounts, in contrast to Merrill Lynch.

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Merrill Wealth Reports Lower Q3 Revenue and AUM But Higher Profit

Merrill Wealth Reports Lower Q3 Revenue and AUM But Higher Profit

10/17/16 | News | 1 Comment

Executives do not expect “significant” attrition in the face of more restrictive retirement account policies.

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Wells Fargo, Others Mark Time on IRA Marching Orders to Brokers

Wells Fargo, Others Mark Time on IRA Marching Orders to Brokers

10/14/16 | News | 2 Comments

Merrill’s decision to ban commissions in retirement accounts in anticipation of the DOL fiduciary rule implementation is applauded but not yet copied by rivals.

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Merrill to Pay $415 Million to Settle SEC Charges of Putting Customer Cash at Risk

Merrill Bellows in Bellevue, Recruiting Morgan Stanley Teams with $2.3 Bln

10/7/16 | Advisor Moves | 2 Comments

Led by top Washington State producers Jim Ferguson and Jason Weese, eight advisors on three teams combine to form new Private Banking and Investment Group office.

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Merrill to End Commission-Based Retirement Business on Retail Accounts

EXCLUSIVE: Merrill to End Commission-Based Retirement Business on Retail Accounts

10/6/16 | News | 29 Comments

Brokers will not be able to use DOL’s fiduciary contract exemption to charge commissions on IRAs and other retirement products.

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pillars

“Post-It Notes Broker” Eydelman Gets Three Years for Insider Trading Conviction

9/30/16 | Enforcement, News

Former Oppenheimer and Morgan Stanley broker pled guilty to scheme that ran almost four years and netted more than $5.6 million.

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Money

Vanguard Says Investors Save More Than Ever Before with its Advisory Service

9/29/16 | News

Using data from McKinsey-owned pricing consultant, fund giant contrasts competitors’ average 1.02% fee with its .30% advisory account pricing and sees the savings rising.

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Advancement

Rich Jaffe, ex-Credit Suisse Executive, Takes High-Net-Worth Post at Wells

9/27/16 | Advisor Moves

After a garden leave, the former head of sales at the Swiss bank’s now-defunct U.S. broker takes strategy reins at scandal-rattled banking giant.

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What Recruiting Chill? UBS Hires Big Producer in Southern California

What Recruiting Chill? UBS Hires Big Producer in Southern California

9/23/16 | Advisor Moves, News

JP Morgan Securities loses Jay Baumgardner in Newport Beach, at least the fourth multi-million-dollar producer to leave its L.A. complex this year.

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Regional Brokerage Executive John Goldsmith Dies at Age 75

Regional Brokerage Executive John Goldsmith Dies at Age 75

9/23/16 | News

In a career that spanned the rise, fall and rebirth of financial supermarkets, Goldsmith wheeled and dealed while championing regional differences.

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UBS Tweaks 2017 Comp Plan After Broker Backlash

UBS Tweaks 2017 Comp Plan After Broker Backlash

9/15/16 | News

Advisors can still get bonus for building fee-based business, with restrictions.

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Morgan Stanley Unveils Target-Date Advisory IRA with Tiny Minimums

Update: Morgan Stanley Unveils Target-Date Advisory IRA with Tiny Minimums

9/12/16 | News | 6 Comments

As the new DOL fiduciary rule approaches, firm lets brokers sell retirement accounts as low as $1,000 and receive full fee credit.

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Government Arrests REIT Official in Schorsch-related Cases

Government Arrests REIT Official in Schorsch-related Cases

9/8/16 | Enforcement, News

Former CFO of American Realty Capital charged with criminal and civil fraud after guilty pleas by chief accounting officer.

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Another Big JPMorgan Golden Stater, Garrett Bland, Leaps to Morgan Stanley

Another Big JPMorgan Golden Stater, Garrett Bland, Leaps to Morgan Stanley

9/6/16 | Advisor Moves

The lifelong Bear Stearns/JPM regional director is at least the third multi-million-dollar broker to jump from Morgan to Morgan Stanley in southern California this year.

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Acclaimed Connecticut Advisor Accused of Lying to State Investigators

Acclaimed Connecticut Advisor Accused of Lying to State Investigators

8/30/16 | Enforcement

Essex Financial founder John Rafal, already suspended, covered up payments he made to unregistered outsider for referrals.

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Another Merrill Lynch “International” Broker Jumps in San Diego

Another Merrill “International” Broker Jumps in San Diego

8/19/16 | Advisor Moves | 1 Comment

Sam Nunez, with book of about $125 million and production over $1 million, joins independent firm Bolton after 23 years at the wirehouse.

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Wells Fargo Names Kowach to Run Branch System, Replacing Mack

Wells Names Kowach to Run Wells Fargo Advisors, Replacing Mack

8/11/16 | News | 2 Comments

The former head of sales at Wells Fargo Advisors was favored candidate of brokers, many say.

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Morgan Stanley Nabs Another Merrill Int’l Team with $3.5 Million Production

Morgan Stanley Nabs Another Merrill Int’l Team with $3.5 Million Production

8/9/16 | Advisor Moves | 1 Comment

Exit of Marek-Douek team in San Diego leaves Merrill’s non-resident client office with near-skeleton crew.

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Stifel Nabs 12-Person Oppenheimer Team with Big 401(k) Practice

8/2/16 | Advisor Moves

Ada, Michigan-based group led by Kevin Cusack oversees $600 million of retail client assets, advises on more than $4 billion of retirement plan funds.

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Erica McGinnis Steps Down as Advisor Group CEO

Erica McGinnis Steps Down as Advisor Group CEO

8/1/16 | News

Lightyear, new owner of the independent broker formerly owned by AIG, says search is underway to replace the 12-year veteran.

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Views Of Morgan Stanley Headquarters Ahead Of Earnings Figures

Morgan Stanley Slams Futures Advisors with Compensation Revamp

7/28/16 | News

Under newly announced plan, firm will “scrape” 15% from individual brokers’ top-line revenue.

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Schwab CEO Exults Over ACATS, Robos and Recruiting

Schwab CEO Exults Over ACATS, Robos and Recruiting

7/26/16 | News

When it comes to the “most important measurement of competitive standing,” Schwab is thriving, Bettinger tells investors.

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Firms Can’t Force Brokers Into Private Arbitration, Finra Warns

Firms Can’t Force Brokers Into Private Arbitration, Finra Warns

7/22/16 | News | 1 Comment

Regulator reasserts its authority to oversee industry disputes.

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Michigan Slams Oppenheimer with $900,000 Fine Over Unregistered Advisors

Michigan Slams Oppenheimer with $900,000 Fine Over Unregistered Advisors

7/22/16 | Advisor Moves

State also orders firm to alert clients to “information about your transactions with an Oppenheimer professional that you need to know.”

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Morgan Stanley to Raise Fees 17-33% on Most Retail Accounts

Morgan Stanley to Raise Fees 17-33% on Most Retail Accounts

7/21/16 | News

Hikes will be waived for customers accepting e-delivery of documents.

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Raymond James Busts Budget on Alex Brown Acquisition

Raymond James Busts Budget on Alex Brown Acquisition

7/21/16 | News

Technology and contract costs to integrate high-net-worth brokers joining from Deutsche Bank are higher than expected, RayJay executives said on Thursday.

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Morgan Stanley Wealth Rebounds Thanks to Loans

Morgan Stanley Wealth Rebounds, Thanks to Securities-backed Loans

7/20/16 | News | 3 Comments

Second-quarter revenue and profit fell from a year ago but margin steadied as brokers kept soliciting “non-compensable” loans and deposits, executives said.

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Merrill Wealth Management Ekes Out Q2 Profit Thanks to Lower Bonuses

Merrill Wealth Management Ekes Out Q2 Profit Thanks to Lower Bonuses

7/18/16 | News | 2 Comments

Depressed commission and fee revenue underscores Bank of America’s push for brokers to sell loans and deposits.

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Morgan Stanley to Employees: Watch Videos Now!

Morgan Stanley to Employees: Watch Videos Now!

7/15/16 | News | 11 Comments

In last-ditch effort to score Good CItizenship points, executives urge brokers to give back to the community “virtually.”

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SEC Fines Fast-Growing Advisor for Trading “Away” from Wrap-account Sponsors

SEC Fines Fast-Growing Advisor for Trading “Away” from Wrap-account Sponsors

7/14/16 | Enforcement | 3 Comments

RiverFront, owned in part by Baird and subadvisor to Morgan Stanley, UBS, Merrill and Raymond James, agrees to $300K penalty and censure.

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JPM Advisor Defamation

JP Morgan Wealth Customers Retreated in Second Quarter

7/14/16 | News | 3 Comments

Despite strong numbers for the overall company, revenue fell 7% at the banking giant’s asset management division.

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More Lebenthal Wealth Advisors Flee the Fold

7/7/16 | News | 1 Comment

With just two advisors left and the departure of top executives, firm scion Alexandra Lebenthal says she’s re-evaluating the wealth business.

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As Puerto Rico Restructures Debt, UBS Hit with Another Arbitration Loss

As Puerto Rico Restructures Debt, UBS Hit with Another Arbitration Loss

6/30/16 | Enforcement, News

Congress gave the territory some debt restructuring relief Wednesday night, but the Puerto Rico bills keep coming in at UBS.

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Merrill to Pay $415 Million to Settle SEC Charges of Putting Customer Cash at Risk

Merrill to Pay $415 Million to Settle SEC Charges of Putting Customer Cash at Risk

6/23/16 | Enforcement, News | 6 Comments

SEC opens targeted sweep to ensure other firms comply with customer protection rules, offers co-operation incentives.

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UBS Slashes Bonuses for Fee-Based Brokers, Raises Industry Eyebrows

6/16/16 | News | 4 Comments

In beheading its “wealth transformation” bosses and eliminating financial planning awards, UBS lowers ambivalence toward commissions. Rivals are watching.

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Making Field Managers Great Again: UBS Takes a Stab

Making Field Managers Great Again: UBS Takes a Stab

6/10/16 | News | 1 Comment

Bold reorganization could restore power to branch managers and break the culture of hiring “assets” at any cost.

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Merrill and Market Executive Dwight Mathis Part Ways after 15 Years

Merrill and Market Executive Dwight Mathis Part Ways after 15 Years

6/8/16 | Advisor Moves, News | 1 Comment

Dwight Mathis will take a new post at SunTrust Bank.

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Unlocking Cybersecurity

Stolen Client Data Costs Morgan Stanley $1 Million; Broker Got Probation

6/8/16 | Enforcement, News | 1 Comment

Fired advisor Galen Marsh paid $600,000 but avoided prison for tapping into client accounts of fellow brokers.

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UBS Wealth Americas Bids Farewell to Veteran Manager from McCann Era

6/7/16 | News | 7 Comments

David McWilliams, former division director, has left the firm as a new president puts his stamp on the broker-dealer.

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Managed Account Guru Len Reinhart Takes Reins of Wealthcare Advisory

6/3/16 | News

The Virginia RIA’s top executives step down as firm seeks faster growth.

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Brokers Sue Finra, Credit Suisse over Arbitration Shopping

Brokers Sue Finra, Credit Suisse over Arbitration Shopping

6/2/16 | Enforcement, News

Former advisors ask regulator to assert itself in their compensation disputes with the Swiss bank.

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Volatile Mix of Energy and Elderly Investors Fells Morgan Stanley Broker

Volatile Mix of Energy and Elderly Investors Fells Morgan Stanley Broker

5/31/16 | News | 2 Comments

Former Florida broker with 11 pending customer disputes is banned for life by regulator after 13-year career.

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Finra Weighs Bond Pricing Benchmarks for Investors

EXCLUSIVE: Finra Weighs Bond Pricing Benchmarks for Investors

5/25/16 | Enforcement, News

The self-regulator’s top rulemaker is exploring a way to let customers evaluate what their firms charge for bond transactions.

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Finra’s Ketchum Reflects on His Family’s Broker, Targets Hiring and Broker Comp

Finra’s Ketchum Reflects on His Family’s Broker, Targets Hiring and Broker Comp

5/23/16 | News | 4 Comments

Rick Ketchum, who expects to resign in June from Finra, says broker pay and transition incentives remain a top regulatory priority.

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Jefferies Bags More Multi-$Million Brokers in NYC and Miami

Jefferies Bags More Multi-$Million Brokers in NYC and Miami

5/18/16 | Advisor Moves, News

Rick Davidson left Morgan Stanley after more than seven years on Tuesday to take a post with Jefferies Group’s small retail brokerage unit.

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UBS’s Robo Push? It’s Really for the Masses

UBS’s Robo Push? It’s Really for the Masses

5/17/16 | News

If you’re a broker at UBS Wealth Management Americas, there’s no need to panic about internal competition from the new robo-advisor service.

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First Republic Nabs Merrill Investment Guru Chris Wolfe

5/12/16 | Advisor Moves, News

First Republic has hired a high-profile investment strategist from Merrill Lynch as its chief investment officer, according to three well-placed sources.

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UBS Dangles 50% Trainee Payout to Encourage Fee Programs

5/12/16 | News | 5 Comments

UBS Financial Services is offering 50% payouts to certain trainees who put their customers into asset-based wrap programs.

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Merrill to Pay $13.6 Mln in Withheld Comp and “Stay” Bonuses to Fired Brokers

EXCLUSIVE: Merrill to Pay $13.6 Mln in Withheld Comp and “Stay” Bonuses to Fired Brokers

5/6/16 | Enforcement, News | 1 Comment

Merrill Lynch has agreed to pay $13.6 million to about 300 former brokers who were terminated “for cause” following Bank of America’s January 2009 takeover of the broker-dealer.

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Tax Issues Haunt High-Profile OpCo/Morgan Stanley Manager

5/4/16 | News

Michael Marchassalla has built a strong reputation over a 22-year career managing branches and recruiting brokers for Morgan Stanley and other firms in the hypercompetitive New York City market.

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RBC Picks Jefferies’ Armstrong to Replace CEO Taft

RBC Picks Jefferies’ Armstrong to Replace CEO Taft

4/29/16 | News | 1 Comment

Armstrong will replace John Taft, who announced at the beginning of the year that he is retiring at the end of May from Minneapolis-based RBC Wealth Management-US.

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Study Slams Finra’s BrokerCheck as ‘Worthless’ in Protecting Investors, Names 30 ‘Worst’ Firms

4/29/16 | News | 13 Comments

A new study on stockbroker misconduct blasts BrokerCheck as unusable and names six broker-dealers that the authors say should be labeled as poisonous.

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DOL Fiduciary Rule May Hit Advisor Pay: Raymond James CEO

DOL Fiduciary Rule May Hit Advisor Pay: Raymond James CEO

4/21/16 | News

The Department of Labor’s new fiduciary customer-care rule is likely to hit compensation earned by financial advisors.

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Craig Norton, Longtime Morgan Stanley Executive, Takes Raymond James Branch Post

Craig Norton, Longtime Morgan Stanley Executive, Takes Raymond James Branch Post

4/20/16 | Advisor Moves, News

Craig Norton, who spent his entire 23-year career at Morgan Stanley before abruptly stepping down as its Southeast regional manager and leaving the firm in February, has joined Raymond James

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Bank of America Brian Moynihan on Wealth Management

Sobering Merrill Data: Productivity, Net New Assets and Headcount Fall

4/14/16 | News

Retail clients weren’t trading or adding money to their accounts at Merrill Lynch during the first quarter, leading to a 5.6% decline in advisor productivity.

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Edward Jones Financial Advisor

EXCLUSIVE: Edward Jones’ Bid for Bigness Lags, CEO Says

4/8/16 | News | 2 Comments

Edward Jones has officially backed off its 20-20 Vision plan of employing 20,000 brokers by 2020, but remains in contention to be the world’s biggest broker-dealer by that time.

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financial advisor discussion

To Celebrate, Sue or Repair? Brokers Debate Next Fiduciary Step

4/7/16 | News

Brokers and their bosses tainted with accusations of enriching themselves at the expense of clients during the long battle over a fiduciary standard are debating the next step to take.

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Racquel Oden

UPDATE: Merrill Names Racquel Oden to Head Flagship NYC Office

3/28/16 | News

Merrill Lynch has promoted Racquel Oden, its head of training and advisor strategy, to run its sprawling Fifth Avenue Financial Center in New York.

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Morgan Stanley Says Farewell to Ami Forte; Her Son Stays

3/24/16 | News

Ami Forte, the Morgan Stanley broker who lost a $34 million arbitration case this week for unauthorized trading in the accounts of a client with whom she allegedly had an affair, was fired Wednesday.

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Pension Fund Charges LPL, Top Executives with Fraud in Class-Action Filing

3/22/16 | Enforcement, News | 2 Comments

A Michigan municipal pension fund on Tuesday charged LPL Financial Holdings and two of its highest-ranking executives with fraud.

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Morgan Stanley Lands $2 Bln Credit Suisse Team; Wells Mourns

3/21/16 | Advisor Moves, News

Morgan Stanley nabbed the Credit Suisse’s major family office business amid competition from more than a dozen other firms.

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Morgan Stanley Shifts Deck Chairs, Again, in Consulting Group

3/18/16 | News

A reorganization Jim Tracy announced raises questions about how secure even Tracy loyalists can feel amid the ever-shifting managerial sands at Morgan Stanley.

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Deutsche’s Chip Packard Turns Up at Ray Dalio’s Bridgewater

3/9/16 | Advisor Moves, News

Former Deutsche Bank wealth management executive Charles “Chip” Packard, it turns out, turned his back on the German bank rather than the other way around.

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UBS Sales Head Santucci Regains Power Seat Under New Boss

3/4/16 | News

Tom Naratil has airlifted seven new people onto the executive committee of his flagship U.S. brokerage business. Only one—national sales head Paul Santucci—works directly with the firm’s sales force.

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Indie Broker Brawl: Cetera Sues Lightyear for Poaching

2/25/16 | Enforcement, News

Cetera Financial Group rushed out a lawsuit against two former executives and the private equity firm that formerly owned it in an attempt to prevent them from poaching brokers and managers to work at a rival firm.

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UPDATE: Berkery, Longtime McCann Ally, Steps Down at UBS Wealth Americas

2/22/16 | News

Rosemary Berkery, one of the most senior executives recruited by Bob McCann, has left her top banking post at UBS now that McCann is no longer running the broker-dealer.

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(UPDATE2) Deutsche Bank US Wealth Disarray Deepens

2/16/16 | News

How do you explain that your parent bank is in turmoil, your bosses have lost management’s confidence and you are looking for a new home?

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LPL to ‘Rent’ Robo, Lower Minimums as DOL Rule Nears: CEO

2/11/16 | News

The long-awaited (and long-feared) rule from the Department of Labor that will restrict how brokers sell retirement account investments is…

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Morgan Stanley Wealth Bosses Name Their New Team

2/11/16 | News

Morgan Stanley Wealth Management filled vacancies in its rapidly changing executive ranks on Thursday.

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Arbitration War Launched by Ex-CS Brokers for Deferred Pay

2/8/16 | Enforcement, News

A former Credit Suisse advisor in Florida has filed an arbitration claim for almost half a million dollars of deferred compensation that he alleged the Swiss bank is withholding because he moved to UBS Wealth Management Americas in December.

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Another Day, Another Big Broker Jumps to UBS

1/29/16 | Advisor Moves, News

Notwithstanding a new numbers-focused boss and a raiding claim from a competitor, UBS Wealth Management Americas continues to reel in well-heeled advisors.

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Market Downturn Could Cost Wells ‘Hundreds of Millions’: CFO

1/15/16 | News

The disastrous start to the 2016 stock market could affect hundreds of millions of dollars of potential income in Wells Fargo & Co.’s wealth and brokerage businesses.

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Wells Fargo Soft-Pedals Credit Suisse Hiring: “Not a Game Changer”

1/15/16 | News

The number of financial advisors Wells Fargo Advisors plans to hire from Credit Suisse will not be a huge game-changer.

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