Articles by Mason Braswell
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UBS Poaches Citigroup Retail Sales/Trading Boss Connellan–Sources

UBS Poaches Citigroup Retail Sales/Trading Boss Connellan–Sources

11/19/18 | News

After more than 30 years of building Citi’s individual investor sales and trading product services to other firms, executive is expected to oversee similar effort for rival.

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SEC Back-Pats Its Share-Class Disclosure Initiative

SEC Back-Pats Its Share-Class Disclosure Initiative

11/14/18 | News

Scores of broker-dealers reported fund-sale violations in hopes of receiving cooperation credit, and more such programs may be offered, enforcement boss says.

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Bob Oros to Become HighTower’s New CEO—Sources

Bob Oros to Become HighTower’s New CEO—Sources

11/13/18 | News | 25 Comments

The former head of Fidelity’s clearing and custody business will direct HighTower’s new strategy of acquiring large RIAs under its new private equity owners.

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Prominent RayJay Producer Fired over UIT Sales Lands at Stifel

Prominent RayJay Producer Fired Over UIT Sales Joins Stifel

11/12/18 | Advisor Moves | 4 Comments

Lynn Faust, a South Carolina broker who lost her job after 30 years over concerns about UIT sales practices, moved to Stifel with her son on Friday.

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Firms Score Points for Putting Employees on Heightened Supervision

Firms Score Points for Putting Employees on Heightened Supervision

11/12/18 | News

Brokerage firms are boosting monitoring programs amid increasing pressure from regulators to identify problem brokers.

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Finra Ends Probe of Bank Product Sales with No Enforcement Referrals

Finra Ends Probe of Bank Product Sales with No Enforcement Referrals

11/9/18 | News | 2 Comments

Sweep of cross-selling practices at 14 broker-dealers found “weaknesses” in promotional, training and compensation practices but nothing requiring punishment.

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Multi-million Dollar UBS Teams in Ohio Join Wells Fargo

Multimillion-Dollar UBS Teams in Ohio Join Wells Fargo

11/7/18 | Advisor Moves | 14 Comments

Four-broker team in Columbus team with about $5 million in annual production and two-broker unit in Dublin with more than $2 million made the moves in past two weeks.

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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 | 90 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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Now Hiring: Wells Fargo Advisor Posts Slew of Manager Openings

Now Hiring: Wells Fargo Advisors Posts Slew of Manager Openings

10/31/18 | News | 4 Comments

An internal list of 19 open branch and complex positions dwarfs the norm and parallels a high level of advisor attrition over the past two years.

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Finra Fines LPL $2.75 Mln for Widespread Reporting Violations

LPL to Pay $2.75 Million for Widespread Reporting Violations

10/30/18 | News

The independent broker-dealer failed to report dozens of customer complaints against brokers from 2013 through 2017 and to file over 400 reports on potential money laundering by customers, Finra said.

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Raymond James Discharges Brokers Nationwide Amid UIT Probe

Raymond James Discharges Brokers Nationwide Amid UIT Probe

10/29/18 | News

A South Carolina broker who ranked in Forbes’ Top Woman Advisor poll this year was among several let go for alleged UIT sales violations.

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High-Profile Woman Manager at BofA and Merrill Wealth Leaves

High-Profile Woman Manager at BofA and Merrill Wealth Leaves

10/26/18 | News | 1 Comment

Jodi Rolland, a former Merrill division manager who most recently ran Bank of America’s Colorado market, is on a 90-day garden leave.

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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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Fired UBS Broker, a Hunting Show Host, Gets to Keep His Half-Million-Dollar Note Balance

Fired UBS Broker, a Hunting Show Host, Gets to Keep His Half-Million-Dollar Note Balance

10/24/18 | News | 8 Comments

Finra arbitrators reject UBS’s claim for $526,2218 from an Alabama broker, deny his expungement request.

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Ami Forte Leaves Her New Post as Finra Turns Up Heat

Ami Forte Leaves Her New Post as Finra Turns Up Heat

10/23/18 | News

Amid a firestorm of arbitration complaints and regulatory notices, the former star Morgan Stanley broker steps down from her new post at Pinnacle Investments.

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Former UBS Wealth Boss Hoekstra and Ex-Merrill Exec Phil Sieg Join Indie Firm

Former UBS Wealth Boss Hoekstra and Ex-Merrill Exec Phil Sieg Join Indie Firm

10/22/18 | News | 5 Comments

High-profile wealth management personalities join FallLine Securities, which was founded to invest in breakaway practices and was co-founded by a former UBS and Morgan Stanley executive.

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UBS Sues Fired Broker Who Didn’t Pay Arbitration Award

UBS Sues Fired Broker Who Didn’t Pay Arbitration Award

10/19/18 | News | 4 Comments

Broker who has racked up 15 customer, regulatory and legal complaints over his 31-year career was found to owe $889,000 related to nine promissory notes.

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California Man Sues Edward Jones over Wheelchair Accessibility

California Man Sues Edward Jones over Wheelchair Accessibility

10/16/18 | News | 5 Comments

Lawsuit alleges violation of federal and state disability-protection laws because of a high curb restricting access to a Huntington Beach office building.

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Wells Fargo Advisors Reports 1% Loss of Brokers in Third Quarter

Wells Fargo Advisors Reports 1% Loss of Brokers in Third Quarter

10/12/18 | News | 6 Comments

Sales force across brokerage channels has dropped by over 1,000 since September 2016 when fake bank accounts were disclosed.

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Finra Bars Wells Broker Whose Client Helped Him Qualify for Designation

Finra Bars Wells Broker Whose Client Helped Him Qualify for Designation

10/10/18 | Enforcement | 2 Comments

Florida advisor shifted client assets to a bond account so he could maintain his status as an “international” financial advisor.

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When Small-Town Advisors Jump, Agita Factor Rises at Firms Left Behind

Small-Town Advisor Departures Raise Agita at Firms Left Behind

10/9/18 | Advisor Moves | 1 Comment

Wells broker who took his Arkansas branch with him to open an independent practice at Raymond James Financial gave interviews to local press referencing his former firm.

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UBS, Stifel, Garden City, New York

Big UBS Producer Eased Out Two Weeks Ago Lands at Stifel

10/8/18 | News

Broker who was generating around $6 million in annual revenue reportedly stumbled over an unreported effort to help an associate buy a car.

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Wells Fargo Loses Another Round of Brokers in VA, MA and NC

Wells Fargo Loses Another Round of Brokers in VA, MA and NC

10/5/18 | Advisor Moves

Biggest team to leave in the past week was based in Virginia and managed $500 million.

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Morgan Stanley Wins Battle to Keep Discrimination Suit Out of Court

Morgan Stanley Wins Battle to Keep Discrimination Suit Out of Court

10/4/18 | News

Judge upholds brokerage firm’s argument that its 2015 e-mail message to employees about their restricted dispute resolution rights was valid.

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Ex-Merrill Star Tom Buck Sentencing Postponed Again

Ex-Merrill Star Tom Buck Sentencing Postponed Again

10/2/18 | News

Hearing for Indiana broker who pled guilty to securities fraud in January has been postponed until next year due to court calendar backup.

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One Big Wells Team Splits to Start RIA, Another Joins Regional D.A. Davidson

One Wells Team Splits to Start RIA, Another Joins Regional D.A. Davidson

10/1/18 | Advisor Moves | 1 Comment

The departures in Missouri and Oregon on Friday add to steady drain of brokers from Wells over the past two years.

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Panel Clears UBS Broker, Supervisor, and Ex-Manager of Big Client Complaint

Panel Clears UBS Broker, Supervisor, and Ex-Manager of Big Client Complaint

10/1/18 | News

Arbitrators granted the expungement of a failure to supervise claim that sought $21 million in damages.

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Merrill Lynch Cracks Down on Penny Stock Trades

Bank of America Curbs Penny Stock Trading at Merrill Lynch

9/28/18 | News | 4 Comments

New restrictions on buying and selling micro-cap stocks apply across the Bank of America wealth franchise and could prompt other large broker-dealers to put in place similar policies.

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Morgan Stanley Hires Million-Dollar Merrill Broker in Chicago

Morgan Stanley Hires Million-Dollar Merrill Broker in Chicago

9/27/18 | Advisor Moves | 3 Comments

Morgan Stanley poaches broker for its private wealth group at a time when it has been aggressive in defending its own territory from the competition.

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Judge Denies Morgan Stanley’s TRO Claim Against Illinois Team

Judge Denies Morgan Stanley’s TRO Claim Against Illinois Team

9/26/18 | News | 3 Comments

Ruling gives brokers early-stage victory in likely long-running non-solicitation battle, lawyer says.

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UBS Ushers Out Top Broker on Long Island

UBS Ushers Out $6-Mln Producer on Long Island

9/26/18 | News | 16 Comments

The firm parted ways on Tuesday with a 35-year industry veteran after a three month investigation into a potential policy violation, sources said.

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First Republic Nabs $6-Mln UBS Producer in Los Angeles

First Republic Nabs $6-Mln UBS Producer in Los Angeles

9/24/18 | Advisor Moves

Broker, who sources said managed around $2 billion, is the latest in wave of departures from the Swiss bank’s U.S. broker-dealer.

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Newly Hired Stifel Brokers Ask Court to Delay Morgan Stanley’s TRO Suit

Newly Hired Stifel Brokers Ask Court to Delay Morgan Stanley’s TRO Suit

9/21/18 | News | 3 Comments

Brokers say their former employer’s rush for a courtroom restraint order is premature and posits an emergency that is nothing more than a litigation ploy.

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2019 Comp: RayJay Leaving Pay Plan Untouched for Branch Brokers

2019 Comp: RayJay Leaving Pay Plan Untouched for Branch Brokers

9/20/18 | News

After payout cuts last year, firm tells its approximately 3,100 employee-brokers that it won’t rock the boat in the upcoming compensation plan.

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Morgan Stanley Seeks TRO Against Team that Jumped to Stifel in Illinois

Morgan Stanley Seeks TRO Against Team that Jumped to Stifel in Illinois

9/19/18 | News | 5 Comments

Filing revives an aggressive legal stance the firm had taken after its withdrawal from the Protocol for Broker Recruiting.

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SunTrust Expands in Los Angeles with Private Banker from Wells

SunTrust Expands in Los Angeles with Private Banker from Wells

9/19/18 | News

Advisor is taking on a new “market president” role helping the company boost its wealth and investment banking business in the state.

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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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Morgan Stanley Loses $644 Mln-Asset Team to Stifel

Morgan Stanley Loses $644 Mln-Asset Team to Stifel

9/17/18 | Advisor Moves | 7 Comments

Six-broker group in Illinois is the second big team to jump to a regional firm in two weeks.

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Brokers Who Fired First at Morgan Stanley Settle Claims

Brokers Who Fired First at Morgan Stanley Settle Claims

9/14/18 | News | 1 Comment

San Diego brokers took the unusual step of seeking a court ruling voiding their employment contracts to preempt their former firm from stopping them from soliciting clients.

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Judge Denies Ameriprise’s Bid to Escape $675K Arb Award to Broker

Judge Denies Ameriprise’s Bid to Escape $675K Arb Award to Broker

9/13/18 | News

Decision in Massachusetts court underscores the difficulty of vacating arbitration awards.

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Merrill’s Sieg Sees Broker Growth Goals Beyond Five New Households

Merrill’s Sieg Sees Broker Growth Goals Beyond Five New Households

9/13/18 | News | 13 Comments

With achievers bringing in 15 new clients, average advisors should be able to grow beyond the 4.6 they’re on track to achieve this year, executive says.

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SEC Bars and Fines Former Raymond James Manager in Ski Resort Case

SEC Bars and Fines Former Raymond James Manager in Ski Resort Case

9/7/18 | Enforcement | 1 Comment

Miami broker helped his father-in-law execute a $200 million fraud that earlier led Raymond James to more than $165 million of regulatory settlements.

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RayJay Lands $3 Million Morgan Stanley Team Operating in Three States

RayJay Lands $3 Million Morgan Stanley Team Operating in Three States

9/6/18 | Advisor Moves

Another team leaves the ex-Protocol wirehouse for the Florida-based regional, carefully coached on how to move within the bounds of its members’ employment contracts.

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Morgan Stanley Pushes Harder for Deposits as It Nears Loan Capacity

Morgan Stanley Pushes Harder for Deposits as It Nears Loan Capacity

9/6/18 | News | 2 Comments

Hires marketing executive from Betterment to pump up collection of cash from wealthy retail customers.

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Edward Jones Sets Up Unit for Small Accounts Branches Don’t Want

Edward Jones Sets Up Unit for Small Accounts Branches Don’t Want

9/4/18 | News | 9 Comments

Brokers can send small or inactive clients with under $50,000 to the home office under the new “Connection” program.

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Merrill Offers Bounty for Recruiting Young Advisors

Merrill Offers Bounty for Recruiting Novice Brokers

8/31/18 | News | 7 Comments

Will pay headhunters a minimum of $25,000 for new hires who qualify for a program aimed at up-and-comers with three to eight years of experience.

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Wells Fargo Integrates Bank-Housed Brokers into Private Client Group

Wells Fargo Integrates Bank-Housed Brokers into Private Client Group

8/30/18 | News | 4 Comments

In first leg of a promised broad restructuring of its wealth and investment management division, bank shuttles reporting lines to brokerage veterans.

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Waddell & Reed Loses Two More Top Teams

Waddell & Reed Bleeds Two More Top Teams

8/28/18 | Advisor Moves | 3 Comments

Exits come as the company’s roster of independent brokers has declined 28.5% in the past year.

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Finra Suspends South Carolina Broker Who Understated Her Age

Finra Suspends South Carolina Broker Who Understated Her Age

8/27/18 | Enforcement | 8 Comments

Says broker with 27 years of experience had since 2011 given Wells Fargo Advisors, Morgan Stanley and FSC Securities inaccurate birth dates that impeded their obligation to maintain accurate books and records.

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Barred ‘Bada Bing’ Broker Gives Morgan Stanley More Headaches

Barred ‘Bada Bing’ Broker Gives Morgan Stanley More Headaches

8/23/18 | News

Two more pro athletes have filed claims against the firm over investments recommended by ex-broker Aaron Parthemer.

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Wells Fargo Advisors Market Their Softer Sides

Wells Fargo Advisors Market Their Softer Sides

8/22/18 | News | 14 Comments

Many brokers are updating biographies on team websites to emphasize personal, humanizing details.

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UBS Teams Jump to RBC and Ameriprise in West and Southwest

UBS Teams Jump to RBC and Ameriprise in West and Southwest

8/21/18 | Advisor Moves

Moves add to a steady stream of departures from the Swiss bank’s U.S. brokerage business as regional firms lay down the welcome mat.

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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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Arbitrator Wipes 24 Annuity Complaints from Independent Broker’s Record

Arbitrator Wipes 24 Annuity Complaints from Independent Broker’s Record

8/16/18 | News | 2 Comments

Indiana arbitrator says poorly disclosed changes in a death benefit that caused investor losses was the fault of the annuity issuer, not the broker who sold the product.

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Another Broker Gets Dinged over UIT Sales at Morgan Stanley

Another Broker Gets Dinged over UIT Sales at Morgan Stanley

8/15/18 | Enforcement

Individual fine and suspension comes on the heels of state action against a California broker-dealer.

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UBS Gives U.S. Wealth Managers Recruiting Pep Talk

UBS Gives U.S. Wealth Managers Recruiting Pep Talk

8/14/18 | News | 2 Comments

Emphasize the “big numbers” large producers can earn over a long UBS career and the “unrealistic” sales targets that competitors set when offering back-end bonuses, it says in presentation.

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UBS Calls Offsides on Broker Who Specializes in Pro Athletes-Source

UBS Calls Offsides on Broker Who Specializes in Pro Athletes-Source

8/10/18 | News | 14 Comments

Bruce D. Smith, whose “Sports Consulting Group” includes a former NFL star and whose social media sites feature an array of client athletes, has left the wirehouse following an investigation.

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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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Jones Fires Million-Dollar Brokers Over Elderly Client Accounts

Jones Fires Million-Dollar Brokers Over Elderly Client Accounts

8/6/18 | News | 7 Comments

In a sign of employers’ increasing sensitivity to charges of elder abuse, Edward Jones gave walking papers to Louisiana brokers who were top “producers.”

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Wells Veteran in Washington Bolts for Independence After 51 Years

Wells Veteran in Washington Bolts for Independence After 51 Years

8/3/18 | Advisor Moves | 3 Comments

Opens RIA firm with six Wells colleagues who had managed $800 million in assets, according to a regulatory filing.

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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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Focus Financial Buys $3.5 Billion RIA in Atlanta

Focus Financial Buys $3.5 Billion RIA in Atlanta

8/1/18 | News

The aggregator of small advisory firms put together deal for Edge Advisors as it was putting final touches on its $535 million IPO.

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First Republic Lands Another Big Fish from Merrill in Boston

First Republic Lands Another Big Fish from Merrill in Boston

7/27/18 | Advisor Moves

Beantown broker had spent all of his 26-year career with Merrill and had over $4 million in production.

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Merrill Takes Fired Ohio Broker to Court in Non-Solicitation Dispute

Merrill Takes Fired Ohio Broker to Court in Non-Solicitation Dispute

7/25/18 | News | 8 Comments

Firm claims that broker and his teammate took confidential client information and have successfully moved $26 million of the $138 million they managed.

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Morgan Stanley Loses $1.6-Mln Broker to Wells in Texas

Morgan Stanley Loses $1.6-Mln Broker to Wells in Texas

7/23/18 | Advisor Moves | 1 Comment

Plano advisor joins the slim ranks of wirehouse veterans swimming upstream to join Wells in recent months.

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Merrill to Pay Hip-Hop’s Timbaland $2.25 Million in Selling-Away Settlement

Merrill to Pay Hip-Hop’s Timbaland $2.25 Million in Selling-Away Settlement

7/20/18 | News | 1 Comment

Celebrity producer had sought $8 million in damages over investments recommended by New York City broker Andrew LeBlanc.

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Sex and the Small Branch: Does Edward Jones’ Model Invite Harassment

Sex and the Small Branch: Does Edward Jones Model Invite Harassment?

7/16/18 | News | 10 Comments

Former branch office administrator says verbal and physical abuse was facilitated by the two-person office structure characterizing most of Jones’s 13,000-plus branches.

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NJ Broker Sues Wells Advisor for Calling Himself a ‘Financial Quarterback’

NJ Broker Sues Wells Advisor for Calling Himself a ‘Financial Quarterback’

7/13/18 | News | 5 Comments

Independent broker Josh Jalinski has charged dozens of competitors with illegal procedures for using a sports-derived phrase he says he trademarked.

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Wells Complex Manager Jumps to RayJay Affiliate in New Jersey

Wells Complex Manager Jumps to RayJay Affiliate in New Jersey

7/12/18 | Advisor Moves

Tim Sheridan replaces a short-lived Steward Partners manager who boomeranged back to Wells Fargo after a few weeks.

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Bruce LeeBooted by Merrill, Chicago PBIG Broker Opens Dynasty-Backed RIA

Booted by Merrill, Chicago PBIG Broker Opens Dynasty-Backed RIA

7/11/18 | News | 5 Comments

Bruce Lee, a former top-ranked broker to the very wealthy, has joined with another PBIG alumnus to launch Keebeck Wealth Management.

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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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Broker Sues Merrill, Firm, Former Teammate in Commission-Sharing Spat

Broker Sues Merrill, Former Teammate in Commission-Sharing Spat

7/9/18 | News | 2 Comments

Former Merrill broker says her branch manager reneged on offer to give her large share of team’s book once she finished training program.

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UBS Hopes to Rev Up Fee-Based Assets with New Sales Managers

UBS Hopes to Rev Up Fee-Based Assets with New Sales Managers

7/6/18 | News | 5 Comments

Names “advisory sales consultants” for three of its four divisions in effort to move more client assets into fee-generating accounts.

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UBS Team in California Takes the Bid from Wells Advisors

UBS Team in California Takes the Bid from Wells Advisors

7/5/18 | Advisor Moves | 4 Comments

Sweetened offers for headhunters appear to be helping the scandal-tarred U.S. bank offset some losses of departing brokers.

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Stifel Restores Back-End Recruiting Bonuses Following DOL’s Demise

Stifel Restores Back-End Recruiting Bonuses Following DOL Rule’s Demise

7/2/18 | News | 1 Comment

Firm is latest to unwind DOL changes as it pads bonuses with an additional 25% to 75% for transitioning client assets.

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Independent Firm Sues Broker Who Jumped to Merrill Lynch

Independent Firm Sues Broker Who Jumped to Merrill Lynch

6/29/18 | News | 5 Comments

In a non-solicitation twist, a small Tennessee firm that custodies with Raymond James asserts that a former adviser escaped to a wirehouse and improperly moved at least $27 million of customer assets.

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Stifel Snares $400-Mln-Asset Wells Fargo Team in Oklahoma

Stifel Snares $400-Mln-Asset Wells Fargo Team in Oklahoma

6/28/18 | Advisor Moves

After spending their careers with Wells and predecessor A.G. Edwards, brokers were frustrated by policies penalizing their servicing of “small” accounts and by customers’ questions about the bank’s regulatory issues.

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Wells Fargo Complex Manager Returns, Weeks After Jumping to Indie Firm

Wells Complex Manager Returns, Weeks After Jumping to Indie Firm

6/28/18 | Advisor Moves

Long Island manager rejoins in new, expanded role after wooing from senior executives.

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Morgan Stanley Taps Ex-Merrill Manager to Run Philadelphia Complex

Morgan Stanley Taps Ex-Merrill Manager to Run Philadelphia Complex

6/27/18 | News

Katie Flaherty, who had run five offices in Connecticut, will replace an ousted manager at rival wirehouse following her 60-day garden leave.

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Merrill Growth, Part II: New Award Trips for Short-Term Productivity

Merrill Growth, Part II: New Award Trips for Short-Term Productivity

6/26/18 | News | 3 Comments

Brokers who generate the most new clients and new account inflows from July through February will qualify for “symposium” trips to either San Francisco or Quebec.

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Wells Fargo Advisors to Tell Customers They Can Keep Data Away from Brokers

Wells Fargo Advisors to Tell Customers They Can Keep Data from Brokers

6/25/18 | News | 10 Comments

SEC examiners found that Wells Fargo Advisors’ privacy agreements failed to let customers “opt out” of Protocol protections that let brokers leave the firm with client contact information.

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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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Morgan Stanley, Broker Settle Non-Solicit Battle with One-Year Contact Ban

Morgan Stanley, Broker Settle Non-Solicit Battle with One-Year Contact Ban

6/21/18 | News | 1 Comment

Agreement with Florida advisor illuminates the reach of the restrictions that firms can impose once they leave the Protocol for Broker Recruiting.

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Merrill Loses Manager in Wealthy Connecticut Complex

Merrill Loses Manager in Wealthy Connecticut Complex

6/18/18 | News | 2 Comments

Katie Flaherty, a registered representative for 19 years, was active in recruiting women advisors to her five-office group in Stamford, Westport and other parts of lower Fairfield County.

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UBS Nabs Merrill PBIG Broker, Morgan Stanley Loses to RayJay in Florida

UBS Nabs Merrill PBIG Broker, Morgan Stanley Loses to RayJay in Florida

6/15/18 | Advisor Moves | 2 Comments

In a late-spring flurry, lifetime Merrill broker in Boston joins rival wirehouse while a Florida broker who earned his spurs at UBS and Morgan Stanley slides to Raymond James.

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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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Career Merrill Manager Overseeing PBIG Brokers Leaves

Career Merrill Manager at PBIG Leaves

6/14/18 | Advisor Moves | 7 Comments

Joseph Polakoff, who was based in Chicago and had been at Merrill for 17 years, left voluntarily, sources said.

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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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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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Morgan Stanley Ushers Out One of Its Six Regional Heads

Morgan Stanley Ushers Out One of Its Six Regional Heads

5/31/18 | News | 4 Comments

Shuffles Southeast Region head Michael Struckman, a 25-year veteran, out of the firm and replaces him with Northeast Region head Ralph Balzano.

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Wells Fargo Rebounds with Hiring of Two Teams from a UBS Branch near Chicago

Wells Fargo Rebounds with Hiring of Two Teams from a UBS Branch near Chicago

5/30/18 | Advisor Moves | 7 Comments

Brokers with a combined $449 million in client assets move to Wells in Oak Brook, even as the firm loses five teams collectively overseeing $951 million to Stifel Financial.

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Merrill Parts Ways with Complex Manager in Newport Beach

Merrill Parts Ways with Complex Manager in Newport Beach

5/29/18 | News | 6 Comments

Departure of the Thundering Herd veteran is unexplained but adds fuel to questions about the increasing complexity of managing wirehouse branches.

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UBS Team Jumps to Hilliard, Citing Slighting of Customers’ Wealth Level

UBS Team Jumps to Hilliard, Citing Slighting of Customers’ Wealth Level

5/23/18 | Advisor Moves | 5 Comments

Partner on Ohio team managing $230 million claims pressure was mounting to join a bigger team and go “up-market.”

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RBC Romps Again at Wirehouses’ Expense

RBC Romps Again at Wirehouses’ Expense

5/21/18 | Advisor Moves

Five-person group at Wells Fargo Advisors in Florida overseeing some $600 million left Wells Fargo Advisors on Friday, while a team near Dallas managing about $300 million left Morgan Stanley 10 days ago.

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Brokers Resign from Morgan Stanley and Quickly Sue It

Brokers Resign from Morgan Stanley and Quickly Sue It

5/21/18 | News | 8 Comments

Veteran San Diego advisers who left Friday for Hilltop Securities ask a judge to invalidate their employment contracts’ non-solicit clauses in a novel move with high legal risks.

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James Dickson, President of Noyes Group

Former Merrill Regional Head Dickson Joins Small Indianapolis Firm

5/18/18 | News | 2 Comments

James Dickson looks to lure million-dollar-plus producers to his new firm, and particularly to an independent channel it has opened.

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UBS Sends Midwest Compliance Vet, Branch Manager and Broker Packing

UBS Sends Midwest Compliance Vet, Branch Manager and Broker Packing

5/17/18 | News | 3 Comments

A longtime compliance official, along with a Wisconsin branch manager and a junior broker on a mega-team were let go for an apparent failure to follow orders to close out a losing trade.

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Merrill Complex Manager Hangs Up His Spurs, Still Shy of 50

Merrill Complex Manager Hangs Up His Spurs, Still Shy of 50

5/16/18 | News | 6 Comments

Short Hills, NJ, complex manager who climbed the corporate ladder unexpectedly exited on Friday.

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Young Broker Honored by Morgan Stanley in February Sues Over Pay Policies

Young Broker Honored by Morgan Stanley in February Sues Over Pay Policies

5/15/18 | News | 7 Comments

“Pacesetter” honoree in San Francisco brings class-action alleging state labor law and business code violations over failure to cover advisors’ ordinary business expenses.

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Ex-Morgan Stanley Broker Loses Bid to Overturn $550k Arbitration Defeat

Ex-Morgan Stanley Broker Loses Bid to Overturn $550k Arbitration Defeat

5/14/18 | News | 1 Comment

“I was bullied by a much bigger firm with a much bigger budget,” Florida advisor says.

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Former NBA Center Sues Merrill and Former FA for $17.4 Mln-plus

Former NBA Center Sues Merrill and Former FA for $17.4 Mln-plus

5/11/18 | News | 5 Comments

Kwame Brown, a #1 draft pick in 2001, claims that his broker depleted accounts through unauthorized trades and investments.

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UBS Loses Brokers in California and Massachusetts to Wells Fargo

UBS Loses Brokers in California and Massachusetts to Wells Fargo

5/10/18 | Advisor Moves | 3 Comments

In separate moves, three advisers who were each with UBS for nine years, jumped despite firm’s exit from the Protocol to the headline-plagued Wells.

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Wells Picks Up Merrill Broker in New Jersey

Wells Picks Up Merrill Broker in New Jersey

5/9/18 | Advisor Moves | 15 Comments

The move is a rare exception to a drumbeat of departing feet by scandal-tired brokers, despite sweetened recruiting offers that Wells Fargo Advisors is making.

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Compliance Officer with Disability Sues Morgan Stanley

Compliance Officer with Disability Sues Morgan Stanley

5/7/18 | News | 4 Comments

Complex risk officer in Florida claims supervisors denied her annual bonus and gave her negative performance reviews after she was diagnosed with multiple sclerosis.

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Head of Large Morgan Stanley Graystone Team Takes Quick Leave

Head of Large Morgan Stanley Graystone Team Takes Quick Leave

5/4/18 | News

Boca Raton advisor exited abruptly on Thursday after allegedly insulting employee of a plan-sponsor client.

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Finra Suspends Another Broker Over Expense Issue

Finra Suspends Another Broker Over Expense Issue

5/3/18 | Enforcement | 3 Comments

Merrill Lynch PBIG advisor in Boston submitted a false report to avoid losing $555 in his business development account, Finra said.

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Farewell Fiduciary Rule? Morgan Stanley Sweetens Recruiting Bonuses

Farewell Fiduciary Rule? Morgan Stanley Sweetens Recruiting Bonuses

5/1/18 | News | 4 Comments

Newly hired brokers can get payout credit for retirement account assets, reversing policies that were imposed in 2016 to comply with the Labor Department’s conflict-of-interest rule.

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Prexit v Prexit: Morgan Stanley Hires $2 Million Team from UBS

Prexit v Prexit: Morgan Stanley Hires $2 Million Team from UBS

4/30/18 | Advisor Moves | 2 Comments

Though neither wirehouse is in the Protocol for Broker Recruiting, the Cincinnati brokers have moved without drawing a challenge from their former employer.

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Raymond James Ties Strong Earnings Directly to Recruiting Success

Raymond James Ties Strong Earnings Directly to Recruiting Success

4/26/18 | News

“Increases in financial advisors and the resultant assets under administration really are what drives the majority of our growth at this firm,” CFO says.

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Wells Loses Large-Asset Team in Connecticut, $225-Mln-Asset Broker in Arizona

Wells Loses Large-Asset Team in Connecticut, $225-Mln-Asset Broker in Arizona

4/25/18 | Advisor Moves | 4 Comments

RayJay scores West Hartford win while RBC hires the Tucson producer.

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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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Merrill Ousts Star Chicago Broker Whose Team Includes Niece of Firm’s Wealth Boss

4/24/18 | News | 15 Comments

Caitlin Sieg, second-in-command on fired adviser Bruce K. Lee’s six-person team that produces about $10 million, is Andy Sieg’s niece.

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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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Former Morgan Stanley Exec Ketterer Goes Indie as New CEO of Cadaret Grant

Former Morgan Stanley Exec Ketterer Goes Indie as New CEO of Cadaret Grant

4/19/18 | News

Wirehouse veteran agrees to put his private-equity funded firm’s capital into the Syracuse, NY, firm that operates through 900 independent brokers.

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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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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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Merrill Exile Riley Etheridge Resurfaces at American Funds

Merrill Exile Riley Etheridge Resurfaces at American Funds

4/17/18 | News | 1 Comment

The right-hand man to former Merrill Wealth boss John Thiel is now running client analytics at the Los Angeles-based fund giant.

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UBS Mega-Brokers in in Houston Walk to RIA Independence

UBS Mega-Brokers in Houston Walk to RIA Independence

4/13/18 | Advisor Moves | 3 Comments

Three brokers who collectively spent half a century at UBS and last year produced $9 million, have leveraged financing from a private equity firm and from Fidelity Investments to start their new firm.

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After Losing Morgan Stanley TRO Cases, Former Manager Lofts a Lawsuit

After Losing Morgan Stanley TRO Cases, Former Manager Lofts a Lawsuit

4/12/18 | News | 3 Comments

Connecticut branch manager now with Janney says she was effectively fired for “whistle-blowing” against sales practice violations and questionable ethics by brokers and sales associates.

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‘Great Lakes’ RIA Rebrands as Hayden Royal Amid Management Shifts

‘Great Lakes’ RIA Rebrands as Hayden Royal Amid Management Shifts

4/12/18 | News

Firm also says it’s tightening affiliation standards following firing of founder in November.

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This Merrill Broker Embraced Lending—and Lost His Job

This Merrill Broker Embraced Lending—and Lost His Job

4/11/18 | Enforcement | 5 Comments

The Financial Industry Regulatory Authority has suspended an Arizona advisor for 18 months for falsely affirming that prospective Bank of America borrowers had plenty of cash in their Merrill accounts.

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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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UBS Pares Lucrative Payout Level for Trainees

UBS Pares Lucrative Payout Level for Trainees

4/9/18 | News | 4 Comments

Rookies as of June 1 will retain 35% of the fees and commissions collected from customers while in the four-year training program, down from 45% currently.

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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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Lifetime UBS Broker Sues Firm Over Nickel-and-Diming

Lifetime UBS Broker Sues Firm Over Nickel-and-Diming

4/4/18 | News | 4 Comments

Class-action suit alleges that company’s deduction of travel, parking and other business expenses from advisors’ pay and exempting them from overtime compensation violates California law.

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Edward Jones Sued for Shuttling Customers to Fee Accounts

Edward Jones Sued for Shuttling Customers to Fee Accounts

4/3/18 | News | 143 Comments

Class-action suit says firm’s “reverse churning scheme” padded firm’s bottom line by moving buy-and-hold fund investors out of commission accounts.

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Wells Fargo Duo Goes Indie with RayJay in Upstate New York

Wells Fargo Duo Goes Indie with RayJay in Upstate New York

4/2/18 | Advisor Moves

After 20 years with wirehouses, broker disavows the employee brokerage model.

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Former Finra Enforcement Chief to Join Merrill Lynch

Former Finra Regulatory Chief Axelrod to Join Merrill Lynch

3/29/18 | News

Susan Axelrod, who oversaw enforcement and member services operations before stepping down in January, will be chief supervisory officer.

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LPL CEO’s Compensation Jumps 156% in First Year at the Top

LPL CEO’s Compensation Jumps 156% in His First Year at the Top

3/29/18 | News

The largest independent broker-dealer awarded Dan H. Arnold $7.4 million, up from $2.9 million in 2016 when he was president.

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Texas Advisor Ed Butowsky’s Politics Deplete His Client Assets

Texas Advisor Ed Butowsky’s Politics Deplete His Client Assets

3/28/18 | News | 2 Comments

Assets have fallen 20% at the firm after the former Morgan Stanley and Bear Stearns advisor put himself at the center of a conspiracy theory over the death of a staffer at the Democratic National Committee.

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J.P. Morgan Said to Nab Veteran Goldman Sachs Broker in Miami

J.P. Morgan Said to Nab Veteran Goldman Sachs Broker in Miami

3/23/18 | Advisor Moves

The departure of a big producer, once a rare event because of Goldman’s restrictive termination policies, follows the exit of five other teams last year.

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Morgan Stanley and Beverly Hills Broker Sued over Sexual Harassment

Morgan Stanley and Beverly Hills Broker Sued over Sexual Harassment

3/21/18 | News | 15 Comments

Former client associate says adviser seduced her into joining the firm on a trip to her native Brazil, then routinely denigrated her on the job.

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Finra Bars Morgan Stanley Broker Who Has Cost Firm $2.5 Million...and Counting

Finra Bars Morgan Stanley Broker Who Has Cost Firm $2.5 Million…and Counting

3/20/18 | Enforcement

Florida advisor made over 1,200 unauthorized trades between 2012 and 2016, regulator says.

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Former Morgan Stanley Manager in New York Flogs Independence

Former Morgan Stanley Manager in New York Flogs Independence

3/20/18 | News | 3 Comments

David Turetzky, a 17-year wirehouse veteran who ran a big midtown Manhattan branch, says independent brokers “truly” have their own businesses and their own clients.

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UBS Manager in San Diego Flits to Wells, Returns a Week Later

UBS Manager in San Diego Flits to Wells, Returns a Week Later

3/19/18 | News | 2 Comments

Justin Steers, who jumped earlier this month after 22 years with UBS, appears to have been welcomed back with open arms.

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Former Brokers Sue Edward Jones Over Clawback Policy

Former Brokers Sue Edward Jones Over Clawback Policy

3/16/18 | News

Firm’s policy of requiring some advisors to repay up to $75,000 of training costs violates federal labor laws, class-action lawsuit claims.

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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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Schwab Terminates Custody Agreement with Great Lakes & Atlantic

Schwab Terminates Custody Agreement with Great Lakes & Atlantic

3/15/18 | News

Registered investment advisory firm executive says a “pricing disagreement” was at the heart of the discount brokerage giant’s decision to end a relationship.

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Merrill Shuffles Managers in Ultra-Rich Business, Adds Centralized Support Unit

Merrill Shuffles Managers in Ultra-Rich Business, Adds Centralized Support Unit

3/13/18 | News

California complex manager to run restructured PBIG Texas region while a Miami-based manager of ‘international’ brokers graduates to head new Florida region.

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Morgan Stanley Lending Pro Joins Rockefeller Capital

3/12/18 | News | 2 Comments

Michael Brakey, who worked with Greg Fleming at Merrill and Morgan Stanley, rejoins him to head credit and banking at the family office’s nascent wealth management business.

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Merrill Manager Exiled After 31 Years Returns as Producer

Merrill Manager Exiled After 31 Years Returns as Producer

3/12/18 | News | 3 Comments

Susan Cruz, who ran branches and complexes up and down the East Coast over three decades at the wirehouse, has returned to build her own book in Pittsburgh.

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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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Ex-Wells Broker Seeks $2.4 Mln “Sunset” Payment After Losing His Book

Ex-Wells Broker Seeks $2.4 Mln “Sunset” Payment After Losing His Book

3/8/18 | News

Septuagenarian broker files arbitration claim after his Miami branch manager suggests he “start all over” after giving his accounts to his longtime partner following a 17-month medical leave.

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Morgan Stanley Fires Two 50-plus Year Brokers in Boston

Morgan Stanley Fires Two 50-plus Year Brokers in Boston

3/7/18 | News | 5 Comments

Departure follows an industry bar and federal fraud investigation against junior members of their team, although senior brokers say events are unrelated.

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Finra Suspends Chief Compliance Officer Who Expunged Her Own Record

Finra Suspends Chief Compliance Officer Who Expunged Her Own Record

3/6/18 | News | 1 Comment

CCO took matters into her own hands after a former employer rebuffed her attempts to amend its explanation of why she was terminated.

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Citi, Wells Lose Vets as Banks Sharpen Recruiting Knives

Citi, Wells Lose Vets as Banks Sharpen Recruiting Knives

3/5/18 | Advisor Moves

Longtime Citi brokerage manager Drue Anderson in New York goes west to join J.P. Morgan while First Republic lands Wells Fargo advisory team in Boston.

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Morgan Stanley Team in Ohio Jumps to Wells Fargo

Morgan Stanley Team in Ohio Jumps to Wells Fargo

3/2/18 | Advisor Moves | 5 Comments

Duo joins gradually growing list of emigrees from post-Protocol Morgan Stanley who appear to have avoided litigation.

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Morgan Stanley Credits Market for Record Rise in Fee-Based Assets

Morgan Stanley Credits Market for Record Rise in Fee-Based Assets

2/28/18 | News

Firm’s regulatory report sheds light on tradeoff between commission and advisory accounts, and shows growing emphasis on loans to wealth clients.

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Life-long JPMorgan Private Banker in L.A. Shifts to Merrill

Life-long JPMorgan Private Banker in L.A. Shifts to Merrill

2/27/18 | Advisor Moves

Advisor to wealthy clients much as $10 billion in client assets, according to sources familiar with the move.

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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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Another HighTower ‘Partner’ Leaves Despite Re-capitalization

Another HighTower ‘Partner’ Leaves Despite Re-capitalization

2/26/18 | Advisor Moves

James Pupillo, who joined the “rollup” in 2012 from Morgan Stanley’s “institutional” Graystone unit, sets up independent RIA on even of HighTower’s transition to new owner.

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RayJay Hires Wells Fargo Manager to Lead Miami-area Office

RayJay Hires Wells Fargo Manager to Lead Miami-area Office

2/23/18 | Advisor Moves

Michael Origlia posting fills year-long vacancy in Coral Gables after departure of a manager caught up in the Jay Peak scandal.

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Wells Commits to Protocl

Wells Fargo Commits to Staying in Broker Protocol

2/22/18 | News | 4 Comments

At national managers’ meeting this week, executives said that the firm will continue to recruit at its employee and independent channels and allow free movement among them and other Protocol firms.

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Capital One to Close Bank-Based Brokerage Business, Exec to Join Advisor Group

Capital One to Close Bank-Based Brokerage Business, Exec to Join Advisor Group

2/22/18 | News

Credit card bank continues its move out of retail brokerage with plan to shutter unit operating out its bank branches.

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Wells Gains Million-Dollar Producer from RBC, Loses Broker to RayJay

Wells Gains Million-Dollar Producer from RBC, Loses Broker to RayJay

2/21/18 | Advisor Moves

Broker in Oregon joins Wells after regional career while Wells vet in North Carolina says he is done with wirehouses.

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Million-Dollar Hilliard Broker Told to Return $445K to Elderly Client

Million-Dollar Hilliard Broker Told to Return $445K to Elderly Client

2/20/18 | News | 1 Comment

Hilliard, Lyons and a Louisville advisor once ranked as one of the top young brokers in the U.S. allegedly made unauthorized, excessive and risky trades in octogenarian’s retirement accounts.

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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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Merrill Broker in Hartford Leaves His Team and Jumps to Janney

Merrill Broker in Hartford Leaves His Team and Jumps to Janney

2/15/18 | Advisor Moves

Co-head of a seven-person group in Connecticut goes solo to a regional broker-dealer’s office that includes several alumni of the Thundering Herd.

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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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UBS Extracts $4 Million from Breakaway Broker

UBS Extracts $4 Million from Breakaway Broker

2/14/18 | News | 4 Comments

Large arbitration award for unpaid loan balances gives insight on why big brokerage firms have retrenched from lucrative signing and retention packages.

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Broker Suing UBS in Whistleblower Case Wins Some Expungements

Broker Suing UBS in Whistleblower Case Wins Some Expungements

2/13/18 | News | 2 Comments

Craig Price wipes four auction-rate security complaints from his record while his wrongful termination claims against UBS proceeds.

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SEC Asks Congress for $ to Examine RIAs and Supervise Finra

SEC Asks Congress for $ to Examine RIAs and Supervise Finra

2/12/18 | News | 4 Comments

Examinations covered 15% of registered investment advisers last year, but 35% have never been examined, according to SEC’s fiscal 2019 budget proposal.

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Does Early-Life Bad Behavior Foreshadow Rogue Broker Activity?

Does Early-Life Bad Behavior Foreshadow Rogue Broker Activity?

2/7/18 | Enforcement | 6 Comments

Former Morgan Stanley broker who declared that he changed his life after a forgery arrest while in college was sentenced to prison on Tuesday for defrauding a widowed client.

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Judge Hands Morgan Stanley Another TRO Win, Hands Off to Finra

Judge Hands Morgan Stanley Another TRO Win, Hands Off to Finra

2/6/18 | News | 11 Comments

Court extends restraining order preventing Florida broker Daniel Abel from calling clients and orders expedited Finra hearing.

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Wells Fargo Advisors Assures Brokers They Can Keep Growing

Wells Fargo Advisors Assures Brokers They Can Keep Growing

2/5/18 | News | 7 Comments

The Federal Reserve’s severe order freezing assets at the bank company should not limit recruiting efforts nor client account growth, the bank tells advisors.

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Ex-MS Broker Seeks to Vacate $2 Mln Arb Award, Citing Evidence Destruction

Ex-MS Broker Seeks to Vacate $2 Mln Arb Award, Citing Evidence Destruction

2/2/18 | News | 3 Comments

Claims arbitrators failed to weigh claim that former manager orchestrated a
“shredding party” in defiance of firm’s order to preserve records.

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Ex-Morgan Stanley Manager Claims Race Discrimination

Ex-Morgan Stanley Manager Claims Race Discrimination

2/1/18 | News | 9 Comments

A former regional training officer says retaliation against him by complex and branch managers belie terms of earlier discrimination settlements.

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Whose Client Is It? Morgan Stanley Argues Both Sides, Former Broker Claims

Whose Client Is It? Morgan Stanley Argues Both Sides, Former Broker Claims

1/31/18 | News | 18 Comments

A Florida broker who the firm successfully accused of using its “trade secrets” to contact customers, cites a case in which it argued precisely the opposite.

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Two Ex-Morgan Stanley Brokers in Boston to Plead Guilty to Fraud

Two Ex-Morgan Stanley Brokers in Boston to Plead Guilty to Fraud

1/31/18 | Enforcement | 2 Comments

James Polese and partner Cornelius Peterson stole $500,000 from clients for personal expenses and to fund a “wind farm” investment, prosecutors said.

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Morgan Stanley Managing Director in Connecticut Jumps to JPMorgan

Morgan Stanley Managing Director in Connecticut Jumps to JPMorgan

1/29/18 | Advisor Moves | 2 Comments

Advisor is believed to be the largest producer to have left Morgan Stanley since its exit from the Protocol for Broker Recruiting.

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Morgan Stanley Wins Another Restraining Order Against Former Broker

Morgan Stanley Wins Another Restraining Order Against Former Broker

1/24/18 | News | 13 Comments

A Florida federal judge supplements her order with an unusual 14-page decision that lawyers said could be cited in other cases.

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Amid Broker Protocol Fireworks, Industry Shifts Administrators

Amid Broker Protocol Fireworks, Industry Shifts Administrators

1/23/18 | News | 2 Comments

Oversight of the recruiting agreement passes to expert-witness firm following complaints about the former administrator’s ties to big firms.

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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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UBS Wealth Americas Loses Some Autonomy—and More Brokers

UBS Wealth Americas Loses Some Autonomy—and More Brokers

1/22/18 | News | 5 Comments

Swiss bank to combine its flagship international wealth management units with formerly autonomous U.S. business, giving U.S. boss Tom Naratil co-leadership role.

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A Year After Leaving LPL, Ron Carson Twists the Knife

A Year After Leaving LPL, Ron Carson Twists the Knife

1/18/18 | News | 4 Comments

LPL’s former top producer now affiliated with Cetera goes on the offensive to lure former colleagues.

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First Republic Sings a Song of Seasoned Brokers

First Republic Sings a Song of Seasoned Brokers

1/17/18 | News | 1 Comment

A “very good year” for recruiting helped San Francisco bank boost wealth assets 28% and increase referrals for bank products.

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Merrill Lynch’s Racquel Oden Signs with JPMorgan Chase Wealth Management

Merrill’s Racquel Oden Signs with Chase

1/16/18 | News | 1 Comment

Former manager of Merrill’s Fifth avenue branch will oversee Chase bank advisors in the Northeast, according to a memo on Tuesday.

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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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Wells Advisors Headcount Holds Steady and Bank Referrals Rebound

Wells Advisors Headcount Holds Steady and Bank Referrals Rebound

1/12/18 | News | 2 Comments

Wealth unit of the California banking giant shows signs of recovery despite lingering fake-account issues in other parts of the company.

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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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Raymond Jay Recruits Million-Dollar Merrill Producer in Boston

Raymond James Recruits Million-Dollar Merrill Producer in Boston

1/5/18 | Advisor Moves | 4 Comments

Nineteen-year veteran becomes Florida-based firm’s sixth Beantown broker as it continues northern expansion.

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Morgan Stanley Complex Manager in Dallas Jumps to RayJay Firm

Morgan Stanley Complex Manager in Dallas Jumps to RayJay Firm

1/5/18 | Advisor Moves

Chris Barton, a 22-year veteran of Smith Barney and Morgan Stanley, hired to develop new markets for Washington, DC-based Steward Partners.

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Great Lakes Founder Misappropriated Company Funds—Filing

Great Lakes & Atlantic Founder Misappropriated Company Funds—Filing

1/4/18 | News

RIA “rollup” firm that includes 37 underlying practices fired former chief executive Craig Cmiel in November.

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Fired Morgan Stanley Broker Ordered to Pay $2.2 Mln in Note Case

Fired Morgan Stanley Broker Ordered to Pay $2.2 Mln in Note Case

1/3/18 | Enforcement | 8 Comments

Panel denies fired 30-year industry veteran’s counter-claim for $20 million on grounds of discrimination.

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Arbitrators Order Morgan Stanley Breakaway to Pay $545K

Arbitrators Order Morgan Stanley Breakaway to Pay $545K

1/3/18 | Enforcement | 12 Comments

Former Minnesota advisor loses counterclaim of defamation and last month left his new job as a registered investment adviser.

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Finra Fines Raymond James $2 Million for ‘Significant’ Email Issues

Finra Fines Raymond James $2 Million for ‘Significant’ Email Issues

12/21/17 | News

RayJay’s independent broker channel failed to meaningfully review millions of emails, leading to missed red flags, for nine years, regulator says.

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Racquel Oden, Head of a Merrill ‘Flagship’ Office in NYC, Exits

Racquel Oden, Head of a Merrill ‘Flagship’ Office in NYC, Exits

12/20/17 | News | 31 Comments

The firm is searching for a replacement to oversee its Fifth Avenue branch in midtown Manhattan, sources said.

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Ex-Broker Cops to Syndicate Kickback Scheme

Ex-Broker Cops to Syndicate Kickback Scheme

12/20/17 | Enforcement | 3 Comments

Former broker at Stifel and Barclays pleaded guilty accepting as much as $1.5 million in illegal payments for allocations of popular initial public offerings, authorities said.

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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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Longtime Pros from Smith Barney/J.P. Morgan Join Private Bank Fieldpoint

Longtime Pros from Smith Barney/J.P. Morgan Join Private Bank Fieldpoint

12/18/17 | Advisor Moves | 4 Comments

Four brokers overseeing $700 million take swipe at implied conflicts at J.P. Morgan in explaining move to Greenwich, Conn., bank.

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Morgan Stanley Prevails in Skirmish with Breakaway Broker

Morgan Stanley Prevails in Skirmish with Breakaway Broker

12/13/17 | News | 17 Comments

Judge says advisor who left last week to start independent practice cannot actively solicit his former firm’s customers and must return “confidential” data.

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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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Finra Bars Wells Brokers in California Who Flogged Energy Deals

Finra Bars Wells Brokers in California Who Flogged Energy Deals

12/12/17 | Enforcement | 1 Comment

California pair have cost Wells some $8.4 million in arbitration settlements to date.

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Morgan Stanley Rushes to Hamstring Another Fleeing Broker

Morgan Stanley Rushes to Hamstring Another Fleeing Broker

12/11/17 | News | 10 Comments

Files court order to stop a New Jersey broker who left Friday from calling his former clients.

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Finra Bars Ex-UBS Broker Who Managed All-Star Pitcher’s Accounts

Finra Bars Ex-UBS Broker Who Managed All-Star Pitcher’s Accounts

12/8/17 | Enforcement

Virginia advisor failed to disclose to his employers 16 outside business activities and private securities transactions involving a wealthy client, regulator says.

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Ex-Morgan Stanley Broker Burned by UITs Now Spurns Commissions

Ex-Morgan Stanley Broker Burned by UITs Now Spurns Commissions

12/6/17 | News | 3 Comments

Advisor in Pennsylvania says the packaged products aren’t worth the headache and gives up his brokerage license.

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LPL Puts Teeth Into Penalties for Sales Practice Violations

LPL Puts Teeth Into Penalties for Sales Practice Violations

12/6/17 | News

New rep agreements give the independent broker-dealer to recoup commission payments if laws or internal policies were violated.

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Steward Partners Eyes Texas Office in Channel-Challenging Move–Source

Steward Partners Eyes Texas Office in Channel-Challenging Move–Source

12/5/17 | News

Independent firm that gave Florida-based Raymond James tentacles in the mid-Atlantic and New England region plans a Houston presence.

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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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Merrill Takes Stand, Says It Won’t Leave Protocol for Broker Recruiting

Merrill Takes Stand, Says It Won’t Leave Protocol for Broker Recruiting

12/4/17 | News | 22 Comments

Wealth boss Andy Sieg surprised his troops and many observers on Monday by saying it will not follow Morgan Stanley and UBS in exiting the recruiting pact.

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UBS Rivals Tally Up Recruiting Victories

UBS Rivals Tally Up Recruiting Victories

12/1/17 | Advisor Moves | 7 Comments

Merrill Lynch, independent broker-dealer Cambridge Investment and Janney Montgomery among firms that nabbed teams before UBS closed the Protocol door.

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Wells Advisors Executive Hints at Protocol Decision

Wells Advisors Executive Hints at Protocol Decision

12/1/17 | News | 1 Comment

Wells’ multi-channel brokerage structure (indie, employee and bank) positions it well against wirehouse competitors in new recruiting environment, executive says.

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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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Blocked from Calling Clients, Ex-Morgan Stanley Broker Loses New Job

Blocked from Calling Clients, Ex-Morgan Stanley Broker Loses New Job

11/29/17 | News | 11 Comments

A court filing from a Morgan Stanley lawyer says Bank Leumi fired broker who agreed to refrain from contacting former clients for a year.

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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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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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Navy Reservist Brings Discrimination Claim Against Morgan Stanley

Navy Reservist Brings Discrimination Claim Against Morgan Stanley

11/20/17 | News | 7 Comments

Broker in Naperville, Ill., claims firm trumped up a termination charge so it would not have to pay $1.5 million of a forgivable loan while he was on active duty, while it says he violated outside business activity rules.

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Ex-Morgan Stanley Broker to Pay $1.4 Million After Epic 7-Year Arbitration War

Ex-Morgan Stanley Broker to Pay $1.4 Million After Epic 7-Year Arbitration War

11/17/17 | Enforcement

Company prevails in promissory note claim, but fails to recover millions in legal and hearing fees.

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Merrill Golden Ager (Almost!) Goes Indie with LPL

Merrill Golden Ager (Almost!) Goes Indie with LPL

11/15/17 | Advisor Moves | 13 Comments

In his fiftieth year as a member of the Thundering Herd, Ronald Scott embraces change.

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Great Lakes, an RIA Roll-Up, Replaces Founder

Great Lakes & Atlantic, an RIA Roll-Up, Replaces Founder

11/15/17 | News

Craig Cmiel, a former UBS manager who co-founded Great Lakes & Atlantic Wealth Management in 2014, has stepped down.

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Ex-Merrill Lynch Broker in Expense Fray Signs Up Quickly with UBS Ex-Pats

Ex-Merrill Broker in Expense Fray Signs Up Quickly with UBS Ex-Pats

11/14/17 | Advisor Moves

Chad Pouliot, million-dollar advisor discharged in October, joins former UBS broker Phil Fiore at his new RIA, Procyon Partners.

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Wells Taps Former RBC Veteran, Two Insiders to Fill Regional Vacancies

Wells Taps Former RBC Veteran, Two Insiders to Fill Regional Vacancies

11/13/17 | News | 4 Comments

Mary Sumners, 25-year veteran of Dain/RBC, takes reins of Wells Advisors’ northern region in Minneapolis, sources said.

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“Disaster” Looms in Dearth of Small-Advisor Exams: Former SEC Chair

“Disaster” Looms in Dearth of Small-Advisor Exams: Former SEC Chair

11/10/17 | News | 6 Comments

Mary Jo White says her inability to pass a uniform fiduciary standard remains the biggest disappointment of her tenure and warns that the 12% annual exam rate of registered investment advisers is a time-bomb.

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Morgan Stanley Parts Ways with High-Profile Head of Sports Unit

Morgan Stanley Parts Ways with High-Profile Head of Sports Unit

11/9/17 | News | 4 Comments

Drew Hawkins abruptly leaves after spending his 28-year career at the firm.

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HighTower Broker Hosted Mnuchin and Ivanka Trump Didnt Like What He Heard

HighTower Broker Hosted Mnuchin and Ivanka Trump, Didn’t Like What He Heard

11/7/17 | News | 5 Comments

California advisor David Bahnsen, after making waves about pardoning Michael Milken, says GOP tax plan is a mess for individuals.

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Two Edward Jones Brokers in Ohio Defect for Indie Firms

Two Jones Brokers in Ohio Defect for Indie Firms

11/7/17 | Advisor Moves | 17 Comments

One sought more flexibility at Raymond James Financial Services while another says he liked Prospera Financial’s “culture.”

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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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Another Longtime Merrill Executive Hangs Up His Spurs

11/3/17 | News | 14 Comments

John Hogarty, chief operating officer of Bank of America’s wealth business and a defender of Merrill’s compensation plans, to retire at yearend.

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Threat of Prison in Tom Buck Churning Case Alarms Brokers

Threat of Prison in Tom Buck Churning Case Alarms Brokers

11/1/17 | News | 24 Comments

Former Merrill broker’s plan to plead guilty to overcharging customers, raises questions about commission accounts and how far firms and prosecutors may go to limit them.

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Renegade Merrill Lynch Broker Tom Buck Admits to Fraud, Faces 25-Year Sentence

Renegade Merrill Broker Tom Buck Admits to Fraud, Faces 25-Year Sentence

10/31/17 | Enforcement | 17 Comments

The Thundering Herd’s former top Indiana producer also agrees to pay $5 million in civil penalties for defrauding customers by charging excessive commissions.

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Ex-Morgan Stanley Broker Suspended over Fantasy Sports Biz

Ex-Morgan Stanley Broker Suspended over Fantasy Sports Biz

10/31/17 | Enforcement | 4 Comments

Regulator gives broker seven-month time out for failing to fully disclose his involvement in outside betting companies.

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UBS Loses U.S. Brokers and New Assets for Second Straight Quarter

UBS Loses U.S. Brokers and New Assets for Second Straight Quarter

10/27/17 | News | 3 Comments

Customers pulled a net $2.3 billion from their Wealth Management Americas accounts, related mainly to “financial advisor attrition,” Swiss banking giant says.

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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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JPMorgan Bounces Back, Recruits $1.6 Bln Morgan Stanley Team in New York City

JPMorgan Bounces Back, Recruits $1.6 Bln Morgan Stanley Team in New York City

10/26/17 | Advisor Moves | 2 Comments

Group is the second this month to join the bank’s legacy Bear Stearns business from a Morgan Stanley branch in midtown Manhattan.

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HighTower Finds a Savior

HighTower Finds a Savior

10/25/17 | News | 5 Comments

Chicago-based rollup says Thomas H. Lee Partners will buy out certain existing institutional investors and commit $100 million of new equity capital.

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Wells Fargo Sues Fired Broker, Son and Their New RIA

UPDATE: Wells Sues Fired Broker, Son and Their New RIA

10/24/17 | News | 1 Comment

Wells Fargo Advisors goes to court to prevent client solicitations by veteran who it alleges lost his right to protections of the Protocol for Broker Recruiting by registering his new firm without permission last summer.

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Snubbing Nose at Wirehouses, Charles Schwab Flaunts Flow of Breakaway Brokers

Snubbing Nose at Wirehouses, Schwab Flaunts Flow of Breakaway Brokers

10/23/17 | News | 1 Comment

Competitors’ strategies of cementing retention through teaming fee-based accounts appear to be backfiring, CEO Walt Bettinger tells brokerage firm investors.

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SEC Charges NY Advisor with Stealing $9 Mln from Charity He Oversaw

SEC Charges NY Advisor with Stealing $9 Mln from Charity He Oversaw

10/20/17 | News | 8 Comments

Fraud allegations are the second in two years against an employee of venerable family office Train, Babcock Advisors.

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Merrill Broker in Michigan Files Age Discrimination Suit

Merrill Broker in Michigan Files Age Discrimination Suit

10/19/17 | News | 2 Comments

Broker claims he was eased out of referral program after a client of his branch manager requested his help.

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Sieg to Merrill Brokers: Your Goal Is FIve New Accounts

Sieg to Merrill Brokers: Your Goal Is Five New Accounts

10/18/17 | News | 34 Comments

The head of the Thundering Herd continues to bang the drum for revving up new-household account productivity.

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Wells Fargo to Pay $3.4 Mln for Failing to Supervise ‘Volatility Product’ Sales

Wells to Pay $3.4 Mln for Failing to Supervise ‘Volatility Product’ Sales

10/16/17 | News | 5 Comments

Brokers in firm’s private client and independent channels “misunderstood and improperly sold” volatility-linked exchange-traded products, regulator says.

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Wells Fargo’s Broker Count Jumps after Long Decline, Wealth Profit Rises

Wells Fargo’s Broker Count Jumps after Long Decline, Wealth Profit Rises

10/13/17 | News

For the first time since fake-account scandal at its sister bank exploded a year ago, Wells Fargo Advisors added more brokers than it lost last quarter.

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Morgan Stanley Returns to Court as Another NJ Broker Jumps to Merrill Lynch

Morgan Stanley Returns to Court as Another NJ Broker Jumps to Merrill

10/12/17 | Advisor Moves | 4 Comments

Five former employees at a Princeton-area branch have left in recent weeks to join former branch manager Robert Beylickjian at rival firm.

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Merrill Lynch Employees Seek Overtime Pay for Vetting Brokers’ E-Mails

Merrill Employees Seek Overtime Pay for Vetting Brokers’ E-Mails

10/11/17 | News | 6 Comments

A New Jersey employee brings class-action lawsuit alleging that Merrill and Bank of America intentionally misclassified dozens of people to avoid paying them for extra hours spent reviewing brokers’ correspondence.

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HighTower Nabs Merrill Veteran, Another Manager Exits

HighTower Nabs Merrill Veteran, Another Manager Exits

10/10/17 | Advisor Moves

Pennsylvania broker joining the advisory rollup leads team in Lebanon with $230 million in assets.

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Morgan Stanley Broker’s Firing Raises Industry Eyebrows

Morgan Stanley Broker Resisted Fee Accounts, Gets Fired

10/10/17 | News | 13 Comments

Broker’s termination for “delays in converting accounts to fee-based platforms” could be a warning sign to big firm stock pickers who drag their feet on fee-based trend, lawyers say.

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Senior Morgan Stanley Broker in Virginia Leaves Amid Branch Manager Shuffle

Senior Morgan Stanley Broker in Virginia Leaves Amid Branch Manager Shuffle

10/9/17 | Advisor Moves | 10 Comments

A million-dollar producer in Alexandria leaves without explanation while a call-center manager is appointed to unify firm’s two offices in the city.

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JPMorgan Broker with $500 Million Signs with HighTower

JPMorgan Broker with $500 Million Signs with HighTower

10/6/17 | Advisor Moves | 2 Comments

Florida advisor says he didn’t ask questions about rumored sale of the firm he joined.

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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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Sterne Agee’s Name Fossilizes, Turning into Stone

Sterne Agee’s Name Fossilizes, Turns to Stone

10/4/17 | News | 1 Comment

The 460 independent brokers at the Alabama-based firm who were abandoned by Stifel will operate under a new flag.

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Greg Fleming Takes Reins of Expanded Rockefeller Family Office

Greg Fleming Takes Reins of Expanded Rockefeller Family Office

10/4/17 | News | 2 Comments

Almost two years after his departure from Morgan Stanley, the former wealth management division head takes a stab at building out a much smaller wealth shop with an equally prominent name.

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Another HighTower Executive Leaves Amid Sale Rumors

Another HighTower Executive Leaves Amid Sale Rumors

10/3/17 | News | 4 Comments

Thomas H. Brown, head of East Coast recruiting at the Chicago-based “rollup,” is the latest senior departure.

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Finra Board Approves Expanding Data Public Sees on Brokers

Finra Board Approves Expanding Data Public Sees on Brokers

10/2/17 | News | 4 Comments

Regulator to seek comment on publishing more data in BrokerCheck and selectively easing inspection burdens for some branches and examiners.

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HighTower’s Top Former Recruiter Joins RBC Wealth in New York

HighTower’s Top Former Recruiter Joins RBC Wealth

10/2/17 | Advisor Moves

Michael Parker is the new head of advisor recruiting at the Canadian banking unit’s newly aggressive U.S. brokerage unit.

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BREAKING: Keith Banks Out as President of U.S. Trust

Keith Banks Out as President of U.S. Trust

9/29/17 | News | 17 Comments

Executive who had run Merrill’s sister private banking unit since 2009 moves upstairs to vice chair role and is replaced by Bank of America’s business banking head Katy Knox.

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SEC Bars Merrill Broker Imprisoned in $8.7 Million Fraud Case

SEC Bars Merrill Broker Imprisoned in $8.7 Million Fraud Case

9/29/17 | Enforcement

Former high-producing Minnesota broker is serving 50 months for bank fraud in which he repeatedly used his Merrill account as collateral.

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Ex-Wirehouse Advisor Spilled the Beans in NCAA Bribery Case

Ex-Wirehouse Advisor Spilled the Beans in NCAA Bribery Case

9/28/17 | News | 1 Comment

Louis Blazer, a former broker and RIA who was barred last year, was the cooperating witness in federal cases involving big-name college basketball coaches.

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Broker Can’t Escape Promissory Note Debt through Bankruptcy

Broker Can’t Escape Promissory Note Debt Through Bankruptcy

9/28/17 | Enforcement

Los Angeles appeal panel says ex-JPMorgan broker can’t discharge $750,000 signing bonus owed to the bank.

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