Articles by Mason Braswell
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Ubs-Shutters-Training-Program-For-Financial-Plan-Developers

UBS Shutters Training Program for Financial Plan Developers

3/21/19 | News | 10 Comments

The Swiss bank’s U.S. wealth arm “effective immediately” is no longer hiring wealth planning associates, trainees who help teams write financial plans and were a farm club for the next generation of advisors.

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UBS sign - Eliminates Practice Management Consulting Unit in U.S.

UBS Eliminates Practice Management Consulting Unit in U.S.

3/20/19 | News | 13 Comments

In an apparent cost-cutting move, the Swiss banking giant has eliminated a longstanding group that coached financial advisors on growing assets and teaming.

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Ameriprise-Clips-Ceo-Cracchiolos-Pay-By-23-In-Say-On-Pay-Reaction

Ameriprise Clips CEO Cracchiolo’s Pay by 23% in Say-on-Pay Reaction

3/19/19 | News | 2 Comments

Firm imposed new limits on James Cracchiolo’s incentive pay after a majority of Ameriprise shareholders voted their discontent over executive pay.

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Ubs-Loses-L-A-Manager-To-First-Republic-Merrill-Texas-Team-Joins-Jpmorgan

UBS Loses L.A. Manager to First Republic, Merrill Texas Team Joins JPMorgan

3/15/19 | Advisor Moves, News | 19 Comments

Century City manager who spent her career with UBS will manage southern California region for expanding San Francisco bank, while veterans from Merrill and Credit Suisse move to J.P. Morgan in Dallas.

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Edward-Jones-Awards-New-Chief-Penny-Pennington-11-7-Million

Edward Jones Awards New Chief, Penny Pennington, $11.7 Million

3/15/19 | News | 11 Comments

Pennington, named general partner in January, got a 10% hike in compensation but St. Louis-based firm’s chief financial officer was its highest-paid executive.

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Carole Wentz of Merrill Lynch

Merrill Continues Its Texas Management Shuffle

3/14/19 | News | 13 Comments

Carole Wentz, who had been running a complex in Southern California, moves to the Dallas to run the Texas Mountain Division that lost its leader last month.

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Jed-Finn

Morgan Stanley Widens Roles of Finn, Other Wealth Executives

3/14/19 | News | 6 Comments

Chief Operating Officer Jed Finn adds oversight of expanding corporate stock plan business to his brief, while “consulting group” head Jim Tracy now reports to products chief Ben Huneke.

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First-Republic-Recruits-J-P-Morgan-Securities-Mike-Lee

First Republic Recruits J.P. Morgan Securities’ Mike Lee

3/13/19 | Advisor Moves, News | 4 Comments

Lee, who has spent almost a decade apiece at Merrill Lynch, Smith Barney and J.P. Morgan, will be New York business leader for the San Francisco-based bank’s expanding East Coast wealth management activities.

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Rockefeller-Hires-31-Year-Merrill-Equity-Markets-Expert

Rockefeller Hires 31-Year Merrill Equity Markets Expert

3/12/19 | Advisor Moves, News | 12 Comments

Investment strategist is expected to provide research support to brokers Rockefeller hopes to hire from big-firm rivals.

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Merrill-Loses-Private-Wealth-Veteran-Rogers-To-Deutsche-Bank

Merrill Loses Private Wealth Veteran Rogers to Deutsche Bank

3/11/19 | News | 4 Comments

Rogers is the latest in a series of departures of senior managers from Bank of America’s high-net-worth wealth units

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Rayjay-Attracts-More-Morgan-Stanley-Brokers-Ameriprise-Adds-From-Wells

RayJay Attracts More Morgan Stanley Brokers, Ameriprise Adds from Wells

3/8/19 | News | 3 Comments

Movement of brokers managing over $450 million in combined assets at wirehouses attests to thaw of recruiting freeze.

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Ubs-Loses-California-Team-To-Morgan-Stanley-Gains-Indiana-Brokers-From-Merrill

UBS Loses California Team to Morgan Stanley, Gains Indiana Brokers from Merrill

3/7/19 | Advisor Moves, News | 2 Comments

In another wirehouse-to-wirehouse rondo, UBS hires husband-wife team in Indianapolis from Merrill weeks after losing big producers in California to Morgan Stanley.

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Wells-Sweetens-Succession-Deals-To-Keep-Clients-And-Brokers-In-House

Wells Sweetens Succession Deals to Keep Clients and Brokers In-House

3/6/19 | News | 16 Comments

In bid to retain younger advisors and keep the clients of those who are retiring, Wells is offering buyers of books up to 100% of retiring brokers’ T-12 and dangling a bonus payment to retirees.

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Rockefeller-Nabs-Rbc-Recruiting-Head-Parker-And-Merrill-Texas-Manager-Armondo

Rockefeller Nabs RBC Recruiting Head Parker and Merrill Texas Manager Armondo

3/6/19 | News | 11 Comments

RBC Wealth’s recruiting head Michael Parker and Merrill’s Dallas market manager Michael Armondo, each of whom have 24 years of brokerage experience, will join to build Greg Fleming’s enterprise in the Northeast and Texas.

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Merrill-Client-Who-Lost-Big-Arbitration-Claim-Files-To-Vacate-Decision

Merrill Client Who Lost Big Arbitration Claim Files to Vacate Decision

3/5/19 | Enforcement, News | 5 Comments

International client says he did not get a fair hearing because a public arbitrator was reclassified as “non-public” midway through the case.

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Longtime-Merrill-Recruiter-Jason-Rich-To-Join-Rockefeller-Capital

Longtime Merrill Recruiter Jason Rich to Join Rockefeller Capital

3/4/19 | Advisor Moves, News | 4 Comments

Former Merrill and Morgan Stanley executive Greg Fleming continues to build his operation with the help of his former teammates.

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rayjay-nabs-million-dollar-morgan-stanley-team-from-leaky-boca-raton-branch

RayJay Nabs Million-Dollar Morgan Stanley Team from Leaky Boca Raton Branch

3/1/19 | News | 3 Comments

Departure of 48-year industry veteran and her younger partner on Thursday follows that of another two-broker team to Wells Fargo, depleting the wirehouse branch of about $2.8 million of production in ten days.

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Lifelong-Wells-Broker-Sues-Firm-For-Age-Gender-Discrimination-

Lifelong Wells Broker Sues Firm for Age, Gender Discrimination

2/28/19 | News | 1 Comment

Sixty-nine-year old New York advisor alleges the firm retaliated against her for complaining that a manager favored younger, male brokers in distributing accounts.

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Finra-High-Risk-Firm-Proposals-Advance-As-Regulator-Names-New-Northeast-Leader

Finra High-Risk Firm Proposals Advance as Regulator Names New Northeast Leader

2/27/19 | News | 3 Comments

The regulator’s board considers requiring broker-dealers with a high percentage of high-risk brokers to disclose more about themselves to the public.

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Sieg to Thundering Herd: ‘Brian Loves the Merrill Brand’

2/26/19 | News | 27 Comments

The head of Merrill’s brokerage force rushes out memo arguing that the Lynch-less re-branding will “bring to life everything we have to offer across Bank of America and Merrill.”

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Bofa-Welds-Name-Onto-Merrill-Units-Dissolves-U-S-Trust-Brand

BofA Welds Name onto Merrill Units, Dissolves U.S. Trust Brand

2/25/19 | News | 33 Comments

Banking giant adopts Merrill “sub-brand” for all retail investment businesses, phases out PBIG designation and recasts its traditional trust unit as BofA Private Bank.

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Alex-Brown-Adds-Million-Dollar-Merrill-Broker-In-San-Francisco

Alex. Brown Adds Million-Dollar Merrill Broker in San Francisco

2/21/19 | News | 2 Comments

New hire appears to be the first in the Bay area for the slow-growing “high-net-worth” business that Raymond James bought from Deutsche Bank in 2016.

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Wirehouse-To-Wirehouse-Ubs-Picks-Up-Big-Boston-Team-From-Morgan-Stanley

Wirehouse to Wirehouse: UBS Picks Up Big Boston Team from Morgan Stanley

2/19/19 | Advisor Moves, News | 6 Comments

In addition to losing a Beantown duo said to be producing $3.5 million, Morgan Stanley bid farewell on Friday to a Boston complex manager who joined Raymond James.

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Tom Buck

Tom Buck, Merrill’s Former Top Indiana Broker, Gets 40 Months in Prison

2/14/19 | Enforcement, News | 17 Comments

Prosecutors sought longer sentence for broker who excessively traded in commission accounts, but in separate case this week a former UBS broker in Michigan got nine years for embezzlement.

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Morgan-Stanley-Wells-Executives-Laud-New-Trends-In-Cultivating-Clients

Morgan Stanley, Wells Executives Laud New Trends in Cultivating Clients

2/13/19 | News | 5 Comments

Firms double down on attracting new assets by providing financial planning services while deemphasizing pure investment advice.

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Andy Sieg

Merrill’s Sieg Gets 69% Boost in Stock Bonus Along with Elevated Title

2/12/19 | News | 40 Comments

Bank of America grants Merrill Lynch Wealth Management’s newly elevated president $4.26 million in stock units for 2019.

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Exclusive-Ubs-Forming-Business-To-Service-Independent-Advisors

EXCLUSIVE: UBS Forming Business to Service Independent Advisors

2/11/19 | News | 25 Comments

The Swiss bank’s U.S. wealth division has hired a former Citigroup executive to run a unit servicing wealthy customers of registered investment advisers.

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Bofa-Gooses-Checking-Account-Sales-To-Merrill-Wealth-Clients

BofA Gooses Checking Account Sales to Merrill Wealth Clients

2/8/19 | News | 25 Comments

A New York City branch is offering dinners for client associates who sell checking accounts while banking specialists in the midwest face a lofty 2019 goal of opening almost 24,000 checking accounts from Merrill wealth clients.

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Merrill-Reorganizes-Training-Program-Names-Community-Markets-Head

Merrill Reorganizes Training Program, Names Community Markets Head

2/7/19 | News | 10 Comments

In bid to improve retention and productivity of neophyte brokers, Merrill adds “performance” oversight to its development program and aligns it more closely with parent Bank of America

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Merrill-Divisional-Head-Vince-Fertitta-Steps-Aside

Merrill Divisional Head Vince Fertitta Steps Aside

2/5/19 | News | 3 Comments

Two years after taking charge of the Thundering Herd’s Texas Mountain South branches, the Merrill veteran has relinquished his role as one of six regional managers.

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Merrill-Gives-Some-Brokers-Leeway-On-Bofa-Product-Incentive-

Merrill Gives Some Brokers Leeway on BofA Product Incentive

1/31/19 | News | 9 Comments

Brokers more than 10 miles from a Bank of America branch will get double-credit for selling a loan or checking account in pursuit of a higher payout.

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Ubs-Tells-Broker-Sales-Assistants-To-Double-Down-On-Vetting-New-Accounts-

UBS Tells Broker Sales Assistants to Double Down on Vetting New Accounts

1/30/19 | News | 14 Comments

New policy requires Google searches of prospects, but firm backs off initial plan to have U.S. client service associates attest they have searched for red flags.

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

Wells Aims New RIA Channel at Larger Advisors

1/29/19 | News | 5 Comments

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

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Merrills-Experienced-Brokerage-Force-Under-12300-Internal-Reports-Show

Merrill’s Experienced Brokerage Force Under 12,300, Internal Reports Show

1/28/19 | News | 21 Comments

Despite flaunting more than 17,500 “financial advisors” in its formal earnings report, Bank of America’s core wealth management unit employs 4,500 fewer than that, according to internal rankings.

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First-Republic-Lands-Big-California-Producer-From-Ubs

First Republic Lands Big California Producer from UBS

1/25/19 | News | 7 Comments

Broker with $2 million in production is second big wirehouse hire in a week to join the San Francisco-based bank.

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Indiana-Ria-Charged-With-Stealing-1-Million-From-Rbc-Wealth-Management

Indiana RIA Charged with Stealing $1 Million from RBC Wealth Management

1/23/19 | News | 4 Comments

Finra accuses former RBC broker of quickly wiring money to an outside checking account after he was credited with a foreign stock valuation that was widely off the mark.

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Ubs-U-S-Wealth-Prospered-Despite-Big-Asset-Outflows

UBS: U.S. Wealth Prospered Despite Big Asset Outflows

1/23/19 | News | 6 Comments

UBS Wealth Americas had big decline in net new assets and outflow of total assets in fourth quarter attributable in part to lower recruiting.

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David Kowach of Wells Fargo

Wells Promotes John Alexander to Run Advisor Branch Network

1/18/19 | News | 4 Comments

Reorganizes Wells Fargo Advisors’ management structure in “simplification” move aimed at decreasing bureaucracy and reducing costs.

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

EXCLUSIVE: Wells Ups Recruiting Deals to Replenish Diminished Brokerage Force

1/18/19 | News | 33 Comments

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

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Ex-Merrill Manager, UBS Team Launch RIA with Big-Name Backers

1/16/19 | News | 6 Comments

New Jersey firm’s founders include former New York Stock Exchange CEO Duncan Niederauer and ex-Blackstone partner James Didden.

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wells-fargo-opens-ria-channel-with-first-breakaway-broker

Wells Fargo Opens RIA Channel with First ‘Breakaway’ Broker

1/14/19 | News | 10 Comments

Pennsylvania advisor who had been with Wells Advisors’ private client group for more than 15 years joins the bank-owned broker-dealer’s new custody channel.

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

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

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

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

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UBS-San-Diego-Duo-Producing-Nearly-2-Mln-Goes-Indie

UBS San Diego Duo Producing Nearly $2 Mln Goes Indie

1/10/19 | Advisor Moves, News | 8 Comments

Brokers who set up an RIA two months ago said they have access to some niche alternative products for the 70 families they serve that were not available at the wirehouse.

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Robert-Bob-Oros-Takes-Over-At-Hightower

Robert “Bob” Oros Takes Over at HighTower

1/7/19 | News | 8 Comments

Aggregator of wealth management practices confirms that discount brokerage veteran Oros has replaced founder Elliot Weissbluth in day-to-day management of the firm.

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Ex-Morgan-Stanley-Broker-Loses-Bid-To-Nullify-2-6-Mln-Note-Balance

Ex-Morgan Stanley Broker Loses Bid to Nullify $2.6 Mln Note Balance

1/7/19 | Enforcement, News | 1 Comment

Boca Raton broker who asked arbitrators for $5 million in wrongful termination claim instead is ordered to pay off his forgivable loan balance.

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Judge-Denies-Wells-Bid-To-Quash-Brokers-Overtime-Claims

Judge Denies Wells’ Bid to Quash Brokers’ Overtime Claims

1/4/19 | Enforcement, News

Three former brokers can bring a class-action claim for overtime pay they allegedly earned as trainees in a non-Finra forum.

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Brothers-Fired-For-Exploiting-Morgan-Stanley-Bonus-Formula-Join-Small-Firm

Brothers Fired for Exploiting Morgan Stanley Bonus Formula Join Small Firm

1/2/19 | Advisor Moves, News | 10 Comments

Pair of Ohio brokers who consolidated production credits while working out an off-the-books payback deal were producing about $2 million at their former firm.

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Morgan Stanley Taps New Sports and Entertainment Group Head

Morgan Stanley Taps New Sports and Entertainment Group Head

12/19/18 | News | 1 Comment

Sandra Richards will advocate for almost 100 advisors with expertise in handling newfound, and often short-lived, income for celebrities.

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Stifel Seeks to Subvert Baird’s Purchase of Hilliard

Stifel Seeks to Subvert Baird’s Purchase of Hilliard

12/14/18 | News | 5 Comments

In letter to Hilliard Chief Executive James Allen, Stifel CEO Ron Kruszewski promoted his firm as a stronger nurturer of financial advisor talent, sources said.

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2019 Comp: Wells Fargo Advisors Clips Payout to Low Producers

2019 Comp: Wells Fargo Advisors Clips Payout to Low Producers

12/13/18 | News | 8 Comments

Apart from a cut to experienced advisors at the bottom of the food chain, firm keeps changes to a minimum for the more than 9,000 brokers in Private Client Group.

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

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

12/11/18 | News

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

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Wells Advisors to Keep Key Pay Component Unchanged–Sources

EXCLUSIVE: Wells Advisors to Keep Key Pay Component Unchanged–Sources

12/7/18 | News | 1 Comment

Monthly production hurdle that Private Client Group brokers must hit before qualifying for 50% payout won’t jump, as bank-owned broker seeks to reassure its troops.

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Industry Leader Swings Against State Fiduciary Proposals

Industry Leader Swings Against State Fiduciary Proposals

12/6/18 | News

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

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Hilliard-Lyons-Team-Joins-Stifel-Ahead-Of-Baird-Acquisition

Hilliard Lyons Team Joins Stifel Ahead of Baird Acquisition

12/5/18 | Advisor Moves, News | 4 Comments

Father-son team in Memphis psychologically sealed their move before last week’s merger announcement, say they have no regrets after reviewing retention deal.

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Finra Names Names of Firms, Brokers Who Owe Arbitration Money

Finra Names Names of Firms, Brokers Who Owe Arbitration Money

12/4/18 | News | 1 Comment

New website lists those who have not paid customer awards, including those who cite bankruptcy as reason for their delinquency.

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Merrill Lynch Team in Vegas with $2.4 Mln Production Joins Ameriprise

Merrill Team in Vegas with $2.4 Mln Production Joins Ameriprise

12/4/18 | Advisor Moves | 5 Comments

Lead broker said he was frustrated with the growing influence of Bank of America on advisors’ practices and of dictates to focus on new business.

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Morgan Stanley Prevails in Dismissing Class-Action Discrimination Suit

Morgan Stanley Prevails in Dismissing Class-Action Discrimination Suit

12/3/18 | News

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

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UBS Reverses Course on Gagging Brokers Who Leave

UBS Reverses Course on Gagging Brokers Who Leave

12/3/18 | News | 6 Comments

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

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Merrill Edge Seeks to Pull Money from Its Robo to Its Advisors

Merrill Edge Seeks to Pull Money to Its Advisors—from Robo Investors

11/30/18 | News | 9 Comments

Self-directed investors in Bank of America’s mass-affluent wealth unit will be encouraged to work with an Edge advisor for another 40 basis points.

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Ex-Morgan Stanley Broker in Boston Sentenced to Five Years for Client Theft

Ex-Morgan Stanley Broker in Boston Sentenced to Five Years for Client Theft

11/28/18 | Enforcement | 1 Comment

Broker pleaded guilty in April to raiding two long-term clients’ accounts for personal expenses and a wind farm investment.

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First Republic Ordered to Pay Broker $1 Million for ‘Unwarranted’ Termination

First Republic Ordered to Pay Broker $1 Million for ‘Unwarranted’ Termination

11/26/18 | News

Arbitrators also order bank to forgive New York broker’s promissory note and change wording on regulatory filings to show that it unjustly fired him.

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Prudential Hires LPL’s Brad Hearn to Run Advisory Business

Prudential Hires LPL’s Brad Hearn to Run Advisory Business

11/20/18 | News

Executive who was trained at Schwab and ran business consulting at LPL will oversee more than 3,000 advisors at the insurance giant’s Prudential Advisors unit.

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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 | 26 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 | 95 Comments

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

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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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Morgan Stanley Gilds Retirement Program for Top Producers

EXCLUSIVE: Morgan Stanley Gilds Retirement Program for Top Producers

10/18/18 | News | 9 Comments

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

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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 | 3 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 | 17 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 | 9 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 | 8 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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2019 Comp: Morgan Stanley Adds Account-Level Bonuses, Leaves Grid Unchanged

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

7/30/18 | News | 11 Comments

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

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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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Merrill Advisors Shine on Loan Growth But New Asset Flow Stalls

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

7/16/18 | News | 5 Comments

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

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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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RBC to Ease Small Accounts Away from Brokers

RBC to Ease Small Accounts Away from Brokers

6/20/18 | News | 9 Comments

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

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

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

6/12/18 | News | 15 Comments

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

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

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

4/18/18 | News | 2 Comments

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

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Morgan Stanley Execs: Broker Attrition Sinks, Offsetting Recruiting Drought

Morgan Stanley Execs: Broker Attrition Sinks, Offsetting Recruiting Drought

4/18/18 | News

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

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Morgan Stanley Seeks TRO Against New Jersey Broker Fired Last Week

Morgan Stanley Seeks TRO Against New Jersey Broker Fired Last Week

4/17/18 | News | 3 Comments

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

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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 | 150 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 | 16 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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Merrill Sticks with Retirement Restrictions Despite DOL Court Loss

Merrill Sticks with IRA Constraints Amid DOL Rule Turbulence

3/16/18 | News

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

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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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Morgan Stanley Says Fleeing Michigan Team Leaked Plans at Client Dinner

Morgan Stanley Says Fleeing Michigan Team Leaked Plans at Client Dinner

2/21/18 | News | 8 Comments

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

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

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

1/25/18 | Advisor Moves | 7 Comments

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

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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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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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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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