Articles by Mason Braswell
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3-Million-Morgan-Stanley-Broker-Goes-Independent-With-Raymond-James

$3-Million Morgan Stanley Broker Goes Independent with Raymond James

7/12/19 | Advisor Moves, News | 5 Comments

Michael Kanner, a top-ranked “next generation” broker in Florida, left Morgan Stanley on Thursday to set up an independent practice.

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Judge-Bars-Broker-From-Soliciting-Former-Morgan-Stanley-Clients

Judge Bars Broker from Soliciting Former Morgan Stanley Clients

7/11/19 | Enforcement, News | 4 Comments

Oregon court moves swiftly to curb advisor who joined UBS from calling on clients he allegedly inherited from a retiring Morgan Staley broker.

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Morgan-Stanley-Sues-Oregon-Broker-Who-Left-For-Ubs

Morgan Stanley Sues Oregon Broker who Left for UBS

7/10/19 | Enforcement, News | 13 Comments

Morgan Stanley, which withdrew from the Protocol for Broker Recruiting one month prior to UBS, claims broker violated agreement made with a retiring broker.

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Morgan-Stanley-Broker-Who-Jumped-To-Wells-Accedes-To-Tro

Morgan Stanley Broker Who Jumped to Wells Accedes to TRO

7/9/19 | Advisor Moves, News | 6 Comments

Maryland broker with less than a decade of experience agreed to refrain from soliciting his former firm’s clients at his new independent-broker firm.

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The Baraldi Group of Jamie L. Baraldi, Jill L. Quiles, Bryan Michael Dein, and Andrew Yuska

$3-Million UBS Team Goes Indie with LPL and Gladstone

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

Duo in New Jersey were managing $350 million at the wirehouse where they worked for a decade.

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Merrill-Recruits-High-Profile-Ubs-Manager

High-Profile UBS Manager Joins Merrill

7/2/19 | Advisor Moves, News | 6 Comments

Kenneth Correa, who UBS has cited as an exemplar of its new-generation management and its diversity philosophy, is leaving after 15 years for the Thundering Herd.

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Merrill-Lowers-Goalposts-For-Client-Engagement-Bonus

Merrill Lowers Goalposts for “Client Engagement” Bonus

7/1/19 | News | 20 Comments

Bank of America-owned firm lowers barrier for brokers to meet bank-product sales bonus after they complained of being stretched in too many directions.

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From left, Christina Williams, Victoria Greene, George Georgiades, Janet Syptak of G Squared Private Wealth

Another Merrill Vet—$2 Million Producing Manager in Texas—Joins Sanctuary

7/1/19 | Advisor Moves, News | 9 Comments

Indiana-based independent firm run by ex-Merrill regional director hires second Merrill recruit in two weeks.

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Rockefeller-Grabs-4-5-Million-Plus-Team-From-Merrill-In-Dallas

Rockefeller Grabs $4.5-Million-Plus Team from Merrill in Dallas

6/28/19 | Advisor Moves, News | 30 Comments

RSA Group led by Neil Rubenstein and James Sandfort is first in Texas for Greg Fleming’s family office venture, comes same day as Merrill lost $736,000 producer in New York to Morgan Stanley.

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Robert Cook, CEO of FINRA

Finra CEO Enjoys Compensation Rise, Regulator Posts $68.7 Million Loss

6/28/19 | News | 4 Comments

Robert Cook’s compensation almost doubled in 2018 to $2.9 million but SRO’s net income declined on investment portfolio losses.

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Edward Jones and Top Broker Lose Big Arbitration in Divorce Case

Edward Jones and Top Broker Lose Long Arbitration in Divorce Case

6/26/19 | Enforcement, News | 6 Comments

A former client wins damages, legal and hearing fees after reviving complaint that a Barron’s-ranked broker helped her husband hide assets during a divorce proceeding.

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Morgan-Stanley-Broker-In-Ca-Sues-Over-Age-Disability-Discrimination

Morgan Stanley Broker in CA Sues Over Age/Disability Discrimination

6/25/19 | Enforcement, News | 4 Comments

Forty-three year industry veteran said the firm violated California law by permanently reassigning clients to a younger broker and failing to honor his employment contract.

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Fired-Ubs-Broker-With-Pro-Athlete-Specialty-Sets-Up-Advisory-Firm

Fired UBS Broker with Pro Athlete Specialty Sets Up Advisory Firm

6/24/19 | Advisor Moves, News | 2 Comments

Atlanta-based Bruce D. Smith creates Sports Advisory Group after his wirehouse “Sports Consulting Group” practice dissolves.

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2020-Comp-Plan-Raymond-James-Says-No-Changes

2020 Comp Plan: Raymond James Says ‘No Changes’

6/20/19 | News

After cutting payouts in 2018, Florida-based broker-dealer signals to top producers that grid will remain unchanged in 2020 for a second straight year.

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Wells-Nets-Merrill-Morgan-Stanley-Brokers-Nationwide

Wells Nets Merrill, Morgan Stanley Brokers Nationwide

6/19/19 | Advisor Moves, News | 20 Comments

At least five brokers in four states have migrated to Wells in recent weeks as it bulks up deals to replenish its salesforce.

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Big-Retirement-Plan-Group-Leaves-Morgan-Stanley-For-Rbc-In-Dallas

Big Retirement Plan Group Leaves Morgan Stanley for RBC in Dallas

6/14/19 | News | 5 Comments

Father-son team overseeing $2.5 billion in assets resigned on Friday, sources said.

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Merrill-Shifts-Ex-Nfl-Player-Willie-Thomas-To-New-Position

Merrill Shifts Ex-NFL Player Willie Thomas to New Position

6/14/19 | Advisor Moves, News | 10 Comments

After leading San Francisco office for last four-and-a-half years, former Seahawks and Penn State defensive back will move to manage a complex in Florida.

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Rockefeller-Hires-Merrill-Manager-In-Los-Angeles

Rockefeller Hires Merrill Manager in Los Angeles

6/13/19 | Advisor Moves, News | 5 Comments

Nathan Crair, who had been managing offices in west Los Angeles for 14 years, will open Rockefeller’s first office in the city.

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Merrill-Fills-Complex-Manager-Vacancies-In-Texas-And-Florida

Merrill Fills Complex Manager Vacancies in Texas and Florida

6/12/19 | Advisor Moves, News

Promotes Miami associate market executive Sabeen Villani to run its north Florida market and shifts veteran Chris Miller in Pennsylvania to oversee some 300 advisors in Dallas.

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Andy Sieg, Merrill Lynch Wealth Management President

Merrill Sticks with Recruiting Freeze, Brokers Hit Growth Numbers

6/12/19 | News | 26 Comments

Merrill Lynch Wealth President Andy Sieg says brokers have more than doubled their household acquisition rate to six accounts in three years and have “room to run.”

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Ex-Morgan-Stanley-Manager-Ousted-After-Broker-Arrest-Clears-His-Record-

Ex-Morgan Stanley Manager Ousted After Broker Arrest Clears His Record

6/11/19 | Enforcement, News | 9 Comments

Arbitrators absolve longtime wirehouse branch manager Jeffrey Crystal and five others of charges that they failed to supervise advisor who admitted stealing $5 million from clients.

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Dynasty-Offers-Forgivable-Recruiting-Loan-Of-100-Of-Revenue

Dynasty Offers Forgivable Recruiting Loan of 100% of Revenue

6/10/19 | News | 5 Comments

Firm will retain 35% of participating firms’ cash flow during term of eight-year “forgivable loan” program.

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UIT, Arizona, Finra

Another Ex-Morgan Stanley Broker Sanctioned over UIT Sales

6/7/19 | Enforcement, News

Finra suspends Tempe, Arizona, broker for three months and fines him $5,000 over 900 short-term rollover recommendations.

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Stifel Rustles Another Multi-Million-Dollar Texas Team from Merrill

Stifel Rustles Another Multi-Million-Dollar Texas Team from Merrill

6/6/19 | Advisor Moves, News | 13 Comments

A week after hiring a Houston duo producing $3.4 million, Stifel Nicolaus recruits two more Merrill brokers in Dallas who generated $3.5 million in the past 12 months.

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Ubs-Recruited-Fewer-Than-Two-Dozen-U-S-Advisors-This-Year-Executive-Says

UBS Recruited Fewer Than Two Dozen U.S. Advisors This Year, Executive Says

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

The decline in new hires highlights the Swiss bank’s strategy of trimming the overhang of recruiting loans on its balance sheet.

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Morgan-Stanley-Wins-Tro-Against-Texas-Broker-Who-Jumped-To-Rayjay

Morgan Stanley Wins TRO Against Texas Broker Who Jumped to RayJay

6/5/19 | Enforcement, News | 4 Comments

Twenty-three year wirehouse veteran in Dallas had posted a video on his new firm’s website over Memorial Day weekend promising former clients that he would be in touch with them.

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Ubs-Husband-And-Wife-Team-Producing-2-6-Million-Join-Rbc

UBS Husband-and-Wife Team Producing $2.6-Million Joins RBC

6/4/19 | Advisor Moves, News | 6 Comments

Together with another family member, brokers who are jointly based in Arizona and California were overseeing about $455 million of customer assets prior to their move last week.

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Wells-Broker-Prevails-Against-Morgan-Stanleys-Bid-For-Restraining-Order

Wells Broker Prevails Against Morgan Stanley’s Bid for Restraining Order

6/4/19 | Enforcement, News | 7 Comments

Judge challenges Morgan Stanley’s claim that an empty drawer proved that a California broker had illegally taken client information to his new firm.

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Merrill-Team-Managing-300-Million-In-Northern-Ohio-Goes-Indie

Merrill Team Managing $300 Million in Northern Ohio Goes Indie

6/3/19 | Advisor Moves, News | 8 Comments

Team in Sandusky affiliates with Raymond James while their former Merrill office sits dormant.

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Merrill-Duo-Managing-571-Million-Joins-Stifel-In-Texas

Merrill Duo Managing $571 Million Joins Stifel in Texas

5/30/19 | Advisor Moves, News | 11 Comments

Separately, Merrill on Thursday shifted a complex manager in St. Louis to fill a vacant management role in Minneapolis.

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Memorial-Day-Moves-Rayjay-Adds-Morgan-Stanley-Broker-Lpl-Hires-From-Ameriprise

Memorial Day Moves: RayJay Adds Morgan Stanley Broker, LPL Hires from Ameriprise

5/29/19 | Advisor Moves, News

Texas broker with $1.7 million shifted to Raymond James on Friday, the same day an Ameriprise broker went independent with LPL.

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Morgan-Stanley-Seeks-To-Restrain-California-Broker-Who-Jumped-To-Wells

Morgan Stanley Seeks to Restrain California Broker Who Jumped to Wells

5/28/19 | News | 12 Comments

In its request for a temporary restraining order, firm says broker took client info on at least 10 of his largest clients and prepared for his move by sending clients flowers and liquidating a big account.

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First-Republic-Hires-16-Million-Merrill-Team-In-Palo-Alto

First Republic Hires $16-Million Merrill Team in Palo Alto

5/24/19 | Advisor Moves, News | 14 Comments

Arif Ahmed, a top new-money generator at Merrill’s private wealth (PBIG) unit, led his Silicon Valley-based team to San Francisco bank on Friday.

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Dol-Eyes-Fiduciary-Rule-Re-Proposal-In-December

DOL Eyes Fiduciary Rule Re-Proposal in December

5/23/19 | News | 1 Comment

The Trump Labor Department is coordinating its new broker conduct proposal with the SEC’s ‘best interest’ package, and the outcome is expected to be far less restrictive for firms and brokers than the Obama-era rule that was overturned in court.

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Lpl-Looks-Beyond-Its-Indie-Roots-With-New-Employee-Channel

LPL Looks Beyond Indie Roots with New Employee Channel

5/22/19 | News | 3 Comments

With upcoming purchase of small regional broker-dealer, LPL embarks on plan to compete more directly with traditional brokerage firms, LPL CEO Dan Arnold said on Wednesday.

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Vince Fertitta, Sanctuary Wealth Partners President

Ex-Merrill Texas Exec Joins Former Colleague’s Indie Firm

5/21/19 | Advisor Moves, News | 10 Comments

Vince Ferittta has signed up with Sanctuary Wealth, run by another former Merrill regional manager, to recruit brokers in the southwest.

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Morgan-Stanley-Ordered-To-Pay-Client-520K-In-Suitability-Claim

Morgan Stanley Ordered to Pay Client $520K in Suitability Claim

5/20/19 | Enforcement, News | 2 Comments

Arbitrators also denied expungement request from New Mexico broker who was not named in the underlying suitability complaint.

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Rockefeller-Hires-4-Million-Ubs-Broker-In-San-Francisco

Rockefeller Hires $4-Million UBS Broker in San Francisco

5/17/19 | Advisor Moves, News | 4 Comments

Bruce Tenenbaum, who was overseeing some $1 billion in customer assets at UBS, is first broker hired by Greg Fleming’s firm on the West Coast.

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Michael Carberry of Gladstone

LPL Firm Hires Manager of Oppenheimer’s Philadelphia Offices

5/17/19 | News

New Jersey-based Gladstone Wealth Group, which has been recruiting wirehouse managers in an effort to quickly expand its franchise, signs up 21-year industry veteran.

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Regulators Sound Alarm on Shift to Fee-Based Accounts

5/17/19 | Enforcement, News | 15 Comments

Finra and SEC officials say they’re on the lookout for cases of buy-and-hold clients who are switched into more expensive fee-based accounts.

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advisory accounts, fees, billing cycle, compensation

Exclusive: Morgan Stanley to Shift Advisory Clients to Monthly Billing

5/16/19 | News | 2 Comments

The shift from quarterly billing early next year aims to reduce customer sticker shock in volatile periods, company tells advisors.

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Wells-Duo-Managing-500-Million-Forms-Ria-In-San-Francisco

Wells Duo Managing $500 Million Forms RIA in San Francisco

5/14/19 | Advisor Moves, News

After 24 years at wirehouses, Fritz Glasser and his business partner Meghan Railey say they learned to “understand new wealth” but now want to give their clients sourced largely from startup tech companies the “benefits of unbiased advice.”

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long-time-ubs-broker-in-maine-leads-530-mln-team-to-ria-independence

Long-time UBS Broker in Maine Leads $530-Mln Team to RIA Independence

5/13/19 | News | 3 Comments

After spending his 26-year career with UBS and PaineWebber, where his father also worked, Steven Tenney joins growing group of breakaways using Dynasty Financial to support their new business models.

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Ex-Morgan-Stanley-Regional-Boss-Joins-Lpl-Florida-Broker-Jumps-To-Ameriprise

Ex-Morgan Stanley Regional Boss Joins Indie Firm, Florida Broker Jumps to Ameriprise

5/9/19 | News

Michael Struckman, who left Morgan Stanley and his Southeast regional post almost a year ago, affiliated with LPL on Tuesday.

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Court-Grants-Morgan-Stanley-Tro-Against-Janney-Broker

Court Grants Morgan Stanley TRO Against Janney Broker

5/8/19 | Enforcement, News

Pennsylvania judge enforces temporary ban on client solicitation but delays process for moving the case to expedited hearings in Finra arbitration.

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Merrill-Lifer-Managing-250-Million-Signs-Up-With-Rbc

Merrill Lifer Managing $250 Million Signs Up with RBC

5/7/19 | Advisor Moves, News | 15 Comments

“I didn’t leave Merrill Lynch,” New Jersey advisor says. “I left Bank of America.”

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Morgan-Stanley-Sues-800K-Producer-Who-Joined-Janney-Montgomery

Morgan Stanley Sues $800k Producer Who Joined Janney Montgomery

5/6/19 | Enforcement, News | 6 Comments

Seeks court order prohibiting Pennsylvania broker who quit 10 days ago from soliciting clients, claiming she violated employment agreements.

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Robson-RIA Regent Peak Wealth Advisors

Merrill Broker in Atlanta Launches RIA, Managers Step Down in Minnesota, Florida

5/6/19 | Advisor Moves, News | 5 Comments

After almost 25 years with the Thundering Herd, advisor managing $450 million sets up independent shop through Dynasty Financial Partners.

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First-Republic-Recruiting-Chief-Brian-Riley-Exits

First Republic Recruiting Chief Brian Riley Exits

5/2/19 | News

Ex-Merrill regional head who helped engineer California bank’s aggressive recruiting of wirehouse brokers left on Tuesday.

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College Prep Chief William "Rick" Singer Charged In College Admissions Fraud Scheme

Morgan Stanley Terminates Broker over College Admissions Scandal

5/1/19 | News | 13 Comments

Pasadena advisor Michael Wu was discharged in March for not cooperating with an internal investigation

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Ubs-Lures-3-Mln-Merrill-Duo-In-Nj-Reshapes-Midwest-And-West-Coast-Complexes

UBS Lures $3-Mln Merrill Duo in NJ, Reshapes Midwest and West Coast Complexes

5/1/19 | Advisor Moves, News | 11 Comments

Merrill duo managing almost $1 billion after a combined 50 years jumps to UBS, which consolidated some of its large-market branch management this week.

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Map of Wells' reorganized branch network.

Wells Fargo Advisors Shrinks Regional Management Structure

5/1/19 | News | 1 Comment

n effort to remove “unintentional silos” that slow down decisions for 12,000 private client group and bank-based brokers and affect client experience, Wells Advisors cuts regions to 14 from 21.

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Morgan-Stanley-Reaches-10-2-Million-Expense-Settlement-With-California-Advisors

Morgan Stanley Reaches $10.2 Million Expense Settlement with California Advisors

4/30/19 | News | 5 Comments

Under proposed settlement, about 2,800 Golden State brokers and former brokers will be reimbursed for business expenses.

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Ubs-Cites-Multiple-Reasons-For-Ousting-A-Top-Broker-

UBS Cites Multiple Reasons for Ousting a Top Broker

4/29/19 | News | 15 Comments

Head of $6-billion team was dismissed for training, outside activity and business travel violations, among others, UBS tells regulators.

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Dynasty-Financial-Americana-Partners

Morgan Stanley Loses $10.8 Mln Group in Texas, Three More Boca Teams

4/29/19 | News | 6 Comments

A Morgan Stanley team in Houston managing $6 billion left to form an independent advisory firm on Friday, the same day a branch in Boca Raton lost three advisors collectively producing $2.8 million to Wells Fargo.

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Edward-Jones-Seeks-Tro-Damages-Against-Fired-Nebraska-Broker-

Edward Jones Seeks TRO, Damages Against Fired Nebraska Broker

4/26/19 | Enforcement, News | 8 Comments

Accuses Omaha broker running $146.7 million-asset office of printing out client account and contact information the day before he was fired two weeks ago.

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Morgan-Stanley-Ubs-Lose-Multi-Million-Dollar-Brokers-To-Rayjay-And-Rbc

Morgan Stanley, UBS Lose Multi-Million-Dollar Brokers to RayJay and RBC

4/26/19 | News | 1 Comment

Morgan Stanley broker in Boca Raton was producing $2 million after 32 years in the industry, while 30-year Pittsburgh-area veteran broker who left UBS generated $3.2 million in past 12 months.

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Ubs-Americas-New-Client-Money-Advisor-Count-Slip-In-Challenging-First-Quarter

UBS Americas’ New Client Money, Advisor Count Slip in ‘Challenging’ First Quarter

4/25/19 | News | 2 Comments

Swiss bank’s chief executive insists that a focus on more sustainable growth will pay off in the long term.

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Ubs-Lost-109-U-S-Brokers-To-Competitors-In-Past-Six-Months-Report

UBS Lost 109 U.S. Brokers to Competitors in Past Six Months–Report

4/24/19 | News | 9 Comments

Brokers with an average of $128 million of client assets departed, creating challenges for U.S. managers at a time when recruiting budgets remain strained and support services are being cut.

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4-Mln-Ubs-Broker-In-Boston-Sets-Up-Ria-Wells-Lands-Morgan-Stanley-Vet-In-Tulsa

$4-Mln UBS Broker in Boston Sets Up RIA, Wells Lands Morgan Stanley Vet in Tulsa

4/24/19 | News

Brian Mulvey leaves UBS after a decade to set up independent advisory firm along with a JPMorgan banker and a former Schwab recruiter.

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Wealth co-head Shelley O'Connor was shifted on Tuesday to be chairman and CEO of Morgan Stanley's two banks.

Morgan Stanley Gives Saperstein Sole Control of Wealth, Moves O’Connor to Bank

4/23/19 | News | 1 Comment

Reorganization breaks up co-leadership, gives Shelley O’Connor management of company’s private bank as well as its commercial bank.

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Exclusive-Ubs-Clawing-Back-Fa-Overpayments-

EXCLUSIVE: UBS Clawing Back FA Overpayments

4/18/19 | News | 7 Comments

Miscalculated pay deductions tied to forgivable loan bonuses will require more than half of UBS’s brokers to return from hundreds to hundreds of thousands of dollars, sources said.

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Andy Sieg, Merrill Lynch Wealth Management President

Merrill Posts Record Q1 Profit on Big Jump in New Households

4/16/19 | News | 19 Comments

Despite a net loss of 35 advisors during the quarter, Merrill Lynch Wealth Management’s almost 14,800 advisors signed up 17,625 new households, gross in the first three months of 2019.

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Jon Weiss, head of Wells Fargo Wealth and Investment Management

Wells Stands Behind Wealth Business, At Least for the Short Term

4/12/19 | News | 1 Comment

Wells remains committed to wealth management, the smallest of its three business segments, despite declining assets and brokers, executive says.

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Mega-Ria-Edelman-Financial-Engines-Pursues-Departing-Advisors

Mega-RIA Edelman Financial Engines Pursues Departing Advisors

4/11/19 | Enforcement, News | 1 Comment

Since September, Edelman has filed for temporary restraining orders and/or Finra arbitration damages against at least three advisors who jumped to rival firms.

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finra-prescribes-candor-in-discussing-departing-brokers-

Finra Prescribes Candor in Discussing Departing Brokers

4/10/19 | Enforcement, News | 3 Comments

Regulatory notice reminds member firms they must provide “timely and complete answers” and “reasonable contact information” about brokers who leave the industry or who join rivals.

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Recruiting-Loans-Swell-At-Lpl-And-Ameriprise-Compress-At-Wirehouses

Recruiting Loans Swell at LPL and Ameriprise, Compress at Wirehouses

4/9/19 | News | 5 Comments

‘Forgivable loan’ balances are falling rapidly at wirehouses such as UBS and Morgan Stanley while rising at some independent and regional competitors.

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Ex-Lpl-Broker-Suspended-For-Selling-Life-Settlement-Insurance-Investment

Ex-LPL Broker Suspended for Selling “Life-Settlement” Insurance Investment

4/5/19 | Enforcement, News

Texas broker sold a partnership to clients that bought life policy of a terminally ill individual, violating firm and Finra rules, and resulting in $1 million loss to investors.

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Exclusive-Ubs-Works-On-Employee-Overpayment-Errors

EXCLUSIVE: UBS Works on Employee Overpayment Errors

4/4/19 | News | 5 Comments

Payroll processing company ADP says it erred in administering a “recurring loans program” at UBS Wealth Management U.S.A., and has reached a resolution with the firm.

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Jpmorgans-Wealth-Target-6500-Advisors-By-Year-End

JPMorgan’s Wealth Target: 6,500 Advisors by Year-End

4/4/19 | News | 8 Comments

Bank CEO Jamie Dimon writes in annual report that the bank will add advisors across private banking, brokerage and mass-affluent channels to gain market share.

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Ubs-Brokers-Reunite-At-Baird-With-Teammate-Discharged-Over-Client-Mailing

UBS Brokers Reunite at Baird with Teammate Discharged over Client Mailing

4/3/19 | Advisor Moves, News | 6 Comments

Four brokers had worked together at UBS and predecessor firms before one was discharged from UBS in February over allegations of an unapproved mailing to clients.

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21-Mln-Team-Of-Goldman-Lifers-Leave-For-Ubs-In-Dallas

$21-Mln Team of Goldman Lifers Leave for UBS in Dallas

4/3/19 | Advisor Moves, News | 15 Comments

Three brokers who spent their careers at Goldman and manage about $6.6 billion for some 50 families are moving to a UBS office in the same building, following garden leave.

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Baird-Claims-Retention-Victory-As-Hilliard-Deal-Closes

Baird Claims Retention Victory as Hilliard Deal Closes

4/2/19 | Advisor Moves, News | 7 Comments

Milwaukee-based firm has signed the “overwhelming majority” of Kentucky-based Hilliard’s brokers, bringing its sales force to about 1,300 in 34 states.

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Merrill-Deploys-Complex-Heads-In-New-York-And-Florida-To-New-Roles

Merrill Deploys Complex Heads in New York and Florida to New Roles

4/2/19 | Advisor Moves, News | 1 Comment

In shifting Albany market executive Jennifer MacPhee to monitor its training program and Jacksonville market chief Tony Kurlas to manage community markets, Merrill has opened more holes in its branch-management network.

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Ubs-Adds-Advisors-With-Combined-8-Million-Production

UBS Adds Advisors with Combined $8 Million Production

4/1/19 | Advisor Moves, News | 24 Comments

After years of pulling its recruiting horns, UBS landed three advisor groups in Texas, California, and Ohio in March.

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Newport-Beach

Merrill Fills Southern California Complex

3/29/19 | Advisor Moves, News | 6 Comments

Moves San Diego manager to broader role overseeing Orange County branches after promoting its former head to run Texas region.

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Ex-Morgan-Stanley-Manager-Ben-Fujihara-Joins-Litigious-Texas-Ria

Ex-Morgan Stanley Manager Ben Fujihara Joins Texas RIA

3/28/19 | News | 1 Comment

Longtime Dallas branch head who was “permitted to resign” is now managing partner of Chapwood Investments, an RIA whose founder Ed Butowsky was a Fox Business commentator who has lawsuits against Schwab and media groups.

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Fallline-Securities-Rebrands-Amid-Exits-Of-Advisors P

FallLine Securities Rebrands Amid Exits of Advisors

3/27/19 | News | 2 Comments

Connecticut-based independent firm restyles itself as The Private Wealth Partners, a RayJay-affiliated independent firm that has recruited former UBS executive Marten Hoekstra and Merrill Lynch executive Phil Sieg to attract advisors.

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Morgan-Stanley-Loses-Bid-To-Mute-Brokers-Who-Jumped-To-Rival

Morgan Stanley Loses Bid to Mute Brokers Who Jumped to Rival

3/26/19 | Enforcement, News | 2 Comments

Dallas judge turns down request for a restraining order against two advisers producing more than $2 million who jumped a week ago to Steward Partners.

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merrill-vets-in-seattle-and-new-orleans-join-raymond-james

Merrill Vets in Seattle and New Orleans Join Raymond James

3/25/19 | Advisor Moves, News | 19 Comments

Washington State manager Timothy Burnett is at least the third wirehouse complex manager to have joined Raymond James’s employee channel in the past two months.

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Jim Gold of Steward Partners

Steward Partners Recapitalizes, Gets $50 Million from Private Equity Firm

3/22/19 | News | 6 Comments

Raymond James-affiliated firm says it will use investment from Cynosure Partners to expand and allow some stakeholders to monetize their positions.

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Ubs-Shutters-Training-Program-For-Financial-Plan-Developers

UBS Shutters Training Program for Financial Plan Developers

3/21/19 | News | 21 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 | 18 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 | 96 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 | 3 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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