Articles by Mason Braswell
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Regulators Watch Margin Call Explosion, Trading System Outages

4/3/20 | Coronacrash, News

State, federal and industry self-regulators say complaints from customers about the suitability of margin and securities-backed loans have risen as margin calls are proliferating.

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Rockefeller Hires Former First Republic Recruiter Brian Riley

4/2/20 | Advisor Moves, News | 3 Comments

Riley, a former Merrill Lynch private banking executive who joined First Republic four years ago, will run Rockefeller’s San Francisco office.

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Wells Fargo Collects $715K from Connecticut Broker

4/1/20 | News | 2 Comments

Arbitrator orders broker now with LPL Financial to repay the loan balance on his recruiting bonus.

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Edward Jones Freezes Pay, Suspends Overtime, for Advisor Support Staff

3/31/20 | Coronacrash, News | 24 Comments

Firm with more than 15,000 branch offices imposes a one-year pay freeze and suspends non-broker hiring through May for about 24,000 employees in the face of the coronavirus economy.

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UBS Hires Morgan Stanley Producing Manager, Loses Brokers to Independence

3/27/20 | Advisor Moves, News | 1 Comment

California advisor takes reins of Walnut Creek office, Salt Lake City family team joins Ameriprise’s “franchise” channel.

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Morgan Stanley Building

Morgan Stanley to Reimburse Clients Affected by Outage

3/26/20 | Coronacrash, News | 5 Comments

Wirehouse says it will compensate clients hurt by four-and-a-half hour glitch Wednesday that prevented them from seeing accounts and required workarounds for trades.

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Morgan Stanley Sign

Morgan Stanley Order-Entry, Order-Status System Breaks Down

3/25/20 | Coronacrash, News | 25 Comments

Brokers working from home offices directed to copy trading link into their web browser while system is down.

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Veteran UBS Manager Meraz to Exit in L.A., Firm Hires Vegas Duo from Merrill

3/24/20 | Advisor Moves, News | 9 Comments

UBS bids adieu to L.A. complex manager Ron Meraz and recruits junior brokers from Merrill Lynch in Las Vegas who had a $116 million book.

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First Republic Bank

First Republic Nabs UBS Recruiting Head

3/23/20 | Advisor Moves, News | 2 Comments

Albert Leshinsky, who ran recruiting at UBS for the past two years, will oversee First Republic’s recruiting efforts on the East Coast, according to sources familiar with the move.

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Wealth Firms Face Reckoning in Coronavirus Outbreak–Report

3/20/20 | Coronacrash, News

Plummeting advisory account fee revenue are devastating bottom lines and broker payouts, but unsatisfied customers create opportunities for effective marketers, Aite says.

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RayJay Broker Joins Stifel Near Philadelphia, But Most Recruiting Processes Stall

3/19/20 | Coronacrash, News | 2 Comments

A 19-year Raymond James broker jumped last week, but most moves have been delayed by coronavirus travel bans and nerves.

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Advisors Try to Make It Business as Usual Amid Market, Virus Setbacks

3/18/20 | Coronacrash, News

Brokers say clients are generally not panicking, but having to work from home amid wildly turbulent markets and reports of infected neighbors and colleagues is testing everyone.

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Edward Jones Suspends In-Person Client/Broker Meetings

3/17/20 | Coronacrash, News

Biggest retail brokerage bars client access to its more than 15,000 offices and home visits by brokers as firms seek to flatten the coronavirus contagion curve.

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Charles Schwab Corp. Chief Executive Walter Bettinger

Schwab Boosts CEO Bettinger’s Compensation 3% to $16.1 Million

3/17/20 | News

Shareholders will vote on pay and proposals for stronger disclosure of diversity efforts and lobbying dollars at Schwab’s May annual meeting, which will be held online this year.

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Finra Postpones In-Person Arbitration Hearings Until May 1

3/16/20 | Coronacrash, News

The regulator updated earlier guidance from a week ago that had allowed cases to proceed on an ad hoc basis.

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Brokers, Advisors Reach for New Business in Crisis Market

3/13/20 | Coronacrash, News | 1 Comment

Brokers and advisers should reach out to nervous investors with calming words, and some who were fortuitously recommending cash are marketing their savvy to prospects.

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Penny Pennington

Edward Jones CEO Pennington Gets 25.7% Pay Raise

3/13/20 | News | 4 Comments

The pay bump following her first year as managing partner brought Penny Pennington $14.7 million of total compensation.

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Merrill Teams, Including One Led by 50-Year Vet, Change Jerseys

3/12/20 | Advisor Moves, News, Uncategorized | 4 Comments

Rhode Island broker believes he can more easily transition his book to his son at Ameriprise, while colleagues in Alabama and California take Wells Fargo deals.

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JPMorgan Seeks TRO Against In-Bank Broker Now at Merrill Lynch

3/12/20 | News

Louisiana lawsuit underscores banks’ attempt to curb client solicitation by brokers who allegedly built their books passively rather than cold-calling.

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Investor Lawyers Gear Up Amid Market Rout

3/11/20 | News | 4 Comments

Arbitration and other complaints against brokers and firms are expected to soar after more than a decade of bull-market quiescence.

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CoronaCrash: Merrill Lost Market-Data Feed Amid Rout, Wells San Fran Broker Quarantined

3/9/20 | News | 5 Comments

FactSet, the main feed of market data to Merrill Lynch brokers, went down early Monday due to overwhelming market volume, Robinhood failed again and a Wells advisor is quarantined.

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Broker Seeks Opt Out from Wells Fargo’s $79 Mln Deferred-Comp Settlement

3/6/20 | News

Asks court to let her and other former Wells brokers in California and North Dakota to recover more deferred compensation by escaping from class-action settlement.

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Wells Fargo Bank

Wells to Double Brokerage Account Minimums to Qualify for Fee Waiver

3/5/20 | News | 9 Comments

To avoid $300 account fee, brokerage accounts per household must total $500,000 as of June 30, up from $250,000.

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After 52 Years at Merrill, Duo Producing $7.5 Million Goes Indie with RayJay

3/3/20 | Advisor Moves, News | 6 Comments

Virginia advisers with long Merrill lineage said they were managing $900 million of client assets.

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Merrill Prevails in Arbitration with Former Brokerage Head LaMothe

3/2/20 | News | 5 Comments

Lyle LaMothe, who led Merrill’s brokerage force from 2008 to 2011, is one of dozens of former executives who sued after the value of his stock tanked during the financial crisis.

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Brenda Cox

Week’s Exodus at Merrill Yields Hires at RayJay, Rockefeller and Stifel

2/28/20 | Advisor Moves, News | 11 Comments

Advisors who managed about $1.1 billion left in the past seven days in California, Colorado and Illinois.

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Morgan Stanley

Morgan Stanley Winnows Recruiting Loan Balances to Below $3 Billion

2/28/20 | News | 1 Comment

With the end of a hiring freeze that reduced its overhang of balance-sheet loans by 29% since 2017, the wirehouse is now back in the recruiting game.

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Recruiting Loans Surge at Ameriprise, LPL

2/27/20 | News

Ameriprise’s loans to advisors rise almost 16% and LPL’s by close to 45% as companies who work primarily with independent contractors ramp up recruiting deals.

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Wells Fargo Hired 370 Brokers with $268 Million in Revenue in 2019

2/26/20 | Advisor Moves, News | 8 Comments

The firm’s aggressive hiring continues with recruits from UBS, Citigroup, Edward Jones and PNC Investments in recent weeks.

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Merrill Shakes Up Managers in Private Wealth and New York City Complex

2/25/20 | News | 12 Comments

Mollie Colavita steps down as Private Wealth regional manager in metropolitan New York and Michael Nies as PW head in Southeast, while Paul Sullivan is out as manager of historic lower Manhattan “SD” branch.

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RBC Nabs Merrill Team in Wisconsin with $1.8 Billion Book

2/24/20 | Advisor Moves, News | 11 Comments

Small-office team of 11 advisors in Green Bay were generating $12 million in annual revenue.

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$5-Mln Broker Sidelined by First Republic Goes Independent

2/21/20 | Advisor Moves, News | 2 Comments

Paul Feinstein, who First Republic recruited from UBS three years ago, has set up an RIA practice in Malibu under the Private Advisor Group umbrella.

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E*Trade’s RIA Custody Business Faces Uncertain Fate

2/20/20 | News | 3 Comments

Morgan Stanley executives appear wary of running an RIA channel that would compete for wealthy clients with its internal advisor force.

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Morgan Stanley Pitches E*Trade Deal to Advisors

2/20/20 | News | 11 Comments

Promises integration without disruption—no need for SmithBarney-like platform integration—and potential to add E*Trade clients moving up the advice scale.

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UBS Bank

Goldman Loses Two Teams Generating $32.5 Mln to UBS, First Republic

2/18/20 | News | 4 Comments

Goldman groups overseeing some $6 billion in Boston and L.A. and $4 billion in New York jump to competitors.

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Morgans (Stanley and J.P.) Lure $4-Mln-Plus Teams from UBS and Merrill

2/18/20 | News | 6 Comments

Five-million-dollar Boston team leaves UBS for Morgan Stanley while $4.1-million Florida duo lead team from Merrill to J.P. Morgan Securities.

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First Republic Hires $4.3-Million Wells Team to Open Office Near Seattle

2/14/20 | Advisor Moves, News | 1 Comment

Three advisors had been managing $1.5 billion in client assets at Wells Fargo’s private bank for wealthy families and private foundations.

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First Republic Bank

First Republic Puts Big California Producer on Leave

2/13/20 | Advisor Moves, News | 5 Comments

Paul Feinstein, a $5 million-dollar producer who joined First Republic three years ago from UBS, was known for leveraged options strategies for some wealthy clients.

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Ex-Morgan Stanley, Wells Broker Sentenced to 30 Months for Fraud

2/6/20 | News | 3 Comments

Separately, another former Morgan Stanley broker in New Jersey, Barry F. Connell, was released last week after serving 36 months for stealing $5 million from clients.

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James E. Ducey, head of the new Greater New England Market, and Clare Kiesel, who took over UBS's Silicon Valley, Calif., complex after managing its Wellesley, Mass., branch.

UBS Elevates Boston Manager in New England Shuffle

2/5/20 | News | 5 Comments

Complex manager James E. Ducey expands his territory with seven branches in Maine, New Hampshire and Vermont.

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Wells Fargo Reaches $79 Million Deferred Comp Settlement with Brokers

2/4/20 | News | 3 Comments

More than 1,400 advisors expected to collect money the firm allegedly withheld when they left for competitors.

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Client Service Associate Diana Rodriguez, James "Cole" Abbott, and Adrienne Stewart.

Stifel Opens Texas Office with Merrill Pair Producing $1.2 Million

2/3/20 | News | 9 Comments

Advisors who were managing $183 million in client assets seed the fifth Texas office Stifel has opened in the past year with Merrill alumni.

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LPL Banks on New Employee Model, Expanding ‘Affiliation’ Options

1/31/20 | News | 2 Comments

The largest independent broker-dealer says it has at least two teams committed to joining its new ‘premium’ channel launched last year.

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Terri Ferri, manager of Morgan Stanley's Wealth Management Headquarters and Soundview Complex.

Morgan Stanley, UBS Shuffle Managers on East and West Coasts

1/30/20 | News | 13 Comments

Terri Ferri, manager of Morgan Stanley Wealth’s headquarters branch in suburban New York City, takes reins of Connecticut complex, while a UBS manager in Massachusetts moves cross-country to head six Silicon Valley branches.

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UBS Recruiting Sweep Nets Brokers, Private Bankers with $29.6 Mln

1/29/20 | Advisor Moves, News | 8 Comments

Four of the advisors UBS hired since late November came from private banks and mass-market brokers.

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UBS Private Wealth Team in San Francisco Jumps to Wells Fargo

1/27/20 | News | 26 Comments

Two brokers producing $5.3 million in UBS’s “private wealth” unit shift to a new unit of Wells Fargo Advisors focused on the very rich.

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UBS Eases Out Insurance Sales Head, Shuffles Los Angeles Managers

1/24/20 | News

UBS AG’s private wealth job cuts include U.S. insurance product veteran, and reorganization of U.S. field managers extends into southern California.

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Ron Carson in front of Carson Group's airport hangar.

Ron Carson Goes One-for-Two in Bid to Expunge Old Customer Complaints

1/22/20 | News

Independent advisor entrepreneur cannot clear a 2002 complaint that a customer withdrew because of a rule technicality, according to an arbitration decision.

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UBS Group AG Chief Executive Officer Sergio Ermotti

UBS CEO Recommits to U.S. Wealth as Clients Pull Assets and Brokers Leave

1/21/20 | News | 7 Comments

UBS clients in the Americas pulled a net $17.4 billion from their accounts in 2019, while the Swiss bank’s brokerage force fell by 301 advisors in the region.

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UBS Hires $16.7-Mln Merrill Lynch Private Wealth Team

1/17/20 | Advisor Moves, News | 15 Comments

North Carolina team oversaw $10.8 billion of assets, much of which was referred from an institutional custody servicing unit that Merrill is winding down.

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Blucora CEO Clendening Exits, Furthering Management Turmoil

1/16/20 | News

The Texas-based broker-dealer rollup, whose CFO resigned last week, said its chief executive left amid a battle over “authority.”

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First Republic Hooks $2.5Bln-Asset J.P. Morgan Team in Florida

1/16/20 | Advisor Moves, News | 7 Comments

Six-broker team is led by Sal Tiano, who has worked for almost three decades at J.P. Morgan and its Bear Stearns predecessor.

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Merrill Sticks to Hiring Novices, Freezing Out Veterans, Staying in Protocol

1/15/20 | News | 10 Comments

Attrition of veteran brokers fell in the fourth quarter, sustaining Merrill Lynch’s decision to remain in the Broker Protocol and continue recruiting less experienced advisors.

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Charlie Scharf presided over his first earnings report as Wells Fargo's chief executive and president

Wells Fargo’s Q4 Wealth Profit Fell 63%, Broker Count Slides

1/14/20 | News | 5 Comments

Wells Fargo Advisors had its best recruiting year since 2016, but advisor headcount fell by more than 450 over the past 12 months due to retirement and other attrition, a spokeswoman said.

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Morgan Stanley

Morgan Stanley Eases Out Longtime Texas Regional Head

1/10/20 | News | 8 Comments

Ron Thacker, a regional manager since 2001, left the wirehouse Friday morning and is being replaced by Chicago-based regional director Steve Austin.

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Paul Reilly, chief executive officer of Raymond James Financial Inc.

Raymond James Gives CEO 8% Pay Hike to $13.4 Million

1/10/20 | News

Forty percent of CEO Paul Reilly’s performance awards in a record year for profit and revenue were paid in cash, Florida company says in its proxy statement.

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Veteran Morgan Stanley California Manager Cynthia Newman to Leave

1/9/20 | News | 7 Comments

Newman, who gained notoriety for allegedly working with college admissions scandal mastermind Rick Singer, had been with the wirehouse since 2004 and managed its Pasadena complex.

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Wells Extends Sweetened Recruiting Offers, Headhunter Bounties

1/8/20 | News | 8 Comments

Wells Fargo Advisors has told recruiters it will continue paying above-average fees for attracting brokers to any of its channels and will also maintain its sweetened deal for new advisors.

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UBS Hires Schwab “Private Client” Broker in Indiana

1/7/20 | Advisor Moves, News

New advisor who worked with the upper stratum of Schwab clients is teaming with another broker in UBS’s Indianapolis branch.

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Wells Fargo Hires a Top RBC Broker Weeks After Her Dismissal

1/6/20 | Advisor Moves, News | 3 Comments

Chairman’s Club broker in Minneapolis who was dismissed by RBC over non-sales-related concerns after 28 years with the firm joined Wells late last year.

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Judge Dismisses Suit to Block Schwab Purchase of TD Ameritrade

1/3/20 | News

New York judge says antitrust complaint filed from a fledgling registered investment advisory firm failed on procedural grounds but can be refiled.

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UIT Rollover Recommendations Sideline Another Broker

12/19/19 | News | 2 Comments

Finra suspends former Raymond James independent broker and fines him, highlighting UIT sales issues that led the Florida firm to a $15 million settlement with the SEC.

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2020 Comp: UBS Delays Start of New Grid Hurdles for Teams

12/18/19 | News | 18 Comments

Wirehouse is giving brokers receiving team-production payouts an extra six months to meet higher qualification levels.

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UBS Sales Reorg Creates Branch and Complex Ripples

12/17/19 | News | 12 Comments

The halving of sales divisions at the wirehouse is also affecting managers across the U.S., according to sources.

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LPL Affiliate Stratos Lands Practices in Connecticut, Utah

12/16/19 | News | 1 Comment

Stratos Wealth Partners signs practices from Lincoln Financial and MassMutual that cumulatively managed over $900 million in assets.

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2020 Comp: UBS Raises Payout Hurdles Across the Board

12/10/19 | News | 26 Comments

UBS is raising revenue thresholds so that many brokers must produce more to match 2019 pay, with minimums rising by $200,000 at the 39%, 42%, 49% and 50% payout levels.

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RBC Ushers Out a Top Advisor in Minneapolis

11/26/19 | News

Broker who spent the past 27 years with RBC-U.S. in its headquarters city was discharged over “workplace interactions,” according to a regulatory filing.

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Father-and-son Team Moves to Ameriprise After One-year Stint at Stifel

11/25/19 | News | 4 Comments

A father-and-son team left Stifel after the firm refused to let it hire an advisor from Wells Fargo.

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Schwab Says TD Deal Good for RIAs and Clients; Competitors Circle

11/25/19 | News

E*Trade and Fidelity officials say they expect to benefit from the merger integration disruption.

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LPL’s New ‘Employee’ Channel Not Quite Ready for Prime TIme

LPL’s New ‘Employee’ Channel Not Quite Ready for Prime Time

11/22/19 | News

The largest independent broker-dealer is still working out the compensation, expense-sharing and recruiting structure for the nascent W-2 employee model it seeded with its purchase of Florida’s Allen & Co. in August.

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A Schwab-TD Ameritrade Deal Shocks Broker-Dealers and Advisors

Potential Schwab-TD Ameritrade Deal Shocks Broker-Dealers, Advisors

11/21/19 | News | 3 Comments

TDA advisors fret about repapering, integration and service if a deal gets done, and consider custodial alternatives; others celebrate a balance sheet that would rival wirehouses.

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Two More Wells Fargo Advisors Teams Shuttle to Bank’s RIA Channel

11/20/19 | News

Brokers in Indiana and North Carolina bring to nine the number of “breakaway” brokers opting to keep their former private client group customers within Wells through its almost year-old RIA custody venture.

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Alfredo Serrano and Gary L. Phelps, who joined Stifel on November 8 from Morgan Stanley.

Stifel Hires Morgan Stanley Quartet in Illinois Overseeing $360 Million

11/18/19 | News

St. Louis-based regional says it has recruited 18 brokers managing $2.1 billion in customer assets from the New York wirehouse this year.

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Merrill Ousts Three Southwest Brokers over Cold-Calling

11/14/19 | News | 17 Comments

A producing manager in Arizona and a Forbes-ranked team in Scottsdale and Dallas that won internal recognition for their account growth metrics left over solicitation practices “inconsistent with Firm standards.”

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Merrill Reaches Half-Million-Dollar Settlement in Overtime Class-Action Suit

11/13/19 | News | 1 Comment

Supervisory analysts who reviewed brokers’ emails alleged they often worked extended hours and on weekends but were illegally classified as exempt from overtime pay.

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John Gardner

Merrill Fills Management Gap in Kentucky, Another One Opens in Arizona

11/11/19 | News | 1 Comment

Merrill Lynch hired a longtime complex manager from Wells Fargo to oversee its Louisville-area offices but has eased out another manager in Scottsdale.

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Morgan Stanley Sweeps in UBS Brokers and Manager in Upstate New York

11/7/19 | Advisor Moves, News | 10 Comments

Two advisors with 60 years of experience at a UBS branch near Buffalo, and their branch manager, migrated to Morgan Stanley.

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Merrill Raises Payouts in Retirement Transition Plan, Tweaks “Inheritor” Payoffs

11/6/19 | News | 40 Comments

In a move to keep senior brokers’ clients and compete with UBS and Morgan Stanley, Merrill adds 5 to 75 percentage points to payouts of those who transition their books internally.

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Merrill, Raymond James to Pay $12 Million for 529 Plan Sales Violations

11/6/19 | Enforcement, News

Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.

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Jim Lacamp, Kristi Taylor, Daisy Cournan, Pat Reddell, Sherie Wyatt and Ashley Lacamp joined Morgan Stanley in Fort Worth on Nov. 1

Morgan Stanley Hires UBS Pair in Texas Generating $3.2 Million

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

Hire is at least the sixth from UBS since September by Morgan Stanley, signifying that recruiting is back at some wirehouses.

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First Republic Hires $5-Million UBS Team in Los Angeles

11/4/19 | Advisor Moves, News | 4 Comments

Two wirehouse brokers who were managing $325 million in client assets are the second team in two months to have left UBS in southern California for the San Francisco-based bank.

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J.P. Morgan Advisor’s Wrongful Termination Claim Revived on Appeal-772x485

J.P. Morgan Advisor’s Wrongful Termination Claim Revived on Appeal

11/1/19 | News

A divided court panel in California ruled that Finra arbitrators violated procedure by refusing to delay hearings to accommodate the broker’s paternal leave schedule.

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UBS Gains $4.5-Mln Merrill Trio in Atlanta, Loses Giant Private Wealth Team in Wash. State

10/31/19 | News

Merrill brokers overseeing $650 million for private wealth clients of a big equity comp consulting team bolted to UBS two weeks ago, while a 13-person UBS team in the Northwest managing $1.4 billion set up an independent RIA last week.

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Massachusetts Fines Morgan Stanley for Broker’s Excessive Trading

10/30/19 | Enforcement, News

State imposes $200,000 penalty and orders $182,500 in restitution to clients for wirehouse’s failure to supervise a now-barred broker in Boston.

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More ‘Edge’ Advisors Heading Into Merrill Wealth Branches

10/30/19 | News | 21 Comments

Bank of America expects to place several thousand Merrill Edge “financial solutions advisors” to work alongside Merrill Wealth brokers in branches over the next few years, a bank executive said.

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Merrill Hires UBS Manager to Oversee New Jersey Complex

10/29/19 | News | 2 Comments

James Cadet, a former branch, complex and regional sales manager at UBS, was most recently heading a teaming and practice management unit that has been downsized.

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HighTower to Buy Stake in Billion-Dollar San Francisco RIA

10/29/19 | News

Chicago-based firm under new boss Bob Oros to make its fourth “strategic investment” this year.

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Doug Kentfield, head of wealth management, Steward Partners.

Steward Hires Ex-Morgan Stanley Divisional Manager Kentfield

10/28/19 | News | 4 Comments

Douglas Kentfield, who left Morgan Stanley in 2014, will take on a newly created role as “head of wealth management” for the Raymond James-affiliated firm.

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Stifel Gains Merrill Teams Producing $3.8 Mln, Loses One to RBC with $230 Mln-AUM

10/25/19 | Advisor Moves, News | 2 Comments

Four wirehouse brokers near Buffalo and Dallas join Stifel, one Stifel team in Scottsdale joins RBC, and each team had more than $200 million of client assets.

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Bruce Lee

Finra Suspends Ex-Merrill Chicago Star Bruce Lee for 18 Months

10/24/19 | News | 3 Comments

Advisor with a $2.4 billion book who was fired by wirehouse over cheating on continuing education exams continues his new practice as an investment advisor.

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Danny Shoshnik, Manuel "Manne Palan and Pamela A. Glaser joined Wells Fargo after managing $800 million at Stifel.

Wells Fargo Advisors Hires $800-Mln Asset Team from Stifel

10/23/19 | Advisor Moves, News | 15 Comments

Wells awards three-advisor team branch status in its private client headquarters in St. Louis.

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UBS to Cut Proprietary Managed Account Fees Ahead of Reg BI

10/22/19 | News | 1 Comment

U.S. advisory account holders won’t pay an additional management fee for separately managed accounts from UBS’s asset management unit.

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Ami Forte

Ami Forte, Ex-Morgan Stanley Star, Barred for Churning, Elder Abuse

10/21/19 | News | 12 Comments

Finra says adviser, who had generated over $9 million of revenue, and another member of her former team for excessive trading in accounts of founder of Home Shopping Network when he had been diagnosed with dementia.

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Patrick Dwyer, Managing Director, Head of Strategic Business Development.

Ex-Merrill Star Patrick Dwyer Joins Boston Private Following Dismissal

10/15/19 | Advisor Moves, News | 9 Comments

Miami broker, whose Merrill career collapsed in August over alleged lobbying improprieties, affiliates with the New England-based private banking company.

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Brokers with Subpar Investment Returns Escape Indie Firm Oversight–Study

10/11/19 | News | 1 Comment

Around one-fifth of firms in Cerulli study, most of which are IBDs, do not monitor managed account returns or fail to take away discretion from underperformers.

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JPMorgan Seeks TRO Against Bank Broker Who Joined RayJay

10/10/19 | News

Former Chase Private Client broker in Indiana allegedly moved $27 million in assets since leaving the bank last month.

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JPMorgan Wins One Injunction as Fidelity Seeks Another in Florida

10/9/19 | News

Broker in Aventura, Florida, who left JPMorgan for UBS agreed to a preliminary injunction on the same day that Fidelity sought an injunction against Morgan Stanley and a broker it hired in Palm Beach Gardens.

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Stifel Clients Awarded $1.5 Million in Failure-to-Supervise Arbitration

10/8/19 | News

Three clients claimed firm ignored red flags as broker concentrated them in biotech and healthcare stocks as the investments were shedding value.

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Merrill Wealth Team Producing $10 Mln Joins First Republic

10/4/19 | Advisor Moves, News | 10 Comments

Private Wealth group advisors, led by a pair of 30-year Merrill veteran, are relocating to Palm Beach, Fla., from Chicago.

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UPDATED: Merrill Edge Won’t Mimic Schwab’s Zero-Commission Offer–Executive

10/3/19 | News | 9 Comments

Bank of America-owned online brokerage unit may enhance relationship-based pricing model but won’t extend free trading across the board, says Edge CEO Aron Levine.

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It’s Official: Brokers Have Tempered Their Wanderlust

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

Finra statistical report says just 1% of the securities industry’s 630,000 registered representatives changed firms in 2018 compared to 4% in the prior year.

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JPMorgan Sues Bank-Based Broker Who Joined UBS

10/1/19 | Enforcement, News | 2 Comments

Florida advisor from Chase Bank’s in-branch wealth management group allegedly moved at least $13 million by improperly soliciting former clients.

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Alex. Brown Expands into Maine with $1.7-Mln Wells Broker

10/1/19 | News | 5 Comments

The Raymond James subsidiary is opening its 19th branch and hopes to add another dozen advisors in New England city.

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Bob Matthews Leaves FieldPoint Private

Ex-Wirehouse Luminary Bob Matthews Leaves FieldPoint Private

9/27/19 | News | 8 Comments

Former Smith Barney executive who since 2010 has helmed the Connecticut-based wealth and private banking boutique stepped down on Thursday.

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Wells Fargo Hires $4-Mln Morgan Stanley Broker in Boca

9/26/19 | News | 6 Comments

Exit of 37-year industry veteran extends a long-running list of departures from Morgan Stanley complexes in South Florida.

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Raymond James Exec: Our Robo Won’t Compete with Advisors

9/26/19 | News

RayJay won’t market auto-investing directly to customers, says Tash Elwyn, head of the firm’s employee channel.

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Merrill Scrutinizes Managed Portfolio Account Fees

9/25/19 | News | 22 Comments

Compliance executives reviewed advisory accounts using in-house portfolio models that cost Merrill Wealth customers 1.25% when the same portfolios were available at Merrill Edge for 0.45%

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RayJay, Ameriprise Nab More Big Teams from Wirehouses

9/24/19 | Advisor Moves, News | 4 Comments

Three-broker Morgan Stanley team in Houston that produced $3 million joined Raymond James last week, while Merrill Lynch loses $675 million-asset-under-management team in Annapolis.

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RayJay Recruits Morgan Stanley Broker, Promotes Ex-Morgan Stanley Executive

9/23/19 | Advisor Moves, News | 1 Comment

Florida-based brokerage firm also promotes former Morgan Stanley manager Bert White from a complex head to oversee some all of its home-state employee channel branches.

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Ladenburg Executive Erinn Ford Cleans Part of Her Record

9/18/19 | Enforcement, News

Chief executive of Ladenburg-owned KMS Financial Services has had mixed success in expunging more than a dozen customer complaints that splotch her BrokerCheck record.

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Morgan Stanley Hires Merrill Pair from Private Wealth Mega-Team

9/16/19 | Advisor Moves, News | 3 Comments

Brokers in La Jolla were part of southern California-based team at Merrill managing more than $16.5 billion.

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Morgan Stanley Obtains TRO Against Breakaway Long Island Advisor

9/13/19 | Enforcement, News | 6 Comments

Broker who left with three others last month allegedly took client data prior to setting up a registered investment advisory firm.

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Morgan Stanley Eyes $4 Trillion in Client Assets Held Away

9/11/19 | News | 7 Comments

The firm’s 15,700 advisors have uncovered $60 billion in external client assets using new technology tools, chief financial officer Jonathan Pruzan said on Wednesday.

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Morgan Stanley Hires Three, Loses One in Restless South Florida Market

9/10/19 | Advisor Moves, News | 1 Comment

Teams joined from Wells Fargo Advisors and Merrill Lynch, while Raymond James lured another Morgan Stanley broker in South Florida on Friday.

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Edward Jones Asks Court to Curb Business of Broker Who Jumped

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

Indiana advisor who went independent in August after 21 years with Jones has moved $2 million of the $113 million in client assets he was managing, firm says in lawsuit.

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David Midgley and Sarem Mukhtar

Morgan Stanley Lands $10-Million Goldman Team in Seattle

9/6/19 | News | 8 Comments

After 14 years with Goldman Sachs, David Midgley decamped with two other advisors for what a headhunter said was “more flexibility” in terms of succession planning and product choice.

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Merrill Fills Management Holes in L.A. and San Fran, Morgan Stanley in Boca Raton

9/5/19 | News | 5 Comments

Shifts of veteran managers to run crucial markets appears to be accelerating in a sign of contracting bench talent.

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Curtis Mason of Morgan Stanley

Morgan Stanley Hires Wells Complex Manager for Seattle Post

9/4/19 | Advisor Moves, News

Curtis Mason takes over as assistant complex manager of a branch with almost four times as many brokers as he had been managing in Oregon.

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AdvisorHub/Mason Braswell

UBS Hires $2.7 Million Merrill Lynch Team in Northern California

9/3/19 | Advisor Moves, News | 3 Comments

Brokers managing $440 million in client assets joined UBS last week, two days after it hired an East Coast Merrill veteran managing $391 million.

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UBS Las Vegas Broker Producing $1.5 Million Joins RIA

8/29/19 | Advisor Moves, News | 2 Comments

Move by 23-year industry veteran in Nevada on Thursday follows the departure of a 21-year UBS lifer to RBC Wealth earlier this month.

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Schwab’s Retail Head Kallsen Leaves with $4.1 Million Package

8/29/19 | News

Terri Kallsen, the head of Schwab’s investor services unit, lost her job in July as part of a broad restructuring.

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UBS Hires $391-Million-Asset Private Wealth Broker from Merrill

8/28/19 | Advisor Moves, News | 6 Comments

After 20 years with Merrill, Michelle McCallion is trying to move her ultra-high-net worth practice in Greenwich, Conn. and midtown Manhattan to another bank-owned wirehouse.

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Finra Bars Ex-RBC Broker Accused of Stealing $1.1 Million Windfall

8/27/19 | Enforcement, News | 4 Comments

Thirty-four-year industry veteran knew that money mistakenly deposited into his brokerage account was “too good to be true,” a Finra hearing panel ruled.

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Ex-Merrill Chicago Broker Charged with Stealing Millions to Pay Credit Card Debt

8/26/19 | Enforcement, News | 5 Comments

Barred advisor who styled himself as a philanthropist stole from three customers who have collected $5.6 million from Merrill in reimbursement and damages.

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Top Miami Broker Forced Out by Merrill Acted ‘Above Board,’ Lawyer Says

8/23/19 | Enforcement, News | 20 Comments

Patrick Dwyer, the $10-million-plus producer who “resigned” on Tuesday, was careful to obey all laws before making a $25,000 contribution to a Florida official, according to his lawyer.

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Top Merrill Broker Patrick Dwyer Leaves Amid Accusations

8/22/19 | News | 20 Comments

Private Wealth advisor whose Miami team is believed to have generated more than $10 million of annual revenue on $3.7 billion of client assets reportedly made unapproved political contribution to clean up his public regulatory record.

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Merrill Lynch Post $4.9 Billion Loss For Second Quarter

Merrill Fills Houston, Denver Manager Roles, Hires Wells Broker in W. Virginia

8/22/19 | News

Slots two veteran field leaders into new complex roles in Texas Mountain division and hires experienced broker for branch that is part of new “community markets” business unit.

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J.P. Morgan Pays $14 Million to Settle Customer Claim Against LA Broker

8/20/19 | Enforcement, News | 6 Comments

Private client group advisor now with Morgan Stanley says he “vehemently denies” allegations of unsuitable trading and other charges that cost his former firm $14 million.

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Reshaped HighTower Buys Stake in Billion-Dollar RIA

8/20/19 | News

HighTower, which has shifted from buying firms and hiring brokers outright, has made a “significant equity investment” in Lexington Wealth Management in Massachusetts.

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Fired Multi-Million-Dollar Merrill Broker Joins Oppenheimer

8/20/19 | Enforcement, News | 22 Comments

Virginia’s Eric Bartok, a Forbes best-in-stater said to have been producing more than $3 million, was dismissed for expense-account violations, Merrill said.

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Finra logo

Finra Slaps Cetera’s Summit for Snail-Mail Lapses

8/19/19 | Enforcement, News

Summit, the smallest of Cetera Financial Group’s six independent broker-dealers, agreed to pay $40,000 to settle failure-to-supervise charges

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John Alexander, head of Well Fargo's employee brokerage business

Wells Fargo Advisors to Cut Branch Complexes

8/16/19 | News | 15 Comments

In the latest chapter of its ongoing cost-cutting and cultural make-over, Wells is slimming a layer of middle-management by 15% across its network of brokerage offices.

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RayJay Told to Clean Million-Dollar Broker’s Termination Record

8/13/19 | Enforcement, News | 1 Comment

Former wirehouse advisor wins expungement of Raymond James’ allegation that it fired him for violating the Protocol for Broker Recruiting by having excess client information when he joined from Merrill Lynch.

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$3.6 Million UBS Team Joins First Republic in New Jersey

8/12/19 | Advisor Moves, News | 2 Comments

Paramus team opened West Coast bank’s first wealth branch in the Garden State on Friday, the same day UBS hired a $1-million, 29-year industry veteran in Ohio from Morgan Stanley.

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Morgan Stanley Manager Merry-Go-Round Keeps Spinning

8/6/19 | Advisor Moves, News | 4 Comments

Tim Byrnes, a former Southeast Region manager currently running a Palm Beach, Fla. complex, is moving north to central Pennsylvania.

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Edward Jones Customers Revive Reverse Churning Lawsuit

8/6/19 | Enforcement, News

Lawyers for current and former customers refiled a complaint dismissed last month by a California judge that says Jones fraudulently shifted them to fee-based advisory accounts.

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Wells to Consolidate Advisor-Support Offices

8/2/19 | News | 4 Comments

Wells Fargo Advisors plans to close about 45 supervisory and operations support “hubs” as part of an efficiency drive that earlier merged its bank-based brokerage business into its broader network of private client group offices.

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Judge Dissolves TRO Against Morgan Stanley Broker Who Joined UBS

8/1/19 | Enforcement, News | 3 Comments

Morgan Stanley failed to prove “irreparable harm” from Oregon broker who allegedly contacted former clients, but is pursuing damage claims in arbitration.

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Dawn Bennett

Former Advisor Dawn Bennett Sentenced to 20 Years

7/31/19 | Enforcement, News | 17 Comments

Former Wheat First and Legg Mason advisor pled guilty to orchestrating a $20 million Ponzi scheme after becoming an independent broker.

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BB&T, SunTrust Promise Bonuses to 40,000 Employees After Merger Closes

7/30/19 | News | 2 Comments

SunTrust sources said brokers have already been offered forgivable loans while bank executives on Tuesday said rank-and-file workers will receive $1,500 when the $29.7 billion merger closes.

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Independents Steward and Sanctuary Hire Brokers from Merrill, UBS

7/29/19 | Advisor Moves, News | 1 Comment

Austin duo overseeing $134 million leaves Merrill for Raymond James affiliate, while 16-year UBS executive stock specialist shifts to new Noyes unit in San Francisco.

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LPL Force Diminished by Big Breakaway, Oppenheimer by Continued Attrition

7/29/19 | Advisor Moves, News

Biggest independent broker-dealer says recruiting remains vibrant after breakaway of Independent Financial while Opco force edges toward 1,000.

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Ameriprise Wealth Profits Rise, Expenses Weigh on Margin

7/25/19 | News

Costs associated with recruiting higher producers, new customer relationship software and the launch of its bank elevated costs in the quarter.

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Merrill to Enhance ‘Sunsetting’ Program for Top Producers

7/24/19 | News | 13 Comments

A version of the new offer could boost bonuses for entering the retirement program to as much as 300% of trailing-12-month revenue for the biggest producers.

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UBS Americas Client Asset Flows Fall $8.3 Billion But Profit Climbs

7/23/19 | News | 4 Comments

Market-driven fee growth and expense controls helped wealth unit’s pretax profit grow to a record $363 million.

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Cary Hall moves from UBS to Gladstone

UBS Veteran in New Jersey Goes Indie with Gladstone

7/22/19 | Advisor Moves, News | 6 Comments

Princeton-based broker with $1.5 million in production joins LPL affiliate after two decades with UBS.

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$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

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

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

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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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

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 | 8 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

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 | 5 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

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

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’

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

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

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

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

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

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

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

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

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

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 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 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

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

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

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

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

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

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 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

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

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

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

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 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

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

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

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

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 | 14 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

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

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

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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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

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

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

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

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

4/24/19 | 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

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

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

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

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

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

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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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

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

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

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

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

4/1/19 | Advisor Moves, News | 25 Comments

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

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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 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

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

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

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 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

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

3/15/19 | News | 13 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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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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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

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

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

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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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

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 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

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

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

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

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

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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