Articles by Mason Braswell
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UBS

UBS Nabs Chicago Bank Broker with About $1 Mln of Revenue

8/10/20 | Advisor Moves, News | 3 Comments

The smallest of the wirehouses fills its deliberately shrinking hole with another nontraditional hire from a bank.

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Former UBS Wealth USA divisional manager and industry veteran Paul Hatch has launched an asset management consulting firm.

Managed Money Champion Paul Hatch Exits UBS

8/7/20 | News | 4 Comments

Hatch, who was reorganized out of a top UBS sales management job in December, has formed an asset management consulting firm with former BlackRock executive Frank Porcelli and former UBS Wealth planning head Jeff Miller.

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UBS Bank

UBS Hires Million-Dollar Bank Producer, Names New Florida Manager

8/6/20 | Advisor Moves, News | 5 Comments

Arizona broker who produced $1.1 million in the past year at BMO Harris joins wirehouse.

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Advisors

LPL Raises Curtain on New Employee Channel

8/5/20 | News | 2 Comments

Largest independent broker-dealer expands its reach from independent brokers to traditional employed salespeople who it says can pocket payouts of 50% to 70%.

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David Pottruck, the former Charles Schwab CEO and Hightower Advisors investor, who is backing Magnifi.

Former Schwab CEO Promotes Fund Screening Tool to Protect Advisors

8/5/20 | News | 1 Comment

Magnifi, which lets investors select funds through simple word searches, doubles as a documentation tool for advisors to prove they meet fiduciary and best-interest obligations.

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Advisor Fined

Former Oppenheimer Broker Suspended over UIT Trades

8/3/20 | News | 6 Comments

Continuing to prosecute sales violations involving short-term rollovers of unit investment trusts, Finra fines and suspends a 28-year broker in New Jersey.

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First Republic

First Republic Lands $12-Million J.P. Morgan Securities Team in NYC

7/31/20 | Advisor Moves, News | 8 Comments

Group of seven advisors and eight associates had overseen $1.7 billion in client assets and mark the fifth team to join First Republic this year.

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Paul Reilly, chairman and chief executive of Raymond James Financial.

Raymond James Gears Up Expense Controls as Profit Falls 35%

7/30/20 | Coronacrash, Most Read, News | 2 Comments

Citing the global pandemic and its economic consequences, Florida-based firm outlines plans to cut costs broadly to generate “significant efficiencies.”

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Stifel Chief Executive Ronald Kruszewski

Stifel CEO Touts Remote Recruiting Success

7/29/20 | Advisor Moves, News | 1 Comment

The St. Louis-based firm hired 22 brokers in June as it adapted to virtual recruiting following only one hire in April.

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UBS Bank

Ex-UBS Broker with $7 Million Production Joins Connecticut RIA

7/28/20 | Advisor Moves, News | 4 Comments

NYC broker who was discharged in May over compliance flubs has reunited with former UBS colleagues at their advisory firm Procyon Partners.

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Advisor Moves

Morgan Stanley Hires Merrill Lifer with $419 Million Book

7/24/20 | Advisor Moves, News | 8 Comments

A three-decade Merrill veteran who was managing $419 million in assets joined Morgan Stanley in Ohio last Friday as the wirehouse has accelerated hiring.

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Andy Sieg, Merrill Lynch Wealth Management President

Merrill’s Sieg Sees Big Increase in New Household Accounts

7/24/20 | News | 11 Comments

Merrill Lynch Wealth president told managers this week that brokers who averaged 5.5 net new account openings last year should be able to raise the total to eight with the help of new technology.

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Panama City Florida

Florida Fliers: Wells Nabs Merrill Producer, LPL Hires Ladenburg Exiles

7/23/20 | Advisor Moves, News | 3 Comments

Merrill solo practitioner with $120 million book joins Wells in Panhandle resort town while Advisor Group pair with $160 million in southwest Florida changes affiliation to LPL.

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UBS building

UBS Wealth Americas Attracts Client Assets Despite Declines in Profit, Headcount

7/21/20 | News | 1 Comment

After almost two years of net withdrawals, UBS’ Americas clients have added $3.4 billion to their accounts in 2020.

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New Jersey-based ShoreHaven Wealth Partners includes (left to right) Laurence Durso, his son, Michael, Michael Lombardi and client associate Sheryl Iannuzzelli.

Morgan Stanley Loses Two Multi-Million-Dollar Teams, Gains a Goldman Broker

7/20/20 | Advisor Moves, News | 2 Comments

Father-son team in New Jersey producing $3.5 million go RIA with Dynasty and Texas group with $1.75 million join Wells, but wirehouse lands $4 million Goldman broker in Philly

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Merrill offering incentives to clients

Merrill Managers Stoke Up Client-Retention Deals

7/20/20 | Advisor Moves, News | 13 Comments

The continuing flow of experienced brokers out of Merrill Lynch, even during the coronavirus crisis, appears to have driven managers to offer their clients longer and deeper fee waivers than are typical, according to headhunters and competitors.

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Merrill Lynch Exterior Sign and Logo

Merrill Lynch Revenue Slips 10%, Asset and Account Growth Slows

7/16/20 | News | 7 Comments

Bank of America and Merrill executives tout strength of household growth numbers and bank product sales as signs of underlying health.

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

Wells Wealth Division Profit Down 70%, Advisor Count Extends Slide

7/14/20 | Coronacrash, News | 11 Comments

Higher-than-expected credit provision bankwide hurts wealth unit, which also continued to dribble advisor headcount despite intensified recruiting efforts.

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Michael Liersch, head of advice and growth strategies at Wells Fargo Private Wealth.

Ultra-High-Net-Worth Strategists Bolt Merrill, JP Morgan for First Republic and Wells

7/13/20 | News | 7 Comments

Stacy Allred, who guided Merrill’s richest clients on how to think about wealth, left after almost 20 years for First Republic while her former colleague Michael Liersch joined Wells Fargo after stint with J.P. Morgan.

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Financial Advisor Moves

Rockefeller Recruits $1.5-Mln J.P. Morgan Securities Broker in NY Suburb

7/13/20 | Advisor Moves, News | 3 Comments

Advisor with almost 25 years’ experience was managing $200 million at JPMorgan’s White Plains office.

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Whoops! Morgan Stanley Retracts Brokers’ Direct Deposits

7/10/20 | News | 5 Comments

Wirehouse alarmed some brokers Friday with a withdrawal of monthly pay, blames ADP for glitch

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Tom Buck

Ex-Merrill Broker Tom Buck Loses Bid for Early Prison Release

7/8/20 | News | 8 Comments

Federal judge turns down former top Indiana broker’s bid for compassionate early release from his 40-month sentence for securities fraud as a result of his vulnerability to Covid-19.

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Financial Advisors Fired

Merrill Fires Multi-Million-Dollar UHNW Pair for Cheating

7/8/20 | News | 11 Comments

Allegations against one San Francisco broker included selling away, while both advisors appeared to let underlings complete mandatory training modules.

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Financial brokers leave UBS

Steward Hires Janney Manager in NJ, Merrill Nabs New Orleans Manager from UBS

7/6/20 | Advisor Moves, News

Janney lost its New York City complex head to independent firm, Merrill gives UBS manager in Florida a broader role heading a Louisiana complex.

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Advisors Independence Day

Independence Day: Six UBS Brokers in Three Regions Join Indie Firms

7/2/20 | News | 15 Comments

UBS brokers in Ohio, Florida and Maryland collectively managing about $850 million of client assets leave for firms affiliated with RayJay, Wells and Kestra.

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Atlanta, Georgia

Morgan Stanley Shuffles Leadership in Atlanta, Rehires Manager from RBC

7/1/20 | Advisor Moves, News

Veteran Atlanta manager Walter Jameson shifts to run a new complex, handing some of his former duties to a manager who rejoined Morgan Stanley from RBC Wealth.

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Firms Diverge in Disclosing Signing Bonus Conflicts in New Disclosures

6/30/20 | News | 4 Comments

The short “relationship summaries” customers are receiving to comply with the Regulation Best Interest complex of rules that become effective today vary in mentioning whether brokers receive bonuses for moving assets from their former firms.

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Baird Hires California Broker Wells Dismissed over Personal Cash Withdrawals

Baird Hires California Broker Wells Dismissed over Personal Cash Withdrawals

6/24/20 | Advisor Moves, News

Steve Heng, who had been managing around $350 million at a bank branch, joined Baird on Monday, less than two months after his forced exit from Wells.

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Advisor moves

Wells Brokers Concerned About Clamp on ‘Small’ Accounts Move to Stifel

6/23/20 | Advisor Moves, News | 6 Comments

In other shifts from big to small, father-daughter team at Merrill in New Jersey join Janney Montgomery and a $400-million Merrill duo in Ohio join an RIA founded by a former colleague.

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Morgan Stanley

Morgan Stanley to Reopen About 50 Branches Next Week

6/17/20 | Coronacrash, News

Wirehouse will allow brokers in about 8% of its branches to return to their offices after four months of working from home, but like many companies is unlikely to open in densely populated areas until 2021, executives say.

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UBS building

UBS Loses Two Teams in the South Producing Almost $17 Million

6/16/20 | Advisor Moves, News | 13 Comments

UBS veterans in Alabama joined Wells Fargo Advisors on Tuesday following shift of Florida UBS team to start an RIA on Friday.

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Steward Partners Plaza Advisor Group

Steward Signs $6 Million Indie Team, Largest Since Its Founding

6/15/20 | Advisor Moves, News | 2 Comments

Steward, which has recruited primarily from wirehouses, lures independent brokers from Advisor Group to its new “affiliate channel” with an alternate payout plan.

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Morgan Stanley building in Southern California

Morgan Stanley Lands $3.3 Million J.P. Morgan Trio in California

6/11/20 | Advisor Moves, News | 7 Comments

Family team at J.P. Morgan Securities overseeing $385 million responds to wirehouse’s revived appetite for recruiting.

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Financial Advisor sued

UBS Sues Houston Broker who Joined Morgan Stanley, Cites Inherited Accounts

6/11/20 | News | 12 Comments

Accuses Alexandra VanMeurs, whose team managed $420 million, of violating employment, training and account transition agreements by soliciting clients and moving $97 million since leaving last month.

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Edward Jones

Edward Jones Reopening Offices to Clients

6/10/20 | Coronacrash, News | 2 Comments

Almost three months after it suspended in-person client meetings, the St. Louis-based firm is allowing around 10% of its approximately 300 regions to re-open their doors to the public.

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James-Gorman-Morgan-Stanley-772x485

Morgan Stanley Wealth Profitability to Plunge But Worst Is Over: CEO

6/10/20 | Coronacrash, News | 10 Comments

Rock-bottom interest rates mean a loss of hundreds of millions of dollars and wealth profit decline, but Morgan Stanley’s Gorman is upbeat about recovery and expansion of wealth management.

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Online Financial Advisor

Merrill Eases Quota on Account Growth, Citing Coronavirus Issues

6/9/20 | Coronacrash, News | 4 Comments

To avoid 1% payout cut, Merrill lowers brokers’ new account requirement to three households for 2020, and one as of June 30, acknowledging impact of Covid-19 constrictions.

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Financial brokers leave UBS

UBS Brokers with $15-Mln Production Leave for Rockefeller, RBC and RayJay

6/5/20 | News | 9 Comments

Three teams, who all moved this week, had been managing more than $1.5 billion in client assets.

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Judge dismisses class action

Judge Dismisses Class Action Claim Against Merrill Sweep Program

6/5/20 | News

Rules that the firm’s disclosures about cash sweep rates were sufficient for self-directed Merrill Edge investors but leaves door open for a potential refiling on suitability issues.

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Merrill Lynch Exterior Sign and Logo

Merrill to Pay $7.2 Million for Mutual Fund Overcharges

6/4/20 | News | 3 Comments

Settles with Finra by agreeing to reimburse customers for failing to give fee rebates and sales charge waivers on mutual fund sales over six years.

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Portrait of investment advisor businesswoman sitting at office in front of computer and consulting with young professional man.

Wells Fargo Keeps C-Share ‘Trail’ Sale Policies Unchanged

6/3/20 | News

While wirehouse rivals have restricted brokers’ ability to collect mutual fund trail commissions in anticipation of Regulation Best Interest, Wells is comfortable with its current policies.

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Financial Advisor Reimbursements

UBS to Curtail Expense-Account Benefit Due to Virus Constraints

6/2/20 | Coronacrash, News | 4 Comments

Social-distancing rules preventing brokers from being reimbursed for unrealized T&E expense leads firm to discontinue deductions as of September.

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Rockefeller Capital Management hired Merrill Lynch team in Dallas Texas

Six-Million-Dollar Merrill Team in Dallas Joins Rockefeller

6/1/20 | Advisor Moves, News | 16 Comments

Firm advances its foray into Texas by hiring its second multi-million-dollar team in the Lone Star state in two weeks.

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Employee

Merrill Unveils a Glidepath for Client Associates to Become Advisors

5/29/20 | News | 9 Comments

Bank of America-owned broker creates new roles and titles to encourage sales associates to take on broader roles and consider becoming advisors.

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Businessman

Advisors Fret Over Expense Account Benefits in Social-Distance Era

5/29/20 | News | 2 Comments

Brokers are concerned they won’t be reimbursed for money deducted as a pretax benefit from their pay because of Covid-19 restrictions on trips, meals and other entertainment.

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Morgan Stanley

Wirehouse Wars: Morgan Stanley Hires Another “Top Woman” Advisor from UBS

5/28/20 | Advisor Moves, News | 8 Comments

Houston’s Alexandra VanMeurs was the second multi-million-dollar woman producer to join Morgan Stanley from UBS in the past week.

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FINRA

Stifel to Pay $3.6 Million for Unsuitable UIT “Switching” Sales

5/28/20 | News | 4 Comments

The Financial Industry Regulatory Authority’s crackdown on allegedly shoddy sales of Unit Investment Trusts hit Stifel Nicolaus on Thursday, which agreed to pay more than $3.6 million for issues related to premature UIT rollovers. 

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Holding on to Cash

Merrill Clients Stick to Cash Despite Rock-Bottom Rates

5/27/20 | News

Stock market gains haven’t changed Merrill clients’ retreat to low-yielding cash deposit accounts, says Merrill Wealth President Andy Sieg.

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John E. Waldron

Goldman Brakes Advisor Hiring Plans, Delays Digital Wealth Offering

5/27/20 | News

The coronavirus pandemic has caused Goldman to slow down plans to expand its wealth force and to introduce a new digital service for less wealthy investors.

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First Republic Bank

First Republic Lures $7-Million Morgan Stanley Private Wealth Team in NYC

5/22/20 | News | 2 Comments

Four advisors who were overseeing $1.3 billion left the wirehouse on Friday, ahead of the long holiday weekend.

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Skyline of Houston, Texas

Rockefeller Lands $4.5-Mln Alex. Brown Broker in Texas

5/22/20 | News | 1 Comment

The expanding New York firm led by former wirehouse executive Greg Fleming nabs its first Houston advisor and also on Friday hired a $1.5-million broker in Atlanta from Morgan Stanley.

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Renegades co-owner and ex-Merrill advisor Chris Roumayeh at a December 2019 event announcing Michigan's first Division I varsity esports team

Ex-Merrill Broker Suspended over Undisclosed “Esports” Gaming Business

5/21/20 | News

Finra fined and suspended a Michigan broker for 21-months for failing to notify the firm he was running a video gaming “esports” franchise along with a Merrill client.

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Finra

Finra Fines SunTrust for Unsuitable ETF Sales Practices

5/20/20 | News

Bank-owned broker dealer agrees to $634,000 settlement Finra over failure to supervise sale of non-traditional Exchange Traded Funds meant to be held no longer than a single day.

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jpmorgan-revamps-management-of-bank-branch-brokers

JPMorgan Revamps Management of Bank-Branch Brokers

5/20/20 | News | 1 Comment

The firm is realigning divisional and regional leadership as it separates Chase’s wealth management and brokerage operations from its consumer banking business.

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udge-upholds-rayjay-brokers-solicitations-cites-clients-needs-amid-volatility

Judge Upholds RayJay Brokers’ Outreach, Cites Clients’ Needs Amid Volatility

5/19/20 | News

Regions Bank loses motion for a preliminary injunction against $3.5-million Florida team who it had accused of opportunism in moving during the coronavirus crisis.

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wells-fargo-discharges-california-advisor-over-personal-cash-withdrawals

Wells Fargo Discharges California Advisor over Personal Cash Withdrawals

5/18/20 | News | 7 Comments

A best-in-state broker who Forbes says managed $350 million at a bank branch allegedly withdrew money from his bank account on six days in December to avoid anti-money laundering reporting requirements, Wells tells regulators.

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2-million-wells-fargo-team-joins-lpls-new-wirehouse-channel

$2-Million Wells Fargo Team Joins LPL’s New “Wirehouse” Channel

5/15/20 | Advisor Moves, News

New Jersey brokers are the second team to join LPL’s Strategic Wealth Services channel aimed at brokers from large employee-model firms.

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Silicon Valley

Former UBS West Coast Manager Meraz Joins Merrill

5/15/20 | News | 3 Comments

Ron Meraz, who had been a regional and complex manager at UBS since 2008, has moved north from Los Angeles to oversee Merrill’s Silicon Valley offices.

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Tom Buck

Ex-Merrill Star Tom Buck Petitions for Early Prison Release

5/14/20 | News | 6 Comments

Former Indiana broker who is serving 40 months for securities fraud says his medical history puts him at high risk of complications from covid-19 if he remains imprisoned.

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virus-relief-edward-jones-offers-cash-advances-to-brokers

Virus Relief: Edward Jones Offers Cash Advances to Brokers

5/12/20 | News | 12 Comments

To help brokers sustain themselves during Covid-19 economy, firm servicing middle-class investors offers zero-interest loans to brokers whose production has sunk below 80% of trailing-12 month average.

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edward-jones-advisor-attrition-could-increase-as-virus-cuts-productivity

Edward Jones: Advisor Attrition Could Increase as Virus Cuts Productivity

5/11/20 | Coronacrash, News | 5 Comments

The economic impact of Covid-19 affecting all firms could be particularly harmful to the careers of Edward Jones’ largely homegrown workforce of single-office advisors servicing middle-class Americans.

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wirehouse-wars-morgan-stanley-hires-merrill-manager-in-boston

Wirehouse Wars: Morgan Stanley Hires Merrill Manager in Boston

5/8/20 | Advisor Moves, News | 8 Comments

Cheryl Vozzella, a Bank of America and Merrill Lynch veteran, has taken the reins of a Morgan Stanley branch in Boston with more than 100 advisors producing about $200 million in revenue.

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Veteran wirehouse executive Robert Mulholland (via Steward Partners)

Veteran Wirehouse Executive Mulholland Joins Board of Independent Firm

5/7/20 | News | 10 Comments

The former head of Merrill Lynch and UBS Financial’s sales forces will now hawk the virtues of independence at Steward Partners.

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j-p-morgan-hires-merrill-manager-to-run-atlanta-shifts-chicago-complex-head

J.P. Morgan Hires Merrill Manager to Run Atlanta, Shifts Chicago Complex Head

5/6/20 | News | 1 Comment

Gina Sorrells takes reins of J.P. Morgan’s Atlanta region after overseeing seven Merrill branches in Virginia, while Mike Maron relinquishes Chicago regional post for a regulatory policy role in New York.

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hightower-takes-stake-in-1-4-billion-aum-ohio-advisory-firm

Hightower Takes Stake in $1.4 Billion-AUM Ohio Advisory Firm

5/5/20 | News

The deal is the second investment this year for the Chicago-based firm at a time when M&A transactions are in decline.

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UBS Bank

Virus Relief: UBS Delays Higher Comp Hurdles for Team Bonuses and Clubs

5/4/20 | Coronacrash, News | 11 Comments

Delays for three months higher revenue hurdles to qualify for team-production pay and eliminates plan raise criteria this year for “recognition” trips and other “council” perqs.

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brokers-at-wells-morgan-stanley-come-and-go-in-crisis-atmosphere

Brokers at Wells, Morgan Stanley Come and Go in Crisis Atmosphere

5/1/20 | Advisor Moves, Coronacrash, News | 2 Comments

Morgan Stanley nabs Merrill broker in Georgia, Wells hires Morgan Stanley broker in Texas while losing a branch manager there to independence.

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rbc-hires-merrill-team-in-jersey-managing-472-million

RBC Recruits Merrill Team in Jersey Managing $472 Million

4/30/20 | Advisor Moves, Coronacrash, News | 23 Comments

The move is the third within a week that the Royal Bank of Canada unit confirmed amid the chaos of the coronavirus crisis.

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merrill-miami-broker-shifts-to-a-boutique-wells-banker-joins-rbc-in-chicago

Merrill Miami Broker Shifts to a Boutique, Wells Banker Joins RBC in Chicago

4/29/20 | Advisor Moves, News | 2 Comments

Thundering Herd advisor joins firm founded by Merrill veterans while RBC nets a former Goldman wealth advisor who had been with Wells less than four years.

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UBS Bank

UBS Americas Books Record Profit in Event-Battered Quarter

4/28/20 | Coronacrash, News

Smaller base of brokers brought in $3.3 billion of net new assets as clients looked for yield in structured products, while asset-based fees were calculated on quarter-opening balances before the economy halted.

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judge-kills-tro-against-rayjay-team-saying-old-employer-misled-him

Judge Kills TRO Against RayJay Team, Saying Former Employer Misled Him

4/27/20 | News | 4 Comments

Federal judge in Florida says Regions Bank misleadingly said it was responsible for originating most of $3.8-million team’s book and inaccurately portrayed clients’ loyalty to them.

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cetera-cuts-recruiting-operations-execs-amid-pandemic

Cetera Cuts Recruiting, Operations Execs Amid Pandemic

4/23/20 | News | 3 Comments

Cetera Financial Group, the 8,000-advisor independent broker whose credit outlook was downgraded recently, has cut several senior managers in recent weeks amid a broad “organizational realignment.”

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Judge-enforces-14-day-non-solicitation-ban-against-new-Raymond-James-brokers-who-allegedly-used-their-former-firm’s-confidential-data-to-solicit-clients

Regions Wins TRO Against $3.5-Mln RayJay Duo in Florida

4/22/20 | News | 3 Comments

Judge enforces 14-day non-solicitation ban against new Raymond James brokers who allegedly used their former firm’s confidential data to solicit clients.

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Rich Steinmeier, managing director and head of business development for LPL Financial

LPL Opens New ‘Channel’ Aimed at Wirehouse Brokers

4/22/20 | Advisor Moves, News | 2 Comments

LPL’s ‘Strategic Wealth Services’ platform provides more operational support at slightly lower payouts to advisors than its conventional offering.

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The MidTown Wealth Management Group, including (left to right) Gregory Fuerst, Michael Korb, Carl Helleberg, Beverly Hebenstreich, Kristan Janssen, Barbara Frenz, John Welsch, who joined RBC on April 1.

RBC Hires Team Managing $688 Million at Wells Fargo

4/20/20 | Advisor Moves, Coronacrash, News | 4 Comments

The wirehouse team is at least the second to join RBC in Wisconsin this year, following a $1.8-billion former Merrill Lynch team that joined in Green Bay in February.

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Merrill to Pay Investors $325,000, Concluding SEC’s Mutual Fund Self-Disclosure Plan

Merrill to Pay Investors $325,000, Concluding SEC’s Mutual Fund Self-Disclosure Plan

4/19/20 | News

Merrill and two others settle charges of selling mutual fund shares with expensive 12b-1 fees, concluding U.S. program that granted leniency to firms that self-reported their violations.

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wells-fargo-taps-ubs-vet-goldfader-for-l-a-management-post

Wells Fargo Taps UBS Vet Goldfader for L.A. Management Post

4/17/20 | Advisor Moves, News | 9 Comments

Michael Goldfader, who left UBS as part of a reorganization in December, will run southern California operations of a new high-net-worth group within Wells.

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morgan-stanley

Morgan Stanley Wealth Braces for Headwinds After Strong Q1

4/16/20 | Coronacrash, News | 5 Comments

Officials said virus-influenced asset declines and interest rate cuts will handicap earnings following a record revenue quarter (excluding accounting adjustments).

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Merrill Lynch

Merrill Unveils Reg BI Policy Changes, Including “C” Share Sale Restrictions

4/16/20 | News | 3 Comments

Firm also will cap front-end fund loads, restrict buyers of structured notes and market-linked products and create uniform commissions by fund styles.

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Royal Bank of Canada

RBC Suspends Penalty on Small Accounts, Citing Market Disruption

4/15/20 | Coronacrash, News | 4 Comments

The firm is temporarily backtracking on a policy implemented in November to eliminate payouts on sub-$100,000 accounts.

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client-associate-sues-edward-jones-over-age-discrimination

Client Associate Sues Edward Jones over Age Discrimination

4/13/20 | News | 9 Comments

A former branch office administrator alleges that she faced retaliation after reporting allegedly dismissive remarks from her boss.

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navy-reservist-to-repay-1-9-mln-to-morgan-stanley-but-presses-dismissal-claim

Navy Reservist to Repay $1.9 Mln to Morgan Stanley But Presses Dismissal Claim

4/9/20 | News

Arbitrator says former broker in Illinois must honor promissory note obligations but permits a separate military discrimination claim outside to proceed.

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Blyth & Associates Financial Services is led by Bill Blyth (first row, left ), who joined LPL from Securities America with his team on March 27.

LPL Lures $350 Million-Asset Team from Securities America After 25 Years at Rival

4/7/20 | Advisor Moves, News

Chicago broker, 68, says he left his longtime broker-dealer out of concern about its parent company’s sale to a private equity firm.

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ubs-gives-advisors-the-option-to-cover-support-staff-bonuses

UBS to Advisors: Consider Paying Virus Bonuses to Support Staff

4/6/20 | Coronacrash, News | 24 Comments

Advisors this month will be able to make a one-time payment from their own earnings to associates who are facing challenges as a result of the coronavirus remote-work situation.

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regulators-watch-margin-call-explosion-trading-system-outages

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

Rockefeller Hires Former First Republic Recruiter Brian Riley

4/2/20 | Advisor Moves, News | 7 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

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

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

3/31/20 | Coronacrash, News | 38 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

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

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

3/25/20 | Advisor Moves, News

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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veteran-ubs-manager-meraz-to-exit-in-l-a-firm-hires-vegas-duo-from-merrill

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

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

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

3/19/20 | Coronacrash, News | 4 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-

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

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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leveraging-sows-ear-markets-into-silk-purses

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 | 5 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-

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

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-

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

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-Fargos-79-Mln-Deferred-Comp-Settlement-

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

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

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-

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

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

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

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-Broker-Goes-Independent-

$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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etrades-ria-custody-business-faces-uncertain-fate

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-Sells-Etrade-Deal-To-Advisors

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

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

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

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

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

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

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

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

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-772x485

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-

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

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

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

Veteran Morgan Stanley California Manager Cynthia Newman to Leave

1/9/20 | News | 6 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

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

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

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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udge-Dismisses-Suit-To-Block-Schwab-Purchase-Of-Td-Ameritrade-

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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FINRA

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

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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Ubss-Sales-Reorg-Creates-Branch-And-Complex-Ripples

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

LPL Affiliate Stratos Lands Practices in Connecticut, Utah

12/16/19 | News | 2 Comments

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

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

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-772x485

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-as-competitors-circle

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-Banks-Ria-Channel-

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-772x485

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-772x485

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-772x485

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-772x485

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

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

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

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-Brokers-Excessive-Trading

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

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

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

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-

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

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

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

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

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

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

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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Merrill-Edge-Wont-Mimic-Schwabs-Zero-Commission-Offer-Executive

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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its-official-brokers-have-tempered-their-wanderlust

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

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

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

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-Wont-Compete-With-Advisors

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

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

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

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

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

Morgan Stanley Hires Merrill Pair from Private Wealth Mega-Team

9/16/19 | Advisor Moves, News | 4 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

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

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

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

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

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

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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Schwabs-Retail-Head-Kallsen-Leaves-With-4-1-Million-Package

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

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

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

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

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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Merrill-Lynch-Dwyer

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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JPMorgan

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-

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

Fired Multi-Million-Dollar Merrill Broker Joins Oppenheimer

8/20/19 | Enforcement, News | 23 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-Brokers-Termination-Record

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

$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

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

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

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

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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Bbt-Suntrust-Promise-Bonuses-To-40000-Employees-After-Merger-Closes

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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ndependents-Steward-And-Sanctuary-Hire-Brokers-From-Merrill-Ubs

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

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-But-Profit-Dented-By-Expenses

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

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-Profits-Climb

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

$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 | 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

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

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 | 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

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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