Articles by Mason Braswell
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RayJay to Name Wirehouse Vet Bert White to Run Expanded Florida Complex

RayJay to Name Wirehouse Vet Bert White to Run Expanded Florida Complex

4/24/17 | News

Ex-Morgan Stanley/Smith Barney manager will be tapped to revive far-reaching branch group, some of which are leaderless after anti-money-laundering settlement.

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Morgan Stanley’s Friday Bingo: Merrill and Wells Brokers Join in Greater NYC

Morgan Stanley’s Friday Bingo: Merrill and Wells Brokers Join in Greater NYC

4/21/17 | Advisor Moves

$1.7-million advisor in New York City and $700K advisor in New Jersey move their solo practices.

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Morgan Stanley Taps New Boss at New York City Branch

Morgan Stanley Taps New Boss at New York City Branch

4/20/17 | News

Dwayne Barberis takes over a midtown Manhattan office after abrupt departure of his predecessor.

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Expunging Customer Complaints Becomes More Complicated

Expunging Complaints Becomes More of a Crapshoot

4/20/17 | News

Arbitrator allows a UBS broker to clear his name, citing “factually impossible” complaint, but it’s not always so simple.

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Focus Financial Gets Another Recap from More Private Equity Firms

Focus Financial Gets Another Recap from More Private Equity Firms

4/19/17 | News

KKR and Stone Point Capital buy majority stake in the advisory firm rollup, valuing Focus at some $2 billion.

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Edward Jones Sweetens the Pot for Experienced Brokers

Ed Jones Sweetens the Pot for Experienced Brokers

4/18/17 | News

Offers asset-based bonuses and guaranteed compensation match to execute culturally revolutionary new strategy, but skeptics abound.

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After Strange Dismissal, Morgan Stanley Star Alights at Merrill Lynch

After Strange Dismissal, Morgan Stanley Star Alights at Merrill Lynch

4/17/17 | News

Head of San Francisco team who had been with her former firm since 2001 was dismissed for “misuse of telephone caller identification information.”

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Raymond James Paying $150 Million to Settle Ski Resort Fraud Case

Raymond James to Pay $150 Million to Settle Ski Resort Fraud Case

4/13/17 | News

Settlement with SEC receiver ends five lawsuits hanging over the brokerage firm related to claims that it abetted massive fraud against foreign investors.

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Wells Fargo Advisor Headcount Down 3% in Aftermath of Bank Scandal

Wells Fargo Advisor Headcount Down 3% in Aftermath of Bank Scandal

4/13/17 | News

Firm has lost a net 429 retail brokers in the last two quarters while money in Wells proprietary funds is off 12% from a year ago.

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Sign of the Times: Merrill Follows Ed Jones on Recruiting

Sign of the Times: Merrill Follows Ed Jones on Recruiting

4/11/17 | News

Merrill focuses on career changers while Edward Jones launches campaign to hire veteran brokers.

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Did You Hear the One About the Merrill Broker Who Became a Lead Generator?

Did You Hear the One About the Merrill Broker Who Became a Lead Generator?

4/10/17 | Enforcement, News

Finra suspends one former Merrill FA in Arizona who tried hawking clients’ names to another broker and a former associate in Georgia who took client-signature shortcuts.

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HighTower Could Grow AUM 20% with WealthTrust Deal

HighTower Could Grow AUM 20% with WealthTrust Deal

4/7/17 | News

Chicago-based “roll-up” expects to add $6.5 billion from ten firms.

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Fired Billion-Dollar Merrill Broker Resurfaces at Boston Firm

Fired Billion-Dollar Merrill Broker Resurfaces at Boston Firm

4/6/17 | News

Sandy Galuppo, terminated in October for alleged expense account improprieties, has registered with WFS LLC.

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Merrill Seeks Denial of Complex Manager’s Homophobia Suit

Merrill Seeks Denial of Complex Manager’s Homophobia Suit

4/6/17 | News

Firm asks Los Angeles judge to deny discrimination claim filed by David Hunt, who was with the firm for 23 years.

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HighTower’s Top Recruiter Shifts Role

HighTower’s Top Recruiter Shifts Role

4/5/17 | News

Michael Parker, chief development officer of Chicago-based advisory rollup, to become consultant, according to multiple sources.

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SunTrust Recruits Pair of Brokers from RayJay’s Alex. Brown

4/5/17 | Advisor Moves

Todd Ryman and Will Rhodes in Atlanta were managing around $200 million of client assets.

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Schwab Sues RIA Client in Non-Solicitation Spat

Schwab Sues its Own RIA Client in Non-Solicitation Spat

4/4/17 | News

Schwab accused the advisory firm of trying to steal clients when it hired a former broker from Schwab’s branch network.

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Another Merrill Lynch Lifer Leaves Venerable “SD” Branch in New York City

Another Merrill Lifer Leaves Venerable “SD” Branch in New York City

4/3/17 | Advisor Moves

Andrew LeBlanc leaves financial district flagship for a “family office,” bringing count of emigrants from the financial district branch since December to at least 11 advisors.

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Ed Jones Bares Teeth Chasing Texan Who Jumped Ship

Ed Jones Bares Teeth Chasing Texan Who Jumped Ship

3/31/17 | News

Seeks $1 million and from broker who took client contact information to a rival firm.

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Morgan Stanley Midtown Manhattan Manager Turetzky Departs Abruptly

Morgan Stanley Midtown Manhattan Manager Turetzky Departs Abruptly

3/30/17 | News

After 17 years, veteran leaves without explanation.

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Merrill Lynch Escalates Recruiting Battle with Morgan Stanley

Merrill Escalates Recruiting Battle with Morgan Stanley

3/30/17 | Advisor Moves

Amid a steady exodus in recent months, Merrill picks off Los Angeles veteran from rival.

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Merrill’s Sieg Centralizes, Cutting Sales Regions to Six from Ten

3/29/17 | News

Citing need to create the “feel of a smaller, more tightly integrated firm,” new boss integrates divisions and creates new “community markets” group to service some 150 smaller offices.

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Testing the Protocol, Merrill Lynch Sues Team Members Who Left with Client Data

Testing the Protocol, Merrill Sues Team Members Who Left with Client Data

3/29/17 | News

A “relationship manager” and an analyst who left a large team in Miami are not protected by the Protocol for Broker Recruiting, brokerage firm says.

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Finra Mulls Best-Interest Standard for Brokers: CEO

Finra Mulls Best-Interest Standard for Brokers: CEO

3/28/17 | News

The self-regulator could step in if the SEC fails to mandate a stronger customer-care rule for brokers, Robert W. Cook said.

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UBS Wealth Americas Shifts Management Roles

UBS Wealth Americas Shifts Management Roles

3/27/17 | News

Product maven Paul Hatch swaps post with Northeast sales division head Jason Chandler.

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Merrill Bleeds More Brokers at HQ Office, to Morgan Stanley’s Benefit

3/27/17 | Advisor Moves

Departure comes as firm unveils new national “bullish” ad campaign.

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UBS Hires $1.2 Million Merrill Producer in Rochester

UBS Hires $1.2 Million Merrill Producer in Rochester

3/24/17 | Advisor Moves

Broker was attracted by fewer marketing restrictions and less channel conflict at the rival wirehouse, a source said.

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Dawn Bennett Ordered to Pay Investor $1 Million over Gold Recommendation

Dawn Bennett Ordered to Pay Investor $1 Million over Gold Recommendation

3/23/17 | News

Arbitrators hold the embattled investment advisor and affiliated broker-dealer liable for unsuitable ETF investment and failure to supervise.

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Raymond James Sidelines Florida Manager Tied to Major Fraud Case

3/22/17 | News

Frank Amigo, manager of firm’s South Florida complex, allegedly helped a broker arrange margin loans for client accused of $200 million Ponzi scheme.

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Merrill Lynch Broker with Int’l Biz Starts RIA in Manhattan

High-End Merrill Broker in Manhattan Sets Up Independent Advisory Firm

3/21/17 | News

After 13 years, Xerxes Mullan leaves Private Banking and Investment Group with five associates to build a family office for entrepreneurs.

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UBS Wealth Americas Slashed New Broker Hires by 54% in 2016

UBS Wealth Americas Slashed New Broker Hires by 54% in 2016

3/20/17 | News

Overall advisor ranks fell 2% as new president Naratil executes plan to cut expensive recruiting wars.

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SEC Cracks Down on Wrap Account Abuses

SEC Cracks Down on Wrap Account Abuses

3/17/17 | News

Regulatory actions focus on undisclosed commission charges in fee-based programs.

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Fired by Wells, Veteran Broker Three Years Later Is Suspended by Finra

Fired by Wells, Veteran Broker Three Years Later Is Suspended by Finra

3/16/17 | News

Former broker who kited checks and lost battle to keep $900K hiring bonus gets three-month time-out from industry regulator.

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Andy Sieg, Merrill’s New Leader, Riles Executive Ranks

Andy Sieg, Merrill’s New Leader, Riles Executive Ranks

3/15/17 | News

Riley Etheridge, who ran client sales, product and advisor training areas under former head John Thiel, retires, along with Sieg’s older brother.

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Forget About 60 Days, Firms Push for Six-Month Delay in DOL Rule

Forget About 60 Days, Firms Push for Six-Month Delay in DOL Rule

3/15/17 | News

Raymond James CEO, UBS’s head of managed accounts and others in the industry argue for at least six more months to prepare for rule’s implementation.

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Honored Ameriprise Manager Abruptly Joins LPL Firm

Honored Ameriprise Manager Abruptly Joins LPL Firm

3/13/17 | Advisor Moves

Less than a year after being named a top ten branch manager by a national magazine, a Florida broker goes to work for a local RIA and registers as Uber driver.

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Charles Schwab, Echoing Wirehouses, Pursues Broker Who Jumped to Competition

Schwab, Echoing Wirehouses, Pursues Broker Who Jumped to Competition

3/13/17 | News

The discount brokerage giant says Wisconsin man took list of “HNW” clients with him to Fidelity Investments.

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Fired Septuagenarian Merrill Broker Files Discrimination Suit

Fired Septuagenarian Merrill Broker Files Discrimination Suit

3/10/17 | News

Lifelong 49-year employee in California claims his dismissal last year for “selling away” was “ruse” to get his accounts after he refused to retire.

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SEC Fines Voya Financial $3.1 Million for Failing to Disclose Payments

SEC Fines Voya Financial $3.1 Million for Failing to Disclose Payments

3/9/17 | Enforcement

Registered investment advisor, formerly known as ING Financial Partners, was paid by clearing firm to promote its no-transaction-fee fund platform.

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Brokerage Industry Rallies Employees to Push for DOL Rule Delay

Brokerage Industry Rallies Employees to Push for DOL Rule Delay

3/8/17 | News

In an effort to mobilize the “grassroots,” LPL Financial sends its 14,100 affiliated brokers a trade group-coordinated way to instantly send comments.

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Fast-Growing Advisory Firm Steward Partners Suffers Partner Clash

Fast-Growing Advisory Firm Steward Partners Suffers Partner Clash

3/7/17 | News

Executive chairman Michael Maurer leaves three-year-old, nine-office hybrid RIA cofounded with former Smith Barney partner.

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Merrill Early Mover Gaffe? DOL Policy Prompts 11 NY-Area Departures

Merrill Early Mover Gaffe? DOL Policy Prompts 11 NY-Area Departures

3/6/17 | Advisor Moves

Six went Friday to Morgan Stanley, which has flaunted a less restrictive retirement account policy for brokers than has Merrill.

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Former Wirehouse Broker Pleads Guilty to Investment Advisor Fraud

Former Wirehouse Broker Pleads Guilty to Investment Advisor Fraud

3/3/17 | Enforcement

Faces up to five years in prison for stealing more than $1.5 million from clients through trust raids and management fees well above his promised range of 1-1.5%.

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Merrill Nabs Morgan Stanley Michigan Star with $8-Mln Production

Merrill Nabs Morgan Stanley Michigan Star with $8-Mln Production

Keith Rowling, 35, was top producer at Morgan Stanley complex in Birmingham.

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Morgan Stanley, UBS Chip Away at Multi-Billion Recruiting Loan Balances

Morgan Stanley, UBS Chip Away at Multi-Billion Recruiting Loan Balances

3/2/17 | News

Balances on recruiting and retention loans to financial advisors dropped around 4% to 5% last year at both firms, according to filings.

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Another Pair of Merrill Lynch ‘Lifers’ in NYC Leave Over Retirement Account Changes

Another Pair of Merrill ‘Lifers’ in NYC Leave Over Retirement Account Changes

3/1/17 | Advisor Moves

Two solo practitioners with 40 years of Merrill experience between them hop from flagship Manhattan branch to Morgan Stanley.

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Morgan Stanley Flubbed Cost-Basis Tax Reports to Customers, Reserves $70M

Morgan Stanley Flubbed Cost-Basis Tax Reports to Customers, Reserves $70M

2/28/17 | News

Amount will cover both over- and underpayments clients made to the IRS because of incorrect data sent to a “significant number” of clients.

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$2.4 Million Broker Jumps to RayJay after 24 Years at Wells Fargo

$2.4 Million Broker Jumps to RayJay after 24 Years with Wells Fargo

2/27/17 | Advisor Moves

South Carolina’s Preston Covington, former Interstate Johnson Lane branch manager, says Florida firm’s culture ‘just felt right.’

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Jones Broker Who Bet on Ponies Ripped Off Elderly Client, Finra Says

Jones Broker Who Bet on Ponies Ripped Off Elderly Client—Finra

2/24/17 | Enforcement

Accuses Oklahoma advisor of filling out a blank check for $22,000 from a customer with dementia, picking up another $22,000 in cash from him.

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Merrill Lowers the Ceiling on Advisory Fees

Merrill Lowers the Ceiling on Advisory Fees

2/24/17 | News

Maximum on sub-$1 million accounts falls to 2.2% from 2.7%.

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Top Morgan Stanley Broker in Nevada Breaks Away after Almost 30 Years

Top Morgan Stanley Broker in Nevada Breaks Away after Almost 30 Years

2/17/17 | Advisor Moves

“Presidents Club” broker who joined Morgan Stanley in 1988 left on Friday to start his own firm.

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DOL Labor Nominee Acosta Is ‘Blank Slate’ on Fiduciary Rule

Labor Nominee Acosta Is ‘Blank Slate’ on Fiduciary Rule

2/17/17 | News

Supporters of conflict-of-interest rule are pessimistic about his ability to delay a rollback even if he wanted to.

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One of Merrill’s Top Field Officers Takes a Leave

One of Merrill’s Top Field Officers Takes a Leave

2/14/17 | News

Jim Dickson, head of the wealth management giant’s Indiana-based Greater Midwest division, is on an indefinite leave of absence.

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First Republic Picks Off Hollywood Star, This Time from UBS

First Republic Picks Off Hollywood Star, This Time from UBS

2/13/17 | Advisor Moves

After marauding through Merrill, San Francisco bank hires UBS Private Wealth broker in southern California who reportedly produces $3.8 million.

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Merrill Client Sued for $14.6 TRILLION, Arbitrators Scoff

Merrill Client Sued for $14.6 TRILLION, Arbitrators Scoff

2/9/17 | Enforcement

Customer in Cleveland complained about deceptive and deficient account information but provided no details, arbitrators rule.

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Mike Tyson’s Former Advisor Pleads Guilty to Stealing $1 Million

Mike Tyson’s Former Advisor Pleads Guilty to Stealing $1 Million

2/7/17 | Enforcement

Ex-advisor also ripped off NBA stars Dikembe Mutombo and Glen Rice, court papers show.

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DOL Firm by Firm: LPL to Keep Ban on “Direct” Fund Investing

DOL Firm by Firm: LPL to Keep Ban on “Direct” Fund Investing

2/6/17 | News

Citing the need to “know our investors,” the independent brokerage giant sticks with plan to end brokers’ ability to buy mutual fund shares directly even if fiduciary rule changes.

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AWOL Wirehouse Broker from New Jersey Arrested in Nevada

AWOL Wirehouse Broker from New Jersey Arrested in Nevada

2/6/17 | Enforcement

Barry Connell, a 16-year veteran of Morgan Stanley and UBS who has been on the lam since last summer, is charged by the U.S. Attorney and SEC with stealing $5 million from clients.

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Ameriprise, Sticking with 12b-1 Fee Ban, Loses Some Brokers

Ameriprise, Sticking with 12b-1 Fee Ban, Loses Some Brokers

2/2/17 | News

Firm may retract some planned sales restriction if DOL fiduciary rule is delayed or discarded, but is sticking by plan to curtail mutual fund shares that pay ongoing trails.

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Advice to Advisors: Read Your U5s Carefully

Advice to Advisors: Read Your U5s Carefully

1/30/17 | News

Ex-Morgan Stanley advisor spent just $3,500 to defend her good name, and paid no lawyer fees.

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UBS Terminates Longtime Virginia Broker for Trading Abuses

UBS Terminates Longtime Virginia Broker for Trading Abuses

1/27/17 | News

After 39 years at UBS Wealth and predecessor firms, a $2-million producer leaves after allegations of unsuitable client trading.

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DOL Fiduciary Rule Helps UBS Rein In Recruiting Costs

DOL Fiduciary Rule Helps UBS Rein In Recruiting Costs

1/27/17 | News

Swiss banking giant says its U.S. brokerage unit’s costs are falling as it backs away from hiring wars.

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Broker Who Illegally Bailed Out a Client Gets Second Chance

Broker Who Illegally Bailed Out a Client Gets Second Chance

1/25/17 | News

New employer says Florida broker who left Morgan Stanley and was suspended by Finra had good intentions.

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Morgan Stanley Boots Acclaimed New York City Broker

Morgan Stanley Boots $6-Million New York City Producer

1/24/17 | News

Firm cites “concerns” about discretionary trading and investment strategy of Michael Paesano and two other members of his five-person team.

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Greg Fleming, Ex-Morgan Stanley Wealth Boss, Joins Small B/D

Greg Fleming, Ex-Morgan Stanley Wealth Boss, Joins Small B/D

1/20/17 | News

A month after his nonsolicitation agreement expired, the former Morgan Stanley and Merrill Lynch executive joins Axiom Capital Management in New York City.

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LPL Poster Child Ron Carson Seals Move to Rival Indie Broker

LPL Poster Child Ron Carson Seals Move to Rival Indie Broker

1/19/17 | Advisor Moves

After two months of rumors that he was ending his 27-year relationship with LPL, the big producer jumps to a rival independent firm.

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Morgan Stanley Eases Out Complex Manager in Florida

Morgan Stanley Eases Out Complex Manager in Florida

1/19/17 | News

Bert White, a longtime field general with a Smith Barney lineage, lost his post in regional restructuring.

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Former Merrill “International” Brokers Drop Class-Action Claim

Former Merrill “International” Brokers Drop Class-Action Claim

1/18/17 | News

Lawyer says he will pursue “numerous” individual claims in arbitration instead.

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Robert Baird to Pay Wells Fargo $25 Million over “Wichita Raid”

Robert Baird to Pay Wells Fargo $25 Million over “Wichita Raid”

1/17/17 | News

Arbitration panel upholds claim that regional firm’s hiring of six brokers in a new market violated regulator’s rules of conduct.

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SEC Fines Morgan Stanley $13 Million for Billing, Compliance Errors

SEC Fines Morgan Stanley $13 Million for Billing, Compliance Errors

1/13/17 | News

Firm overcharged clients $16 million over 14 years due to “inadvertent” errors, regulator said.

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Wells Fargo Lost Over 200 Brokers in Fourth Quarter

Wells Fargo Lost Over 200 Brokers in Fourth Quarter

1/13/17 | News

Recruiters and managers at the firm say hiring dropped off as banking scandal unfolded.

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Citi Pays $23.5 Million Tied to Overcharges on Smith Barney Fund Programs

Citi Pays $23.5 Million Tied to Overcharges on Smith Barney Fund Programs

1/12/17 | News

Reimbursement of $22.5 million will go to 47,000 customers legacy Smith Barney managed accounts.

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Fired JP Morgan Whistleblower Wins Wrongful Dismissal Claim

Fired JP Morgan Whistleblower Wins Wrongful Dismissal Claim

1/11/17 | News

Federal agency rules that JP Morgan owes Arizona-based advisor Johnny Burris back-pay, punitive damages and expungement of his regulatory record.

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Morgan Stanley Reorganizes Wealth Management Sales Structure

Morgan Stanley Reorganizes Wealth Management Sales Structure—Memo

1/11/17 | News

Brokerage firm to eliminate New England and Northwest regions, shifting San Francisco-based Michael Struckman and bidding farewell to Rick Ryan in Boston.

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SEC Bars John Rafal, Former Top Barron’s Connecticut Broker

SEC Bars John Rafal, Former Top Barron’s Connecticut Broker

1/10/17 | News

Veteran advisor settles referral fee case but faces federal criminal charge of obstructing investigation.

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Robertson Stephens Loses Its Boston Team

Robertson Stephens Loses Its Boston Team

1/9/17 | News

Joe Piazza’s attempt to resurrect famed San Francisco advisory firm appears to stumble with departure of former wirehouse broker’s decision to form his own RIA.

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Morgan Stanley Wealth International Boss Walks Out

Morgan Stanley Wealth International Boss Walks Out

1/6/17 | News

Firm confirms that James Jesse resigned on Thursday.

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Raymond James and Former Employee Settle ‘Animal House’ Complaint

Raymond James and Former Employee Settle ‘Animal House’ Complaint

1/5/17 | News

Woman who advised brokers on succession planning has resolved her sexual harassment claim.

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UBS Fights Back Against Landmark $18.5 Million Puerto Rico Award

UBS Fights Back Against Landmark $18.5 Million Puerto Rico Award

1/4/17 | News

Firm asks court to vacate Finra arbitration decision because of two arbitrators’ failure to fully disclose their litigation history.

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Wells Fargo Advisors to Pay $35.5 Million to Settle Race Discrimination Suit

Wells Fargo Advisors to Pay $35.5 Million to Settle Race Discrimination Suit

1/3/17 | News

Also agrees to recruit more African American brokers, establish an expense-account pool for them and seek more minority candidates for management positions.

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Stifel Raises Core Monthly Pay Hurdle by 20%

Stifel Raises Monthly Pay Hurdle by 20%

12/23/16 | News

Brokers must generate $2,000 more of fees and revenue each month before payout climbs from 25% to 50%.

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Magnifying Glass

$273 Expense Claim Topples Morgan Stanley Broker

12/22/16 | News

Two-decade veteran in Idaho is latest in spate of terminations related to reimbursement requests by brokers eager to exploit a tax-related benefit.

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Regulator Fines Maryland Advisory Firm $800,000 for Fraud Tied to CEO Suicide

Regulator Fines Maryland Advisory Firm $800,000 for Fraud Tied to CEO Suicide

12/21/16 | News

Convergent Wealth Management found liable by Commodities Futures Trading Commission for former executive’s outside fund operation.

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Dawn Bennett Loses Another Battle in Crusade to Circumvent SEC

Dawn Bennett Loses Another Battle in Crusade to Circumvent SEC

12/19/16 | News

Federal appeals court turns down embattled radio show host’s challenge to the agency’s administrative law process.

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Wells Fires Southern California Complex Manager and Broker

Wells Fires Southern California Broker and His Complex Manager

12/16/16 | News

Newport Beach advisor couldn’t defend aggressive trading patterns when questioned by regulators, sources said.

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Merrill Lynch Trims Brokers’ Ability to Waive Customers’ Administrative Fees

Merrill Trims Brokers’ Ability to Waive Customer Fees

12/13/16 | News

So-called account processing fee waivers tied to broker production levels disappear from 2017 compensation plan.

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Big-Bank Grinches Steal Christmas (Again)

Big-Bank Grinches Steal Christmas (Again)

12/13/16 | News

Wells Fargo tells brokers to pick up the postage on holiday cards, Merrill and Morgan Stanley nix party budgets.

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Expense Reports Fell Another Wirehouse Broker

Expense Reports Fell Another Wirehouse Broker

12/12/16 | News

Morgan Stanley pressured Charles A. May, reputedly the highest producer in his Georgia branch, to leave, sources said.

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Firms “Weaponize” U5 Termination Filings

Firms “Weaponize” U5 Termination Filings

12/9/16 | News

Inaccurate or incomplete disclosures taint brokers during transition, attorneys say.

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Businesspeople laughing

LPL Star Broker Ron Carson Declares Fealty to the Firm

12/7/16 | News

Nebraska-based independent broker denies reports he will take practice to Cetera after more than 25 years with LPL.

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Merrill Lynch’s New Pay Plan Raises Bank-Referral Requirements

EXCLUSIVE: Merrill’s New Pay Plan Raises Bank-Referral Requirements

12/6/16 | News

Compensation plan leaves payout grid from 2016 unchanged but doubles down on Bank of America referral quota.

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Morgan Stanley Team Jumps to Wells Fargo FiNet

Morgan Stanley Team Jumps to Wells Fargo FiNet

12/6/16 | Advisor Moves

Bethesda, Md.-based brokers generated $2.3 million in production.

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LPL Financial chief executive Mark Casady

LPL Chairman and CEO Mark Casady to Take Early Retirement

12/5/16 | News

President Dan Arnold to replace him in January as the independent brokerage embarks on the ground-shaking transition to DOL fiduciary rule compliance.

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Ex-Morgan Stanley Broker Barred Over NFL Ticket Scam

Ex-Morgan Stanley Broker Barred Over NFL Ticket Scam

11/30/16 | Enforcement

Finra charges 25-year industry vet with seeking more than $5,000 of reimbursement on tickets that he sold to third parties.

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stack-papers-international-772x485

Merrill “International” Brokers Bulk Up Class-Action Claim

11/28/16 | News

Amended class-action lawsuit claims that top Bank of America executives misled them about plans to serve global retail clients.

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boston-sandy-galuppo-772x459

Merrill Boots $1.4-Billion Boston Broker over Expense Account Filing

11/22/16 | Enforcement

Firm “lost confidence” in 21-year veteran who allegedly sought repayment of personal expenses.

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gavel and money

Finra Orders Oppenheimer to Pay $3.4 Million in Fines and Restitution

11/17/16 | News

In latest of series of sanctions, regulator cites multiple reporting, arbitration and sales violations.

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Ami Forte’s Branch Manager Leaves Morgan Stanley

Ami Forte’s Branch Manager Leaves Morgan Stanley

11/17/16 | Enforcement, News

Eight months after $34 million arbitration decision, trading scandal still ripples through southern Florida office.

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Wells Fargo Hooks Up with UBS Partner SigFig for “Robo” Product

Wells Fargo Hooks Up with UBS Partner SigFig for “Robo” Product

11/15/16 | News

Automated investing platform will be offered directly to consumers, with little input from brokers.

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Merrill Lynch Reduces Retirement Account Sticker Shock

Merrill Reduces Retirement Account Sticker Shock

11/15/16 | News

Clients won’t pay more in an advisory account than they were paying in their commission accounts, and brokers won’t be penalized for discounting fees.

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SEC to Robo Advisors: We’re Watching You - Mary Jo White

SEC to Robo Advisors: We’re Watching You

11/14/16 | News

Agency chief Mary Jo White said the regulator is focusing on whether automated advice-givers are properly disclosing their operating models and ensuring customer suitability.

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Brokerage Stocks Extend Post-Trump Run

Brokerage Stocks Extend Post-Trump Run

11/10/16 | News

Expected cutbacks in regulation and interest-rate hikes spur drive optimism about financial services sector.

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Barred Radio Host-Advisor Dawn Bennett Faces New Fraud Allegations

Barred Radio Host-Advisor Dawn Bennett Faces New Fraud Allegations

11/10/16 | News

Embattled former broker may have embezzled funds raised from investors in her online sportswear company, Finra says.

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When It Comes to Brute Force, Raymond James Overtakes UBS

When It Comes to Brute Force, Raymond James Overtakes UBS

11/8/16 | News

The regional broker bypassed the New York-based wirehouse in number of advisors last quarter, but lags significantly when it comes to productivity.

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Raymond James Nabs Merrill Lynch Veteran in New York City Suburb

RayJay Nabs Merrill Veteran in New York City Suburb

11/8/16 | Advisor Moves, News

Team managing about $300 million in Connecticut to open new office in Mount Kisco.

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Morgan Stanley Resumes Recruiting Offers, Slimmer and DOL-Compliant

Morgan Stanley Resumes Recruiting Offers—Slimmer and DOL-Compliant

11/3/16 | News

Rivals ready their resets, with Merrill said to be including some deferred bonuses.

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Oppenheimer Says It Purges Problem Producers

Oppenheimer Says It Purges Problem Producers

11/2/16 | News

Headcount dips 7% as company kicks out brokers with potential compliance issues.

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Merrill Lynch’s private bank and investment group scores Michigan duo while Stifel completes lift of half of a Wisconsin independent firm’s practice.

Merrill, Stifel Flog Midwestern Hires

10/31/16 | Advisor Moves, News

Merrill’s private bank and investment group scores Michigan duo while Stifel completes lift of one-third of a Wisconsin independent firm’s advisors.

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Money Cut

DOL Prohibits Deferred Recruiting Bonuses Under New Rule

10/27/16 | News

Firms will have to restructure how they pay recruits on retirement accounts, according to new guidance on the impending conflict-of-interest rule.

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Raymond James Okays Commission-Based Retirement Accounts

Raymond James Okays Commission-based Retirement Accounts

10/27/16 | News

Florida-based firm’s wealth unit pre-tax income jumped 21%, and headcount increased by 550 brokers from last year.

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Finra Launches Sweep of Cross-Selling Practices at Broker-Dealers

Finra Launches Sweep of Cross-Selling Practices at Broker-Dealers

10/26/16 | News

Securities regulator puts cross-selling in its cross-hairs, asking broker-dealers for data on their promotions of parent company and affiliates’ bank products in the wake of Wells Fargo scandal.

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Ex-JPMorgan Broker Wins Defamation Claim

Ex-JPMorgan Broker Wins Defamation Claim

10/21/16 | Enforcement

Arbitrator awards New Jersey broker $442,000 in wrongful termination claim in latest reversal for the banking giant.

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LPL to Limit Upfront Commissions on Variable Annuities

LPL to Limit Upfront Commissions on Variable Annuities

10/20/16 | News

Move will “ensure alignment with anticipated DOL requirements relating to standardized and reasonable compensation,” firm told brokers on Thursday.

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LPL to Brokers: Castigate Media for Acquisition Talk

10/17/16 | News

In a letter brokers can send clients, the firm tells brokers to play dumb about the rumor and promote its strengths.

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Wells Fargo Tries Distancing Wealth Division from Scandal

Wells Tries Distancing Wealth Division from Scandal

10/14/16 | News

Growth in brokerage and fee assets remained strong in third quarter but bank backed away from disclosing cross-sell ratios.

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‘Debt Whisperer’ Quits Morgan Stanley to Launch Securities-backed Loan Firm

‘Debt Whisperer’ Quits Morgan Stanley to Launch Securities-backed Loan Firm

10/13/16 | News

Tom Anderson gave up a practice that was generating $3 million in revenue to focus advisors on the virtues of client borrowing.

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Merrill Continues to Bleed Int’l Teams as Big Group Jumps to Morgan Stanley

Merrill Continues to Bleed Int’l Teams as Big Group Jumps to Morgan Stanley

10/12/16 | Advisor Moves

Attrition likely to continue as team with $600 million in assets jumps in Houston.

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Janney Scores Biggest Recruiting Triumph in Three Years

10/10/16 | Advisor Moves

Pennsylvania regional firm says it hired Merrill Lynch team with $800 million of client assets in Connecticut.

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Morgan Stanley Tightens Pay Policy on Inherited Accounts

Morgan Stanley Tightens Pay Policy on Inherited Accounts

10/7/16 | News

Brokers must retain 50% of household account assets after first three months to receive full payout.

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SEC Fines Credit Suisse $90 Million for Misleading Investors About Its Wealth Business

SEC Fines Credit Suisse $90 Million for Misleading Investors About Its Wealth Business

10/5/16 | Enforcement, News

The Swiss bank overstated new assets booked at its former U.S. brokerage and other wealth management units, regulator says.

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BofA Plans to Roll out Robo-Advisor in First Quarter of 2017

BofA Plans to Roll out Robo-Advisor in Q1 2017

10/4/16 | News

“Merrill Edge Guided Investing” will open to referrals from Merrill Lynch advisors later in 2017.

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Massachusetts Slams Morgan Stanley over Alleged Sales Contest

10/3/16 | Enforcement, News

State’s top securities cop calls 2014 program “unethical and dishonest” and cites a culture of “cross-selling.”

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UBS

UPDATED: UBS Fined $15 Million for Failing to Educate Brokers on Complex Product Sales

9/28/16 | Enforcement, News

Brokers who sold about $10.7 billion of single-stock linked convertible to 44,000 retail customers were trained primarily on sales payouts rather than product risk, SEC says.

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Barry Sommers

JPMorgan Reorganizes Wealth Business

9/27/16 | News

Barry Sommers, a legacy Bear Stearns executive, named to oversee the bank’s three wealth channels.

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Little Rock

Little Rock RIA to Absorb Concert Wealth in Aftermath of SEC Fine

Sowell Management Services to pick up 120 advisors with $1.5 billion in AUM.

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Wells Fargo

Unfazed by Scandal, Bicoastal Team Jumps to Wells Fargo from Morgan Stanley

9/26/16 | Advisor Moves

Merrill Lynch also nabbed a $1.8-million Morgan Stanley producer in Florida.

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Fired by UBS, Big L.A. Producer Joins RIA Run by Merrill Emigrants

Dismissed by UBS, Big L.A. Producer Joins RIA Run by Merrill Emigrants

9/22/16 | Advisor Moves, News

Los Angeles-based advisor David James resettles at Focus Financial’s LLBH Private Wealth Management.

Read More

HighTower Sues Former Executive Ed Friedman for Return of Severance

EXCLUSIVE: HighTower Sues Former Executive Ed Friedman for Disparagement

9/22/16 | Enforcement, News

Seeks return of $230,000 in severance, alleging the recruiter maligned firm to advisors, current and former employees and competitors in violation of exit agreement.

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Facebook Post Trips Up JPMorgan Private Bankers Who Jumped to Wells

Facebook Post Trips Up JPMorgan Private Bankers Who Jumped to Wells

9/20/16 | Enforcement, News

Social media posts—even on private accounts—can violate non-solicit agreements, attorneys warn.

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Finra Goes After JPMorgan Whistleblower

Finra Files Enforcement Action Against JPMorgan Securities Whistleblower

9/19/16 | Enforcement, News

Former broker Johnny Burris says regulatory complaint was unduly influenced by his former employer.

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Merrill Lynch Gives 75-year-old Broker Walking Papers After 49 Years at Firm

Merrill Lynch Gives 75-year-old Broker Walking Papers After 49 Years at Firm

9/14/16 | News

Broker in Santa Fe says he loves the business, but firm said he was selling away.

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SEC to Examine RIAs Who Hire Brokers with Checkered Pasts

SEC to Examine RIAs Hiring Advisers with Checkered Pasts

9/12/16 | Enforcement, News

A new “sweep” will scrutinize tone at the top and financial arrangements, the regulators said on Monday.

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$2.2 Billion-Asset Morgan Stanley Team Opts for Independence

$2.2 Billion-Asset Morgan Stanley Team Opts for Independence

9/12/16 | Advisor Moves

Eight-advisor Kirk-Bahm group in Wichita starts registered investment advisory firm.

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RayJay Seals Deutsche Bank Acquisition, with 90% Retention

RayJay Seals Deutsche Bank Acquisition, with 90% Retention

9/6/16 | News

Brokers in the newly minted Alex. Brown division will have access to Deutsche Bank for seven years.

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UBS’s Robo Push? It’s Really for the Masses

Ex-Broker Sues UBS for Having to Pay for Client Associates, Other Expenses

9/2/16 | Enforcement

Claim seeks class-action certification for current and former advisors in California.

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Wells Loses Another “Profit Formula” Team to Raymond James

Another Wells “Profit Formula” Team Leaves, Raising Questions About Unit

9/1/16 | Advisor Moves

Veteran Wisconsin team with $1.7 million of production jumps to to Raymond James.

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After Leaving HighTower, PagnatoKarp Recruits Its Own Team

After Leaving HighTower, PagnatoKarp Recruits Its Own Team

8/30/16 | Advisor Moves

Breakaway RIAs recruit $100 million-asset-under-management team from Convergent Wealth Advisors.

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Morgan Stanley Sues Broker Refusing to Repay $2 Million

Morgan Stanley Sues Broker Refusing to Repay $2 Million

8/26/16 | Enforcement

Firm tries to recoup promissory note balances arbitrator ordered a New Jersey man to pay.

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SEC Whacks 13 Firms for Spreading F-Squared’s Performance Gospel

SEC Whacks 13 Firms for Spreading F-Squared’s Performance Gospel

8/25/16 | Enforcement

Blaming distributors for sins of a manufacturer, regulator finds RIAs negligent for marketing outside manager’s fictitious ETF returns.

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Ex-Merrill Client Associates File $5 Million Overtime Suit

Former Client Associates File Overtime Pay Suit Against Merrill

8/25/16 | Enforcement

Class-action claim seeks more than $5 million for CAs who worked at the firm since 2013.

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Dynasty Lands Former Morgan Stanley Consulting Group Exec

8/24/16 | Advisor Moves

Former southwest regional manager at Morgan Stanley’s advisory unit to help oversee Dynasty’s investment platform.

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Asante Samuel

Pro-Bowler Samuel Presses $7.8 Million Claim Against Morgan Stanley, Wells

8/23/16 | Enforcement

Former NFL linebacker and a Mega-Millions lottery winner seek almost $8 million for failing to supervise their broker.

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Young RayJay Employee Cites “Animal House” Office Environment in Harassment Claim

Young RayJay Employee Cites “Animal House” Office Environment in Harassment Claim

8/18/16 | Enforcement

Succession-planning specialist cites retaliation for reporting “alcohol-fueled work environment.”

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Star Mississippi Recruit’s Fall from Grace Costs Morgan Stanley $4.7 Million

Heavily Recruited Mississippi Broker Costs Morgan Stanley $4.7 Million

8/17/16 | Enforcement

Branch manager with 31 years in industry loses state license and agrees to retire.

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Advisor on $7.5 Billion Morgan Stanley Team Joins RIA

Advisor on $7.5 Billion Morgan Stanley Team Joins RIA

8/15/16 | Advisor Moves

Michael Birgeneau had been with the 25-person group in Ohio for 17 years before leaping to Silvercrest.

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Alexandra Lebenthal Makes it Official, Will Close RIA in September

Alexandra Lebenthal Makes it Official, Will Close RIA in September

8/12/16 | News

Recruiting and transitioning assets proved insurmountable, she says.

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Jefferies Grabs JPMorgan Advisor as His $2.4 Billion Partnership Dissolves

Jefferies Grabs JPMorgan Advisor as His $2.4 Billion Partnership Dissolves

8/11/16 | Advisor Moves

Legacy Bear Stearns advisor James Odorczuk left long-time partnership that had been together since 2003.

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Fired HighTower Team Regroups as Independent RIA

Fired HighTower Team Regroups as Independent RIA

Brian Amidei’s Palm Desert, California, group resurfaces as Fortem Financial.

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Finra Teaches Ex-Merrill Broker a Lesson on the High Cost of College

8/8/16 | Enforcement

Regulator fines veteran L.A. broker $10,000 for lying about his education, suspends him for 18 months.

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Boomerang Trend Alive and Well at Merrill Lynch

Boomerang Trend Alive and Well at Merrill Lynch

8/4/16 | Advisor Moves

Broker with $110 million in assets returns after seven years at Morgan Stanley.

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Advisor Productivity Fell Across the Board in Second Quarter

Advisor Productivity Falling Across the Board

8/4/16 | News

Revenue per broker across the five biggest firms off 3% in the second quarter.

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Lead-Generation Firm Gets Rave Reviews from Fake Brokers

Lead-Generation Firm Gets Rave Reviews from Fake Brokers

8/1/16 | News

AdvisorStream, which sells a subscription service to brokers at LPL, Ameriprise, Envestnet and other firms, posted false testimonials to promote its service.

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UBS Group CEO Says U.S. Recruiting Deals Hurt Clients, Advisors and Shareholders

UBS Group CEO Says Recruiting Deals Hurt Clients, Advisors and Shareholders

7/29/16 | News

Comments come as the US wealth unit tries to whittle away $3.2 billion of hiring bonus balances.

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Ameriprise to Kill A-Shares and 12-b1 Fees, CEO Says

Ameriprise to Kill A-Shares and 12-b1 Fees, CEO Says

7/27/16 | News

Like LPL, firm and its brokers are looking for ways to make up for advisory account revenue that will be lost to new DOL fiduciary rule.

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Pair of Deutsche Bank Brokers Jump to Wells Fargo on Eve of RayJay Deal

Pair of Deutsche Bank Brokers Jump to Wells Fargo on Eve of RayJay Deal

7/25/16 | Advisor Moves

Departure comes as Raymond James reports higher-than-expected costs for absorbing Deutsche’s U.S. brokerage unit.

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SEC Fines California Advisory Firm Concert Wealth for Lying About AUM

SEC Fines California Advisory Firm Concert Wealth for Overstating AUM, Profits

7/22/16 | Enforcement

RIA “rollup” and its owner Felipe Luna overstated assets by as much as $1 billion in fund-raising appeal to investors, regulator says.

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HighTower Fires High-Profile “Top Broker” Team in California

EXCLUSIVE: HighTower Fires High-Profile “Top Broker” Team in California

7/15/16 | News

Advisor Brian Amidei denies allegations of stealing credit for sister team’s accounts, hints at retaliation over his threats to leave.

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LPL to Banish A-Shares, 12b-1 Fees on All Advisory Accounts

LPL to Banish A-Shares, 12b-1 Fees on All Advisory Accounts

7/13/16 | News

Brokerage giant’s path-breaking move anticipates conflict-of-interest rules from regulators.

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Dawn Bennett to SEC: The Fight Ain’t Over

Dawn Bennett to SEC: The Fight Ain’t Over

7/12/16 | News

Expelled advisor who flaunted her “top-list” status will appeal lifetime bar and multi-million-dollar fine.

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SEC Judge Fines Radio-Show Advisor Dawn Bennett $4.1 Mln

SEC Judge Fines Radio-Show Advisor Dawn Bennett $4.1 Mln

7/11/16 | Enforcement

Publicity-hungry advisor overstated client assets by more than $1.5 billion.

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Massachusetts Probes Morgan Stanley Securities-Backed Loan Push

Massachusetts Probes Morgan Stanley Securities-Backed Loan Push

7/11/16 | News

The Bay State’s top securities cop is looking into a pilot program that offered brokers’ expense account incentives for selling loans collateralized by clients’ portfolios.

Read More

Ex-UBS Broker Sues Firm and Former Teammates for Defaming Him

Ex-UBS Broker Sues Firm and Former Teammates for Defaming Him

7/8/16 | Enforcement

Breakaway advisor says his former clients were told they could “end up in a Bernie Madoff situation.”

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Ten-Year-Old RIA in Beverly Hills Casts Lot with HighTower

Ten-Year-Old RIA in Beverly Hills Casts Lot with HighTower

7/7/16 | News

Acacia Wealth Advisors, which has about $500 million of nondiscretionary client assets, becomes a partner of Chicago-based firm.

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Departure of Lebenthal Executives Raises Survival Questions

EXCLUSIVE: Departure of Lebenthal Executives Raises Survival Questions

7/5/16 | News

Recent exits of president Andy Grillo and other top managers highlight challenges of building “independent” firms.

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Finra Posts $39.5 Million 2015 Loss While Executives Cash Million-Dollar Paychecks

Finra Posts $39.5 Million 2015 Loss While Executives Cash Million-Dollar Paychecks

6/30/16 | News

Skyrocketing tech and ad expenses, lower fine collections, hit the regulator’s bottom line.

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JPMorgan Called Out for “Double Standard” in Broker Recruiting

JPMorgan Accused of Double Standard in Broker Recruiting

6/30/16 | News

Bloomberg story points to increasingly blurry lines around who is actually protected by the Protocol for Broker Recruiting.

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SEC Proposes Succession Planning Rule for Independent Advisors

SEC Proposes Succession Planning Rule for Independent Advisors

6/28/16 | News

New rule would require investment advisors to adopt business continuity and transition plans.

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HighTower Recruits $300 Million Securities America Broker

6/28/16 | Advisor Moves, News

Firm continues to recruit after pushing back IPO.

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Arbitration Filings Up 20% This Year Amid Market Volatility

Arbitration Filings Up 20% This Year Amid Market Volatility

6/24/16 | News

Almost 1,500 new cases have been filed with Finra through the end of May, with customer complaints up 29%.

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Thigh-High Thursday? Ex-Wells Fargo Broker Sues for Sexual Harassment

Thigh-High Thursday? Ex-Wells Fargo Broker Sues for Sexual Harassment

6/23/16 | Enforcement, News

Industry veteran in Pennsylvania cites sleazy comments from managers, alleges fraud at three branches where she worked.

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HighTower’s Loss of $2.4 Billion Megateam Casts Big Shadow

ANALYSIS: HighTower’s Loss of $2.4 Billion Megateam Casts Long Shadow

6/22/16 | Advisor Moves, News

Paul Pagnato and David Karp forfeited millions of dollars of equity in split with firm that they say is beholden to its private-equity backers.

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Former UBS Chicago Executive Sues to Kill $75K Arb Award Against Him

6/22/16 | Enforcement, News

Robert Graham, who ran Midwest region, filed age discrimination claim but ended up with order to repay his big hiring bonus.

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Brokers Sue Finra, Credit Suisse over Arbitration Shopping

Ousted CEO of Sterne Agee Fined $25,000 for Failing to Report Lavish Spending Spree

6/21/16 | Enforcement, News

Finra also suspends James S. Holbrook, who bought yachts, condos and country clubs with corporate cards, for 15 months.

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Alabama Ponzi Artist Gets 10 Years in $2.5 Million Scheme

Massachusetts Advisor Sentenced to Nine Years for $15 Million Fraud

6/20/16 | Enforcement, News

Daniel Thibeault pled guilty to stealing funds raised from investors and lying to SEC investigators.

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Spy Novelist Who Claimed Deception by Morgan Stanley Wins $3.6 Million

6/20/16 | News

H. Keith Melton, author and consultant to U.S. intelligence agencies, was duped by his broker to the tune of some $2.6 million, Finra panel finds.

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Morgan Stanley Complex Manager Attacks Recruiting Bonuses…When Convenient

6/16/16 | News

“Moving to another firm may be in the advisor’s best interest, but may not be in yours,” a complex manager warns customers.

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Regulator to Scrub JP Morgan’s “Defamatory” Filing on $2.2 Bln Team that Jumped

6/16/16 | Enforcement, News

Arbitrators rule bank defamed brokers by claiming they stole client data.

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ANNALS OF DISMAY: Broker Assures Clients He’ll Avoid Annuities, Puts Them in Annuities Anyway, Finra Says

6/14/16 | Enforcement, News

Independent broker Dion Padilla of Next Securities allegedly earned $42,000 in commissions as he lied to clients.

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Finra Accuses Veteran Compliance Chief of False Disclosures

Finra Accuses Veteran Compliance Chief of False Disclosures

6/14/16 | Enforcement, News

Alleges that former Oppenheimer Chief Compliance Officer Allen Holeman falsified U-4 forms.

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In Twist, UBS Lobs a Bone to Small-Account Brokers

In Twist, UBS Lobs a Bone to Small-Account Brokers

6/13/16 | News

Newly unveiled compensation policy offers revenue credits on sub-$100,000 accounts.

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Finra Names Ex-SEC Official Robert Cook as New CEO

Finra Names Ex-SEC Official Robert Cook as New CEO

6/13/16 | News

The Cleary, Gottlieb lawyer has strong market-structure expertise.

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UBS Rushes Out 2017 Comp Plan with 50% Payout Potential

UBS Rushes Out 2017 Comp Plan with 50% Payout Potential

6/10/16 | News

“We are…putting a stake in the ground that relentless and costly advisor recruiting is not sustainable as a growth strategy in this industry,” President Tom Naratil said.

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Dynasty Hires UBS Complex Manager to Rev Up West Coast Recruiting

Dynasty Hires UBS Complex Manager to Rev Up West Coast Recruiting

David Wiener, former director of UBS Wealth America’s Silicon Valley complex, had spent his 24-year career at wirehouses.

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Mystery of Missing MS Complex Manager in Steamy Southeast Resolves

Mystery of Missing MS Complex Manager in Steamy Southeast Resolves

5/27/16 | News

Morgan Stanley fired an upwardly mobile manager for “interactions with colleagues.”

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Same Door, Different Floor: Lifetime Morgan Stanley Broker Leaves for UBS

Same Door, Different Floor: Lifetime Morgan Stanley Broker Leaves for UBS

5/26/16 | Advisor Moves, News

For the second time in two weeks, a multi-million dollar producer at Morgan Stanley’s Paramus, New Jersey, branch has jumped to UBS Wealth Management in the same city.

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Morgan Stanley to Pay $800k to NFL, NBA Stars Thanks to ‘Bada Bing’ Broker

Morgan Stanley to Pay $800k to NFL, NBA Stars Thanks to ‘Bada Bing’ Broker

5/25/16 | Enforcement, News

The firm failed to supervise broker who ran a Miami nightclub where he solicited celebrities and prospects and investors in outside businesses.

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JPM Advisor Defamation

JPMorgan’s Private Bank Rocked by Layoffs

5/24/16 | News

The river of pink slips handed out Monday expected to surge to a torrent.

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Tech Maven Winterberg Sues Colleague for T3 Conference Money

UPDATED: Tech Maven Winterberg Sues Colleague for T3 Conference Money

5/23/16 | Enforcement, News

A Major rift appears to have erupted between two well-known financial advisor tech consultants.

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Fired Merrill Stars Face Regulatory Action Over Whiskey Investment

Fired Merrill Stars Face Regulatory Action Over Whiskey Investment

5/19/16 | Enforcement, News

Ex-PBIG brokers Brown and Goetz, recuperating at Stifel, seek $2 million of deferred comp in arbitration from Merrill while Finra pounces.

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Cetera to Shutter Another Broker Amid Broad Revamp

Cetera to Shutter Another Broker Amid Broad Revamp

5/18/16 | News

VSR Financial Services will be closed as firm shrinks its franchise.

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Gavel and Money

Finra Fines Raymond James $17 Mln, Cites “Dirty Money” Failures

5/18/16 | Enforcement, News

Raymond James Financial, one of the brokerage industry’s most aggressive recruiters in the past year, was hit with a $17…

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It’s a Date: Finra’s Bonus Disclosure-Lite to Take Effect in November

It’s a Date: Finra’s Bonus Disclosure-Lite to Take Effect in November

5/16/16 | News

The new disclosure rule requiring brokers who jump firms to let customers know the direct and indirect consequences of moving their accounts is now set in stone.

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From Morgan to Morgan: $3 Billion L.A. Team Takes a Leap

UBS Wins $1 Mln-Plus from Broker Who Jumped to Wells

5/16/16 | Enforcement, News

UBS has prevailed in collecting more than $1 million from a multi-million dollar producer in Chicago who left in February 2012 for Wells Fargo Advisors.

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Morgan Stanley Lifer and His $3 Mln Team Hop to UBS

Morgan Stanley Lifer and His $3 Mln Team Hop to UBS

5/13/16 | Advisor Moves, News

Karl Kreshpane took his more than $2.5-million practice to rival UBS Thursday evening, in a move unusual for both its timing and the decision to move after 22 years at Morgan Stanley.

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Another Morgan Stanley Manager Folds in Steamy Southeast

Another Morgan Stanley Manager Abruptly Leaves in Southeast

5/12/16 | Advisor Moves, News

A Morgan Stanley complex manager in Alabama abruptly stepped down this week without explanation.

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HighTower Delays IPO Plans, Works on Revenue Projects

HighTower Delays IPO Plans, Works on Revenue Projects

5/11/16 | News

HighTower Advisors is going to miss its deadline.

Read More

Finra to Tighten Sales Contest Rules But Raise Client-Gift Limit

Finra to Tighten Sales Contest Rules But Raise Client-Gift Limit

5/9/16 | News

Finra plans to tighten rules governing non-cash incentives that broker-dealers use to juice product sales and to raise the value of incidental gifts advisors can give clients or receive from them.

Read More

Merrill Shifts New England Market Managers After Vet Bolts to UBS

What’s Up at Morgan Stanley Boston? Veteran Team Leaves for Beantown Newcomer

A week after a team with $1.2 billion of client assets jumped to Merrill Lynch from Morgan Stanley’s High Street Tower branch in Boston, another team managing $350 million in assets at the same branch has flown the coop.

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Bello, Dynasty’s Top Rainmaker, Decamps for Investment Firm Aggregator

Bello, Dynasty’s Top Rainmaker, Decamps for Investment Firm Aggregator

Tim Bello has left the five-year-old advisory firm incubator started by former Smith Barney executives, to join a fledgling asset management group formed by former Goldman Sachs partners.

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UBS’s U.S. Wealth Operations to Escape Cost-Cutting Ax

UBS’s U.S. Wealth Operations to Escape Cost-Cutting Ax — Spokesman

5/3/16 | News

UBS announced a global cost-cutting plan on Tuesday aimed at saving $2.2 billion by the end of 2017 and offsetting revenue declines, but the streamlining will not directly affect jobs in U.S.

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Another Boomerang: $1.2 Billion Morgan Stanley Team Returns to Mother Merrill

Andrew Zimmerman, who has led a Morgan Stanley team in Boston, has returned to the Merrill Lynch branch in the city where he spent the first 18 years of his career.

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On Craigslist: Hook Ups, Second-Hand Furniture and, Now, Broker-Dealers

On Craigslist: Hook Ups, Second-Hand Furniture and, Now, Broker-Dealers

4/27/16 | News

Psst, wanna buy a broker-dealer? James Gilbert has one to sell you for just $30,000, and you can read all about on it Craigslist.

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Former Morgan Stanley Broker ‘Escapes’ Payment of $34M Arbitration Award

Former Morgan Stanley Broker ‘Escapes’ Payment of $34M Arbitration Award

4/26/16 | Enforcement, News

Ami Forte is not paying a penny of the $34 million award that arbitrators assessed against her and Morgan Stanley last month for making unsuitable and unauthorized trades in a client’s account.

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Ami Forte’s Trader at Morgan Stanley Resurfaces at Small Broker-Dealer

Ami Forte’s Trader at Morgan Stanley Resurfaces at Small Broker-Dealer

4/26/16 | Advisor Moves, News

One month after he was fired by Morgan Stanley for his involvement in the Ami Forte scandal that cost the company $34 million, Charles J. Lawrence is starting over.

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Morgan Stanley Grabs AUM Crown from Merrill Lynch

Morgan Stanley Grabs AUM Crown from Merrill Lynch

4/19/16 | News

Morgan Stanley on Monday reported that client assets in its wealth management division hit $1.999 trillion as of March 31.

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Morgan Stanley earnings

Morgan Stanley Ekes Out Wealth Profit Despite Big Dip in FA Asset-Gathering

4/18/16 | News

The wealth unit provided 50% of total revenue for the Wall Street giant, but its vital signs were weak.

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Ex-Merrill Sales Boss Prevails in Arbitration, Wins Withheld Shares

4/15/16 | Enforcement, News

Robert Bowman has been awarded 21,660 shares of Bank of America stock by an arbitration panel.

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Wells Fargo Advisors' Mary Mack Shifts to New Role

Wells Fargo Execs Call Credit Suisse Recruiting a “Success”

4/14/16 | News

Wells Fargo’s hiring of about one-third of Credit Suisse’s U.S. brokers was just what it aimed for, bank executives said Thursday.

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Morgan Stanley Rejiggers Sales Support Structure

Morgan Stanley Tries Again, Rejiggers Sales Support Structure

4/12/16 | News

Morgan Stanley is eliminating the position of “complex business development manager” created to help drive revenue within its 608 branches.

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Morgan Stanley Brokers, Judge Rules in class case

Morgan Stanley Brokers Aren’t Hucksters, Judge Rules in Class Case

4/12/16 | Enforcement, News

A federal judge has ruled that Morgan Stanley brokers are more than just salespeople, which means they are not entitled to bring a class-action lawsuit seeking overtime pay.

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Merrill Lynch is cutting ties to PHH

Merrill Pulls Back from Mortgage Partner PHH

4/11/16 | News

Merrill Lynch is cutting ties to its longtime residential mortgage loan partner, PHH, which had at times been a source of annoyance for some brokers.

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Broker Wins Defamation Claim

Broker Who Was Fired for Job-Hunting Wins Defamation Claim

4/8/16 | Enforcement, News

A broker fired from defunct brokerage firm John Thomas Financial has succeeded in getting that part of his history hidden from public view.

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Ex Morgan Stanley Broker Ordered to Pay Firm $2 Million

No-Show Ex-Morgan Stanley Broker Ordered to Pay Firm $2 Million

4/6/16 | Enforcement, News

The Financial Industry Regulatory Authority on Tuesday took Morgan Stanley’s side and ordered Lance Slater to repay the firm $2 million.

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Man with Umbrella

After Suing Merrill, $400 Million Int’l Broker Starts RIA

Miguel Sosa, who resigned from Merrill Lynch in January, has established Premia Global Advisors as a registered investment advisor in Coral Gables, Fla.

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SEC Says Paul-Ellis Investment Associates Owes Investors

SEC Says Pennsylvania Firm Owes Investors $4 Mln Dinner Bill

4/4/16 | Enforcement, News

The SEC has filed charges against a registered investment advisory firm and four individuals for fraudulently raising almost $4 million solicited from more than a dozen clients who were pitched at “free dinner” investment seminars.

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Merrill Lynch Hit With Class-Action Complaint from International Brokers

Merrill Lynch Hit With Class-Action Complaint from Int’l Brokers

4/1/16 | Enforcement, News

Frustrations over Bank of America Merrill Lynch’s decision last summer to restructure its unit of roughly 300 U.S.-based advisors serving international clients have reached a crescendo.

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Morgan Stanley's Tracy Chen Barred

Morgan Stanley ‘Expense Queen’ Barred But Her Legacy Survives

4/1/16 | Enforcement, News

Tracy Chen was fired by Morgan Stanley in May 2013 and was “permitted to resign” by Oppenheimer & Co. this February as her bar by Finra became effective.

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Another Merrill Vet in Long Island Leapfrogs to Morgan Stanley

3/22/16 | Advisor Moves, News

A long-time Merrill Lynch broker in Garden City, Long Island, walked across the street to Morgan Stanley.

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Morgan Stanley, Ami Forte Ordered to Pay $34 Million in Speer Case

3/21/16 | Enforcement, News

Morgan Stanley, financial advisor Ami Forte and her branch manager have been ordered to pay $34 million.

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Managed Account Pioneer Frank Campanale Manages His Career

3/21/16 | News

Frank Campanale appears to be going back to his brokerage roots.

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Cetera Settles Poaching Suit with Lightyear, Ex-Executives

3/18/16 | Enforcement, News

Cetera Financial Group and its parent company RCS Capital Corp. have moved to settle a case that it brought on February 25 to prevent private equity firm Lightyear Capital from poaching top Cetera executives.

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Strike 3: Fired by Merrill, Dissed by RayJay….Barred Forever by Finra

3/14/16 | Enforcement, News

Financial Industry Regulatory Authority has permanently barred a broker who in the last 27 months was fired by Merrill Lynch and dismissed as an independent broker by Raymond James Financial.

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Ex-Morgan Stanley Brokers Strike Out with $40 Mln Arbitration Claim

3/11/16 | Enforcement, News

Morgan Stanley has triumphed over a pair of brokers who claimed the company owed them almost $40 million in commissions…

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Finra Slams RayJay Recruiting, Cites Client Privacy Violations

3/9/16 | Enforcement, News

The St. Petersburg, Fla., firm, agreed to the $500,000 settlement with the Financial Industry Regulatory Authority over charges of privacy law violations.

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Wells Fargo’s Claim of Unauthorized Trading Defamed Veteran Broker: Arbitrators

3/9/16 | Enforcement, News

An arbitration panel has ordered Wells Fargo Advisors to pay $1.9 million to a broker who alleged he was wrongfully terminated in mid-2013 and defamed in its dismissal file.

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Let Them Eat Poi! Cetera Unveils Retention Packages

3/8/16 | News

Top producers affiliated with First Allied Securities are partying in Hawaii this week, however, they are analyzing a new retention package and comparing it with offers coming in from the outside.

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UBS Names New Beverly Hills Complex Manager

3/4/16 | News

UBS has found a replacement to run its Beverly Hills complex after abruptly moving out the former complex manager, David Bigler, in January.

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The High Cost of Ami: Morgan Stanley Client Ends Arbitration Marathon with $475M Claim

3/3/16 | Enforcement, News

Morgan Stanley said that the estate of Home Shopping Network co-founder Roy Speer has lifted the damages it is seeking in a Finra arbitration claim to around $475 million.

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Stifel Scores Big-City Win from MS, But Team Leader Has Baggage

Stifel put a big-city sheen on its recruiting credentials this week by hiring three New York City advisors from Morgan Stanley.

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Another Merrill Int’l Advisor Defects

2/25/16 | Advisor Moves, News

The fallout continues from Merrill Lynch’s decision to restructure its international unit last summer.

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Broker Warns Bonus Arbitrations Are a “Fixed Game”

2/18/16 | News

No matter how good a broker’s case may be to retain a signing bonus, the odds of prevailing in arbitration are oppressive.

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Wells Fargo Seeks $2.1 Million from ‘Bada Bing’ Broker

2/17/16 | Enforcement, News

Wells argued that Aaron Parthemer used the bonuses to fund activities that violated securities law and the bank-owned broker-dealer’s internal policies.

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Recruiters “Carpet-Bomb” Deutsche Branches

2/16/16 | News

As the deadline approaches for Deutsche Bank’s U.S.-based brokers to commit to join the new Alex Brown division at Raymond James, recruiters and competitors hoping to divert brokers are giving up

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Morgan Stanley Names New Southeast Region Manager

2/12/16 | Advisor Moves, News

Morgan Stanley has elevated Timothy P. Byrnes to replace Craig Norton as head of its wealth management division’s Southeast region, one of eight national sales regions.

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MEMO: Raj Dhanda leaving Morgan Stanley after 26 years

2/10/16 | Advisor Moves, News

Raj Dhanda, a senior executive at the center of Morgan Stanley’s push to deliver more banking products to its wealth management clients, has left the firm to “pursue other opportunities”

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Finra Suspends Ameriprise Broker Who Sold Stock to His Managers

2/10/16 | Enforcement, News

An Ameriprise Financial broker accused of selling more than $1.5 million of privately issued shares to clients and his sales managers has agreed to a one-year suspension.

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Schwab Mulls Licensing Robo to IBDs

2/9/16 | News

Charles Schwab Corp is considering licensing its robo-advisor to banks and independent broker-dealers as a way to grow assets on the platform.

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RayJay Gives Deutsche’s “Alex Browners” March Deadline

2/9/16 | News

Raymond James Financial has given Deutsche Bank brokers until next month to decide whether they will accept a position with the company.

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The Merrill Mass Exodus That Never Was

2/4/16 | News

Forecasts that brokers would be thundering out of Merrill Lynch in early January have proven as ill-conceived as year-end outlooks from brokerage firms that the stock market was about to roar.

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Pershing to Replace CEO DeCicco with COO Dolly

2/3/16 | News

Pershing LLC, the largest clearing firm for broker-dealers and a major custodian for registered investment advisers, is about to name a new chief executive.

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UPDATED: Schwab Is Back, Aims New Program at Multi-Millionaires

1/29/16 | News

Attention, private bankers and upper-high-net-worth brokers!

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On-Air Advisor Dawn Bennett Stands Up SEC “On Principle”

1/28/16 | News

Dawn Bennett, an independent broker and advisor for almost 30 years, is boycotting an SEC administrative proceeding accusing her of fraud, saying the process is unconstitutional.

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Morgan Stanley’s Furber, a Friend of Fleming, Resigns

1/25/16 | News

Less than a year after assuming a new position as head of institutional wealth management at Morgan Stanley, Sara Furber has resigned.

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UBS Demotes Beverly Hills Complex Manager

1/22/16 | Enforcement, News

On Thursday, advisors at the firm’s Beverly Hills, Calif., complex learned that complex manager David Bigler had stepped down.

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RayJay CEO: DOL Fiduciary Battle Is Over

1/21/16 | News

After countless hours of lobbying, one big opponent of the Department of Labor’s plan to rein in brokers’ profit from retirement accounts has thrown in the towel.

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Finra Suspends Ameriprise Regional Manager Over Private Placement

1/15/16 | Enforcement, News

In addition to the 10-day suspension, which starts on January 19, Dunlap will pay a fine of $15,000.

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MS Brokers Brace for Sap-and-Shelley Show

1/7/16 | News

Can wealth management or any major bank division survive under a co-head structure?

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SEC Slams JPMorgan Over Pay to Private Bankers

1/6/16 | Enforcement, News

The Securities and Exchange Commission on Wednesday fined J.P. Morgan Securities $4 million for misleading clients.

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It’s a Bird, It’s a Plane….It’s Ron CARSON!

1/5/16 | News

There are times when even the most customer-centric salesman can’t help calling attention to himself.

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