Articles by Mason Braswell
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RayJay Hires Wells Fargo Manager to Lead Miami-area Office

RayJay Hires Wells Fargo Manager to Lead Miami-area Office

2/23/18 | Advisor Moves

Michael Origlia posting fills year-long vacancy in Coral Gables after departure of a manager caught up in the Jay Peak scandal.

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Wells Commits to Protocl

Wells Fargo Commits to Staying in Broker Protocol

2/22/18 | News | 4 Comments

At national managers’ meeting this week, executives said that the firm will continue to recruit at its employee and independent channels and allow free movement among them and other Protocol firms.

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Capital One to Close Bank-Based Brokerage Business, Exec to Join Advisor Group

Capital One to Close Bank-Based Brokerage Business, Exec to Join Advisor Group

2/22/18 | News

Credit card bank continues its move out of retail brokerage with plan to shutter unit operating out its bank branches.

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Wells Gains Million-Dollar Producer from RBC, Loses Broker to RayJay

Wells Gains Million-Dollar Producer from RBC, Loses Broker to RayJay

2/21/18 | Advisor Moves

Broker in Oregon joins Wells after regional career while Wells vet in North Carolina says he is done with wirehouses.

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Million-Dollar Hilliard Broker Told to Return $445K to Elderly Client

Million-Dollar Hilliard Broker Told to Return $445K to Elderly Client

2/20/18 | News | 1 Comment

Hilliard, Lyons and a Louisville advisor once ranked as one of the top young brokers in the U.S. allegedly made unauthorized, excessive and risky trades in octogenarian’s retirement accounts.

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HighTower Dismisses Senior Recruiting, Marketing Executives

HighTower Dismisses Senior Recruiting, Marketing Executives

2/15/18 | News | 3 Comments

Under new ownership structure, the RIA “rollup” formed to lure top wirehouse brokers loses national sales head Kim Papedis and the high-profile “chief branding strategist” it hired last summer.

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Merrill Broker in Hartford Leaves His Team and Jumps to Janney

Merrill Broker in Hartford Leaves His Team and Jumps to Janney

2/15/18 | Advisor Moves

Co-head of a seven-person group in Connecticut goes solo to a regional broker-dealer’s office that includes several alumni of the Thundering Herd.

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Goldman Projects 30% Growth in Wealth Management Advisor Force

Goldman Projects 30% Growth in Wealth Management Advisor Force

2/14/18 | News | 2 Comments

In a new emphasis on the profitability and growth prospects of its small retail wealth unit, Goldman CEO boasts that average annual production of its 700 advisors is $4.5 million, “much higher than our large bank competitors.”

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UBS Extracts $4 Million from Breakaway Broker

UBS Extracts $4 Million from Breakaway Broker

2/14/18 | News | 4 Comments

Large arbitration award for unpaid loan balances gives insight on why big brokerage firms have retrenched from lucrative signing and retention packages.

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Broker Suing UBS in Whistleblower Case Wins Some Expungements

Broker Suing UBS in Whistleblower Case Wins Some Expungements

2/13/18 | News | 2 Comments

Craig Price wipes four auction-rate security complaints from his record while his wrongful termination claims against UBS proceeds.

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SEC Asks Congress for $ to Examine RIAs and Supervise Finra

SEC Asks Congress for $ to Examine RIAs and Supervise Finra

2/12/18 | News | 4 Comments

Examinations covered 15% of registered investment advisers last year, but 35% have never been examined, according to SEC’s fiscal 2019 budget proposal.

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Does Early-Life Bad Behavior Foreshadow Rogue Broker Activity?

Does Early-Life Bad Behavior Foreshadow Rogue Broker Activity?

2/7/18 | Enforcement | 6 Comments

Former Morgan Stanley broker who declared that he changed his life after a forgery arrest while in college was sentenced to prison on Tuesday for defrauding a widowed client.

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Judge Hands Morgan Stanley Another TRO Win, Hands Off to Finra

Judge Hands Morgan Stanley Another TRO Win, Hands Off to Finra

2/6/18 | News | 11 Comments

Court extends restraining order preventing Florida broker Daniel Abel from calling clients and orders expedited Finra hearing.

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Wells Fargo Advisors Assures Brokers They Can Keep Growing

Wells Fargo Advisors Assures Brokers They Can Keep Growing

2/5/18 | News | 7 Comments

The Federal Reserve’s severe order freezing assets at the bank company should not limit recruiting efforts nor client account growth, the bank tells advisors.

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Ex-MS Broker Seeks to Vacate $2 Mln Arb Award, Citing Evidence Destruction

Ex-MS Broker Seeks to Vacate $2 Mln Arb Award, Citing Evidence Destruction

2/2/18 | News | 3 Comments

Claims arbitrators failed to weigh claim that former manager orchestrated a
“shredding party” in defiance of firm’s order to preserve records.

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Ex-Morgan Stanley Manager Claims Race Discrimination

Ex-Morgan Stanley Manager Claims Race Discrimination

2/1/18 | News | 9 Comments

A former regional training officer says retaliation against him by complex and branch managers belie terms of earlier discrimination settlements.

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Whose Client Is It? Morgan Stanley Argues Both Sides, Former Broker Claims

Whose Client Is It? Morgan Stanley Argues Both Sides, Former Broker Claims

1/31/18 | News | 18 Comments

A Florida broker who the firm successfully accused of using its “trade secrets” to contact customers, cites a case in which it argued precisely the opposite.

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Two Ex-Morgan Stanley Brokers in Boston to Plead Guilty to Fraud

Two Ex-Morgan Stanley Brokers in Boston to Plead Guilty to Fraud

1/31/18 | Enforcement | 2 Comments

James Polese and partner Cornelius Peterson stole $500,000 from clients for personal expenses and to fund a “wind farm” investment, prosecutors said.

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Morgan Stanley Managing Director in Connecticut Jumps to JPMorgan

Morgan Stanley Managing Director in Connecticut Jumps to JPMorgan

1/29/18 | Advisor Moves | 2 Comments

Advisor is believed to be the largest producer to have left Morgan Stanley since its exit from the Protocol for Broker Recruiting.

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Morgan Stanley Wins Another Restraining Order Against Former Broker

Morgan Stanley Wins Another Restraining Order Against Former Broker

1/24/18 | News | 13 Comments

A Florida federal judge supplements her order with an unusual 14-page decision that lawyers said could be cited in other cases.

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Amid Broker Protocol Fireworks, Industry Shifts Administrators

Amid Broker Protocol Fireworks, Industry Shifts Administrators

1/23/18 | News | 2 Comments

Oversight of the recruiting agreement passes to expert-witness firm following complaints about the former administrator’s ties to big firms.

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Morgan Stanley Disses Former Broker’s Career in New TRO Suit

Morgan Stanley Disses Former Broker’s Career in New TRO Suit

1/23/18 | News | 3 Comments

Accuses demoted Florida broker who left two weeks ago of using confidential information to solicit clients who kept some $18 million with the firm.

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UBS Wealth Americas Loses Some Autonomy—and More Brokers

UBS Wealth Americas Loses Some Autonomy—and More Brokers

1/22/18 | News | 5 Comments

Swiss bank to combine its flagship international wealth management units with formerly autonomous U.S. business, giving U.S. boss Tom Naratil co-leadership role.

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A Year After Leaving LPL, Ron Carson Twists the Knife

A Year After Leaving LPL, Ron Carson Twists the Knife

1/18/18 | News | 4 Comments

LPL’s former top producer now affiliated with Cetera goes on the offensive to lure former colleagues.

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First Republic Sings a Song of Seasoned Brokers

First Republic Sings a Song of Seasoned Brokers

1/17/18 | News | 1 Comment

A “very good year” for recruiting helped San Francisco bank boost wealth assets 28% and increase referrals for bank products.

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Merrill Lynch’s Racquel Oden Signs with JPMorgan Chase Wealth Management

Merrill’s Racquel Oden Signs with Chase

1/16/18 | News | 1 Comment

Former manager of Merrill’s Fifth avenue branch will oversee Chase bank advisors in the Northeast, according to a memo on Tuesday.

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J.P. Morgan Opens Houston Office Seeded by Big Merrill Team

J.P. Morgan Opens Houston Office Seeded by Big Merrill Team

1/12/18 | Advisor Moves | 4 Comments

After ending 2017 with a wave of big hires in its “boutique wealth management unit,” the bank is broadening its base beyond legacy Bear Stearns offices.

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Wells Advisors Headcount Holds Steady and Bank Referrals Rebound

Wells Advisors Headcount Holds Steady and Bank Referrals Rebound

1/12/18 | News | 2 Comments

Wealth unit of the California banking giant shows signs of recovery despite lingering fake-account issues in other parts of the company.

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SEC Seen on Verge of Proposing a Fiduciary Rule

SEC Seen on Verge of Proposing a Fiduciary Rule

1/10/18 | News | 3 Comments

The Commission could submit a customer best-interest proposal by the second quarter and possibly regulate brokers’ ability to call themselves financial advisors.

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Finra Bearing Down on Securities-Backed Loans and Rollovers

Finra Bearing Down on Securities-Backed Loans and Rollovers

1/8/18 | News | 6 Comments

In 2018 exam priority letter, Wall Street’s self-regulator says firm policies and procedures for vetting high-risk brokers remains a focus and highlights a new kind of reverse churning issue.

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Raymond Jay Recruits Million-Dollar Merrill Producer in Boston

Raymond James Recruits Million-Dollar Merrill Producer in Boston

1/5/18 | Advisor Moves | 4 Comments

Nineteen-year veteran becomes Florida-based firm’s sixth Beantown broker as it continues northern expansion.

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Morgan Stanley Complex Manager in Dallas Jumps to RayJay Firm

Morgan Stanley Complex Manager in Dallas Jumps to RayJay Firm

1/5/18 | Advisor Moves

Chris Barton, a 22-year veteran of Smith Barney and Morgan Stanley, hired to develop new markets for Washington, DC-based Steward Partners.

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Great Lakes Founder Misappropriated Company Funds—Filing

Great Lakes & Atlantic Founder Misappropriated Company Funds—Filing

1/4/18 | News

RIA “rollup” firm that includes 37 underlying practices fired former chief executive Craig Cmiel in November.

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Fired Morgan Stanley Broker Ordered to Pay $2.2 Mln in Note Case

Fired Morgan Stanley Broker Ordered to Pay $2.2 Mln in Note Case

1/3/18 | Enforcement | 8 Comments

Panel denies fired 30-year industry veteran’s counter-claim for $20 million on grounds of discrimination.

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Arbitrators Order Morgan Stanley Breakaway to Pay $545K

Arbitrators Order Morgan Stanley Breakaway to Pay $545K

1/3/18 | Enforcement | 12 Comments

Former Minnesota advisor loses counterclaim of defamation and last month left his new job as a registered investment adviser.

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Finra Fines Raymond James $2 Million for ‘Significant’ Email Issues

Finra Fines Raymond James $2 Million for ‘Significant’ Email Issues

12/21/17 | News

RayJay’s independent broker channel failed to meaningfully review millions of emails, leading to missed red flags, for nine years, regulator says.

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Racquel Oden, Head of a Merrill ‘Flagship’ Office in NYC, Exits

Racquel Oden, Head of a Merrill ‘Flagship’ Office in NYC, Exits

12/20/17 | News | 31 Comments

The firm is searching for a replacement to oversee its Fifth Avenue branch in midtown Manhattan, sources said.

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Ex-Broker Cops to Syndicate Kickback Scheme

Ex-Broker Cops to Syndicate Kickback Scheme

12/20/17 | Enforcement | 3 Comments

Former broker at Stifel and Barclays pleaded guilty accepting as much as $1.5 million in illegal payments for allocations of popular initial public offerings, authorities said.

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Morgan Stanley Seeks to Clamp Another Departing Broker

Morgan Stanley Sues to Muffle Another Departing Broker

12/19/17 | News | 19 Comments

Asks a Chicago judge to issue an order restraining Steven Glazer, who quit last week, from contacting his former customers from his new firm.

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Longtime Pros from Smith Barney/J.P. Morgan Join Private Bank Fieldpoint

Longtime Pros from Smith Barney/J.P. Morgan Join Private Bank Fieldpoint

12/18/17 | Advisor Moves | 4 Comments

Four brokers overseeing $700 million take swipe at implied conflicts at J.P. Morgan in explaining move to Greenwich, Conn., bank.

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Morgan Stanley Prevails in Skirmish with Breakaway Broker

Morgan Stanley Prevails in Skirmish with Breakaway Broker

12/13/17 | News | 17 Comments

Judge says advisor who left last week to start independent practice cannot actively solicit his former firm’s customers and must return “confidential” data.

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UBS Loses Oil Industry Stock Plan Broker to RayJay’s HNW Unit

UBS Loses Oil Industry Stock Plan Broker to RayJay’s Alex. Brown

12/12/17 | Advisor Moves | 1 Comment

Longtime UBS advisor and manager Jim Sheehan leaves New Jersey team for Alex. Brown’s midtown Manhattan office.

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Finra Bars Wells Brokers in California Who Flogged Energy Deals

Finra Bars Wells Brokers in California Who Flogged Energy Deals

12/12/17 | Enforcement | 1 Comment

California pair have cost Wells some $8.4 million in arbitration settlements to date.

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Morgan Stanley Rushes to Hamstring Another Fleeing Broker

Morgan Stanley Rushes to Hamstring Another Fleeing Broker

12/11/17 | News | 10 Comments

Files court order to stop a New Jersey broker who left Friday from calling his former clients.

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Finra Bars Ex-UBS Broker Who Managed All-Star Pitcher’s Accounts

Finra Bars Ex-UBS Broker Who Managed All-Star Pitcher’s Accounts

12/8/17 | Enforcement

Virginia advisor failed to disclose to his employers 16 outside business activities and private securities transactions involving a wealthy client, regulator says.

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Ex-Morgan Stanley Broker Burned by UITs Now Spurns Commissions

Ex-Morgan Stanley Broker Burned by UITs Now Spurns Commissions

12/6/17 | News | 3 Comments

Advisor in Pennsylvania says the packaged products aren’t worth the headache and gives up his brokerage license.

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LPL Puts Teeth Into Penalties for Sales Practice Violations

LPL Puts Teeth Into Penalties for Sales Practice Violations

12/6/17 | News

New rep agreements give the independent broker-dealer to recoup commission payments if laws or internal policies were violated.

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Steward Partners Eyes Texas Office in Channel-Challenging Move–Source

Steward Partners Eyes Texas Office in Channel-Challenging Move–Source

12/5/17 | News

Independent firm that gave Florida-based Raymond James tentacles in the mid-Atlantic and New England region plans a Houston presence.

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HighTower Founder Argues That He Is Illiquid

HighTower Founder Argues That He Is Illiquid

12/4/17 | News | 11 Comments

In testimony during a court hearing on a missed payment in his divorce settlement, Elliot Weissbluth testified that on a monthly basis despite his $650,000 base salary, he is “negative cash flow.”

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Merrill Takes Stand, Says It Won’t Leave Protocol for Broker Recruiting

Merrill Takes Stand, Says It Won’t Leave Protocol for Broker Recruiting

12/4/17 | News | 22 Comments

Wealth boss Andy Sieg surprised his troops and many observers on Monday by saying it will not follow Morgan Stanley and UBS in exiting the recruiting pact.

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UBS Rivals Tally Up Recruiting Victories

UBS Rivals Tally Up Recruiting Victories

12/1/17 | Advisor Moves | 7 Comments

Merrill Lynch, independent broker-dealer Cambridge Investment and Janney Montgomery among firms that nabbed teams before UBS closed the Protocol door.

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Wells Advisors Executive Hints at Protocol Decision

Wells Advisors Executive Hints at Protocol Decision

12/1/17 | News | 1 Comment

Wells’ multi-channel brokerage structure (indie, employee and bank) positions it well against wirehouse competitors in new recruiting environment, executive says.

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Wells Fargo to Raise Payout to 50% on Top Brokers’ First Dollar of Revenue

EXCLUSIVE: Wells to Raise Payout to 50% on Top Brokers’ First Dollar of Revenue

11/30/17 | News | 13 Comments

Wells Fargo Advisors’ private client group to keep 2018 compensation plan largely unchanged but adds incentives for big producers and their teams.

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Merrill Rallies Top Advisors to Cheerlead 2018 Comp Plan

Merrill Rallies Top Advisors to Cheerlead 2018 Comp Plan

11/29/17 | News | 13 Comments

Wealth management employees receive memo from 28 colleagues that calls the firm’s carrot-and-stick push for account growth “right on target” and “truly Merrill Lynch.”

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Blocked from Calling Clients, Ex-Morgan Stanley Broker Loses New Job

Blocked from Calling Clients, Ex-Morgan Stanley Broker Loses New Job

11/29/17 | News | 10 Comments

A court filing from a Morgan Stanley lawyer says Bank Leumi fired broker who agreed to refrain from contacting former clients for a year.

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Before Abandoning Protocol, UBS Welcomed Sizable Merrill Producers

Before Abandoning Protocol, UBS Welcomed Sizable Merrill Producers

11/27/17 | Advisor Moves | 5 Comments

Brokers in New Jersey and Illinois believed to be collectively managing some $1.6 billion of assets changed wirehouse partners earlier this month.

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Morgan Stanley Ties Hands of Broker Who Jumped After Protocol Exit

Morgan Stanley Ties Hands of Broker Who Jumped After Protocol Exit—Sources

11/21/17 | News | 12 Comments

Sending a message about its ferocity in pursuing departed brokers, firm seeks and wins restraining order silencing a Florida broker who joined a competitor.

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Navy Reservist Brings Discrimination Claim Against Morgan Stanley

Navy Reservist Brings Discrimination Claim Against Morgan Stanley

11/20/17 | News | 7 Comments

Broker in Naperville, Ill., claims firm trumped up a termination charge so it would not have to pay $1.5 million of a forgivable loan while he was on active duty, while it says he violated outside business activity rules.

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Ex-Morgan Stanley Broker to Pay $1.4 Million After Epic 7-Year Arbitration War

Ex-Morgan Stanley Broker to Pay $1.4 Million After Epic 7-Year Arbitration War

11/17/17 | Enforcement

Company prevails in promissory note claim, but fails to recover millions in legal and hearing fees.

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Merrill Golden Ager (Almost!) Goes Indie with LPL

Merrill Golden Ager (Almost!) Goes Indie with LPL

11/15/17 | Advisor Moves | 13 Comments

In his fiftieth year as a member of the Thundering Herd, Ronald Scott embraces change.

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Great Lakes, an RIA Roll-Up, Replaces Founder

Great Lakes & Atlantic, an RIA Roll-Up, Replaces Founder

11/15/17 | News

Craig Cmiel, a former UBS manager who co-founded Great Lakes & Atlantic Wealth Management in 2014, has stepped down.

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Ex-Merrill Lynch Broker in Expense Fray Signs Up Quickly with UBS Ex-Pats

Ex-Merrill Broker in Expense Fray Signs Up Quickly with UBS Ex-Pats

11/14/17 | Advisor Moves

Chad Pouliot, million-dollar advisor discharged in October, joins former UBS broker Phil Fiore at his new RIA, Procyon Partners.

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Wells Taps Former RBC Veteran, Two Insiders to Fill Regional Vacancies

Wells Taps Former RBC Veteran, Two Insiders to Fill Regional Vacancies

11/13/17 | News | 4 Comments

Mary Sumners, 25-year veteran of Dain/RBC, takes reins of Wells Advisors’ northern region in Minneapolis, sources said.

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“Disaster” Looms in Dearth of Small-Advisor Exams: Former SEC Chair

“Disaster” Looms in Dearth of Small-Advisor Exams: Former SEC Chair

11/10/17 | News | 6 Comments

Mary Jo White says her inability to pass a uniform fiduciary standard remains the biggest disappointment of her tenure and warns that the 12% annual exam rate of registered investment advisers is a time-bomb.

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Morgan Stanley Parts Ways with High-Profile Head of Sports Unit

Morgan Stanley Parts Ways with High-Profile Head of Sports Unit

11/9/17 | News | 3 Comments

Drew Hawkins abruptly leaves after spending his 28-year career at the firm.

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HighTower Broker Hosted Mnuchin and Ivanka Trump Didnt Like What He Heard

HighTower Broker Hosted Mnuchin and Ivanka Trump, Didn’t Like What He Heard

11/7/17 | News | 5 Comments

California advisor David Bahnsen, after making waves about pardoning Michael Milken, says GOP tax plan is a mess for individuals.

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Two Edward Jones Brokers in Ohio Defect for Indie Firms

Two Jones Brokers in Ohio Defect for Indie Firms

11/7/17 | Advisor Moves | 17 Comments

One sought more flexibility at Raymond James Financial Services while another says he liked Prospera Financial’s “culture.”

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Analysis: Smaller Rivals Quake After Morgan Stanley’s Protocol Decision

Analysis: Smaller Rivals Quake After Morgan Stanley’s Protocol Decision

11/6/17 | News | 4 Comments

Independent advisory firms, broker-dealers, and regionals that were hiring steadily from wirehouses have the most to lose if the big firms protect their flanks through litigation.

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Another Longtime Merrill Executive Hangs Up His Spurs

11/3/17 | News | 14 Comments

John Hogarty, chief operating officer of Bank of America’s wealth business and a defender of Merrill’s compensation plans, to retire at yearend.

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Threat of Prison in Tom Buck Churning Case Alarms Brokers

Threat of Prison in Tom Buck Churning Case Alarms Brokers

11/1/17 | News | 24 Comments

Former Merrill broker’s plan to plead guilty to overcharging customers, raises questions about commission accounts and how far firms and prosecutors may go to limit them.

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Renegade Merrill Lynch Broker Tom Buck Admits to Fraud, Faces 25-Year Sentence

Renegade Merrill Broker Tom Buck Admits to Fraud, Faces 25-Year Sentence

10/31/17 | Enforcement | 17 Comments

The Thundering Herd’s former top Indiana producer also agrees to pay $5 million in civil penalties for defrauding customers by charging excessive commissions.

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Ex-Morgan Stanley Broker Suspended over Fantasy Sports Biz

Ex-Morgan Stanley Broker Suspended over Fantasy Sports Biz

10/31/17 | Enforcement | 4 Comments

Regulator gives broker seven-month time out for failing to fully disclose his involvement in outside betting companies.

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UBS Loses U.S. Brokers and New Assets for Second Straight Quarter

UBS Loses U.S. Brokers and New Assets for Second Straight Quarter

10/27/17 | News | 3 Comments

Customers pulled a net $2.3 billion from their Wealth Management Americas accounts, related mainly to “financial advisor attrition,” Swiss banking giant says.

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Morgan Stanley to Change Payout Calculation

EXCLUSIVE: Morgan Stanley to Change Payout Calculation

10/26/17 | News | 11 Comments

2018 comp plan to recalculate broker payout with a “rolling grid” that adjusts monthly based on trailing 12-month production.

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JPMorgan Bounces Back, Recruits $1.6 Bln Morgan Stanley Team in New York City

JPMorgan Bounces Back, Recruits $1.6 Bln Morgan Stanley Team in New York City

10/26/17 | Advisor Moves | 2 Comments

Group is the second this month to join the bank’s legacy Bear Stearns business from a Morgan Stanley branch in midtown Manhattan.

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HighTower Finds a Savior

HighTower Finds a Savior

10/25/17 | News | 5 Comments

Chicago-based rollup says Thomas H. Lee Partners will buy out certain existing institutional investors and commit $100 million of new equity capital.

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Wells Fargo Sues Fired Broker, Son and Their New RIA

UPDATE: Wells Sues Fired Broker, Son and Their New RIA

10/24/17 | News | 1 Comment

Wells Fargo Advisors goes to court to prevent client solicitations by veteran who it alleges lost his right to protections of the Protocol for Broker Recruiting by registering his new firm without permission last summer.

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Snubbing Nose at Wirehouses, Charles Schwab Flaunts Flow of Breakaway Brokers

Snubbing Nose at Wirehouses, Schwab Flaunts Flow of Breakaway Brokers

10/23/17 | News | 1 Comment

Competitors’ strategies of cementing retention through teaming fee-based accounts appear to be backfiring, CEO Walt Bettinger tells brokerage firm investors.

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SEC Charges NY Advisor with Stealing $9 Mln from Charity He Oversaw

SEC Charges NY Advisor with Stealing $9 Mln from Charity He Oversaw

10/20/17 | News | 8 Comments

Fraud allegations are the second in two years against an employee of venerable family office Train, Babcock Advisors.

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Merrill Broker in Michigan Files Age Discrimination Suit

Merrill Broker in Michigan Files Age Discrimination Suit

10/19/17 | News | 2 Comments

Broker claims he was eased out of referral program after a client of his branch manager requested his help.

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Sieg to Merrill Brokers: Your Goal Is FIve New Accounts

Sieg to Merrill Brokers: Your Goal Is Five New Accounts

10/18/17 | News | 34 Comments

The head of the Thundering Herd continues to bang the drum for revving up new-household account productivity.

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Wells Fargo to Pay $3.4 Mln for Failing to Supervise ‘Volatility Product’ Sales

Wells to Pay $3.4 Mln for Failing to Supervise ‘Volatility Product’ Sales

10/16/17 | News | 5 Comments

Brokers in firm’s private client and independent channels “misunderstood and improperly sold” volatility-linked exchange-traded products, regulator says.

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Wells Fargo’s Broker Count Jumps after Long Decline, Wealth Profit Rises

Wells Fargo’s Broker Count Jumps after Long Decline, Wealth Profit Rises

10/13/17 | News

For the first time since fake-account scandal at its sister bank exploded a year ago, Wells Fargo Advisors added more brokers than it lost last quarter.

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Morgan Stanley Returns to Court as Another NJ Broker Jumps to Merrill Lynch

Morgan Stanley Returns to Court as Another NJ Broker Jumps to Merrill

10/12/17 | Advisor Moves | 4 Comments

Five former employees at a Princeton-area branch have left in recent weeks to join former branch manager Robert Beylickjian at rival firm.

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Merrill Lynch Employees Seek Overtime Pay for Vetting Brokers’ E-Mails

Merrill Employees Seek Overtime Pay for Vetting Brokers’ E-Mails

10/11/17 | News | 6 Comments

A New Jersey employee brings class-action lawsuit alleging that Merrill and Bank of America intentionally misclassified dozens of people to avoid paying them for extra hours spent reviewing brokers’ correspondence.

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HighTower Nabs Merrill Veteran, Another Manager Exits

HighTower Nabs Merrill Veteran, Another Manager Exits

10/10/17 | Advisor Moves

Pennsylvania broker joining the advisory rollup leads team in Lebanon with $230 million in assets.

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Morgan Stanley Broker’s Firing Raises Industry Eyebrows

Morgan Stanley Broker Resisted Fee Accounts, Gets Fired

10/10/17 | News | 13 Comments

Broker’s termination for “delays in converting accounts to fee-based platforms” could be a warning sign to big firm stock pickers who drag their feet on fee-based trend, lawyers say.

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Senior Morgan Stanley Broker in Virginia Leaves Amid Branch Manager Shuffle

Senior Morgan Stanley Broker in Virginia Leaves Amid Branch Manager Shuffle

10/9/17 | Advisor Moves | 10 Comments

A million-dollar producer in Alexandria leaves without explanation while a call-center manager is appointed to unify firm’s two offices in the city.

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JPMorgan Broker with $500 Million Signs with HighTower

JPMorgan Broker with $500 Million Signs with HighTower

10/6/17 | Advisor Moves | 2 Comments

Florida advisor says he didn’t ask questions about rumored sale of the firm he joined.

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Morgan Stanley Sues Manager, Broker Who Left for Merrill Lynch

Morgan Stanley Sues Manager, Broker Who Left for Merrill

10/6/17 | News | 5 Comments

The firm filed two lawsuits on Thursday to restrain a former manager near Princeton, NJ, from soliciting brokers and a broker he allegedly recruited from soliciting inherited-account clients.

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Former UBS Private Wealth Regional Manager Joins Independent Firm

Former UBS Private Wealth Regional Manager Joins Independent Firm

10/5/17 | News | 1 Comment

Ray DiNunzio, a 17-year UBS veteran based in Houston, has hooked up with his former boss John Straus’s FallLine Securities.

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Sterne Agee’s Name Fossilizes, Turning into Stone

Sterne Agee’s Name Fossilizes, Turns to Stone

10/4/17 | News | 1 Comment

The 460 independent brokers at the Alabama-based firm who were abandoned by Stifel will operate under a new flag.

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Greg Fleming Takes Reins of Expanded Rockefeller Family Office

Greg Fleming Takes Reins of Expanded Rockefeller Family Office

10/4/17 | News | 2 Comments

Almost two years after his departure from Morgan Stanley, the former wealth management division head takes a stab at building out a much smaller wealth shop with an equally prominent name.

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Another HighTower Executive Leaves Amid Sale Rumors

Another HighTower Executive Leaves Amid Sale Rumors

10/3/17 | News | 4 Comments

Thomas H. Brown, head of East Coast recruiting at the Chicago-based “rollup,” is the latest senior departure.

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Finra Board Approves Expanding Data Public Sees on Brokers

Finra Board Approves Expanding Data Public Sees on Brokers

10/2/17 | News | 4 Comments

Regulator to seek comment on publishing more data in BrokerCheck and selectively easing inspection burdens for some branches and examiners.

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HighTower’s Top Former Recruiter Joins RBC Wealth in New York

HighTower’s Top Former Recruiter Joins RBC Wealth

10/2/17 | Advisor Moves

Michael Parker is the new head of advisor recruiting at the Canadian banking unit’s newly aggressive U.S. brokerage unit.

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BREAKING: Keith Banks Out as President of U.S. Trust

Keith Banks Out as President of U.S. Trust

9/29/17 | News | 17 Comments

Executive who had run Merrill’s sister private banking unit since 2009 moves upstairs to vice chair role and is replaced by Bank of America’s business banking head Katy Knox.

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SEC Bars Merrill Broker Imprisoned in $8.7 Million Fraud Case

SEC Bars Merrill Broker Imprisoned in $8.7 Million Fraud Case

9/29/17 | Enforcement

Former high-producing Minnesota broker is serving 50 months for bank fraud in which he repeatedly used his Merrill account as collateral.

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Ex-Wirehouse Advisor Spilled the Beans in NCAA Bribery Case

Ex-Wirehouse Advisor Spilled the Beans in NCAA Bribery Case

9/28/17 | News | 1 Comment

Louis Blazer, a former broker and RIA who was barred last year, was the cooperating witness in federal cases involving big-name college basketball coaches.

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Broker Can’t Escape Promissory Note Debt through Bankruptcy

Broker Can’t Escape Promissory Note Debt Through Bankruptcy

9/28/17 | Enforcement

Los Angeles appeal panel says ex-JPMorgan broker can’t discharge $750,000 signing bonus owed to the bank.

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RBC Reflies Flag in Miami with Billion-Dollar AUM Morgan Stanley Team

RBC Reflies Flag in Miami with Billion-Dollar AUM Morgan Stanley Team

9/26/17 | Advisor Moves

A wirehouse team in Florida joins the U.S. wealth unit of a Canadian bank while Sunshine State powerhouse Raymond James loses broker to a new Miami office of Pennsylvania regional Janney Montgomery Scott.

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Expense Report Costs Morgan Stanley Veteran Her Career

Expense Report Costs Morgan Stanley Veteran Her Career

9/26/17 | Enforcement | 8 Comments

Registered rep who was discharged for allegedly putting a no-show on a list of event attendees refused to cooperate with regulatory follow-up.

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Morgan Stanley to Pay $13 Million for UIT Sales Violations

Morgan Stanley to Pay $13 Million for UIT Sales Violations

9/25/17 | News | 4 Comments

Hundreds of advisors at the biggest U.S. brokerage firm prompted customers to unsuitably trade UITs, according to the Financial Industry Regulatory Authority.

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RayJay Lands Brokers from RBC, Morgan Stanley

RayJay Lands Brokers from RBC, Morgan Stanley

9/22/17 | Advisor Moves

Raymond James remains active in recruiting, especially as recruiters said choices are limited for brokers with wirehouses cutting back.

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Merrill Brand Takes a Hit with New BofA Credit Cards

Merrill Brand Takes a Hit with New BofA Credit Cards

9/21/17 | News | 23 Comments

Long-time Merrill Lynch+ signature credit card is discontinued in favor of new Bank of America rewards offer.

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Regionals Pick Off Wirehouse Teams in Las Vegas, Chicago and Nashville

Regionals Pick Off Wirehouse Teams in Las Vegas, Chicago and Nashville

9/19/17 | Advisor Moves

RBC and Baird score advisors from Merrill and Morgan Stanley, while RayJay signs up a $1.4-million producer from a bank-owned broker in New Orleans.

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Janney Hires Ex-RayJay Manager Linked to Ski Resort Fraud Case

Janney Hires Ex-RayJay Manager Linked to Ski Resort Fraud Case

9/18/17 | News

Frank Amigo, who left Raymond James in April, is a branch manager for Janney in Boca Raton.

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Wells Threatened with Class Lawsuit Over Leak of Client/Advisor Data

Wells Threatened with Class Lawsuit Over Leak of Client/Advisor Data

9/15/17 | News | 4 Comments

Lawyer for ex-broker who accidentally received reams of data on Wells Advisors customers says he is exploring a class-action lawsuit.

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Former Merrill Executive Fickinger Turns Up at BNY Mellon

Former Merrill Executive Fickinger Turns Up at BNY Mellon

9/14/17 | News | 8 Comments

The veteran who ran firm’s Northwest sales division and training over a 30-year career with the Herd, now heads San Francisco region for BNY Mellon Wealth.

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Wells Fargo Soldiers On in Northwest, Nabbing Brokers from UBS, Edward Jones and Wadell & Reed

Wells Soldiers On in Northwest, Nabbing Brokers from UBS, Jones and Waddell

9/14/17 | Advisor Moves | 3 Comments

Brokers joining Wells Advisor’s private-client offices in Washington and Oregon include a UBS veteran said to have been producing more than $600,000.

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Merrill Lynch Official Hammers Nail into Coffins of Stock-Picking Brokers

Merrill Official Hammers Nail into Coffins of Stock-Picking Brokers

9/13/17 | News | 7 Comments

Financial planning guidance, not investing is what the business is all about today, says the head of “goals-based” consulting at the Bank of America unit.

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All in the Merrill Family—Til Morgan Stanley Made an Offer

All in the Merrill Family—Til Morgan Stanley Made an Offer

9/12/17 | Advisor Moves | 9 Comments

Broker who claims to have been Merrill’s biggest producer in Cleveland leaves with his daughter after 29 years for rival wirehouse, saying it has a more congenial culture.

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Morgan Stanley Virginia Complex Lures Pair of Merrill Lifers

Morgan Stanley Virginia Complex Lures Pair of Merrill Lifers

9/11/17 | Advisor Moves | 1 Comment

Despite the intramural recruiting pullback among wirehouses, two veteran Thundering Herd brokers leading separate teams jumped to rival in late August.

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First Republic Strikes Again, Nabbing $5-Mln UBS Team in San Francisco

First Republic Strikes Again, Nabbing $5-Mln UBS Team in San Francisco

9/8/17 | Advisor Moves | 2 Comments

Bay Area bank has been rapidly expanding its private wealth business with the help of experienced wirehouse brokers.

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RBC Picks Up UBS Vet in Chicago

RBC Picks Up UBS Vet in Chicago

9/8/17 | Advisor Moves

The hire marks the first at RBC for complex manager Justin Ferdula, who left a Morgan Stanley branch in New York City in May.

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Old-Fashion Fraud Trips Up Corner-Cutting Sales Associate

Old-Fashion Fraud Trips Up Corner-Cutting Sales Associate

9/8/17 | Enforcement

Finra suspends former Morgan Stanley employee who allegedly wired money based on a fraudster’s e-mailed requests.

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Recruiting Update: All Quiet on the Wirehouse Front

Recruiting Update: All Quiet on the Wirehouse Front

9/7/17 | News

An expected rush of summer-time hires at Merrill Lynch and Morgan Stanley failed to materialize despite efforts to get deals in the pipeline before bonus windows were shut.

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Ex-Merrill Lynch Broker Who Zealously ‘Rode the Calendar’ Pays Again

Ex-Merrill Broker Who Zealously ‘Rode the Calendar’ Pays Again

9/6/17 | Enforcement | 5 Comments

Broker who was discharged from Merrill in 2015 purchased IPOs without written authorization from clients, Finra said.

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Morgan Stanley Trims Recruiting Bonuses for High-end Brokers

EXCLUSIVE: Morgan Stanley Trims Recruiting Bonuses for High-end Brokers

9/6/17 | News

Will pay a ceiling of around 250% of a recruit’s annualized revenue, well below the 330%-and-higher offer to big producers before DOL Rule restrictions.

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Wells Rivals Announce Spurt of Recruiting from Scandal-Tarred Firm

Wells Rivals Announce Spurt of Recruiting from Scandal-Tarred Firm

9/5/17 | Advisor Moves | 5 Comments

Six brokers managing about $750 million left Wells Fargo Advisors, according to announcements on Tuesday from rival firms and brokers.

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Finra Raps Ex-Morgan Stanley Broker for Unorthodox “Discounting”

Finra Raps Ex-Morgan Stanley Broker for Unorthodox “Discounting”

9/1/17 | Enforcement | 11 Comments

Florida broker resolved a client’s complaint about commissions by writing a check from his own account, the regulator said.

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SEC Charges Navellier and Owner with Fraud

8/31/17 | News | 3 Comments

Nevada-based RIA, which manages funds for customers of scores of brokerage firms, misled investors about performance of strategies it marketed and failed to disclose conflicts of interest.

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Regional Recruiting Scramble: RBC, RayJay Add Veteran Brokers

Regional Recruiting Scramble: RBC, RayJay Add Veteran Brokers

8/30/17 | Advisor Moves

RBC adds $1.4-million team from Janney in Pittsburgh while RayJay recruits JPMorgan broker in Chicago.

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HighTower Advisor to Trump: Pardon Michael Milken

8/30/17 | News | 1 Comment

Newport Beach financial advisor David Bahnsen said he’s not concerned about client backlash to his outspoken political views.

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Morgan Stanley, Merrill Teams Jump to Indie Firms in NY and AZ

8/29/17 | Advisor Moves | 1 Comment

Duo with more than $300 million of client assets in Scottsdale join an LPL hybrid while Bolton attracts a New York team of international brokers managing $550 million.

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SEC Adds $20 Million Ponzi Scheme to List of Dawn Bennett Allegations

SEC Adds $20 Million Ponzi Scheme to List of Dawn Bennett Allegations

8/28/17 | News | 4 Comments

After barring the former advisor and radio “personality” from the securities industry, the U.S. now charges her with fraud tied to a luxury sports clothing company.

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Merrill PBIG Team Splits to Open Dallas Office for RIA Founded by Ex-Colleagues

Merrill PBIG Team Splits to Open Dallas Office for RIA Founded by Ex-Colleagues

8/28/17 | News | 3 Comments

Pair of brokers were managing $600 million of customer assets.

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‘Bada Bing’ Broker Parthemer Fined $160,000, Former Partner Barred

‘Bada Bing’ Broker Parthemer Fined $160,000, Former Partner Barred

8/24/17 | Enforcement

The Securities and Exchange Commission penalizes barred wirehouse broker Aaron Parthemer and imposes new bar on his former partner for their $5 million fraud.

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UBS Slams Florida Broker’s Whistleblowing Claim as Implausible

UBS Slams Florida Broker’s Whistleblowing Claim as Implausible

8/22/17 | News

A senior executive acted appropriately in firing broker for reasons unrelated to his allegations of elder abuse by a colleague, firm says in legal filing.

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Investor Sues Prudential, Morningstar over Bad-Choice Retirement ‘Robo’

Investor Sues Prudential, Morningstar over Bad-Choice Retirement ‘Robo’

8/18/17 | Uncategorized | 4 Comments

Class-action filing by pest-control company employee says “Goalmaker” software recommends costly funds that share revenue with the plan record-keeper.

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Two UBS Wealth Managers in Los Angeles Depart, One by Mutual Agreement

Two UBS Wealth Managers in Los Angeles Depart, One by Mutual Agreement

8/17/17 | Advisor Moves

Divisional sales director departs as part of ‘mutual separation’ and complex sales manager jumps to Raymond James.

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Feds Charge Morgan Stanley Broker as Member of Insider Trading Ring

Feds Charge Morgan Stanley Broker as Member of Insider Trading Ring

8/17/17 | Enforcement

New Jersey advisor leveraged tips from a friend who worked at BofA to make more than $880,000, primarily for customers, prosecutors say.

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Ex-Morgan Stanley Broker Sidelined for Altering Client Info on His Way Out

Ex-Morgan Stanley Broker Sidelined for Altering Client Info on His Way Out

8/17/17 | Enforcement | 3 Comments

Boston advisor jeopardized firm’s books-and-records obligations by altering client contact info before leaving for new firm, Finra says.

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Merrill’s Raleigh Managers Splits for Wells Fargo’s Bank Channel

Merrill’s Raleigh Manager Splits for Wells Fargo’s Bank Channel

8/16/17 | Advisor Moves | 17 Comments

After spending his 22-year brokerage career with Merrill, former branch manager says he can get better family-office support for clients from rival firm’s in-lobby bankers.

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20-Year Edward Jones Vet Opens RayJay Office in New Mexico

20-Year Edward Jones Vet Opens RayJay Office in New Mexico

8/15/17 | Advisor Moves | 1 Comment

Leaves crowded network of Jones offices in the area to open first RayJay employee-channel outpost in Las Cruces.

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After ‘Mutual’ Separation, Morgan Stanley Manager Alights at Merrill Lynch

After ‘Mutual’ Separation, Morgan Stanley Manager Alights at Merrill Lynch

8/14/17 | Advisor Moves | 2 Comments

Former Princeton, NJ, branch manager who left in May is now helping to run a complex for Merrill Lynch.

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Wells Fargo Advisors Shuffles Field Leaders, Creates New Region

Wells Fargo Advisors Shuffles Field Leaders, Creates New Region

8/11/17 | News | 16 Comments

Reorganization is aimed to “position our field leaders closer to our advisors,” according to an internal memo.

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FBI Investigates Boston Broker Fired by Morgan Stanley

FBI Investigates Boston Broker Fired by Morgan Stanley

8/9/17 | News | 1 Comment

Elderly client who alleges that James Polese plundered his account said agents are asking questions.

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Flexing New England Muscle, RBC Nabs $3.7-Million Morgan Stanley Team

Flexing New England Muscle, RBC Nabs $600 Mln-Asset Morgan Stanley Team

8/8/17 | Advisor Moves

Boston brokers Paul Roche and Christopher Bayles, with two associates, resigned from the wirehouse on Tuesday to join the expanding U.S. brokerage franchise of Royal Bank of Canada.

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Another Graystone/Morgan Stanley Emigrant Goes Independent

Another Graystone/Morgan Stanley Emigrant Goes Independent

8/8/17 | Advisor Moves | 1 Comment

Michael Holycross, a Michigan advisor abruptly fired in June, is contacting public pension plans and other clients for business out of Florida-based AndCo Consulting.

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Morgan Stanley Added Branches in Second Quarter

Morgan Stanley Added Branches in Second Quarter

8/7/17 | News

For the first time since the start of the Smith Barney merger in 2009, the firm eked out a net branch increase.

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Phil Shaffer of Morgan Stanley Graystone Fame Opens His Own Shop

Phil Shaffer of Morgan Stanley Graystone Fame Opens His Own Shop

8/7/17 | News

After hurried departure from his $3.8 billion-asset wirehouse team in June, a pioneer of “institutional consulting” sets up Halite Partners in Columbus, Ohio.

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Merrill to Brokers: Start Your Growth Engines

Merrill to Brokers: Start Your Growth Engines

8/4/17 | News

Firm will reward 400 advisors—including 30 from PBIG—for beating out colleagues in growing their books in an unusual 8-month program that began this week.

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Finra Benches Former Merrill PBIG Stars over Outside Businesses

Finra Benches Former Merrill PBIG Stars over Outside Businesses

8/3/17 | Enforcement | 3 Comments

Stephen Brown and James Goetz, now with Stifel near Rochester, NY, are hit with suspensions and combined fines of $150,000 for investments in brewery and other products without their firm’s authorization.

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Texas Advisor in Fox News Glare Says Clients Don’t Care

Texas Advisor in Trump News Glare Says Clients Don’t Care

8/2/17 | News | 1 Comment

Ed Butowsky, a former Morgan Stanley and Bear Stearns broker who now runs an independent advisory firm, denies lawsuit allegations that he helped President Trump fabricate a Russia hacking story.

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Morgan Stanley Fires Two Boston Brokers for Alleged Theft

Morgan Stanley Fires Two Boston Brokers for Alleged Theft

8/1/17 | News | 1 Comment

A 21-year veteran who has worked on a team led by two partners with 52 years of experience each, is accused with an associate of misappropriating client assets.

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Merrill’s Las Vegas Complex Manager Departs

Merrill’s Las Vegas Complex Manager Leaves

7/31/17 | News | 3 Comments

Broker who returned two years ago to run the company’s ‘Sierra Nevada market’ was let go after a big trade went awry, sources said.

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Merrill Lynch to Pause Account Transfers for a Week

Merrill to Pause Account Transfers for a Week

7/27/17 | News | 2 Comments

Due to operational change involving parent bank’s living will, Merrill will freeze processing of account-transfer requests in and out of the firm from July 28 through August 4.

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Judge Orders Ex-Wells Broker to Return Breached Customer Data

Judge Orders Ex-Wells Broker to Return Breached Customer Data

7/26/17 | News

Sensitive client and advisor data inadvertently leaked by broker-dealer’s lawyer cannot be used or disseminated, courts in New York and New Jersey rule.

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Finra Bars Ex-Morgan Stanley Broker Who Deceived Spy Novelist

Finra Bars Ex-Morgan Stanley Broker Who Deceived Spy Novelist

7/26/17 | Enforcement

Utah-based broker Kim Isaacson agrees to ouster from securities industry (and his current job at Ameriprise) for hyping returns in a client’s account.

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Judge Denies UBS Attempt to Handicap Ex-Broker’s New Firm

7/25/17 | News

Connecticut advisor Phil G. Fiore and his team at Procyon Partners are free to solicit their former UBS clients, judge rules.

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SEC Endorses Record $61 Million Award to Two JPMorgan Whistleblowers

SEC Staff Endorses $61 Mln Award for Two JPMorgan Whistleblowers

7/20/17 | News | 2 Comments

Johnny Burris, fired after he allegedly called out bank’s proprietary fund bias, believed to be beneficiary of regulator’s recommended reward.

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Wells Trainee Class-Action Settlement Spotlights Rivals’ Policies

Wells Trainee Class-Action Settlement Spotlights Rivals’ Policies

7/19/17 | News

Many firms drop practice of pursuing trainees for “training costs” if they drop out.

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Morgan Stanley Brokers Excite CEO with $1 Billion-Quarter

Morgan Stanley Brokers Excite CEO with $1 Billion-Quarter

7/19/17 | News | 2 Comments

Fee revenue and loan growth send wealth unit’s pretax profit margin above James Gorman’s 23-25% target range.

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UBS Lures “Top” Woman Advisor from RBC’s Hometown Office

7/18/17 | Advisor Moves

Despite its recruiting retrenchment, UBS continues hiring selectively.

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RBC Picks Off Wells Fargo Regional Manager

7/18/17 | Advisor Moves

After 24 years at Merrill and Wells, New York City private banker jumps to run an RBC complex in Texas.

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Wells Fargo Advisors to Pay $3.5 Million to Settle Trainee Class-Action

Wells Fargo Advisors to Pay $3.5 Million to Settle Trainee Class-Action

7/17/17 | News | 1 Comment

Also will stop requiring reimbursement of $45,000-$55,000 from trainees who seek to remain in securities industry within five years of leaving or being fired.

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Ex-Cambridge Recruiter Says He Was Fired for Whistleblowing

Ex-Cambridge Recruiter Says He Was Fired for Whistleblowing

7/13/17 | News | 3 Comments

Jeffrey Evanello claims the independent broker-dealer retaliated after he raised concerns about self-dealing involving a senior executive.

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Seasoned Edward Jones Broker Should Have Known Better, Finra Says

Seasoned Edward Jones Broker Should Have Known Better, Finra Says

7/12/17 | News | 15 Comments

Regulator bars 30-year veteran in Washington State barred for failing to disclose that a client paid for her Egyptian vacation and named her daughter and grandson beneficiaries of his trust.

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Raymond James Lowers Payouts for Brokers in Employee Channel

RayJay Lowers Payouts for Brokers in Employee Channel

7/11/17 | News | 5 Comments

Payout rates to drop by 100 to 400 basis points for most brokers.

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UBS Puts New Caps on Managed Account Fees

UBS Puts New Caps on Managed Account Fees

7/7/17 | News | 5 Comments

Firm has imposed 2.5% maximum fee on its five wrap programs.

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HighTower Loses Billion-Dollar Asset Teams in Maryland and Ohio

7/5/17 | Advisor Moves | 1 Comment

Leo J. Kelly and Joel Guth, whose firms respectively managed more than $2 billion and $1 billion respectively, cut their ties with Chicago-based aggregator last week.

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Finra Freezes Executive Pay as Revenue Declines

Finra Freezes Executive Pay as Revenue Declines

7/5/17 | News | 6 Comments

Six senior executives of the self-regulatory group took home more than $1 million in 2016, according to annual report, but salaries and promotions are frozen.

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Brokers with Clients in Nevada Are on Red Alert

Brokers with Clients in Nevada on Red Alert

6/30/17 | News | 2 Comments

Amended state securities law exposes firms and advisors to lawsuits if advice results in a loss and requires compensation disclosure.

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Breakaway UBS Broker Hires Big Legal Gun to Fend Off Wirehouse Lawsuit

Breakaway UBS Broker Hires Big Legal Gun to Fend Off Wirehouse Lawsuit

6/29/17 | News

Phil Fiore, who recruited six members of his former team to his new RIA, has hired a lawyer who once headed UBS’s retail litigation unit.

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June Busts UBS Wealth Balloon as Another Multi-Million-Dollar Team Jumps

June Busts UBS Wealth Balloon as Another Multi-Million-Dollar Team Jumps

6/28/17 | Advisor Moves | 1 Comment

Ten-person group in Honolulu producing more than $5 million left for Raymond James, marking at least sixth UBS departure this month.

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William Blair Builds Wealth, Grabs $3 Million Boston Team from UBS

William Blair Builds Wealth, Grabs Multi-Million-Dollar Wirehouse Vets in Boston, New York

6/26/17 | Advisor Moves

UBS team with combined 77 years of experience switches to Beantown outpost of Chicago-based firm.

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Finra Punishes Ex-Merrill Advisor Who Fed IPOs to Her Dad

Finra Punishes Ex-Merrill Advisor Who Fed IPOs to Her Dad

6/22/17 | Enforcement | 8 Comments

Florida broker’s vicissitudes highlight sensitivity of having close relatives as clients.

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One Seasoned Manager Returns to Merrill, Another Old Pro Leaves Wells

One Seasoned Manager Returns to Merrill, Another Old Pro Leaves Wells

6/20/17 | News | 9 Comments

After one-year hiatus with SunTrust, Dwight Mathis returns to run Long Island branches for the Thundering Herd while Wells’ Kevin Ortmeyer leaves after 25 years in Illinois for Stifel.

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Former UBS Private Wealth Leader Straus Nabs First Client as IBD

Former UBS Private Wealth Leader Straus Nabs First Client as IBD

6/19/17 | News

FallLine Securities, founded three years ago as a home for “private banking”-level brokers, picks up 14-year UBS veteran in Dallas.

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UBS Ruins Coming-Out Party for Fired Broker’s New RIA Firm

UBS Ruins Coming-Out Party for Fired Broker’s New RIA Firm

6/19/17 | News | 4 Comments

Phil G. Fiore, who was discharged by UBS in November, is hit with a lawsuit aiming to prohibit him and three former members of a $6 million team in Connecticut from soliciting former clients to join his fledgling business.

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As Wirehouses Narrow Recruiting Doors, Managers Seek New Pastures

As Wirehouses Narrow Recruiting Doors, Manager Finds New Pasture

6/16/17 | News | 2 Comments

Jeff Crystal, a longtime Morgan Stanley branch manager, is preaching the virtues of working as an independent adviser through a new unit of a company owned by the son of auto-racing mogul Roger Penske.

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Merrill Nabs Midtown Manhattan Team from Morgan Stanley

Merrill Nabs Midtown Manhattan Team from Morgan Stanley

6/15/17 | News | 2 Comments

Wirehouses continue their rush to hire veterans from rivals before their self-imposed recruiting freezes take effect.

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Morgan Stanley and Broker Handcuffed in Elder Abuse Case

Morgan Stanley and Broker Handcuffed by Elder Abuse Finding

6/15/17 | News | 10 Comments

Finra arbitrators award almost $400,000 to estate of woman who claimed firm shouldn’t have let her write checks from her account and liquidate securities to pay a home-improvement fraudster.

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Morgan Stanley CEO Sees Gold in Expiring Retention Bonuses

Morgan Stanley CEO Sees Gold in Expiring Retention Bonuses

6/14/17 | News | 1 Comment

James Gorman says bank will boost pretax profit margins by some 1.5 percentage points when payments to former Smith Barney brokers expire at the end of 2018.

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Technology Changes Core Functions of FAs at Wealth Firms

Technology Changes Core Functions of FAs at Wealth Firms

6/14/17 | News

Morgan Stanley outlines radical shifts in automating client communications, branch processes and asset accumulation.

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After RBC Broker Resigns, Firm Settles with His Customer for $3.5 Million

After RBC Broker Resigns, Firm Settles with His Customer for $3.5 Million

6/12/17 | News | 5 Comments

Indianapolis-based broker in branch that also housed Tom Buck allegedly churned closed-end funds for six years.

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Another Morgan Stanley Team Joins Merrill as Recruiting Window Shuts

Another Morgan Stanley Team Joins Merrill as Recruiting Window Shuts

6/9/17 | Advisor Moves | 1 Comment

New Jersey group with four advisors and $628 million in assets moves to cross-town rival.

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After Finra Opens Probe, Ex-Merrill Broker Leaves New Post

After Finra Opens Probe, Ex-Merrill Broker Leaves New Post

6/8/17 | News | 3 Comments

Boston-based advisor who once oversaw $1 billion of assets steps away from RIA as regulator initiates investigation of expense-account improprieties.

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Morgan Stanley Consolidates More Branches

Morgan Stanley Reorganizes in New Jersey

6/7/17 | News | 16 Comments

Shifts in New Jersey follow national reorganization last week.

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LPL Caps Non-Traded REIT Pay Ahead of DOL Rule, Delays Off-Platform Fund Ban

LPL Caps Non-Traded REIT Pay Ahead of DOL Rule, Delays Off-Platform Fund Ban

6/6/17 | News | 13 Comments

LPL clamps 6% lifetime maximum commission on non-traded REIT sales.

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Goldman Sachs Restricts Chicago Brokers from Calling Former Clients

Goldman Sachs Restricts Chicago Brokers from Calling Former Clients

6/5/17 | News

Wins court order blocking duo who started an RIA from soliciting for 90 days.

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With Clock Ticking on New Hires, Merrill Lands Jumbo UBS Teams

With Clock Ticking on New Hires, Merrill Lands Jumbo UBS Teams

6/2/17 | Advisor Moves, News | 2 Comments

A group with $3 billion in client assets joins in Chicago and a $1 billion-asset duo jumps in New York as Merrill turns off the spigot on big bonuses.

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BREAKING: Morgan Stanley Eliminates Divisions, Names New Field Boss

Morgan Stanley Eliminates Divisions, Names New Field Boss

6/2/17 | News | 7 Comments

The firm is cutting a management layer in effort to “bring decision making even closer to the client,” according to an internal memo.

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Ex-Morgan Stanley Broker Barred for Hiding $190 Million in Venezuelan Bond Trades

Ex-Morgan Stanley Broker Barred for Hiding $190 Million in Venezuelan Bond Trades

6/1/17 | Enforcement

The broker’s sales assistant also agreed to a fine and suspension as part of a Finra settlement.

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DOL Fiduciary Rule a “Positive” for Morgan Stanley, Says Wealth Boss

DOL Fiduciary Rule a “Positive” for Morgan Stanley, Says Wealth Boss

5/31/17 | News | 7 Comments

Andy Saperstein, co-head of the firm’s Wealth Management unit, said the rule has sped up the move to more profitable fee-based assets.

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South Street’s Deal for Lebenthal Falls Through

5/30/17 | News

CEO Alexandra Lebenthal says a new buyer will be announced in coming days.

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Adviser Charged with Stealing $4.5 Million from NFL Defensive End

Adviser Charged with Stealing $4.5 Million from Former Colts Defensive End

5/26/17 | News | 3 Comments

Reports identify the player as Cory Redding, who played with the Indianapolis Colts during the course of the alleged fraud.

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Wells Fargo Lards Recruiting Deals as Rivals Turn Spartan

Wells Fargo Lards Recruiting Deals as Rivals Turn Spartan

5/25/17 | News | 12 Comments

Wells Fargo grabs opportunity to replenish its experienced-advisor force by offering all-in bonuses approaching three times trailing 12-month revenue.

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Morgan Stanley Merges Dallas Complexes as Cost-Saving Push Continues

Morgan Stanley Merges Dallas Complexes as Cost-Saving Push Continues

5/25/17 | News | 4 Comments

Change leads to demotion for another legacy Smith Barney manager.

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Wells Fargo Eliminates A-Shares, C-Shares from Retirement Accounts

Wells Fargo Eliminates A-Shares, C-Shares from Retirement Accounts

5/24/17 | News | 2 Comments

Changes are announced to firm’s 15,000 advisors in advance of the DOL fiduciary rule that will become effective on June 9.

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RBC Hires Another Wirehouse Broker, This Time in Houston

RBC Hires Another Wirehouse Broker, This Time in Houston

5/24/17 | News | 1 Comment

Kevin Roberts, a $1.4 million producer who had been with Morgan Stanley for eight years, hooks up with Canadian bank’s U.S. broker-dealer.

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Another Domino Falls as Morgan Stanley Curtails Recruiting

Another Domino Falls as Morgan Stanley Curtails Recruiting

5/23/17 | News | 4 Comments

Biggest brokerage firm follows leads of rivals Merrill Lynch and UBS in pulling back on hiring veteran producers, says money can be better spent.

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Whose Client Is It? Morgan Stanley Wins TRO Against Janney Jumpers

Whose Client Is It? Morgan Stanley Wins TRO Against Janney Jumpers

5/22/17 | News | 4 Comments

Court blocks $1.8 million team from soliciting clients they allegedly inherited from a former broker at their old firm.

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LPL and Former Broker Attract Class-Action Lawsuit

LPL and Former Broker Attract Class-Action Lawsuit

5/22/17 | News

Two LPL clients in Texas seek over $1 million in damages in court, claiming churning and overcharging for mutual funds.

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Morgan Stanley Poaches Two of Jefferies Top Four Brokers

Morgan Stanley Poaches Two of Jefferies Top Four Brokers

5/19/17 | News

Duo in Atlanta with more than $9 million of production move to wirehouse after nine years with the smaller firm.

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Morgan Stanley Sues Connecticut Vets on Heels of Their Jump to Janney

Morgan Stanley Sues Connecticut Vets on Heels of Their Jump to Janney

5/18/17 | Advisor Moves | 7 Comments

Wirehouse asks court for restraining order against a producing manager and partner who allegedly contributed 40% of their former branch’s production.

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Cowboys Running Back Darren McFadden Sues Ameriprise for $15 Million

Cowboys Running Back Darren McFadden Sues Ameriprise for $15 Million

5/16/17 | Enforcement | 11 Comments

NFL star claims that firm was negligent in failing to stop a former broker who allegedly stole $15 million.

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RBC Keeps Up Pressure on Wirehouses with Recruiting Binge

RBC Keeps Up Pressure on Wirehouses with Recruiting Binge

5/15/17 | Advisor Moves | 2 Comments

Hires Boston team with $5.5 million of production from Morgan Stanley a week after picking off a New York City branch manager from the firm and a month after hiring a veteran Merrill broker.

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Former Edward Jones Broker Barred for ‘Borrowing’ $60K from Client

Former Edward Jones Broker Barred for ‘Borrowing’ $60K from Client

5/12/17 | Enforcement, News | 4 Comments

Finra also suspends a second broker who failed to notify Jones that he and his wife were beneficiaries of an elderly client’s account and estate.

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Merrill, in Reversal, to Allow Limited Commision-Based Retirement Accounts

Merrill, in Reversal, to Allow Limited Commission-Based Retirement Accounts

5/11/17 | News | 4 Comments

Will permit customers to buy and sell certificates of deposit, hold cash in IRAs after fiduciary rule takes effect and, if rich enough, buy hedge funds and private equity investments after DOL rule becomes effective next month.

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Morgan Stanley Branch Managers Leave, Willingly and Not, in NYC Region

Morgan Stanley Branch Managers Leave, Willingly and Not, in NYC Region

5/9/17 | Advisor Moves, News | 5 Comments

A 16-year veteran in New Jersey was “permitted to resign” earlier this month and a legacy Smith Barney manager in Manhattan jumped to RBC this week.

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Jefferies Takes Another Stab at Wealth Expansion, Hiring $7.3-Mln South American Team

Jefferies Takes Another Stab at Wealth Expansion, Hiring $7.3-Mln South American Team

5/8/17 | News

Reaches into Wells Fargo for nine-person group that oversaw about $1.5 billion for Argentine, Brazilian and Uruguayan families.

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NYC Investment Adviser Fined for Faking Her CFP Credential

NYC Investment Adviser Fined for Faking Her CFP Credential

5/8/17 | News | 10 Comments

Founder of Source Financial Advisors, a specialist in helping divorced women, also falsely filed documents about her college education, regulator says.

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Despite two wins and a draw in the past two weeks, brokers sued by their former employers ended up paying bills.

Even When Brokers Win Non-solicitation Battles, They Can Feel Like Losers

5/4/17 | News | 5 Comments

Despite two wins and a draw in the past two weeks, brokers sued by their former employers ended up paying bills.

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EXCLUSIVE: Morgan Stanley Purges Vanguard Mutual Funds

5/3/17 | News | 9 Comments

In a game of chicken, big brokerage firms are prohibiting sale of products from the world’s fastest-growing fund company because it will not pay for shelf space.

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Morgan Stanley Scores Brokers in New York, Loses Them in Utah

Morgan Stanley Scores Brokers in New York, Loses Them in Utah

5/2/17 | Advisor Moves

A Long Island duo with 73 years jointly at Merrill Lynch jumps to rival, while Morgan Stanley’s biggest team by advisory assets in Utah goes independent.

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EXCLUSIVE: Morgan Stanley Caps Stock and ETF Commissions

EXCLUSIVE: Morgan Stanley Caps Stock and ETF Commissions

5/1/17 | News | 1 Comment

In mid-year change, trading charge cannot exceed 2.5% of a transaction and the $125 minimum “ticket” charge for a stock trade has been eliminated.

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UBS Wealth Americas Flaunts Benefits of Recruiting Pullback

UBS Wealth Americas Flaunts Benefits of Recruiting Pullback

4/28/17 | News | 4 Comments

Recruiting loans to financial advisors dropped below $3 billion as the firm focuses on retention rather than new hires.

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Raymond James Hires UBS’s Kim Jenson for Senior Branch System Role

Raymond James Hires UBS’s Kim Jenson for Senior Branch System Role

4/26/17 | Advisor Moves

UBS’s longtime Chicago complex manager will be chief operating officer of Raymond James & Associates.

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Goldman Sachs Wealth Rainmaker Frank Ghali Resigns, Forms RIA

Goldman Sachs Wealth Rainmaker Frank Ghali Resigns, Forms RIA

4/25/17 | News | 5 Comments

San Francisco-based managing director and most of his 18-person team are setting up a multi-family office for clients with at least $50 million apiece.

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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 Comment

$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 | 3 Comments

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 | 1 Comment

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 | 18 Comments

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 | 2 Comments

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 | 5 Comments

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 | 3 Comments

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 | 3 Comments

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 | 1 Comment

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 | 2 Comments

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 | 2 Comments

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 | 5 Comments

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 | 10 Comments

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

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Morgan Stanley Revs Up Proprietary CD Sales on Eve of Fed Rate Meeting

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 | 11 Comments

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 | 1 Comment

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 | 5 Comments

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 | 1 Comment

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 | 2 Comments

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 | 2 Comments

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 | 3 Comments

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 | 6 Comments

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 | 1 Comment

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 | 1 Comment

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 | 4 Comments

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 | 2 Comments

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

3/3/17 | Advisor Moves, News | 12 Comments

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 | 6 Comments

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 | 5 Comments

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 | 1 Comment

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 | 2 Comments

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 | 1 Comment

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

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Ron Carson Takes Forgivable Loans from Cetera

Ron Carson Takes Forgivable Loans from Cetera

2/23/17 | News | 1 Comment

Regulatory filing discloses that the former LPL Financial superstar is getting bonuses tied to hitting asset transfer and production goals.

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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 | 3 Comments

“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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Seattle Broker Prevails in Quashing Morgan Stanley TRO Suit

Seattle Broker Prevails in Quashing Morgan Stanley TRO Suit

2/15/17 | News | 4 Comments

Federal judge denies firm’s attempt to prevent $700K advisor who jumped to RBC from contacting clients allegedly close to his former senior partner.

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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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Razzle Dazzle Broker Who Hoodwinked Athletes Settles with SEC

Razzle Dazzle Broker Who Hoodwinked Athletes Settles with SEC

2/13/17 | Enforcement

Former Morgan Stanley and Wells Fargo advisor raised more than $5 million from athletes and others without reporting activities to their firms.

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