Articles by Vicky Ge Huang
View all news ›
Schwab-Awarded-16-Month-Injunction-Against-Broker-Who-Jumped-REV-772x485

Schwab Awarded 16-Month Injunction Against Broker Who Jumped

2/19/20 | News | 2 Comments

Virginia advisor who joined an LPL-affiliated firm two years ago agrees to refrain from further calling former clients, even if he had contact information from memory, but avoids monetary penalties.

Read More

Morgans-Stanley-And-J-P-Lure-4-Mln-Plus-Teams-From-Ubs-And-Merrill

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

2/18/20 | News | 6 Comments

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

Read More

Alliancebernstein-Ceo-We-Want-To-Grow-Private-Wealth-Channel-772x485

AllianceBernstein CEO: “We Want to Grow Private Wealth Channel”

2/12/20 | News | 4 Comments

Wealth management division of asset manager, focused on the very wealthy, says it plans to grow its advisor force 5% this year as it focuses on accounts of more than $20 million.

Read More

Morgan-Stanley-Sued-Over-Website-Access-By-Blind-Woman

Morgan Stanley Sued Over Website Access by Blind Woman

2/10/20 | News | 9 Comments

Case seeking $4 million is at least the third filed against brokerage firms in the past two years by visually impaired customers for alleged inaccessibility to their online accounts.

Read More

Ria-Roll-Up-Creative-Planning-Sells-Stake-To-Pe-Firm-General-Atlantic-

RIA Roll-up Creative Planning Sells Stake to PE Firm General Atlantic

2/7/20 | News

Creative Planning founder and CEO Peter Mallouk will retain a majority interest in his $50 billion-asset firm.

Read More

ria-salaries-on-the-rise-as-firms-pay-up-for-new-hires-study

RIA Salaries on the Rise as Firms Pay Up for New Hires–Study

2/6/20 | News | 3 Comments

Experienced advisors on average earned $231,000 in total compensation in 2018, up from $200,000 in 2014, according to a Schwab compensation study

Read More

Waddell-Reed-To-Ramp-Up-Advisor-Recruiting

Waddell & Reed to Ramp Up Advisor Recruiting

2/4/20 | News | 2 Comments

To offset continuing declines in its asset management business, independent broker-dealer says it will scale its wealth management business.

Read More

Wells-Fargo-Lays-Off-Wholesalers-In-Asset-Management-Arm

Wells Fargo Lays off Wholesalers in Asset Management Arm

2/3/20 | News | 2 Comments

Bank gave pink slips to 20 mutual fund salespersons and three dozen other employees in its asset management division’s distribution unit.

Read More

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

Morgan Stanley, UBS Shuffle Managers on East and West Coasts

1/30/20 | News | 13 Comments

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

Read More

fieldpoint-hires-1-2-billion-asset-bofa-private-bank-team-in-florida-

Fieldpoint Hires $1.2-Billion-Asset BofA Private Bank Team in Florida

1/30/20 | Advisor Moves, News | 7 Comments

Wealth Management boutique short-stopped a plan by a team of former U.S. Trust bankers to form their own RIA, convincing them to join its ranks on Tuesday.

Read More

Etrade-Ramps-Up-Spending-In-Attempt-To-Grab-Schwab-Td-Clients

E*Trade Ramps Up Spending in Attempt to Grab Schwab-TD Clients

1/24/20 | News

Discount broker is upgrading RIA servicing technology and its digital platform to take advantage of seismic industry shifts, CEO says.

Read More

Banks-Retreat-From-Buying-Ria-Firms-Even-As-Deals-Flourish-Report

Banks Retreat from Buying RIA Firms, Even as Deals Flourish—Report

1/22/20 | News | 1 Comment

For the sixth straight year, announced purchases of advisory firms reached a record in 2019, but commercial banks held back and the size of acquired firms fell by 40%.

Read More

merrill-lynch-loses-2-mln-puerto-rico-bond-dispute-with-ex-mlb-outfielder

Merrill Lynch Loses $2-Mln Puerto Rico Bond Dispute with Ex-MLB Outfielder

1/21/20 | News | 3 Comments

Ángel Pagán wins Finra arbitration award on claim of unsuitably high concentration in territory’s bonds and closed-end muni funds.

Read More

Ubs-Hires-16-7-Mln-Merrill-Lynch-Private-Wealth-Team-772x485

UBS Hires $16.7-Mln Merrill Lynch Private Wealth Team

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

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

Read More

Independent Firm to Pay $400,000 for Failing to Catch Brokers Who Stole Millions

Independent Firm to Pay $400,000 for Failing to Catch Brokers Who Stole Millions

1/17/20 | News

Finra fines and censures Royal Alliance, an Advisor Group firm, for supervisory flaws involving two now-imprisoned brokers.

Read More

Blucora-Ceo-Clendening-Exits-Furthering-Management-Turmoil-

Blucora CEO Clendening Exits, Furthering Management Turmoil

1/16/20 | News

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

Read More

Schwab-Trading-Revenue-Plunges-Client-Assets-Hit-4-Trillion-Milestone

Schwab Trading Revenue Plunges, Client Assets Hit $4 Trillion Milestone

1/16/20 | News

The San Francisco, Calif.-based discount brokerage pioneer that adopted zero commissions in October, said trading revenue fell 58% in the fourth quarter.

Read More

blackrock-amasses-7-trillion-of-assets-on-record-net-inflow

BlackRock Amasses $7 Trillion of Assets on Record Net Inflow

1/15/20 | News

World’s biggest asset manager attracted $429 billion in new money in 2019, with $75 billion pouring into ETFs in the fourth quarter.

Read More

First Republic Bank

First Republic’s 2019 Wealth Tally: Ten New Teams

1/14/20 | News

The San Francisco-based bank ended 2019 with about 195 financial advisors, including a healthy round of recruits from wirehouses.

Read More

Multimillion-Dollar-Ubs-Broker-In-Calif-Goes-Independent-With-Wells

Multimillion-dollar UBS Broker in Calif. Goes Independent with Wells

1/13/20 | Advisor Moves, News | 13 Comments

After 23 years at wirehouses, Jesse Rodriquez sets up his own advisory shop via Wells’ FiNet channel.

Read More

JPMORGAN CHASE HEADQUARTERS, NEW YORK, UNITED STATES

SEC Fines J.P. Morgan Securities $1.5 Million for Fund Overcharges

1/10/20 | News

Sanction is latest in string of fines against firms accused of selling high-cost fund share classes to certain retirement plan and charitable-account clients eligible for less expensive shares.

Read More

Hilltop Securities' new private client group head, John R. Muschalek

Hilltop Securities Names New Wealth Boss

1/10/20 | News

Dallas-based brokerage elevates its chief administrative officer, John R. Muschalek, to replace David E. Geschke.

Read More

FINRA

Finra Fines Ex-Morgan Stanley Broker for Unapproved Private Investments

1/9/20 | News

Boston-based broker with over five decades of experience agreed to a 35-day suspension and fine for investing $62,500 in private securities without approval from the firm.

Read More

Elderly-Investor-Wins-2-6-Million-From-Indie-Firm-In-Finra-Arbitration

Elderly Investor Wins $2.6 Million from Indie Firm in Finra Arbitration

1/8/20 | News | 2 Comments

National Planning Corp. was negligent in supervising a now-imprisoned broker who sold fraudulent promissory notes and non-traded REITs, St. Louis-based arbitrators said.

Read More

fired-edward-jones-broker-claims-retaliation-for-discrimination-claims-772x485

Fired Edward Jones Broker Claims Retaliation for Discrimination Claims

1/7/20 | News

Texas rep who complained internally, to federal regulators and to a court about his failure to get a new assignment says Edward Jones trumped up its real reason for firing him.

Read More

Ubs-Hires-Schwab-Private-Client-Broker-In-Indiana

UBS Hires Schwab “Private Client” Broker in Indiana

1/7/20 | Advisor Moves, News

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

Read More

Finra-Fines-Merrill-For-Violating-Muni-Bond-Sales-Rules

Finra Fines Merrill for Violating Muni Bond Sales Rules

1/6/20 | News

Merrill Lynch accepts censure and fine of $150,000 for allegedly executing muni bond trades in amounts below minimum denominations and failing to disclose the consequent liquidity risks to 20 customers.

Read More

rayjay-broker-who-jumped-from-jpmorgan-wins-a-non-solicit-battle

RayJay Broker Who Jumped from JPMorgan Wins a Non-Solicit Battle

1/3/20 | News

Finra arbitrators denies J.P. Morgan Securities’ request for a permanent injunction against an Indianapolis broker who was temporarily handcuffed from contacting clients.

Read More

Fidelity-Enjoins-Morgan-Stanley-Florida-Broker-In-Non-Solicit-Case

Fidelity Enjoins Morgan Stanley, Florida Broker in Non-Solicit Case

1/2/20 | News

Morgan Stanley and a broker it hired in June have agreed not to contact former clients pending the outcome of a parallel claim Fidelity has brought in arbitration.

Read More

Broker-Who-Claimed-Rbc-Treated-Her-Like-A-Ca-Loses-Arbitration

Broker Who Claimed RBC Treated Her Like a “CA” Loses Arbitration

12/27/19 | News | 1 Comment

Ex-RBC broker alleged she was treated like a client associate and fired for reporting another advisor’s conduct, but arbitrators said they couldn’t consider her claims.

Read More

j-p-morgan-reorganizes-etf-sales-replaces-u-s-distribution-head-

J.P. Morgan Reorganizes ETF Sales, Replaces U.S. Distribution Head

12/17/19 | News

J.P. Morgan is merging its standalone ETF sales group into its broader asset management sales group and replacing Jillian DelSignore.

Read More

David E. Geschke, former president of Hilltop Securities Independent Network and senior managing director of Hilltop Securities Wealth Management

Hilltop Securities’ Retail Head, Dave Geschke, Leaves Firm

12/16/19 | News

Head of the Texas firm’s independent and employee channel was let go after heading the unit for about four years, sources said.

Read More

Shareholders-File-To-Block-Advisor-Groups-Ladenburg-Takeover-772x485

Shareholders File to Block Advisor Group’s Ladenburg Takeover

12/13/19 | News

Two separate suits alleging inadequate proxy information on valuation decisions and company financials have been filed.

Read More

Ubs-Hit-With-Biggest-Finra-Employee-Arbitration-Penalty-Of-Year

UBS Hit with Biggest Finra Employee Arbitration Penalty of Year

12/13/19 | News | 4 Comments

Panel orders UBS to pay $11 million in compensatory and punitive damages to a compliance officer fired for allegedly failing to supervise uncovered options in broker accounts.

Read More

5-Mln-Merrill-Team-In-Texas-Shuffles-To-Wells-Fargo

$4.5-Mln Merrill Team in Texas Shuffles to Wells Fargo

12/11/19 | Advisor Moves, News | 4 Comments

Five advisors left the Thundering Herd near Dallas on Tuesday after seven years for the “advisor-led” employee channel of Wells Fargo Advisors.

Read More

Ubs-Hires-From-Merrill-Morgan-Stanley-Loses-Ohio-Vet-To-Rayjay

UBS Hires from Merrill, Morgan Stanley, Loses Ohio Vet to RayJay

12/11/19 | Advisor Moves, News | 2 Comments

Million-dollar solo practitioners bolster UBS’s U.S. ranks in Atlanta and Newport Beach, but Swiss bank loses a top Ohio producer to Raymond James.

Read More

Wells-Fargo-Joins-Race-To-Zero-Commissions

Wells Fargo Joins Race to Zero Commissions

12/10/19 | News | 1 Comment

Wells follows Merrill Edge and an array of discount brokers in offering free trading to self-directed investors.

Read More

Cetera , HMC Partners McEachran and John Hardy

Cetera Scores $2.6-Million LPL Team in North Carolina

12/9/19 | Advisor Moves, News | 9 Comments

Greensboro duo believe their practice-acquisition and succession ambitions will be better met at Cetera’s Summit unit than at the much-larger LPL.

Read More

Finra-Arbitration-Panel-Squashes-Tro-Against-Ex-Jones-Broker

Finra Arbitration Panel Squashes TRO Against Ex-Jones Broker

12/6/19 | News | 6 Comments

After a single day of evidence, arbitrators tell Edward Jones and Nevada broker who moved to Ameriprise to have a court dissolve an order restraining his customer solicitations.

Read More

wire-wars-morgan-stanley-adds-another-ubs-team

Wire Wars: Morgan Stanley Adds Another UBS Team

12/5/19 | Advisor Moves, News | 8 Comments

The hire in Pasadena brings to at least seven the number of teams that have jumped in the last three months to Morgan Stanley from UBS, neither of which are in the Protocol for Broker Recruiting.

Read More

FINRA

Finra Hits D.A. Davidson Over Muni Disclosures, IAA on Product Sales

12/4/19 | News

Montana brokerage firm to pay $85,000 for inaccurate information on muni distributions while small Florida indie firm is slammed for failing to supervise broker who sold “non-traditional” products such as inverse-return exchange-traded products.

Read More

Ubss-Single-Share-Fund-Restriction-Takes-Effect-Mid-January

UBS’s Single-Share Fund Restriction Takes Effect Mid-January

12/3/19 | News | 3 Comments

Wirehouse’s plan to eliminate front-end loads, back-end loads and 12b-1 payments has not been followed to date by rivals.

Read More

Hungry-Rias-Creative-Planning-Mercer-Advisors-Snap-Up-More-Firms

Hungry RIAs Creative Planning, Mercer Advisors Snap Up More Firms

12/3/19 | News

$45 billion-asset Kansas-based Creative buys Wisconsin’s Hogan Financial while $17.5 billion-asset Denver-based Mercer Advisors picks up Adam Financial in Florida.

Read More

Finra-Suspends-Broker-Who-Let-A-Client-Direct-Trades-In-Husbands-Account

Finra Suspends Broker Who Let a Client Direct Trades in Husband’s Account

12/2/19 | News | 3 Comments

Palo Alto, California-based broker agrees to three-month suspension for letting a customer move money from her husband’s IRA to a jointly-held bank account.

Read More

Stifel-Hires-130-Million-Asset-Merrill-Broker-In-Texas

Stifel Hires $130-Million-Asset Merrill Broker in Texas

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

Stifel has continued to hire brokers from Merrill Lynch, poaching another wirehouse advisor on the eve of the Thanksgiving break.

Read More

securities-america-recruits-car-racing-indie-vet-for-new-ohio-firm

Securities America Recruits Car-Racing Indie Vet for New Ohio Firm

11/27/19 | News

David Pintaric, a Daytona Speedway habitue, hopes to recruit brokers to his new business on the eve of Ladenburg Thalmann’s takeover by Advisor Group.

Read More

father-and-son-team-moves-to-ameriprise-after-one-year-stint-at-stifel-772x485

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

11/25/19 | News | 4 Comments

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

Read More

schwab-says-td-deal-good-for-rias-and-clients-as-competitors-circle

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

11/25/19 | News

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

Read More

Broker-Impersonated-Client-as-a-Favor-Loses-Job-Gets-Finra-Sanction

Broker Impersonated Client as a Favor, Loses Job, Gets Finra Sanction

11/22/19 | News | 2 Comments

Independent broker with 38 years of experience says client pressured him for help in getting annuity company to reduce monthly withdrawals.

Read More

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

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

11/21/19 | News | 3 Comments

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

Read More

J-P-Morgan-Wins-Tro-Against-Bank-Broker-Now-With-Raymond-James

J.P. Morgan Wins TRO Against Bank Broker Now with Raymond James

11/20/19 | News | 3 Comments

Broker who worked at a Chase Bank branch in Indianapolis must stop soliciting former clients from his new base at an Indianapolis RayJay office, federal judge rules.

Read More

Rias-Creative-Planning-And-Mercer-Advisors-Snap-Up-More-Firms

RIAs Creative Planning and Mercer Advisors Snap Up More Firms

11/19/19 | News

$45 billion-asset, Kansas-based Creative makes third acquisition of year while $17-billion, Denver rollup Mercer announces its seventh.

Read More

Indiana-Judges-Denial-Of-Retaliatory-Edward-Jones-Filing-Makes-Waves

Indiana Judge’s Denial of “Retaliatory” Edward Jones Filing Makes Waves

11/18/19 | News | 5 Comments

Strongly worded decision about what constitutes “solicitation” could be useful for brokers in other jurisdictions, lawyers say.

Read More

edward-jones-wins-tro-against-broker-who-joined-ameriprise-772x485

Edward Jones Wins TRO Against Broker Who Joined Ameriprise

11/14/19 | News | 2 Comments

A Nevada broker who moved 11 household accounts since leaving Jones at the end of October has been ordered to refrain from contacting former clients for two weeks.

Read More

Fidelity-Schwab-Vanguard-Outrank-Wirehouses-In-Prospect-Recognition-Cerulli-772x485

Fidelity, Schwab, Vanguard Outrank Wirehouses in Prospect Recognition–Cerulli

11/13/19 | News | 1 Comment

New survey of brand familiarity finds discount brokerage giants trouncing wirehouses in “unprompted” name recognition across a wide wealth spectrum of investors.

Read More

Finra-Raps-Ex-Morgan-Stanley-Broker-Over-Unauthorized-Trades-772x485

Finra Raps Ex-Morgan Stanley Broker over Unauthorized Trades

11/12/19 | News | 1 Comment

Michigan broker with almost 50 years of industry experience accepted a three-month suspension and $5,000 fine for making over a hundred trades without permission, according to the regulator.

Read More

Sec-Fines-Morgan-Stanley-1-5-Million-For-Fund-Share-Fraud-772x485

SEC Fines Morgan Stanley $1.5 Million for Fund Share Fraud

11/8/19 | News | 2 Comments

Morgan Stanley’s systems failed to put some retirement plan clients and charitable accounts into less expensive fund-share classes that were created for them.

Read More

J-P-Morgan-Schwab-Win-Orders-Handcuffing-Breakaway-Brokers

J.P. Morgan, Schwab Win Orders Handcuffing Breakaway Brokers

11/8/19 | Enforcement, News | 4 Comments

J.P. Morgan Securities and Charles Schwab scored legal victories this week from departing brokers who were allegedly using firm-owned data to solicit former clients.

Read More

J-P-Morgan-Advisors-Ubs-Broker-Migrate-To-Rias-In-California-And-Texas-

J.P. Morgan Advisors, UBS Broker Migrate to RIAs in California and Texas

11/7/19 | Advisor Moves, News | 1 Comment

J.P. Morgan Private Bank advisor in San Francisco and Chase Private Client advisor in Houston left JPM in the last two weeks for independent advisory firms, while a UBS “Best Next-Gen” broker in Los Angeles and a Wells broker in Kansas have set up their own RIAs.

Read More

Merrill-Raymond-James-To-Pay-12-Million-For-529-Plan-Sales-Violations

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

11/6/19 | Enforcement, News

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

Read More

J-P-Morgan-Seeks-Tro-Against-Florida-Broker-Who-Joined-Ubs

J.P. Morgan Seeks TRO Against Florida Broker Who Joined UBS

11/5/19 | Enforcement, News | 3 Comments

J.P. Morgan filed to block a bank-based broker in Florida who left three weeks ago from contacting clients about joining her at UBS Wealth Management USA.

Read More

Wells-Recruits-Back-Family-Team-From-Merrill-Lynch-In-California-And-Utah-772x485

Wells Recruits Back Family Team from Merrill Lynch in California and Utah

11/5/19 | Advisor Moves, News | 3 Comments

Two brothers and a son producing about $4 million returned to Wells Fargo after a decade with the Thundering Herd.

Read More

First-Republic-Hires-5-Million-Ubs-Team-In-Los-Angeles

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

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

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

Read More

ubs-gains-4-5-mln-merrill-trio-in-atlanta-loses-giant-private-wealth-team-in-wash-state

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

10/31/19 | News

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

Read More

J-P-Morgan-Dismisses-12-Mln-Team-For-E-Mail-Lapses-Jefferies-Hires-Them

J.P. Morgan Dismisses $12-Mln Team over E-Mail Lapses, Jefferies Hires Them

10/30/19 | News | 6 Comments

A top-ranked New York City advisor with 50 years of experience and a $2-billion book of business was dismissed for allegedly using personal email for business purposes.

Read More

Edward-Jones-Recruiting-Head-Mauzy-Leaves

Edward Jones Recruiting Head Mauzy Leaves

10/29/19 | Advisor Moves, News | 1 Comment

Four Jones brokers in separate offices in Arizona and Nevada left on Friday, two to independence with RayJay and two to Ameriprise’s employee channel.

Read More

Ubs-And-Wells-Lose-Veteran-Teams-To-Jpmorgan-And-Rbc

UBS and Wells Lose Veteran Teams to JPMorgan and RBC

10/28/19 | News

Career UBS broker in St. Louis overseeing $235 million left after three decades on Friday, the same day that Wells Fargo Advisors team in Oregon managing $180 million switched.

Read More

Schwab-Gets-Client-Data-Back-From-Dismissed-Employee-Settles-Age-Suit-From-Another

Schwab Gets Client Data Back from Dismissed Employee, Settles Age Suit from Another

10/25/19 | News

Broker fired after 19 years agrees to permanent injunction against soliciting former clients, while ex-relationship manager in Schwab’s RIA unit settles her discrimination suit.

Read More

The TSG group is led by Mark Schulten

$4 Billion-asset Wells Fargo Team Goes Indie Via FiNet

10/25/19 | Advisor Moves, News | 4 Comments

One of the biggest-producing Wells Fargo Advisors private client group teams is launching their own firm under its Financial Network channel.

Read More

J.P. Morgan Securities Taps New Regional Manager in New York

J.P. Morgan Securities Taps New Regional Manager in New York

10/23/19 | News | 1 Comment

Company veteran James Lansing replaces Mike Lee, the former New York regional director who left for West Coast rival First Republic in March.

Read More

Ubs-To-Cut-Proprietary-Managed-Account-Fees-Ahead-Of-Reg-Bi

UBS to Cut Proprietary Managed Account Fees Ahead of Reg BI

10/22/19 | News | 1 Comment

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

Read More

Stifel-Hires-Multi-Million-Dollar-Advisor-From-Jefferies

Stifel Hires Multimillion-Dollar Broker from Jefferies

10/21/19 | Advisor Moves, News

Adam Shafiroff reunites with former colleagues at Barclays who Stifel absorbed four years ago.

Read More

Billion-Dollar-Asset-Wells-Fargo-Advisors-Broker-Jumps-To-Independent-Firm

Billion-Dollar-Asset Wells Fargo Advisors Broker Jumps to Independent Firm

10/18/19 | Advisor Moves, News | 7 Comments

Rick Blosser, a Forbes Top 250 broker, left Wells’s private client group on Thursday to join a seven-year-old California registered investment advisory firm.

Read More

Whoops-Broker-Says-Dead-Customer-Okayed-Muni-Trades

Whoops—Broker Says Dead Customer Okayed Muni Trades

10/18/19 | News | 3 Comments

North Carolina broker with over three decades of experience is fired, fined and suspended for making unauthorized trades and writing that customer who died two days earlier gave him permission to do so.

Read More

Three-Ubs-Brokers-In-Houston-Join-Two-Independent-Firms

Three UBS Brokers in Houston Join Two Independent Firms

10/17/19 | News | 2 Comments

A “President’s Club” member and an associate joined a registered investment advisory firm and another advisor signed up as a Wells Fargo independent broker.

Read More

Piaba-Lashes-Out-At-Finra-Expungement-Process

PIABA Lashes Out at Finra Expungement Process

10/16/19 | News | 6 Comments

New “study” from plaintiffs’ attorneys says advisors and their firms game the arbitration process and corrupt the integrity of BrokerCheck to the detriment of investors by filing floods of rubber-stamped expungement requests.

Read More

BlackRock’s Fink: Zero Commissions at Brokers Should Boost iShares Growth

BlackRock’s Fink: Zero Commissions at Brokers Should Boost iShares Growth

10/15/19 | News | 1 Comment

Despite no-cost trading for RIAs and self-directed investors, BlackRock will not pull off of Fidelity’s no-commission ETF platform to save costs, said CEO Larry Fink.

Read More

udge-Halts-Fidelity-Suit-Against-Fleeing-Broker-Who-Claimed-Retaliation

Judge Halts Fidelity Suit Against Fleeing Broker Who Claimed Retaliation

10/14/19 | Enforcement, News | 3 Comments

California advisor who joined an RIA claimed Fidelity filed a client-contact lawsuit against her and her new firm in retaliation for her complaint about a manager and the work environment.

Read More

Ex-Lpl-Broker-Suspended-Over-Undisclosed-Nutritional-Supplements-Business

Ex-LPL Broker Suspended over Undisclosed Nutritional Supplements Business

10/9/19 | Enforcement, News

Lousianna broker violated industry and firm rules by not reporting his work for and ownership stake in a nutritional supplements company for four years, according to a letter of settlement.

Read More

FINRA sign

Finra Suspends Ex-Ameriprise Broker for Restricted List Sales

10/8/19 | News

Atlanta broker with over four decades of experience recommended investments from Ameriprise’s “prohibited” list, mismarking orders to circumvent blocks.

Read More

Ubs-Managers-Family-Sues-Over-Deathbed-Beneficiary-Changes

UBS Manager’s Family Sues Over Deathbed Beneficiary Changes

10/7/19 | News | 9 Comments

Mother of deceased complex manager Erich Frank says she is entitled to arbitrate her claim even though Finra ruled that she was ineligible.

Read More

Million-Dollar-Edward-Jones-Broker-Goes-Indie-Via-Raymond-James

Million-Dollar Edward Jones Broker Goes Indie, Via Raymond James

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

Colorado advisor forms an independent practice, along with his son, after 17 years at Edward Jones.

Read More

Finra-Suspends-Ex-Wells-Fargo-Broker-Over-Personal-Email-Use

Finra Suspends Ex-Wells Fargo Broker over Personal Email Use

10/1/19 | News | 2 Comments

A broker with 37 years of industry experience has agreed to a two-month suspension and a $5,000 fine for using his personal email and computer to conduct client business.

Read More

Sec-Orders-17-Firms-To-Pay-11-Million-In-Crackdown-On-12B-1-Fee-Disclosures

SEC Orders 17 Firms to Pay $11 Million in Crackdown on 12b-1 Fee Disclosures

9/30/19 | Enforcement, News

The Commission settled with 17 firms, including 16 who participated in its self-reporting initiative, over allegations they failed to failed to properly disclose conflicts related to receipt of 12b-1 ‘distribution’ fees from fund companies.

Read More

Morgan-Stanley-Pursues-Florida-Duo-Who-Jumped-To-Wells-Fargo

Morgan Stanley Pursues Florida Duo Who Jumped to Wells Fargo

9/30/19 | Enforcement, News | 4 Comments

The firm claims that two brokers managing $500 million in assets had solicited former clients and took customer information in violation of employment agreements.

Read More

Ubs-Adds-11-Brokers-In-New-Hiring-Push-Loses-A-Few-To-Morgan-Stanley

UBS Adds 11 Brokers in New Hiring Push, Loses a Few to Morgan Stanley

9/26/19 | News | 2 Comments

Brokers with production ranging from $4.7 million to $600,000 have joined since late July from several private banking units as well as rival wirehouses.

Read More

Finra-Suspends-Former-Wells-Broker-Who-Secretly-Opened-Schwab-Account-For-Client

Finra Suspends Former Wells Broker Who Secretly Opened Schwab Account for Client

9/25/19 | News | 5 Comments

A junior broker helped elderly client sell mineral rights, use proceeds to open a Schwab account and execute money-losing options trades in account, all without Wells’ permission.

Read More

Rayjay-Ameriprise-Nab-More-Big-Teams-From-Wirehouses

RayJay, Ameriprise Nab More Big Teams from Wirehouses

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

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

Read More

Morgan-Stanley-Hires-1-Billion-Asset-Texas-Team-From-Ubs

Morgan Stanley Hires $1 Billion-Asset Texas Team from UBS

9/24/19 | Advisor Moves, News | 7 Comments

UBS lifers who specialize in advising executives on their stock awards jump to Morgan Stanley’s Private Wealth Management unit.

Read More

Finra-Teaches-Another-Lesson-Dont-Delegate-Test-Taking

Finra Teaches Another Lesson: Don’t Delegate Test-Taking

9/23/19 | Enforcement, News

An Oppenheimer broker accused of assigning his client service associate to take his continuing education courses gets three-month suspension and fine.

Read More

Private-Bank-Executives-Eager-To-Buy-Ria-Firms-Study-rev-772x485

Private Bank Executives Eager to Buy RIA Firms–Study

9/20/19 | News | 1 Comment

Hungry to build fee revenue at a time of heightened interest rate uncertainty, private banks and smaller nondepository trust companies are eager to purchase RIA practices, Cerulli says.

Read More

Timothy D. O’Hara, President of the Rockefeller Global Family Office.

Rockefeller to Buy Silicon Valley Multi-Family Office

9/18/19 | News | 9 Comments

Firm run by former Morgan Stanley Wealth head Greg Fleming adds Financial Clarity, a $2.3-billion AUM firm in northern California, to its roster.

Read More

Ria-Rollup-Mercer-Advisors-Attracts-Another-Private-Equity-Firm

RIA Rollup Mercer Advisors Attracts Another Private Equity Firm

9/17/19 | News

Oak Hill Partners will recapitalize fast-growing firm, showing that the financial planning sector remains a red-hot investment area for “smart money” investors.

Read More

J-P-Morgan-Failed-To-Report-Internal-Probes-Of-Registered-Reps-Regulator

J.P. Morgan Failed to Report Internal Probes of Registered Reps—Regulator

9/16/19 | Enforcement, News

Banking giant agrees to $1.1 million fine for failing to timely file U5 disclosures on dozens of former reps who left amid allegations or investigations of fraud, theft or other violations.

Read More

Schwab-Wins-Suits-Against-Brokers-In-Texas-Nebraska-Dismisses-Another-Claim

Schwab Wins Suits Against Brokers in Texas, Nebraska, Dismisses Another Claim

9/16/19 | Enforcement, News

Advisors in Texas and Nebraska last week agreed to stop soliciting their former clients, but Schwab and Fidelity Investments also last week withdrew complaints against breakaway brokers in Wisconsin and Connecticut.

Read More

Number-Of-Rias-Grew-3-3-Last-Year-While-Broker-Count-Continues-To-Slide

Number of RIAs Grew 3.3% Last Year while Broker Count Continues to Slide

9/12/19 | News

Rise in RIAs registered with the Securities and Exchange Commission contrasts with continuing decline of Finra-registered broker-dealers.

Read More

Jay Clayton, Chairman, U.S. Securities and Exchange

Challenges to Reg BI Endorsed by Investor Advocates

9/11/19 | Enforcement, News

The Securities and Exchange Commission squandered the opportunity Congress gave it to impose strong customer-protection standards, but lawsuits filed against the regulator this week may remedy the problem, critics say.

Read More

Morgan-Stanley-Adds-Franklin-Templeton-Model-Portfolios

Morgan Stanley Adds Franklin Templeton Model Portfolios

9/6/19 | News | 1 Comment

Wirehouse’s unified managed account platform expands to portfolios from nine outside asset management companies.

Read More

Schwab-Brings-Another-Non-Solicit-Suit-Against-Former-Broker

Schwab Brings Another Non-Solicit Suit Against Former Broker

9/5/19 | News | 2 Comments

The discount brokerage pioneer has brought at least five lawsuits since July claiming contractual violations over client solicitation.

Read More

Raymond-James-Hires-4-Million-Michigan-Team-From-Ubs

Raymond James Hires $4-Million Michigan Team from UBS

9/4/19 | Advisor Moves, News | 6 Comments

Three advisors overseeing some $600 million of customer assets joined the Florida-based firm after sojourning for more than 20 years at wirehouses.

Read More

AdvisorHub/Mason Braswell

UBS Hires $2.7 Million Merrill Lynch Team in Northern California

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

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

Read More

Insurance-Wholesaler-Sues-Ubs-Over-Pregnancy-Discrimination

Insurance ‘Wholesaler’ Sues UBS over Pregnancy Discrimination

9/3/19 | News

Consultant claims retaliation after his daughter, a UBS employee, filed a pregnancy discrimination charge against the wirehouse.

Read More

Bruce Lee

Ex-Merrill Broker Bruce Lee Starts Hedge Fund with Koch Industries Backing

8/28/19 | News | 2 Comments

Chicago-based broker imprints his name on a quant hedge fund that supplements the RIA he launched last summer after he was fired by Merrill.

Read More

Wells-Fined-For-Failing-To-Register-Some-Massachusetts-Brokers

Wells Fined for Failing to Register Some Massachusetts Brokers

8/27/19 | Enforcement, News | 1 Comment

Wells Fargo’s broker-dealer agreed to pay $450,000 for failing to register almost 1,650 employees in the state.

Read More

Schwab-Pursues-Nebraska-Broker-Who-Went-Independent

Schwab Pursues Nebraska Broker Who Went Independent

8/27/19 | Enforcement, News | 1 Comment

Filings in court and with Finra are the discount brokerage pioneer’s third attempt in less than two weeks to prevent departing brokers from soliciting former clients.

Read More

Wells-Moves-Two-Teams-Join-From-Merrill-Two-Go-Independent

Wells Moves: Two Teams Join from Merrill, Two Go Independent

8/26/19 | Advisor Moves, News

Wells Fargo Advisors’ private client group lost a $300 million team to independence last week but kept a $285-million duo in-house at its FiNet unit and added Merrill teams in San Francisco and Missouri.

Read More

Is-Impact-Investing-Growing-Too-Fast

Is Impact Investing Growing Too Fast?

8/23/19 | News

Investors are increasingly embracing ESG strategies, but demand may be exceeding the knowledge of product providers and some brokers.

Read More

Schwab-Pursues-Texas-Broker-Who-Started-His-Own-Ria

Schwab Pursues Texas Broker Who Started His Own RIA

8/21/19 | Enforcement, News

Schwab’s claim for an injunction comes as lawyers say non-solicitation disputes have mushroomed in the past year industry-wide.

Read More

Ann-Frigon

Iowa Insurer’s New RIA Lures Carson Wealth Advisor

8/21/19 | Advisor Moves, News | 2 Comments

Farm Bureau Financial Services has hired a 27-year adviser managing about $100 million to introduce wealth services to some of its 540,000 client members.

Read More

Goldman-Files-For-Six-Bond-Etfs-As-Its-Retail-Force-Expands

Goldman Files for Six Bond ETFs as Its Retail Force Expands

8/19/19 | News

Analysts speculate that Goldman Sachs Asset Management’s product expansion supports its new effort to be money manager, financial planner and wealth manager for individuals across a range of wealth strata.

Read More

Schwab-Seeks-To-Restrain-Another-Former-Broker

Schwab Seeks to Restrain Another Former Broker

8/16/19 | Enforcement, News

Seeks injunction against Wisconsin advisor who left after 12 years for BMO Wealth Management, continuing discount brokers’ newly aggressive attempts to enforce non-solicit contract clauses.

Read More

ndependent-Firms-Adopt-Advice-On-Demand-Billing-Software

Independent Firms Adopt Advice-on-Demand Billing Software

8/15/19 | Fintech News, News

AdvicePay, Michael Kitces and Alan Moore’s fintech offering, has inked deals with Cetera Financial Group, Private Advisor Group, Ladenburg Thalmann and Ameritas.

Read More

Mercer Buys $300-Mln Asset RIA in Connecticut, Sues Fleeing Advisor

Mercer Buys $300-Mln Asset RIA in Connecticut, Sues Fleeing Advisor

8/14/19 | News

Rollup firm, whose private equity owner is believed to be in merger negotiations, sued an advisor last week who joined a rival RIA group.

Read More

Ex-Schwab-Relationship-Manager-Files-Age-Discrimination-Suit

Ex-Schwab Relationship Manager Files Age Discrimination Suit

8/13/19 | Enforcement, News

Michigan woman, 63, asserts that she was railroaded over e-mails sent to Schwab’s RIA clients about company policies.

Read More

TD Ameritrade

TD Ameritrade, E*Trade Downgraded on Rate Concerns

8/9/19 | News

Deutsche Bank’s Brian Bedell wrote that the online brokers will be hurt by competition from Fidelity’s new 1.9% cash sweep-account offer and other rate-related pressures.

Read More

Fidelity-Stokes-New-Account-War-Offering-1-9-On-Client-Cash

Fidelity Stokes New-Account War, Offering 1.9% on Client Cash

8/7/19 | News | 2 Comments

Its core cash-sweep into a high-yielding government money-market fund pressures competitors only days after Fed cut rates.

Read More

Ouch-Nuisance-Calling-Costs-Small-Florida-Firm-20000

Ouch! Nuisance Calling Costs Small Florida Firm $20,000

8/5/19 | Enforcement, News | 3 Comments

Finra fined and censured Dawson James Securities for allowing some brokers to bypass internal controls aimed at curbing solicitations to prospects whose names were on national and internal firm do-not-call lists.

Read More

Vanguard-Reopens-Dividend-Fund-Will-Sell-Alts-Fund-Through-Brokers

Vanguard Reopens Dividend Fund, Will Sell Alts Fund through Brokers

8/1/19 | News

The $37-billion Dividend Growth fund is taking new money, while the low-performing Alternative Strategies fund will reduce minimum investment.

Read More

Thank-You-Merrill-Edge

Thank You, Merrill Edge?

8/1/19 | News | 25 Comments

About 12% of the new accounts that Bank of America expects Merrill Wealth advisors to open this year will come through referrals from its low-end Merrill Edge unit.

Read More

FINRA sign

Finra Fines Citigroup for Sloppy Background Checks on Employees

7/29/19 | Enforcement, News

Markets unit to pay $1.25 million for failing to fingerprint and search for felony violations on some thousands of non-registered employees.

Read More

Schwab-Chases-Another-Former-Broker-With-Tro-Lawsuit

Schwab Chases Another Former Broker with Lawsuit

7/25/19 | Enforcement, News

Discount broker pioneer accuses New Orleans advisor who left for an independent firm after ten years of violating his employment contract by soliciting former customers.

Read More

T-Rowe-Price-Bulks-Up-Broker-Dealer-Sales-Force

T. Rowe Price Bulks Up Broker-Dealer Sales Force

7/24/19 | News

Even as investors gravitate to less expensive share classes, asset management company says second-quarter profit jumped 17.5% on $2.5 billion of new client money.

Read More

blackrocks-tech-services-unit-flourishes-as-advisory-fees-lag

BlackRock’s Tech Services Unit Flourishes as Advisory Fees Lag

7/19/19 | News

Sales of Aladdin risk and portfolio management software to wealth managers help offset lower revenue from active-fund management.

Read More

Luminous-Advisors-Who-Bolted-First-Republic-Keep-88-Of-Assets

‘Luminous’ Advisors Who Bolted First Republic Keep 88% of Assets

7/17/19 | Advisor Moves, News | 7 Comments

Bank says it expects to retain just $2 billion of the $16 billion managed by flagship wealth team that broker away last month, but will gain relief from reduced compensation costs.

Read More

Goldman-Closes-Purchase-Of-Ria-Catering-To-Mass-Affluent

Goldman Closes Purchase of RIA Catering to Mass Affluent

7/16/19 | News

CEO of the vaunted investment bank says it could make more acquisitions of firms catering to the mass affluent following purchase of United Capital Financial Advisers.

Read More

Amy Sabin Left J.P.Morgan for Steward Partners

Steward Attracts Veteran Broker in Texas from J.P. Morgan

7/15/19 | Advisor Moves, News

Dallas office of J.P. Morgan loses $1.3 million producer Amy Sabin to Raymond James-affiliated independent firm the same day it hires an early-career wealth associate from UBS.

Read More

Kerri Guiomar and Ronald Jaeger of Jaeger Wealth Management.

LPL-Affiliated Gladstone Hires New Jersey Independent Broker

7/11/19 | Advisor Moves, News

Broker with $200 million in assets leaves Commonwealth Financial to join advisory firm run by former Morgan Stanley manager.

Read More

Morningstar-Analysts-New-Focus-On-Fund-Fees-Underwhelms-Some-Advisors

Morningstar Analysts’ New Focus on Fund Fees Underwhelms Some Advisors

7/9/19 | News

New methodology will make it harder for actively managed funds and for expensive share classes to attract top-level ratings from Morningstar.

Read More

d-Ameritrade-Brokers-Yen-For-Independence-Stronger-Than-Ever

TD Ameritrade: Brokers’ Yen for Independence Stronger Than Ever

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

Money and autonomy in working with clients remain strong incentives for brokers to become independent fee-based advisors but transitions remain challenging, RIA custodian says.

Read More

Merrill-Recruits-High-Profile-Ubs-Manager

High-Profile UBS Manager Joins Merrill

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

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

Read More