Articles by Vicky Ge Huang
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Finra-Raps-Ex-Morgan-Stanley-Broker-Over-Unauthorized-Trades-772x485

Finra Raps Ex-Morgan Stanley Broker over Unauthorized Trades

11/12/19 | News

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.

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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.

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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.

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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.

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

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

11/6/19 | Enforcement, News

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

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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.

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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.

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

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

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

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

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

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

10/31/19 | News

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

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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.

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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.

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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.

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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.

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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.

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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.

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

UBS to Cut Proprietary Managed Account Fees Ahead of Reg BI

10/22/19 | News | 1 Comment

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

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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.

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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.

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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.

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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.

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

PIABA Lashes Out at Finra Expungement Process

10/16/19 | News | 5 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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 | 4 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.

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

RayJay, Ameriprise Nab More Big Teams from Wirehouses

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

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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

Schwab Brings Another Non-Solicit Suit Against Former Broker

9/5/19 | News | 1 Comment

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

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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.

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AdvisorHub/Mason Braswell

UBS Hires $2.7 Million Merrill Lynch Team in Northern California

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

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Merrill-Recruits-High-Profile-Ubs-Manager

High-Profile UBS Manager Joins Merrill

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

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

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