July 4, 2020
This Week’s Top: ‘Robo’ Inks Billion-Dollar Deal, Morgan Stanley Shuffles in Atlanta, and More
- Personal Capital, a Robo Hybrid, to Be Sold for Up to $1 Billion
Empower Retirement, large 401(k) record-keeper, to pay $825 million plus potential earnout for Personal Capital in latest example of workplace asset manager-wealth manager synergy.
- Morgan Stanley Shuffles Leadership in Atlanta, Rehires Manager from RBC
Veteran Atlanta manager Walter Jameson shifts to run a new complex, handing some of his former duties to a manager who rejoined Morgan Stanley from RBC Wealth.
- Wells Flaunts Best Recruiting Month (by Revenue) in a Decade
Adding to its June influx, Wells says it hired seven advisors last week from two wirehouse competitors and two regionals cumulatively producing almost $6 million.
- Morgan Stanley Hires $2 Million Merrill Producer in Florida
Morgan Stanley also recruited a credit union-housed broker in Oregon who generated $1.1 million in annual revenue.
- Firms Diverge in Disclosing Signing Bonus Conflicts in New Disclosures
The short “relationship summaries” customers are receiving to comply with the Regulation Best Interest complex of rules that become effective today vary in mentioning whether brokers receive bonuses for moving assets from their former firms.