December 7, 2019
This Week’s Top Stories: Finra Suspends Broker Over Spousal Accommodation, LPL Nabs $550-Mln Practice, $12.5 Mln UBS Producers Hop to RBC, and Other News
Finra Suspends Broker Who Let a Client Direct Trades in Husband’s Account
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.
- LPL Lures a Top Northwestern Mutual Advisor in Missouri
St. Louis-based John Gatewood says he structured a new ownership plan for his $550-million wealth practice and secured better technology by shifting from his lifelong firm.
- UBS Mega-Team in L.A. Joins RBC Wealth
Roger Stephens and Dan Rothenberg, who were producing about $12.5 million annually on $7.5 billion of “institutional” and high-net-worth assets, jumped on Wednesday.
- UBS’s Single-Share Fund Restriction Takes Effect Mid-January
Wirehouse’s plan to eliminate front-end loads, back-end loads and 12b-1 payments has not been followed to date by rivals.
- Morgan Stanley Rotates Veteran Smith Barney Managers
Gerry Ferrante, complex manager of wirehouse’s Fifth Avenue complex, hands reins to John Palazzetti, who returns after a hiatus at Fieldpoint and Park Avenue Securities.