This Week’s Top Stories: Merrill Superstar Phil Scott Joins First Republic, Finra Raps Broker over DIY Advice, and More

1. Phil Scott, $18-Million Merrill Superstar, Joins First Republic
   High-profile Washington State broker Phil Scott moved his 11-person team on Tuesday to First Republic.
   
2. Finra Suspends Ex-Morgan Stanley Broker Who Advised on Outside Trading
   Broker who helped an individual trade stocks and options in a self-directed account at an outside firm is fined and suspended by Finra.
   
3. $3 Mln-Merrill Lifer in Vegas Exits After 37 Years, Launches RIA
   Yearning to “drive the ship” himself after almost four decades at Merrill, broker managing $360 million for 56 families strikes out on his own.
   
4. Merrill Searches for New Head of Training
   Jennifer MacPhee, who coordinated Merrill’s Financial Advisor Development Program for a little more than a year and also serves as a Bank of America’s market president, is leaving.
5. Edward Jones Restores Pay Raises as Q2 Net Income Inches Up
   Nation’s biggest employer of brokers lifts freeze on raises that were imposed at the start of the pandemic, but continues new-advisor training halt and ban on overtime pay to branch and home-office employees.