August 22, 2020
This Week’s Top Stories: MS Stands by October Grid Update, Jones Broker Tagged over DIY Settlement, and More
- Morgan Stanley to Move Forward with Tougher Grid Hurdles in October
After a six month delay aimed at providing brokers with relief from potential pay cuts during the fallout from the coronavirus, the firm confirmed it is moving forward with its grid adjustments as planned.
- Finra Suspends Ex-Jones Broker over DIY Customer Settlement
Topeka, Kansas broker paid customer $2,500 to resolve a complaint that her account declined in value after the broker delayed in closing the account during the March market crash.
- UBS U.S. Investment Strategy Head Leaves for Pennsylvania RIA
Michael Crook’s impending departure from UBS’ chief investment office comes amid other recent changes within the 200-person investment specialist team that seeks to identify investment opportunities and market risks for UBS advisors and HNW clients.
- Wells Hiring Sweep Nets Brokers with $3.2 Million Production
New hires hail from Merrill Lynch, RBC Wealth, and Morgan Stanley in North Carolina, New Jersey and Texas in the past week.
- UBS Hires Brokers With $2.4 Million From SunTrust, Fidelity, Merrill
The Swiss bank also hired a broker from Merrill to become its assistant market head for northern California, according to a memo seen by AdvisorHub.