June 27, 2020
This Week’s Top: UBS Expands ‘No-Fee’ SMA Program, Finra Knocks High-Turnover Broker, and More
- UBS to Offer “Free” SMAs from Third-Party Asset Managers
Wirehouse is expanding its list of separately managed accounts that waive management fees from UBS-managed accounts to 18 equity and fixed income strategies from outside asset managers.
- Finra Hits High-Turnover Broker with Excessive Trading Sanction
New Jersey broker cost three customers more than $540,000 in trading losses in just over two years, generating turnover rates as high as 60 and cost-to-equity ratios that reached 147%.
- Baird Hires California Broker Wells Dismissed over Personal Cash Withdrawals
Steve Heng, who had been managing around $350 million at a bank branch, joined Baird on Monday, less than two months after his forced exit from Wells.
- Wells Nabs Two UBS Teams Producing $11 Million
$1.6 billion-asset Kansas group led by private wealth advisor Tom Freeman and Santa Barbara practice with $225 million of assets left UBS for Wells this week.
- Wells Brokers Concerned About Clamp on ‘Small’ Accounts Move to Stifel
In other shifts from big to small, father-daughter team at Merrill in New Jersey join Janney Montgomery and a $400-million Merrill duo in Ohio join an RIA founded by a former colleague.