August 8, 2020
This Week’s Top: Wirehouse Recruiting Wars Continue, Another Broker Sanctioned over UIT Sales, and More
- Wirehouse Wars: $4 Million of Production Changes Hands
Wells Fargo Advisors adds about $2.3 million of revenue via a Merrill broker in Houston and a UBS broker in San Francisco, while UBS nabs a $2.2 million Raymond James team in Westport.
- Former Oppenheimer Broker Suspended over UIT Trades
Continuing to prosecute sales violations involving short-term rollovers of unit investment trusts, Finra fines and suspends a 28-year broker in New Jersey.
- Merrill Broker Sued by Fidelity Agrees to Stop Client Solicitation
In what may acknowledge the difficulties of litigating during the coronavirus crisis, Fidelity and former broker reached an agreement on calling his former clients.
- LPL Raises Curtain on New Employee Channel
Largest independent broker-dealer expands its reach from independent brokers to traditional employed salespeople who it says can pocket payouts of 50% to 70%.
- Managed Money Champion Paul Hatch Exits UBS
Hatch, who was reorganized out of a top UBS sales management job in December, has formed an asset management consulting firm with former BlackRock executive Frank Porcelli and former UBS Wealth planning head Jeff Miller.