May 30, 2020
This Week’s Top: Wirehouse Recruiting Wars Return, Goldman Curbs Advisor Hiring, And More
- UBS Loses $7.5-Million Team in D.C. Suburb, Veteran Woman Advisor in New Jersey
Wells Fargo and Morgan Stanley hired UBS advisors in Virginia and New Jersey who were managing about $1.4 billion of client assets.
- Wirehouse Wars: Morgan Stanley Hires Another “Top Woman” Advisor from UBS
Houston’s Alexandra VanMeurs was the second multi-million-dollar woman producer to join Morgan Stanley from UBS in the past week.
- Goldman Brakes Advisor Hiring Plans, Delays Digital Wealth Offering
The coronavirus pandemic has caused Goldman to slow down plans to expand its wealth force and to introduce a new digital service for less wealthy investors.
- Merrill Clients Stick to Cash Despite Rock-Bottom Rates
Stock market gains haven’t changed Merrill clients’ retreat to low-yielding cash deposit accounts, says Merrill Wealth President Andy Sieg.
- Advisors Fret Over Expense Account Benefits in Social-Distance Era
Brokers are concerned they won’t be reimbursed for money deducted as a pretax benefit from their pay because of Covid-19 restrictions on trips, meals and other entertainment.