May 25, 2019
Top Stories of the Week: Morgan Stanley Loses $520K Award, DOL Plans Fiduciary Revival, a Big Merrill Move, and More
- Morgan Stanley Ordered to Pay Client $520K in Suitability Claim
Arbitrators also denied expungement request from New Mexico broker who was not named in the underlying suitability complaint.
- DOL Eyes Fiduciary Rule Re-Proposal in December
The Trump Labor Department is coordinating its new broker conduct proposal with the SEC’s ‘best interest’ package, and the outcome is expected to be far less restrictive for firms and brokers than the Obama-era rule that was overturned in court.
- First Republic Hires $16-Million Merrill Team in Palo Alto
Arif Ahmed, a top new-money generator at Merrill’s private wealth (PBIG) unit, led his Silicon Valley-based team to San Francisco bank on Friday.
- More Wirehouse Teams Jump to Regional Rivals
Ameriprise hires two advisors in Tampa who managed $338 million at Morgan Stanley and RayJay gets most of a $1 billion team in Allentown who spent most of their careers with Merrill.
- UBS Ordered to Pay $7.8 Million in Puerto Rico Arbitration
Award compensates a couple who invested in Puerto Rican bonds and closed-end bond funds, some of which were borrowed on margin, leaving UBS with almost 800 pending arbitration claims.