April 13, 2019
Top Stories of the Week: UBS Faces Survivor Benefit Suit, Departing Brokers Catch a Break, Wells Earnings, and More
- UBS Broker’s Widow Sues for Survivor Benefit of $685K
Says firm contractually owes estate 100% of broker’s payout from year prior to his death despite his failure to enroll in UBS’s survivor benefit program.
- Finra Prescribes Candor in Discussing Departing Brokers
Regulatory notice reminds member firms they must provide “timely and complete answers” and “reasonable contact information” about brokers who leave the industry or who join rivals.
- Merrill Edge Brokers to Get Desks in Wealth Branches–Report
Three hundred advisors who typically work from call centers or bank branches will get seats in full-service Merrill Lynch offices in major cities.
- Wells Stands Behind Wealth Business, At Least for the Short Term
Wells remains committed to wealth management, the smallest of its three business segments, despite declining assets and brokers, executive says.
- Mega-RIA Edelman Financial Engines Pursues Departing Advisors
Since September, Edelman has filed for temporary restraining orders and/or Finra arbitration damages against at least three advisors who jumped to rival firms.