February 2, 2019
Top Stories of the Week: UBS’s New Client Screening, JPMorgan Exec Shifts, and Merrill Headcount
- UBS Tells Broker Sales Assistants to Double Down on Vetting New Accounts
New policy requires Google searches of prospects, but firm backs off initial plan to have U.S. client service associates attest they have searched for red flags.
- JPMorgan’s Sommers to Leave, Depriving Brokers of Top Management Link
JPMorgan’s Sommers to Leave, Depriving Brokers of Top Management Link
- Merrill’s Experienced Brokerage Force Under 12,300, Internal Reports Show
Despite flaunting more than 17,500 “financial advisors” in its formal earnings report, Bank of America’s core wealth management unit employs 4,500 fewer than that, according to internal rankings.
- Wells Aims New RIA Channel at Larger Advisors
Independent advisors must have at least $100 million of assets under management, be 100% fee-based and agree to use TradePMR for trade execution and account servicing.
- Raymond James Scores $4.5-Million Team from UBS in Michigan
Led by a broker who joined UBS from Smith Barney in 2008, the six-broker team was managing about $700 million of customer assets.