March 9, 2019
Top Stories of the Week: Wells Polishes Succession Deals, Rockefeller Hires, and More
- Wells Sweetens Succession Deals to Keep Clients and Brokers In-House
In bid to retain younger advisors and keep the clients of those who are retiring, Wells is offering buyers of books up to 100% of retiring brokers’ T-12 and dangling a bonus payment to retirees.
- Rockefeller Nabs RBC Recruiting Head Parker and Merrill Texas Manager Armondo
RBC Wealth’s recruiting head Michael Parker and Merrill’s Dallas market manager Michael Armondo, each of whom have 24 years of brokerage experience, will join to build Greg Fleming’s enterprise in the Northeast and Texas.
- Raymond James Lures Another Morgan Stanley Manager
Florida Gulf complex head Gregg Stupinski had been with Morgan Stanley and Smith Barney for 24 years, and is the second veteran manager to make that career journey in three weeks.
- UBS Loses California Team to Morgan Stanley, Gains Indiana Brokers from Merrill
In another wirehouse-to-wirehouse rondo, UBS hires husband-wife team in Indianapolis from Merrill weeks after losing big producers in California to Morgan Stanley.
- Morgan Stanley ‘Shortchanged’ Broker in Retirement Program—Arbitrators
South Carolina broker who retired a year ago must decide whether to take $17,600 and continue in the Former Advisor Program or $131,820 and forego future payments, arbitration panel rules.