Top Stories This Week: Morgan Stanley, Merrill Part Ways with Midwestern Brokers
In an apparent sign of brokerage firms’ raised sensitivity to a range of compliance issues, brokers in Ohio and Michigan were shown the door.
2. UBS Mega-Brokers in Houston Walk to RIA Independence
Three brokers who collectively spent half a century at UBS and last year produced $9 million, have leveraged financing from a private equity firm and from Fidelity Investments to start their new firm.
3. Wells Fargo Advisors Bleeds More Brokers
Wealth management unit of scandal-plagued bank lost a net 155 advisors in the first quarter while client assets fell during the quarter by $2 billion.
Rookies as of June 1 will retain 35% of the fees and commissions collected from customers while in the four-year training program, down from 45% currently.
Connecticut branch manager now with Janney says she was effectively fired for “whistle-blowing” against sales practice violations and questionable ethics by brokers and sales associates.