Coronacrash
Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors
Scott Curtis, head of RayJay’s more than 8,000 advisors, says some may be able to work from home indefinitely with adequate in-office support.
Finra Bars Ex-Wells Broker Accused of Improperly Seeking Virus Relief Loan
The regulator barred a bank-based broker who declined to cooperate with its investigation of allegations she had applied for the Small Business Administration’s support without a formal business.
RayJay Private Client Profit Dips 8%, Employee Channel Recruiting Slips
Raymond James has been forced to raise advisor recruiting deals in its employee channel to combat stiff competition.
Finra Scrutinizes Brokers Who Took PPP Loans for Potential Violations
The regulator is looking into whether some reps who received financial support from the federal government ran afoul of federal securities laws or industry rules on outside business activities.
Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year
Net new assets rebounded and customer balances hit a record thanks to rising markets and a renewed focus on prospecting by Merrill’s “thundering herd.”
Raymond James Slashes CEO Pay 17% in Turbulent Year
Chief executive Paul Reilly earned $11.1 million in 2020 as RayJay’s board said it “significantly” reduced annual bonuses for senior executives in light pandemic-related declines in earnings.
Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year
Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he expects to have all his employees back at their offices by the end of the year as the vaccine rollout ramps up.
J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim
Arbitration panel OKs expungement of complaint that no advisor called a client to discuss his managed account when markets were tanking early this year.
Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth
The largest brokerage firm by headcount added 181 advisors in the third quarter and 837 in the past year, but warned of a new-office slowdown amid virus uncertainty.
Merrill Wealth Slowly Eases Out of Covid Slump
Revenue in the third quarter inched up 3.3% from the doldrums of the second quarter despite 61% decline in new client money.
2021 COMP: Firms Likely to Keep Grids Intact Amid Covid Uncertainty
Seeking to reduce disruption after a year turned upside down by the Covid-19 pandemic and market volatility, firms will not make major changes to next year’s comp plans, consultants say.
