News
This Week’s Top 5: JPMorgan Targets 1K Traditional Brokers, $18-Mln UBS Team Breaks Away, and More
Most-read stories from July 18 to July 24.
RIA Deal Round-Up: Bicknell’s Mariner to Buy $5.1 Billion-AUM AdvicePeriod
RIA founders Marty Bicknell and Steve Lockshin, longtime friends and frequent co-investors in FinTech ventures, are pairing up their firms to create a $40 billion-AUM giant.
Buoyed by $3-Mln Whistleblower Award, Ex-Merrill Duo Clears Their Record
The Brookfield, Wisconsin brokers alleged Merrill was to blame for issues with a proprietary structured note product, which also prompted the 10 customer complaints.
J.P. Morgan Private Bank Adds to Ranks in NYC with Spate of Hires
Five new hires into J.P. Morgan private bank in New York City include UBS and Citi defectors, and Dynasty Financial Partners’ former chief investment officer.
Banks Are Giving the Ultra-Rich Cheap Loans to Fund Their Lifestyle
In the realm of personal finance, debt is largely viewed as a necessary evil, one that should be kept to a minimum. But with interest rates at record lows and many assets appreciating in value, it’s one of the most important pieces of the billionaire toolkit — and one of the hottest parts of private banking.
YOLO? Finra Raps Ex-Wells Broker Who Sought Pandemic Loan to Fund His Online Trading Account
The former broker was suspended one month and fined $2,500 for allegedly misrepresenting in a Covid-19 relief loan application that he operated his self-directed online trading account as a sole proprietorship.
J.P. Morgan Aims to Double Roster of Traditional Brokers to 1,000
Phil Sieg, who took over as Chief Executive of J.P. Morgan Advisors in April, outlined the plan as part of a broad strategy shift for the unit.
J.P. Morgan Private Banker in NY Joins Top Morgan Stanley Producer’s Indy Team
A private banker who sources said may have been responsible for as much as $4 billion in assets is staying in New York but has joined a team led by a Chairman’s Club producer in Indianapolis.
SEC Commissioner Peirce Warns Again Against ESG Disclosure Requirements
Asset managers, lawyers, consultants, ESG rating agencies, and even the corporate issuers of securities could push for rules that are ultimately not useful for investors, SEC Commissioner Hester Peirce said.
Massachusetts Charges Schwab for Allowing Ex-RIA to Collect Fees After Licensed Lapsed
The state’s regulator brought charges against Schwab over “unethical and deceptive” practices that allegedly allowed an ex-advisor to collect at least $125,000 in fees from Schwab customers after his registration lapsed in 2014.
UBS Broker Sued By Morgan Stanley Agrees to Customer Solicitation Ban
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.
