News
Wire Wars: Trio of Merrill Michiganders Jumps to UBS
A producing manager for Merrill in Grosse Pointe, Michigan jumped to UBS Wealth Management USA on Sept. 17 along with a four-year broker and support staffer.
After $34 Mln Settlement with Edward Jones, Wayne Bland Reckons with Future of Diversity in Wealth Management
“Sometimes it takes leadership to step up and make the change,” Wayne Bland said. “The other people, hopefully, come along later.”
Wall Street Pay Clawback Rule to Get New Push at SEC
U.S. Securities and Exchange Commission Chair Gary Gensler said he is keen to finish a long-stalled requirement to clamp down on Wall Street bonuses when companies report incorrect financial information.
J.P. Morgan Advisors Draws $300 Million-AUM Broker from Wells in NYC
Raymond J. Hayes, a 37-year industry veteran, joins J.P. Morgan’s division of traditional brokers as the firm envisions doubling its headcount over the next five to seven years.
More “Project Thunder” Painkillers for Merrill Brokers, While Sieg Tags Big 2022 Comp Changes As Unlikely
Merrill Lynch Wealth Management President Andy Sieg told brokers not to expect any “large-scale change” in their compensation plans for 2022 while acknowledging broker attrition remained an issue.
Citizens Financial CEO Hunts for Wealth Business Amid Deal Spree
Citizens Financial Group Inc. has been on a buying spree, but Chief Executive Officer Bruce Van Saun is still chasing one spot: wealth.
51-Year Industry Vet Dinged for Receiving $477k Gift from Elderly Client
Jerry Rice resigned from Raymond James’ independent broker unit in 2019 after the firm initiated a review into alleged conflicts of interest related to undisclosed gifts from a client.
$8.8-Million Team of Merrill Lifers Exits to Launch RIA in Colorado
Five advisors had a combined 86 years with Merrill, according to BrokerCheck, and had managed $1.75 billion in customer assets.
States Line up Behind Mass. Regulators in Targeting Robinhood
Self-directed platforms may be hanging unsophisticated investors “out to dry” by “using technology as a basis for evading their duties of care,” an Ohio securities regulator told an audience Monday.
Wells Fargo Seeks Dismissal of Egyptian Broker’s Discrimination Claims
An Egyptian American advisor alleged the brokerage “allows its white FAs to exclude and/or exploit minorities through teams and partnerships.”
Arbitrator Empathizes with Fired Broker over 251-Page Compliance Manual, Erases U5
Bradley R. Thompson, a 22-year broker now with Kovack Securities, was successful in expunging from his record a 2016 violation from LPL Financial over an “infraction of firm policy concerning loans.”
