News
Merrill Loses $3-Mln Team to Rockefeller in CA, $2-Mln Group to Texas RIA
Group joining Rockefeller in Irvine had generated $3 million in revenue and follows Rockefeller’s hire last week of a $2.5 million Merrill team in Denver.
Finra Dings Ex-Morgan Stanley Broker in Los Angeles over Expense Lapse
Advisor and local restaurateur Kerry Moy accepted a two-month suspension and $5,000 fine for allegedly including the wrong names of attendees on business meals when seeking reimbursement.
Focus Financial’s PE Backers Eye $323 Million Pay Day with Stock Sale
Focus also said on Thursday it will add Prairie Capital Management, a registered investment advisor with $5 billion in assets under advisement, and merge another $1.3 billion-asset RIA in Rhode Island into existing partner firm SCS Capital Management.
Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures
One by one, most of the biggest U.S. banks pledged to avoid workforce reductions almost a year ago as coronavirus infections erupted in New York City. One by one, those vows have given way.
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.
Pershing Steps Up Business Plan for ‘Small’ Advisors: Interview
About 25% of Pershing Advisor Solutions’ new RIA relationships last year came from advisors managing under $250 million in assets, a key market that is under attack since TD Ameritrade merged into Charles Schwab.
JPMorgan Says Investors Could Make Bitcoin 1% of Portfolios
JPMorgan Chase & Co. is the latest Wall Street firm floating the idea of investors using Bitcoin as a way to diversify their portfolios.
SPAC and ESG Fads on Collision Course With Billions at Stake
(Bloomberg) — Two of the hottest equity market trends are headed for a clash as some ESG investors are having…
RayJay Details Recruiting Offer Hikes, Drops Some Clawback Provisions
In response to competition, Raymond James hikes hiring bonuses, eliminates a longstanding production quota for recruits and will absorb loan balances of deceased advisors.
Customer Privacy Issues Cost Securities America $125,000
Finra censures and fines independent broker-dealer for encouraging recruited advisors to give nonpublic data on their customers to outside vendor that prepared account opening transfer documents.
U.S. Stock Trades to Clear in a Day Under Clearinghouse Proposal
The clearinghouse that played a role in last month’s Reddit-fueled market frenzy is proposing that settlement times for U.S. stock trades be cut in half — from two days to one — by 2023.
