Wells Fargo Advisors
A three-person arbitration panel sided with UBS for the majority of the award against a broker who joined Wells in 2017 but also said the firm had misrepresented its loan program and agreed with the broker’s constructive discharge claim.
Among several new hires, Wells plucked three UBS brokers with a combined $3.7 million in annual revenue, including a New England duo and solo producer in Boca Raton.
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.
An Egyptian American advisor alleged the brokerage “allows its white FAs to exclude and/or exploit minorities through teams and partnerships.”
Finra suspended former Wells rep Jacob Popek for maintaining brokerage accounts at other member firms without consent or properly notifying the firm.
The wirehouse sees a “very, very encouraging” pipeline into its Independent Advisor division after a pandemic-induced slowdown, according to Kimberly Ta, Wells Fargo Advisors’ head of recruiting.
Curtis J. Parry was granted expungement of a small unauthorized trading complaint settled in 2000, partly on the basis that his former PaineWebber branch manager called clients to drum up disputes after he and his brother left the firm.
The firm’s efforts to hold onto brokers who earned less than 40% of their revenue from international clients appears to be bearing fruit.
Morgan A. Adams and Matt Calhoun, who had spent their entire careers at Edward Jones, left last month for Wells Fargo, which lost solo producers in Illinois and South Carolina.
“The exit of the international segment is progressing in line with our expectations,” a firm spokesperson said.
John Tyers, who had been chief growth officer of financial planning software AdvisorEngine since 2019, will oversee Wells Fargo Advisors Financial Network, First Clearing, and its nascent RIA custody business.