Mason Braswell

Merrill advisors Alpesh R. Patel, Matthew Birkett and Darren Siegrist moved to Rockefeller along with client associates Hai Dang and Chris Iwamasa.

Merrill Loses $3-Mln Team to Rockefeller in CA, $2-Mln Group to Texas RIA

2/26/21 | Advisor Moves, Breakaway Center, News | 16 Comments

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.

Advisor Moves, Breakaway Broker, Merrill Lynch, Rockefeller Capital, Vaquero

FINRA, Morgan Stanley

Finra Dings Ex-Morgan Stanley Broker in Los Angeles over Expense Lapse

2/26/21 | Enforcement, News | 2 Comments

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.

Enforcement, expense report, Finra, Kerry Moy, Los Angeles, Morgan Stanley

Raymond James

Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

2/25/21 | Coronacrash, Most Read, News | 8 Comments

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.

fintech, Human resources, pandemic culture, Raymond James, work-from-home, workplace

Raymond James

RayJay Details Recruiting Offer Hikes, Drops Some Clawback Provisions

2/24/21 | Advisor Moves, Most Read, News | 6 Comments

In response to competition, Raymond James hikes hiring bonuses, eliminates a longstanding production quota for recruits and will absorb loan balances of deceased advisors.

Advisor Moves, Raymond James, Recruiting, Recruiting bonus, Upfront Loan

FINRA, Morgan Stanley

Morgan Stanley Faces $5 Million Claim from NBA Star Chandler Parsons

2/23/21 | Most Read, News | 6 Comments

The filing appeared on the record for a California broker and managing director who is part of Morgan Stanley’s Sports and Entertainment Group.

Arbitration, California, Chandler Parsons, Finra, Morgan Stanley, Nyjer Morgan

Bank of America, Merrill, Rockefeller Capital Management

Exclusive: Rockefeller Lures Merrill Private Wealth Regional Head in Chicago

2/22/21 | Advisor Moves, News | 12 Comments

Brett Thelander, a career Merrill manager who was running its ‘Mid-America’ private wealth region, will join Rockefeller after a 90-day garden leave, two sources said.

Advisor Moves, Bank of America, Brett Thelander, Chicago, Merrill Lynch, Rockefeller

RBC, Rockefeller Capital Management

Rockefeller Hires $2.5-Mln Merrill Team in CO, RBC Nabs Million-Dollar IL Producer

2/22/21 | Advisor Moves, News | 5 Comments

Colorado hire is Rockefeller’s 45th team since its founding while RBC picked up a Merrill broker who said he was frustrated at Merrill’s push to sell Bank of America products.

Advisor Moves, Colorado, Illinois, Merrill Lynch, RBC, Rockefeller

Morgan Stanley, Raymond James

Billion-Dollar Florida Broker Ousted from Morgan Stanley to Join RayJay

2/19/21 | Advisor Moves, News

Richard Altieri, a Chairman’s Club producer pushed out last week over alleged procedural lapses, has agreed to join Raymond James’ employee branch channel.

Advisor Moves, Chairman’s Club, Morgan Stanley, Raymond James

JP Morgan, LPL

J.P. Morgan Chases Another Bank Broker Who Joined LPL

2/18/21 | Breakaway Center, News | 4 Comments

New Orleans-area advisor who was managing $145 million at a Chase branch allegedly violated employment agreements by soliciting former clients.

Breakaway Broker, Chase Bank, JPMorgan, law, Louisiana, LPL

FINRA

Finra Bars Morgan Stanley Veteran Fired over Inherited Accounts

2/17/21 | News | 7 Comments

Broker who was discharged after 23 years for failing to share account credits with retired advisor gets lifetime bar from regulator.

Enforcement, Finra, Inherited Accounts, Morgan Stanley, Retired Advisor, Sales Practices

JP Morgan, Merrill

Merrill Broker in N.J. Agrees to Customer Solicitation Ban

2/16/21 | News

Former JPMorgan Chase bank-based broker acceded to his former firm’s customer contact block but did not admit wrongdoing.

Employment Law, JPMorgan, Merrill Lynch, New Jersey, Preliminary Injunction, TRO

Morgan Stanley

Morgan Stanley Pushes Out Chairman’s Club Broker in Boca Raton

2/12/21 | News | 9 Comments

Richard Altieri, who had been managing $953 million, according to Barron’s, left under pressure this week after more than three decades at Morgan Stanley and its Smith Barney predecessor.

Barron’s List, Boca Raton, Chairman’s Club, Employment Law, Florida, Morgan Stanley

Morgan Stanley

Morgan Stanley Said to Usher Out Long-Tenured Advisor in Texas

2/11/21 | News | 9 Comments

Unexpected departure of Dallas-area broker whose team produced around $3 million appears related to unapproved outside business activities, sources said.

Compliance, Dallas, Morgan Stanley, Outside Business, Outside Investment, Texas

Morgan Stanley, UBS

Wire Wars: UBS Loses $3-Mln Broker to Morgan Stanley, Hires Merrill Trio in TX

2/10/21 | Advisor Moves, News | 7 Comments

UBS broker in New Jersey managing $460 million returns to Morgan Stanley after 11 years.

Advisor Moves, Merrill Lynch, Morgan Stanley, Recruiting, UBS, Wire wars

Merrill, Morgan Stanley

Morgan Stanley Hires $7.5 Mln Merrill Private Wealth Team

2/9/21 | Advisor Moves, News | 2 Comments

Team includes two veterans who had spent nearly 50 years combined at Merrill and who managed $1.2 billion in assets.

Advisor Moves, Florida, Merrill Lynch, Morgan Stanley, New Jersey, Recruiting

B. Riley, First Republic, Steward Partners

First Republic Hires $2-Mln B. Riley Broker in NY, Steward Hires Wells VA Duo

2/8/21 | Advisor Moves, News

First Republic’s hire is its first this year after scooping up eight teams in 2020 but marks an unusual recruit outside its typical Wall Street focus.

New York, Virginia

JP Morgan, UBS

UBS Hires Giant J.P. Morgan Private Bank Team in LA

2/5/21 | Advisor Moves, News | 9 Comments

Seven-person team had been managing $6.5 billion in client assets, UBS said.

Recruiting

First Republic, Wells Fargo

First Republic Ups Incentives for Recruiters in Bid for Big Advisors

2/3/21 | Advisor Moves, News | 2 Comments

California-based private bank is giving select recruiters up to 12% of a prospect’s trailing 12-month production—double the industry standard—in an offer that expires in April.

Merrill, Morgan Stanley

Wire Wars: Morgan Stanley Hires $500 Million-Asset Merrill Team in NJ

2/3/21 | Advisor Moves, News | 3 Comments

Two-advisor team in Red Bank includes a 27-year Merrill lifer and a 40-year veteran who was with Merrill for 26 years.

Russell May, Debra Gomez, Stephen DeBeer, Stevi Calhoun, Robert DeBeer, Lindsay Burke and Blake Hanna.

Stifel

Stifel Nabs Merrill Team Managing $1.35 Billion in Dallas

2/2/21 | Advisor Moves, News | 15 Comments

Group of four brokers had been generating $4.6 million in fees and commissions, according to the team leader.

Advisor Moves, Dallas, Merrill Lynch, Recruiting, Stifel, Texas

FINRA, Merrill

Arbitrator Grants Ex-Merrill Bank Broker’s Expungement, Calls Firing ‘Reckless’

2/1/21 | Enforcement, News | 9 Comments

A sole public arbitrator granted the former advisor’s request for expungement and said Merrill defamed the broker by not looking into the allegations behind a customer complaint before issuing the termination.

Client Associate, Defamation, Employment Law, Enforcement, Finra, Merrill Lynch

First Republic, UBS

UBS Lands $4.5 Million First Republic Team in Walnut Creek

2/1/21 | Advisor Moves, News | 8 Comments

Duo who had joined First Republic in 2013 after running their own RIA had been overseeing $900 million in assets, according to a person familiar with their book.

Advisor Moves, California, First Republic, RIA, UBS, Walnut Creek

Stifel

Stifel CEO: Broker Recruiting to ‘Accelerate’ in 2021

1/29/21 | Advisor Moves, News | 5 Comments

The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.

Advisor Moves, Earnings, Raymond James, Recruiting, Ron Kruszewski, Stifel

Wells Fargo

Well Fargo Offers 100% Production Bonuses to Assuage ‘International’ Advisors–Sources

1/28/21 | News

Bank scrambles to retain brokers following its decision to prohibit them from servicing accounts of clients outside the U.S.

Advisor Recruiting, Headhunters, Money Laundering, Offshore Clients, Wells Fargo, Wells Fargo Advisors

Merrill, Morgan Stanley

Morgan Stanley Hires $2.6-Mln Merrill Lifers in Maryland

1/27/21 | Advisor Moves, News | 16 Comments

One week after losing a $2.6 million team in Atlanta to Janney Montgomery Scott, Morgan Stanley nabs two comparable producers near Baltimore from Merrill Lynch.

Advisor Moves, Atlanta, Janney, Maryland, Merrill Lynch, Morgan Stanley

UBS

UBS Wealth Americas Profit Hits Record with Fewer Brokers

1/26/21 | News | 5 Comments

Despite shrinking advisor count, UBS Wealth Americas reported record earnings thanks to a boost in fee-based revenue, positive net new assets and loan growth.

Advisor Count, Earnings, Global Wealth, Ralph Hamers, UBS, Wealth Management

Morgan Stanley, RBC

Morgan Stanley Prevails in TRO Standoff with $6-Mln RBC Team

1/25/21 | News | 5 Comments

A federal judge granted Morgan Stanley’s motion to block the RBC group from soliciting their former clients and denied the brokers’ counterclaim.

Employment Law, Morgan Stanley, New Jersey, Non-solicitation Agreement, RBC, TRO

FINRA, Morgan Stanley, Wells Fargo

Wells Fargo Recoups $2.5 Million from New Jersey Duo

1/22/21 | Enforcement, News | 1 Comment

Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.

Arbitration, Enforcement, Finra, Morgan Stanley, Promissory Note, Wells Fargo

Financial advisor fired for Black Lives Matter confrontation

Ameriprise, Morgan Stanley

Morgan Stanley Fires Another Broker Over Inherited Account Issues

1/21/21 | News | 5 Comments

Dallas broker was discharged in Morgan Stanley’s continuing pursuit of advisors who allegedly cheated retired advisors on accounts they passed along.

Ameriprise, FAP, Fired Broker, Inherited Accounts, Texas

Morgan Stanley, RBC, UBS

RBC Team Seeks Tit-for-Tat Solicitation Halt Against Morgan Stanley

1/20/21 | News | 7 Comments

Princeton, NJ, advisors say Morgan Stanley is soliciting clients they brought with them when they moved from UBS in 2010, in violation of written and verbal agreements.

Employment Law, New Jersey, Non-solicitation Agreement, TRO

Bank of America, Merrill

Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year

1/19/21 | Coronacrash, News | 31 Comments

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.”

Earnings, Growth Grid, Household Acquisition

Merrill, Morgan Stanley, Rockefeller Capital Management

Rockefeller Lures Two Florida Teams with $9.8 Mln Revenue

1/19/21 | Advisor Moves, News | 7 Comments

Morgan Stanley team with $6.5 million and Merrill team generating $3.3 million in revenue bring Rockfeller’s brokerage force to 44 teams.

Florida, Recruiting

Bank of America, Merrill

Merrill’s New Household Growth Fell 40% in 2020–Sources

1/15/21 | News | 20 Comments

Merrill brokers added about 20,000 net new households last year, compared to 35,000 in 2019, but given the pandemic executives say they are pleased.

Andy Sieg, Growth Grid, Household Growth, Prospecting

Wells Fargo

Wells’ Wealth Profit Climbs Despite Continued Broker Attrition

1/15/21 | News | 4 Comments

The firm’s profit rose 157% compared to the year-ago quarter even as its sales force fell another 2% in the quarter to 13,513.

Attrition, Bank Earnings, Headcount, Interest Rates, Wells Advisors

(Left to right) Gregory Ernst and Todd Stark moved to RBC from UBS along with client associates Amy McGuire, Marnie O’Brien, Trudy Soper

RBC, Rockefeller Capital Management

Rockefeller, RBC Lure Merrill, UBS Teams in Midwest

1/14/21 | News | 7 Comments

Rockefeller hires its second Merrill team in Chicago while RBC recruits two teams with $900 million combined from the same UBS branch in Nebraska.

Chicago, Nebraska

Morgan Stanley, UBS

Morgan Stanley Rehires $3.3-Mln UBS Team in North Carolina

1/14/21 | Advisor Moves, News | 8 Comments

Family-led team of four advisors who managed $386 million returned to Morgan Stanley, where they began their careers after more than nine years at competitor.

Broker Protocol, North Carolina, Recruiters

Team led by wirehouse veteran Wade Martin (seated, right) left Morgan Stanley in Princeton, NJ, for RBC.

Morgan Stanley, RBC

Morgan Stanley Sues $6 Million Team at RBC over Client Calls

1/13/21 | News | 5 Comments

New Jersey advisors “flagrantly” violated their employment agreements by calling former clients and using confidential information, wirehouse says in new lawsuit.

Broker Protocol, Employment Law, New Jersey, TRO

McGee Wealth, led by (left to right) Sarah Elise Berry, Jennifer Currin Gutridge, D. Linette Dobbins and Judith A. McGee, sold to Mercer Dec. 31.

McGee Wealth Management, Raymond James

Mercer Snaps up $800 Million-Plus RIA in Oregon

1/11/21 | News | 2 Comments

Purchase of Portland, Oregon-based McGee Wealth Management is Mercer’s third announced in the past week.

M&A, Oregon, RIA

Raymond James

Raymond James Slashes CEO Pay 17% in Turbulent Year

1/8/21 | Coronacrash, News | 6 Comments

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.

Covid-19, Executive Compensation, Paul Reilly, Proxy Filing

Jefferies, Stifel

Stifel Hires 33-Year Brokerage Vet from Jefferies in Dallas

1/8/21 | Advisor Moves, News

Broker had been managing over $200 million in client assets, according to two sources familiar with his practice.

Dallas, Recruiting, Texas

Wells Fargo

Wells Pulls Out of International Wealth

1/7/21 | News | 4 Comments

Wells Fargo told advisors across its wealth management and private banking operations on Thursday that they can no longer service clients outside the U.S.

Bank, Florida, International Wealth

(Left to Right) Merrill West Fort Worth producing manager Brad Bruce, Michael Coody, Aaron Gutierrez, David Cepeda and Dana Lewis.

Bank of America, JP Morgan, Merrill

Merrill Hires $2-Mln JPMorgan Bank Team in Texas

1/7/21 | Advisor Moves, News | 7 Comments

The new recruits mark a rare split from Merrill’s retreat from veteran broker recruiting over the past three years.

Recruiting, Texas

Morgan Stanley

Morgan Stanley Taps Crawley as HR Chief, Names New Private Wealth Head

1/5/21 | News | 5 Comments

Elizabeth Dennis, who oversaw sales of capital markets and investment banking services to wealth management customers, takes on the additional role leading private wealth.

Human resources, Jeff Brodsky, Mandell Crawley, Private Wealth, Reorganization

Wells Tweaks Headhunter Bounties 2021 Payout Sclae

Wells Fargo, Wells FiNet

Wells Tweaks Headhunter Bounties with Offers up to 12%

1/5/21 | News | 6 Comments

Wells Fargo has enhanced its already high-end fees for recruiters with performance-based incentives for its most active headhunters.

Headhunter, Recruiting, Recruiting bonus, Recruiting Fee

FINRA, LPL

Finra Fines LPL $6.5 Million over Broad Supervisory Failures

1/4/21 | Enforcement, News | 5 Comments

The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.

Finra

Morgan Stanley, Wells Fargo

Ex-Morgan Stanley Broker Sues over Forfeited Deferred Comp

1/4/21 | News | 11 Comments

Florida broker alleges that the wirehouse improperly withheld deferred compensation from advisors who left for competing firms.

Bank of America, Merrill, Raymond James, UBS

Merrill Loses $2.8-Mln Producer to UBS, $2-Mln Team to Independence

12/28/20 | Advisor Moves, Breakaway Center, News | 39 Comments

Advisors in Louisiana and New Jersey left Merrill after about two decades.

Merrill, Morgan Stanley

Morgan Stanley Hires Merrill ‘Growth’ Champ in California

12/18/20 | Advisor Moves, News | 26 Comments

Millennial advisor with $1.5 million in revenue, who was three-time winner of Merrill’s “excellence in growth” award, says he is a believer in cold calling.

Andy Sieg, Merrill Lynch Wealth Management President

Bank of America, Federal Reserve, Merrill

Merrill’s Sieg: Net Income to Fall 30% in 2020

12/17/20 | News | 14 Comments

In discussing Merrill’s 2021 compensation plan with advisors, Wealth Management President Andy Sieg explains that rock-bottom rates constraining profits require vigilance.

AllianceBernstein, Merrill, Morgan Stanley, UBS

UBS Hires Solo Advisors from Merrill and Bernstein, Loses Team to Morgan Stanley

12/16/20 | Advisor Moves, News | 2 Comments

UBS attracts multi-million-dollar advisors in southern California and Texas, loses Boston-area duo producing $3.5 million to Morgan Stanley.

Merrill, Morgan Stanley, UBS

2021 COMP: Morgan Stanley Adds Team Bonus Hurdle, Lifts Private Wealth Minimum

12/15/20 | News | 6 Comments

Wirehouse leaves grid levels unchanged, adds team requirement, lifts numerical loan requirement, raises minimum account sizes for “private wealth” bankers.

Sterling Shea (left) and deputy Alison Rooney

Barron's, Morgan Stanley

Morgan Stanley Hires Sterling Shea, the “Face” of Barron’s Top Advisors

12/14/20 | News | 14 Comments

Shea and another Barron’s colleague will head a 12-person practice management consulting team promoting sales, assessment and training skills at the wirehouse.

EdgeCo, Private Wealth Partners, UBS

$20-Million UBS Team Jumps to Start RIA

12/14/20 | Advisor Moves, Breakaway Center, News | 6 Comments

A twelve-person “private wealth” group in Manhattan overseeing more than $4 billion for ultra-wealthy families join a firm affiliated with former private wealth executive John Straus.

Merrill, UBS, Wells Fargo

2021 COMP: UBS Keeps Pay Plan Unchanged–Memo to Brokers

12/11/20 | News | 8 Comments

After raising payout hurdles in 2020, UBS told advisors on Thursday that it is making no changes in 2021 compensation plan.

Wells Fargo

2021 COMP: Wells Raises Monthly Hurdle Rate, Adds Deferred Bonus Opportunities

12/10/20 | Coronavirus Perspective, News | 15 Comments

Wells Fargo Advisors raised by $1,000 the monthly revenue its core brokers must produce before payout graduates from 22% to 50% on incremental revenue.

Merrill

Merrill Manager and Colleague in L.A. Break Away

12/10/20 | Advisor Moves, Breakaway Center, News | 14 Comments

Veterans of the brokerage world for more than 25 years give up their licenses to form a fee-only RIA in Beverly Hills.

JP Morgan, Wells Fargo

$3.6 Million J.P. Morgan Duo in California Join Wells Fargo

12/9/20 | Advisor Moves, News | 6 Comments

High-net-worth brokers in Los Angeles with backgrounds at AllianceBernstein and J.P. Morgan joined Wells’s ‘private wealth advisor group’ aimed at brokers servicing $5 million-plus clients on Tuesday.

Brandon Parker Fetterman, Sean Fetterman, Adam Fetterman and David Raphan joined Morgan Stanley on Friday from UBS in Boca Raton.

Morgan Stanley, UBS

Wire Wars: Morgan Stanley Lands $14-Million Florida Team from UBS

12/8/20 | Advisor Moves, News | 3 Comments

Boca Raton, FL-based group that joined Morgan Stanley last week managed about $1.7 billion in client assets at UBS.

Merrill, UBS

$5-Mln Merrill Team Joins UBS in California

12/7/20 | Advisor Moves, News | 20 Comments

Merrill Lynch on Friday lost three advisors near San Francisco overseeing $920 million of assets to UBS, and two in Dallas managing $200 million to an independent firm affiliated with Raymond James.

National Securities

Cetera Adds $3-Million Team in Florida from National Securities

12/4/20 | Advisor Moves, News

Tax specialists who oversee $373 million in client assets shift to Cetera unit specializing in working with accountants.

Kestra, Morgan Stanley

High-Producing Boston Broker Joins Kestra After Morgan Stanley Departure

12/3/20 | Advisor Moves, News | 1 Comment

Chairman’s Club advisor who Morgan Stanley reportedly eased out last month becomes an independent broker after 25 years with wirehouses.

UBS

UBS Orders Fee Waivers, Loan Discounts on Reassigned Accounts

12/2/20 | News | 19 Comments

Customers of UBS brokers who jump to a competitor will receive fee waivers and loan discounts that firm says reassigned advisors should embrace despite effect on their compensation.

UBS

UBS Loses Bid to Vacate $11 Million Defamation Award

12/1/20 | News | 1 Comment

Judge upholds eye-popping $11 million arbitration award to former compliance supervisor, plus $1 million in interest and costs to cover his appeal costs.

Morgan Stanley, Raymond James, UBS, Wells Fargo

Wirehouse Brokers Who Took Client Data Fired by New Firms, Sanctioned by Finra

11/30/20 | News | 5 Comments

Former UBS and Morgan Stanley brokers are fined and suspended by regulator over client privacy violations after losing their new posts at Wells Fargo and Raymond James.

Finra

FINRA, Morgan Stanley

Morgan Stanley Parts Ways with $5-Mln Broker in Miami

11/25/20 | News | 9 Comments

Broker specializing in Latin American clients is the latest to have run into trouble over alleged unapproved outside investments.

Bank of America, Merrill, Merrill Edge

UPDATE: Bank of America Says Access to Merrill Accounts Has Been Restored

11/24/20 | News | 47 Comments

Brokers Tuesday morning say they cannot get confirmations of trade executions or complete wire transfers, and self-directed Merrill Edge customers said they can’t access their accounts.

Wells Fargo

Arbitrator Orders Wells to Clean Private Banker’s Record—and Pay for It

11/20/20 | News | 3 Comments

Atlanta wealth management banker wins expungement of report that she was fired for enrolling customers in unasked-for insurance policies, something Wells allegedly encouraged.

Maria Peralta, Adam Goldstein, George Chardukian and client associate Amy Montiel

LPL, RBC

LPL Hires RBC Arizona Team to New Channel

11/19/20 | Advisor Moves, News | 3 Comments

Trio managing $380 million is the fifth to join new Strategic Wealth Services unit launched for employee-channel producers seeking more support than typical LPL independent contractors.

Charles N. Marks,Catherine Cavalier, Taylor Achille and Wendy Franklin-Bayley, left Wells Fargo

Raymond James, Wells Fargo

Wells Loses Texas Veteran, Maryland Up-and-comer to Independence

11/19/20 | Advisor Moves, News | 6 Comments

Texas broker who spent his 27-year career at Wells and predecessor A.G. Edwards chafed over small-account policies; nine-year NextGen star in Maryland wanted greater marketing and investment-choice freedom.

Morgan Stanley

Morgan Stanley Fires Brokers over Inherited Account Credits

11/17/20 | News | 25 Comments

Complaints from retired broker about underpayments from colleagues who “bought” practice triggered a review of “Former Advisor Program” that led to ten terminations this week.

Canaccord Genuity, Morgan Stanley

Dismissed Morgan Stanley Institutional Broker Signs with Canadian Firm

11/17/20 | Advisor Moves, News

Two weeks after his surprise departure from a Morgan Stanley Graystone Consulting office near San Francisco, Thane Stenner returns to Canada’s Canaccord Genuity Wealth Management.

John Gallagher and Mark Levin joined LPL Financial affiliate Gladstone Wealth

Gladstone, Morgan Stanley

LPL Affiliate Gladstone Hires $2-Billion Morgan Stanley Team

11/16/20 | Advisor Moves, News | 2 Comments

Brokers who had spent a combined 65 years at Morgan Stanley and predecessor firms in Philadelphia gravitated to an independent broker and advisory firm in New Jersey managed by their former complex head.

Morgan Stanley

Morgan Stanley Eases Out High-Producing Boston Broker

11/12/20 | News | 5 Comments

Former Chairman’s Club member at legacy Smith Barney branch ran into trouble for keeping prospect lists outside approved customer relationship management system, sources said.

Advisors Robert S. Loeb (second from left), Craig A. Warnimont (third from left), Bradford G. Dolgin (sixth from left), James J. Porea (second from right) and John D. Spengler (farthest right) left UBS to join Venture Visionary Partners on Wednesday.

Dynasty FP, UBS, Venture Visionary Partners

Ex-UBS Star Lures More Former Teammates to $3.7 Billion RIA

11/12/20 | Advisor Moves, News | 7 Comments

Five advisors managing $1.8 billion are the latest to join super-producer Craig Findley at Ohio firm he founded last year after being dismissed for nonclient-related policy violations.

RBC

2021 COMP: RBC Restores Small-Account Penalty

11/11/20 | News | 4 Comments

RBC reinstates zero-payout policy on sub-$100,000 accounts following a suspension for the pandemic.

Graystone Consulting, Morgan Stanley

Morgan Stanley Axes Institutional Broker over Outside Business

11/9/20 | News | 1 Comment

Top-ranked broker whose team managed $18.5 billion for pension plans forced out for allegedly violating outside business activity procedures.

James Taylor (center) moved his 13-person team to Morgan Stanley from Merrill on Friday.

Bank of America, Merrill, Morgan Stanley

Wirehouse Wars: Merrill Loses Young NYC Star to Morgan Stanley

11/9/20 | Advisor Moves, News | 19 Comments

James Taylor, a top Next-Gen adviser who Merrill had tapped as 2021 head of its advisors’ “council to management,” took his 13-person team to Morgan Stanley on Friday.

Merrill, Wells Fargo

Merrill Hires Veteran Manager from Rival to Oversee a Connecticut Market

11/6/20 | Advisor Moves, News | 7 Comments

Merrill recruits Wells Fargo manager to fill a void, breaking a years-long recruiting freeze and reliance on a rotating bench of insiders.

Edward Jones

Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth

11/5/20 | Coronacrash, News

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.

Ameriprise, UBS

Ameriprise Nabs UBS Teams in Ohio, Maine

11/4/20 | News | 1 Comment

Duo producing $1.7 million in Akron and $500,000 broker in Portland leave UBS, which has been focusing on multi-million-dollar advisors.

Wells Fargo

Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets

11/3/20 | Advisor Moves, News | 5 Comments

High-end Wells’ recruits can pocket 340% of their trailing-12 month production—up from around 325%—if they hit asset growth targets within three years of their arrival.

Azimut, Sanctuary

Sanctuary Sells Majority Stake for $50 Million to European Firm

11/2/20 | News | 2 Comments

European asset manager Azimut Group is paying $50 million for 55% of independent brokerage firm founded two years ago by Merrill manager Jim Dickson.

Merrill

Merrill Taps Mgt. Training Grad to Head Coastal New England Market

11/2/20 | News | 10 Comments

Courtney McCarthy, a Merrill management training program grad with ten years of experience, replaces a 32-year industry veteran who is retiring at year-end in Providence, R.I.

FINRA, Merrill

Finra Suspends Ex-Merrill Broker for Facilitating Outside Investments

10/30/20 | News | 5 Comments

New York broker fined $20,000 and suspended for six months by Finra resigned from Merrill three years ago following the firm’s $2.25 million settlement with hip hop star.

UBS

UBS to Pay More Salary, Less Bonus to Some U.S. Managers

10/29/20 | News | 5 Comments

The Swiss bank is shifting more senior officials away from variable compensation models.

Merrill

Elderly Merrill Customer Sues Over Broker’s Liquor Store Recommendation

10/28/20 | News | 4 Comments

80-year-old client accuses Merrill of failing to supervise Miami broker who allegedly directed them to pour $4.5 million of retirement savings into a failing liquor store.

Merrill, UBS, Wells Fargo

Wells Signs Two $2-Mln-Plus Brokers from Merrill, UBS

10/27/20 | Advisor Moves, News | 5 Comments

Merrill broker who generated $2.8 million in previous 12 months joins Wells in Houston the same day as $2.3-million UBS producer arrives at a Wells branch in St. Louis.

Merrill brokers Bill Colwyn (left) and Dan Mendelson and client associate Michelle McCabe moved to Rockefeller

Merrill, Morgan Stanley, Rockefeller Capital Management

Rockefeller Plants Flag in Chicago, Hires $3.8 Million Merrill Team

10/26/20 | Advisor Moves, News | 6 Comments

Merrill duo with $550 million book of assets is 40th team to join Rockefeller.

Abbot Downing, Wells Fargo

Wells Reorganizes Wealth Division, Melding Private Bankers into Brokerage Unit

10/23/20 | Advisor Moves, News | 8 Comments

Wells Fargo Advisors head Jim Hays to add private bankers to his realm in an efficiency push that creates “one overarching management structure.”

Cerulli, Merrill, Morgan Stanley, UBS, Wells Fargo

Wirehouse Brokers Maintain Lead in Productivity Vs. Competitors–Study

10/21/20 | News | 6 Comments

Advisors at the four national “wirehouse” firms manage 124% more on average than do all industry advisors, according to Cerulli Associates.

Merrill, Morgan Stanley, UBS

UBS Americas Profit Rises Despite Advisor Losses, Asset Outflows

10/20/20 | News | 2 Comments

UBS reported record third quarter profit of $371 million despite declines in revenue, net asset outflows and a continued decline in its advisor force.

Merrill, Morgan Stanley, UBS, Wells Fargo

Wirehouse Wars: Wells Loads Up on October Hires from UBS, Morgan Stanley, Merrill

10/19/20 | Advisor Moves, News | 7 Comments

Wells Fargo’s seesaw battle to rebuild its advisor force yields three million-dollar teams from rivals in California and Vermont despite net erosion in headcount.

Eden Lopez, Leslie Schwartz and Paula Steinberg (left to right) joined RBC in New York on Friday from J.P. Morgan Securities.

JP Morgan, RBC, Stifel, Wells Fargo

J.P. Morgan Hires $315 Mln Morgan Stanley Trio in Philly, Loses $1.2 Bln Team in NYC

10/16/20 | Advisor Moves, News | 3 Comments

J.P. Morgan Securities emigrees to RBC have 89 years of experience and a big book of music and entertainment clients, while its new arrivals had been with Morgan Stanley and predecessors for 87 years.

E*Trade, Morgan Stanley

Morgan Stanley Limits E*Trade Customer Referrals to Specialized Brokers

10/15/20 | News | 10 Comments

Wirehouse restricts prospecting of E*Trade customers to network of around 500 “high-quality” teams that already receive referrals from its workplace plan businesses.

Wells Fargo

Wells Fargo Broker Count Falls Below 13,000 as Firm Lays Off ‘Salaried Advisors’

10/14/20 | News | 16 Comments

Wells Fargo Advisors’ brokerage force fell by a net 390 in the third quarter, due largely to layoffs of “salary-and-bonus” advisors, a spokeswoman said.

First Republic, Merrill

First Republic Founder Says Advisors Are Proving Their Worth

10/13/20 | News | 1 Comment

The advisory teams First Republic has been attracting from traditional brokers helped drive a 20% increase in third-quarter assets.

2021 COMP: Firms Likely to Keep Grids Intact Amid Covid Uncertainty

10/13/20 | Coronacrash, News | 3 Comments

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.

Gladstone, LPL, Merrill, Morgan Stanley, UBS, Wells Fargo

Morgan Stanley Hires Merrill Lifer with $473-Mln Book in Illinois

10/12/20 | Advisor Moves, News | 8 Comments

Arrival of $2 million producer on Friday followed Morgan Stanley’s recruiting of the previous week of a UBS broker in northern California.

Bank of America, Merrill

Merrill Management Merry-Go-Round Spins in Dallas

10/9/20 | Advisor Moves, News | 15 Comments

Merrill Lynch Wealth has tapped a 13-year broker to lead its Dallas Galleria office, according to two sources familiar with the move.

Ameriprise, Raymond James, UBS

Ameriprise Hires RayJay, UBS Solo Practitioners in FL, CA

10/9/20 | Advisor Moves, News | 10 Comments

Minneapolis-based Ameriprise recruits southern Florida advisor with 23 years of experience to its employee channel and 17-year San Francisco broker to its independent arm.

Morgan Stanley, RBC

RBC Lands $420-Million Morgan Stanley Broker in Maryland

10/8/20 | Advisor Moves, News

Arrival of 34-year veteran continues a slew of pandemic-era hiring that yielded RBC third-quarter recruits whose production was 112% higher than those who arrived in the year-ago quarter.

JP Morgan

JPMorgan to Impose Fees on Low-Balance Chase Private Client Customers

10/7/20 | News | 37 Comments

Bank will charge $35 monthly service fee as of November 8 on checking accounts below $150,000 in its mass affluent unit.

Broadridge, Morgan Stanley, UBS

UBS Changes Calculation of Client Advisory Fees

10/2/20 | News | 3 Comments

Customer quarterly fees will be based on average daily balances rather than on start-of-quarter assets in the interests of “accuracy and transparency,” UBS says.

Renee Hof-Lacey left Morgan Stanley after 27 years for Raymond James.

Janney, Morgan Stanley, Raymond James

Janney, RayJay Hire 20-Year Veterans of Merrill, Morgan Stanley

10/1/20 | Advisor Moves, News | 7 Comments

Janney says new hire in Virginia was managing $300 million at Merrill, while RayJay says its Michigan recruit managing $115 million at Morgan Stanley moved for the “freedom to truly own and run my practice.”

Eric Schimpf, head of Merrill Lynch Wealth's southeast region, has shifted to cohead advisor training and development programs with a Bank of America executive.

Bank of America, Merrill, Merrill Edge

BofA Aims to Integrate Edge Brokers into Merrill with Revamped Training

9/30/20 | News | 26 Comments

Merrill shifts Southeast division executive Eric Schimpf to co-head advisor development programs with BofA consumer bank executive Matt Gellene to “ensure strong connectivity with the broader bank.”

Wells Fargo

Wells Fargo Parts Ways with Veteran Recruiting Executive

9/30/20 | News | 5 Comments

Chip Walker has left his post as head of field strategy and execution at Wells Fargo Advisors and will not be replaced, according to people familiar with the move.

FINRA, Merrill, Raymond James

Ex-Merrill, RayJay Broker Settles Finra Charges of Taking Client Info

9/29/20 | News | 2 Comments

Regulator fines and suspends a California broker, despite his success in expunging allegations of purloining client information when he left Merrill for Raymond James.

Merrill, Morgan Stanley

Morgan Stanley Hires $265-Mln Asset Merrill Team in Florida

9/28/20 | Advisor Moves, News | 10 Comments

Senior advisor had spent all of his 28-year career with the Thundering Herd in Ponte Vedra Beach, Florida.

Steward Partners, Umpqua Bank

Steward Inks Deal for Umpqua Bank’s $3.4 Billion-Asset Wealth Business

9/28/20 | Advisor Moves, News

The agreement, expected to close in the first quarter next year, will give Washington D.C.-based Steward its first outpost on the West Coast with 23 advisors generating $15 million in revenue.

Aventura, Morgan Stanley, UBS

Morgan Stanley Recruiting Streak Continues with UBS Hires in Florida

9/25/20 | Advisor Moves, News | 4 Comments

Two million-dollar brokers in Aventura join one week after Morgan Stanley hired dozens of advisors and support staff across the country from UBS and Merrill Lynch.

FINRA, JP Morgan, Raymond James, UBS

Finra Fines JPMorgan Broker Trying to Do Customers a Solid

9/25/20 | News | 13 Comments

Regulator fines and suspends a novice broker who J.P. Morgan fired for moving customer money to higher-paying money market funds without authority and a senior former RayJay and UBS broker who took loans from a friend and customer without permission.

Raymond James

2021 COMP: Raymond James Keeping Advisor Pay Unchanged

9/24/20 | News | 1 Comment

Raymond James reassured managers this week that in spite of companywide expense cuts, it will not fiddle with grids or other core parts of advisor pay in its employee channel.

Ameriprise, Wells Fargo

California Broker Dismissed by Wells Takes $7.1-Bln Team to Ameriprise

9/24/20 | Advisor Moves, News | 15 Comments

Mike Abrams and his partner joined Ameriprise’s employee channel in Palo Alto on Wednesday with a client associate, ranking as its biggest hire by assets this year, a spokeswoman said.

Ameriprise, Wells Fargo

Wells Loses TRO Bid to Handcuff GA Broker Who Joined Ameriprise

9/22/20 | News

Although broker took confidential information on a Wells client, he destroyed it and presents “no current threat” that would justify an injunction, judge rules.

Andrew Moss, a 27-year Merrill veteran who had managed $350 million in assets and shifted to Transcend on Sept. 8.

Bank of America, Merrill

Career Merrill Broker in Michigan Joins Another Alum’s RIA

9/21/20 | Advisor Moves, News | 11 Comments

Quarter-century Merrill veteran with $350-million book moves to advisory boutique founded last year by ex-Merrill complex manager Jim Hughes, ex-NYSE CEO Duncan Niederauer and ex-Blackstone banker James Didden.

Morgan Stanley, UBS

Wirehouse Wars: Morgan Stanley Signs $4.2 Million UBS Team in CA

9/21/20 | Advisor Moves, News | 1 Comment

Among the rush of seasoned brokers Morgan Stanley recruited from wirehouse competitors last week was a two-advisor UBS team in Beverly Hills said to be producing $4.2 million.

Bank of America, Merrill, Morgan Stanley

Morgan Stanley Picks Off Merrill Teams in NYC, Florida Managing $4.8 Billion

9/18/20 | Advisor Moves, News | 10 Comments

Morgan Stanley on Friday nabbed Merrill teams producing more than $10 million in New York and Fort Lauderdale.

Alex. Brown, Morgan Stanley, Raymond James

RayJay Hires $1.7 Billion-Asset Broker Ousted by Morgan Stanley over Online Post

9/17/20 | Advisor Moves, News | 11 Comments

Chicago broker dismissed from Morgan Stanley’s private client unit after he was pictured in an inappropriate social media posting lands at Raymond James’ high-net worth Alex. Brown unit.

Mary and John Macukas, who managed $181 million in assets, are opening a new office for Stifel in Santa Fe.

Stifel, UBS

Stifel Lands $1.75-Million Husband-and-Wife UBS Team in New Mexico

9/16/20 | Advisor Moves, News | 4 Comments

Separately, UBS hired a novice broker to supplement a big Boston team and nabbed a bank-based broker in Ohio.

Raymond James

Raymond James Lays Off More Than 500 Employees

9/15/20 | News | 18 Comments

Florida-based firm says workforce reduction of close to 4% primarily affects corporate staff positions, and responds to economic conditions and rate cuts that wiped out half its earnings.

Goldman Sachs

Goldman Appoints Broker to Manage Seattle Office

9/15/20 | Advisor Moves, News | 1 Comment

Lifetime Goldman advisor in Dallas shifts to manage and expand the powerful investment bank’s wealth businesses in the Pacific Northwest.

Bank of America, First Republic, Merrill, Rockefeller Capital Management

First Republic Hires $2.5 Million Merrill Producer in California

9/14/20 | Advisor Moves, News | 2 Comments

San Francisco-based bank recruits another broker from the firm that once owned it.

Barron's, FINRA, Wells Fargo

Wells Fargo Dismisses $6.5 Billion ‘Top’ Bank Broker in Palo Alto

9/9/20 | News | 15 Comments

Mike Abrams, a nationally ranked Silicon Valley-based wealth manager at Wells Fargo Advisors, was dismissed last week over “conduct” standards, according to a bank filing with regulators.

Bank of America, Merrill

Merrill Puts Kibosh on Meals and Gifts from Wholesalers

9/8/20 | News | 20 Comments

Industrywide tradition of letting product providers wine and dine brokers and their clients is reversed by Merrill Lynch, which said employees must “avoid even the perception of a conflict of interest.”

Bank of America, Merrill

Merrill Systems Hiccuped on Thursday as Stocks Slid

9/4/20 | Fintech News, News | 8 Comments

Advisors were unable to wire funds or take notes on client accounts while self-directed clients had trouble trading.

Merrill brokers (left to right) Eric Glasband, Justin Hanlon, Matthew Kutner and Jonathan Stempel took their Florida-based practice to RBC on Thursday.

Merrill, RBC

RBC Nabs $1.4 Billion Merrill Team in Boca, UBS L.A. Broker with $280 Million

9/3/20 | Advisor Moves, News | 6 Comments

The Minneapolis-based firm touts that it has recruited advisors representing a record $20 billion in assets year-to-date.

Boston Private, FINRA, Merrill

Ex-Merrill UHNW Broker Lands at Boston Private in San Francisco

9/3/20 | Advisor Moves, News

Broker, who was discharged in June for having an assistant complete mandatory training modules on his behalf, says he has learned his lesson.

FINRA, Wells Fargo

Wells to Pay $2.1 Million for Brokers’ Variable Annuity Switching

9/2/20 | News | 1 Comment

Finra fines broker-dealer for failing to supervise advisors who unsuitably recommended VA sales to fund purchases of mutual and UITs that would generate additional commissions.

RBC, Wells Fargo

Another Skeptical Judge Rejects TRO Against Fleeing Brokers

9/2/20 | News | 4 Comments

For the second time in two weeks, a federal judge rejected a brokerage firm’s claim that it would suffer “irreparable harm” if former brokers are not prevented from soliciting former clients to move their accounts.

Edward Jones

Judge Tosses Ex-Edward Jones Client Associate’s Discrimination Suit

9/1/20 | News, Uncategorized | 3 Comments

Branch office administrator who claimed age discrimination and retaliation could not prove that she was forced to resign, judge rules.

Wells Fargo

Wells Seeks to Handcuff $300-Mln-Asset Duo Who Joined RBC Last Week

8/31/20 | News | 7 Comments

Wells seeks restraining order against brokers it accuses of pre-soliciting clients to follow them prior to their move last week to RBC Wealth Management.

E*Trade, Morgan Stanley, UBS

Morgan Stanley Hires Multi-Million UBS Stock Plan Team in Houston

8/28/20 | Advisor Moves, News | 6 Comments

Four UBS brokers managing $1 billion were the stub of a sprawling stock-plan team that had split for Morgan Stanley last year.

Merrill, Stifel

Stifel Hires Young Merrill Trio in Texas Producing $3 Million

8/27/20 | Advisor Moves, News | 13 Comments

St. Louis-based Stifel has staffed its Texas branches with almost two dozen Merrill advisors in the past two years.

UBS

Ex-UBS Broker Claims Widespread Age, Race Discrimination

8/26/20 | News | 4 Comments

Multiracial broker files lawsuit claiming he was fired at the age of 55 in retaliation for complaints about branch manager’s discriminatory behavior.

Merrill, Oppenheimer

43-Year Merrill Vet Goes Indie in Oregon, Opco Hires Merrill Up-And-Comer

8/25/20 | Advisor Moves, News | 9 Comments

Oregon broker leaves Merrill after 43 years to start his own advisory firm while a broker with three years of experience jumped to Oppenheimer.

Led by Ted Longo (center), the team, which also includes his nephew Steven M Longo (left) and Chris F Collins (right), has shifted to independence by affiliating with Sanctuary Wealth Services.

Merrill, Morgan Stanley, Rockefeller Capital Management, Sanctuary

Rockefeller Nabs $5-Million Morgan Stanley Team in Arizona

8/21/20 | Advisor Moves, News | 5 Comments

Morgan Stanley group with $400 million in client assets moved Friday, the same day that indie firm Sanctuary Wealth added a $4 million production and $500 million-asset team from Merrill.

Led by Jerry Raders (first on the right, front row), the team, which is comprised of advisors Teresa Hunter (first on the right, back row), and Jonathan Montgomery (first on the left, front row) and client associate Sharon Cavazos (first on the left, back row), joined Stifel in McAllen, Texas on Wednesday.

Merrill, Stifel, Wells Fargo

Stifel Snags $327 Million-Asset Wells Texas Team, Merrill Manager in Colorado

8/21/20 | Advisor Moves, News | 4 Comments

Stifel landed a three-broker team in Texas and has hired a “community markets” manager from Merrill in Colorado to help recruit in the state and oversee an office.

Fidelity, SunTrust, UBS

UBS Hires Brokers With $2.4 Million From SunTrust, Fidelity, Merrill

8/20/20 | Advisor Moves, News | 4 Comments

The Swiss bank also hired a broker from Merrill to become its assistant market head for northern California, according to a memo seen by AdvisorHub

Ameriprise, Edward Jones, JP Morgan

Brokers Notch Mixed Results in TRO Battles with JPMorgan, Edward Jones

8/20/20 | News

Ameriprise broker in Michigan wins dismissal of an earlier TRO granted almost two weeks ago while another Ameriprise broker in Virginia loses to TRO claim from Edward Jones.

Morgan Stanley

Morgan Stanley to Move Forward with Tougher Grid Hurdles in October

8/19/20 | Coronacrash, News | 19 Comments

After a six month delay aimed at providing brokers with relief from potential pay cuts during the fallout from the coronavirus, the firm confirmed it is moving forward with its grid adjustments as planned.

Mill Creek Capital Advisors, UBS

UBS U.S. Investment Strategy Head Leaves for Pennsylvania RIA

8/17/20 | News | 5 Comments

Michael Crook’s impending departure from UBS’ chief investment office comes amid other recent changes within the 200-person investment specialist team that seeks to identify investment opportunities and market risks for UBS advisors and HNW clients.

Bank of America, Merrill

Merrill Searches for New Head of Training

8/14/20 | News | 18 Comments

Jennifer MacPhee, who coordinated Merrill’s Financial Advisor Development Program for a little more than a year and also serves as a Bank of America’s market president, is leaving.

FINRA, Morgan Stanley

Morgan Stanley to Pay $950K Over Broker’s High-volume Trading

8/13/20 | News | 2 Comments

Finra fines wirehouse for failing to supervise now-barred Texas broker who encouraged customers to make hundreds of short-term bond and preferred trades that cost ten of them more than $900,000.

FINRA, Morgan Stanley

Finra Suspends Ex-Morgan Stanley Broker Who Advised on Outside Trading

8/12/20 | News

Broker who helped an individual trade stocks and options in a self-directed account at an outside firm is fined and suspended by Finra.

Merrill star Phil Scott left on Tuesday for First Republic.

Bank of America, First Republic, Merrill

Phil Scott, $18-Million Merrill Superstar, Joins First Republic

8/11/20 | Advisor Moves, News | 26 Comments

High-profile Washington State broker Phil Scott moved his 11-person team on Tuesday to First Republic.

Andrew Ferguson, who left Merrill after 37 years to launch his own RIA.

Bank of America, Merrill

$3 Mln-Merrill Lifer in Vegas Exits After 37 Years, Launches RIA

8/11/20 | Advisor Moves, News | 4 Comments

Yearning to “drive the ship” himself after almost four decades at Merrill, broker managing $360 million for 56 families strikes out on his own.

HSBC, UBS

UBS Nabs Chicago Bank Broker with About $1 Mln of Revenue

8/10/20 | Advisor Moves, News | 3 Comments

The smallest of the wirehouses fills its deliberately shrinking hole with another nontraditional hire from a bank.

Former UBS Wealth USA divisional manager and industry veteran Paul Hatch has launched an asset management consulting firm.

Smith Barney, UBS

Managed Money Champion Paul Hatch Exits UBS

8/7/20 | News | 4 Comments

Hatch, who was reorganized out of a top UBS sales management job in December, has formed an asset management consulting firm with former BlackRock executive Frank Porcelli and former UBS Wealth planning head Jeff Miller.

UBS

UBS Hires Million-Dollar Bank Producer, Names New Florida Manager

8/6/20 | Advisor Moves, News | 5 Comments

Arizona broker who produced $1.1 million in the past year at BMO Harris joins wirehouse.

LPL

LPL Raises Curtain on New Employee Channel

8/5/20 | News | 2 Comments

Largest independent broker-dealer expands its reach from independent brokers to traditional employed salespeople who it says can pocket payouts of 50% to 70%.

David Pottruck, the former Charles Schwab CEO and Hightower Advisors investor, who is backing Magnifi.

HighTower, Magnifi

Former Schwab CEO Promotes Fund Screening Tool to Protect Advisors

8/5/20 | News | 1 Comment

Magnifi, which lets investors select funds through simple word searches, doubles as a documentation tool for advisors to prove they meet fiduciary and best-interest obligations.

FINRA, Oppenheimer, RBC

Former Oppenheimer Broker Suspended over UIT Trades

8/3/20 | News | 6 Comments

Continuing to prosecute sales violations involving short-term rollovers of unit investment trusts, Finra fines and suspends a 28-year broker in New Jersey.

First Republic, JP Morgan

First Republic Lands $12-Million J.P. Morgan Securities Team in NYC

7/31/20 | Advisor Moves, News | 8 Comments

Group of seven advisors and eight associates had overseen $1.7 billion in client assets and mark the fifth team to join First Republic this year.

Raymond James

Raymond James Gears Up Expense Controls as Profit Falls 34%

7/30/20 | Coronacrash, News | 2 Comments

Citing the global pandemic and its economic consequences, Florida-based firm outlines plans to cut costs broadly to generate “significant efficiencies.”

Stifel

Stifel CEO Touts Remote Recruiting Success

7/29/20 | Advisor Moves, News | 1 Comment

The St. Louis-based firm hired 22 brokers in June as it adapted to virtual recruiting following only one hire in April.

Procyon, UBS

Ex-UBS Broker with $7 Million Production Joins Connecticut RIA

7/28/20 | Advisor Moves, News | 4 Comments

NYC broker who was discharged in May over compliance flubs has reunited with former UBS colleagues at their advisory firm Procyon Partners.

Merrill, Morgan Stanley

Morgan Stanley Hires Merrill Lifer with $419 Million Book

7/24/20 | Advisor Moves, News | 8 Comments

A three-decade Merrill veteran who was managing $419 million in assets joined Morgan Stanley in Ohio last Friday as the wirehouse has accelerated hiring.

Merrill

Merrill’s Sieg Sees Big Increase in New Household Accounts

7/24/20 | News | 11 Comments

Merrill Lynch Wealth president told managers this week that brokers who averaged 5.5 net new account openings last year should be able to raise the total to eight with the help of new technology.

Advisor Group, LPL, Merrill, Wells Fargo

Florida Fliers: Wells Nabs Merrill Producer, LPL Hires Ladenburg Exiles

7/23/20 | Advisor Moves, News | 3 Comments

Merrill solo practitioner with $120 million book joins Wells in Panhandle resort town while Advisor Group pair with $160 million in southwest Florida changes affiliation to LPL.

Merrill, Morgan Stanley, UBS, Wells Fargo

UBS Wealth Americas Attracts Client Assets Despite Declines in Profit, Headcount

7/21/20 | News | 1 Comment

After almost two years of net withdrawals, UBS’ Americas clients have added $3.4 billion to their accounts in 2020.

New Jersey-based ShoreHaven Wealth Partners includes (left to right) Laurence Durso, his son, Michael, Michael Lombardi and client associate Sheryl Iannuzzelli.

Dynasty FP, Goldman Sachs, Morgan Stanley, Wells Fargo

Morgan Stanley Loses Two Multi-Million-Dollar Teams, Gains a Goldman Broker

7/20/20 | Advisor Moves, News | 2 Comments

Father-son team in New Jersey producing $3.5 million go RIA with Dynasty and Texas group with $1.75 million join Wells, but wirehouse lands $4 million Goldman broker in Philly

Bank of America, Merrill

Merrill Managers Stoke Up Client-Retention Deals

7/20/20 | Advisor Moves, News | 13 Comments

The continuing flow of experienced brokers out of Merrill Lynch, even during the coronavirus crisis, appears to have driven managers to offer their clients longer and deeper fee waivers than are typical, according to headhunters and competitors.

Merrill, Morgan Stanley

Merrill Lynch Revenue Slips 10%, Asset and Account Growth Slows

7/16/20 | News | 7 Comments

Bank of America and Merrill executives tout strength of household growth numbers and bank product sales as signs of underlying health.

Wells Fargo

Wells Wealth Division Profit Down 70%, Advisor Count Extends Slide

7/14/20 | Coronacrash, News | 11 Comments

Higher-than-expected credit provision bankwide hurts wealth unit, which also continued to dribble advisor headcount despite intensified recruiting efforts.

Michael Liersch, head of advice and growth strategies at Wells Fargo Private Wealth.

First Republic, Merrill

Ultra-High-Net-Worth Strategists Bolt Merrill, JP Morgan for First Republic and Wells

7/13/20 | News | 7 Comments

Stacy Allred, who guided Merrill’s richest clients on how to think about wealth, left after almost 20 years for First Republic while her former colleague Michael Liersch joined Wells Fargo after stint with J.P. Morgan.

JP Morgan, Rockefeller Capital Management

Rockefeller Recruits $1.5-Mln J.P. Morgan Securities Broker in NY Suburb

7/13/20 | Advisor Moves, News | 4 Comments

Advisor with almost 25 years’ experience was managing $200 million at JPMorgan’s White Plains office.

Morgan Stanley, UBS

Whoops! Morgan Stanley Retracts Brokers’ Direct Deposits

7/10/20 | News | 5 Comments

Wirehouse alarmed some brokers Friday with a withdrawal of monthly pay, blames ADP for glitch

Merrill

Ex-Merrill Broker Tom Buck Loses Bid for Early Prison Release

7/8/20 | News | 8 Comments

Federal judge turns down former top Indiana broker’s bid for compassionate early release from his 40-month sentence for securities fraud as a result of his vulnerability to Covid-19.

Merrill

Merrill Fires Multi-Million-Dollar UHNW Pair for Cheating

7/8/20 | News | 11 Comments

Allegations against one San Francisco broker included selling away, while both advisors appeared to let underlings complete mandatory training modules.

Janney, Merrill, Steward Partners, UBS

Steward Hires Janney Manager in NJ, Merrill Nabs New Orleans Manager from UBS

7/6/20 | Advisor Moves, News

Janney lost its New York City complex head to independent firm, Merrill gives UBS manager in Florida a broader role heading a Louisiana complex.

Finet, Kestra, Raymond James, Seventy2 Capital, Steward Partners, True Alpha, UBS

Independence Day: Six UBS Brokers in Three Regions Join Indie Firms

7/2/20 | News | 15 Comments

UBS brokers in Ohio, Florida and Maryland collectively managing about $850 million of client assets leave for firms affiliated with RayJay, Wells and Kestra.

Morgan Stanley, RBC

Morgan Stanley Shuffles Leadership in Atlanta, Rehires Manager from RBC

7/1/20 | Advisor Moves, News

Veteran Atlanta manager Walter Jameson shifts to run a new complex, handing some of his former duties to a manager who rejoined Morgan Stanley from RBC Wealth.

Firms Diverge in Disclosing Signing Bonus Conflicts in New Disclosures

6/30/20 | News | 4 Comments

The short “relationship summaries” customers are receiving to comply with the Regulation Best Interest complex of rules that become effective today vary in mentioning whether brokers receive bonuses for moving assets from their former firms.

SEC

Baird, Wells Fargo

Baird Hires California Broker Wells Dismissed over Personal Cash Withdrawals

6/24/20 | Advisor Moves, News

Steve Heng, who had been managing around $350 million at a bank branch, joined Baird on Monday, less than two months after his forced exit from Wells.

Keebeck Wealth, Merrill, Stifel, Wells Fargo

Wells Brokers Concerned About Clamp on ‘Small’ Accounts Move to Stifel

6/23/20 | Advisor Moves, News | 6 Comments

In other shifts from big to small, father-daughter team at Merrill in New Jersey join Janney Montgomery and a $400-million Merrill duo in Ohio join an RIA founded by a former colleague.

Edward Jones, Merrill, Morgan Stanley, Stifel, UBS, Wells Fargo

Morgan Stanley to Reopen About 50 Branches Next Week

6/17/20 | Coronacrash, News

Wirehouse will allow brokers in about 8% of its branches to return to their offices after four months of working from home, but like many companies is unlikely to open in densely populated areas until 2021, executives say.

UBS, Wells Fargo

UBS Loses Two Teams in the South Producing Almost $17 Million

6/16/20 | Advisor Moves, News | 13 Comments

UBS veterans in Alabama joined Wells Fargo Advisors on Tuesday following shift of Florida UBS team to start an RIA on Friday.

Advisor Group, Raymond James, Steward Partners

Steward Signs $6 Million Indie Team, Largest Since Its Founding

6/15/20 | Advisor Moves, News | 2 Comments

Steward, which has recruited primarily from wirehouses, lures independent brokers from Advisor Group to its new “affiliate channel” with an alternate payout plan.

Morgan Stanley building in Southern California

JP Morgan, Morgan Stanley

Morgan Stanley Lands $3.3 Million J.P. Morgan Trio in California

6/11/20 | Advisor Moves, News | 7 Comments

Family team at J.P. Morgan Securities overseeing $385 million responds to wirehouse’s revived appetite for recruiting.

Morgan Stanley, UBS

UBS Sues Houston Broker who Joined Morgan Stanley, Cites Inherited Accounts

6/11/20 | News | 12 Comments

Accuses Alexandra VanMeurs, whose team managed $420 million, of violating employment, training and account transition agreements by soliciting clients and moving $97 million since leaving last month.

Edward Jones, JP Morgan, Morgan Stanley

Edward Jones Reopening Offices to Clients

6/10/20 | Coronacrash, News | 2 Comments

Almost three months after it suspended in-person client meetings, the St. Louis-based firm is allowing around 10% of its approximately 300 regions to re-open their doors to the public.

E*Trade, Morgan Stanley

Morgan Stanley Wealth Profitability to Plunge But Worst Is Over: CEO

6/10/20 | Coronacrash, News | 10 Comments

Rock-bottom interest rates mean a loss of hundreds of millions of dollars and wealth profit decline, but Morgan Stanley’s Gorman is upbeat about recovery and expansion of wealth management.

Bank of America, Merrill

Merrill Eases Quota on Account Growth, Citing Coronavirus Issues

6/9/20 | Coronacrash, News | 4 Comments

To avoid 1% payout cut, Merrill lowers brokers’ new account requirement to three households for 2020, and one as of June 30, acknowledging impact of Covid-19 constrictions.

Raymond James, RBC, Rockefeller Capital Management, UBS

UBS Brokers with $15-Mln Production Leave for Rockefeller, RBC and RayJay

6/5/20 | News | 9 Comments

Three teams, who all moved this week, had been managing more than $1.5 billion in client assets.

Bank of America, Merrill

Judge Dismisses Class Action Claim Against Merrill Sweep Program

6/5/20 | News

Rules that the firm’s disclosures about cash sweep rates were sufficient for self-directed Merrill Edge investors but leaves door open for a potential refiling on suitability issues.

Bank of America, FINRA, Merrill

Merrill to Pay $7.2 Million for Mutual Fund Overcharges

6/4/20 | News | 3 Comments

Settles with Finra by agreeing to reimburse customers for failing to give fee rebates and sales charge waivers on mutual fund sales over six years.

Portrait of investment advisor businesswoman sitting at office in front of computer and consulting with young professional man.

Merrill, Morgan Stanley, Wells Fargo

Wells Fargo Keeps C-Share ‘Trail’ Sale Policies Unchanged

6/3/20 | News

While wirehouse rivals have restricted brokers’ ability to collect mutual fund trail commissions in anticipation of Regulation Best Interest, Wells is comfortable with its current policies.

UBS, Wells Fargo

UBS to Curtail Expense-Account Benefit Due to Virus Constraints

6/2/20 | Coronacrash, News | 4 Comments

Social-distancing rules preventing brokers from being reimbursed for unrealized T&E expense leads firm to discontinue deductions as of September.

Rockefeller Capital Management hired Merrill Lynch team in Dallas Texas

Bank of America, Merrill, Rockefeller Capital Management

Six-Million-Dollar Merrill Team in Dallas Joins Rockefeller

6/1/20 | Advisor Moves, News | 16 Comments

Firm advances its foray into Texas by hiring its second multi-million-dollar team in the Lone Star state in two weeks.

Bank of America, Merrill

Merrill Unveils a Glidepath for Client Associates to Become Advisors

5/29/20 | News | 9 Comments

Bank of America-owned broker creates new roles and titles to encourage sales associates to take on broader roles and consider becoming advisors.

Morgan Stanley, UBS, Wells Fargo

Advisors Fret Over Expense Account Benefits in Social-Distance Era

5/29/20 | News | 2 Comments

Brokers are concerned they won’t be reimbursed for money deducted as a pretax benefit from their pay because of Covid-19 restrictions on trips, meals and other entertainment.

Morgan Stanley, Stifel, UBS

Wirehouse Wars: Morgan Stanley Hires Another “Top Woman” Advisor from UBS

5/28/20 | Advisor Moves, News | 8 Comments

Houston’s Alexandra VanMeurs was the second multi-million-dollar woman producer to join Morgan Stanley from UBS in the past week.

FINRA, Stifel

Stifel to Pay $3.6 Million for Unsuitable UIT “Switching” Sales

5/28/20 | News | 4 Comments

The Financial Industry Regulatory Authority’s crackdown on allegedly shoddy sales of Unit Investment Trusts hit Stifel Nicolaus on Thursday, which agreed to pay more than $3.6 million for issues related to premature UIT rollovers.

Bank of America, Merrill

Merrill Clients Stick to Cash Despite Rock-Bottom Rates

5/27/20 | News

Stock market gains haven’t changed Merrill clients’ retreat to low-yielding cash deposit accounts, says Merrill Wealth President Andy Sieg.

Goldman Sachs

Goldman Brakes Advisor Hiring Plans, Delays Digital Wealth Offering

5/27/20 | News

The coronavirus pandemic has caused Goldman to slow down plans to expand its wealth force and to introduce a new digital service for less wealthy investors.

Apollo Group, First Republic, Morgan Stanley

First Republic Lures $7-Million Morgan Stanley Private Wealth Team in NYC

5/22/20 | News | 2 Comments

Four advisors who were overseeing $1.3 billion left the wirehouse on Friday, ahead of the long holiday weekend.

Alex. Brown, Morgan Stanley, Raymond James, Rockefeller Capital Management

Rockefeller Lands $4.5-Mln Alex. Brown Broker in Texas

5/22/20 | News | 1 Comment

The expanding New York firm led by former wirehouse executive Greg Fleming nabs its first Houston advisor and also on Friday hired a $1.5-million broker in Atlanta from Morgan Stanley.

Renegades co-owner and ex-Merrill advisor Chris Roumayeh at a December 2019 event announcing Michigan's first Division I varsity esports team

FINRA, Merrill

Ex-Merrill Broker Suspended over Undisclosed “Esports” Gaming Business

5/21/20 | News

Finra fined and suspended a Michigan broker for 21-months for failing to notify the firm he was running a video gaming “esports” franchise along with a Merrill client.

FINRA, SEC, Truist

Finra Fines SunTrust for Unsuitable ETF Sales Practices

5/20/20 | News

Bank-owned broker dealer agrees to $634,000 settlement Finra over failure to supervise sale of non-traditional Exchange Traded Funds meant to be held no longer than a single day.

JP Morgan

JPMorgan Revamps Management of Bank-Branch Brokers

5/20/20 | News | 1 Comment

The firm is realigning divisional and regional leadership as it separates Chase’s wealth management and brokerage operations from its consumer banking business.

udge-upholds-rayjay-brokers-solicitations-cites-clients-needs-amid-volatility

Raymond James, Regions Bank

Judge Upholds RayJay Brokers’ Outreach, Cites Clients’ Needs Amid Volatility

5/19/20 | News

Regions Bank loses motion for a preliminary injunction against $3.5-million Florida team who it had accused of opportunism in moving during the coronavirus crisis.

Wells Fargo

Wells Fargo Discharges California Advisor over Personal Cash Withdrawals

5/18/20 | News | 7 Comments

A best-in-state broker who Forbes says managed $350 million at a bank branch allegedly withdrew money from his bank account on six days in December to avoid anti-money laundering reporting requirements, Wells tells regulators.

LPL, Wells Fargo

$2-Million Wells Fargo Team Joins LPL’s New “Wirehouse” Channel

5/15/20 | Advisor Moves, News

New Jersey brokers are the second team to join LPL’s Strategic Wealth Services channel aimed at brokers from large employee-model firms.

Merrill, UBS

Former UBS West Coast Manager Meraz Joins Merrill

5/15/20 | News | 3 Comments

Ron Meraz, who had been a regional and complex manager at UBS since 2008, has moved north from Los Angeles to oversee Merrill’s Silicon Valley offices.

Merrill

Ex-Merrill Star Tom Buck Petitions for Early Prison Release

5/14/20 | News | 7 Comments

Former Indiana broker who is serving 40 months for securities fraud says his medical history puts him at high risk of complications from covid-19 if he remains imprisoned.

Edward Jones

Virus Relief: Edward Jones Offers Cash Advances to Brokers

5/12/20 | News | 12 Comments

To help brokers sustain themselves during Covid-19 economy, firm servicing middle-class investors offers zero-interest loans to brokers whose production has sunk below 80% of trailing-12 month average.

Edward Jones

Edward Jones: Advisor Attrition Could Increase as Virus Cuts Productivity

5/11/20 | Coronacrash, News | 5 Comments

The economic impact of Covid-19 affecting all firms could be particularly harmful to the careers of Edward Jones’ largely homegrown workforce of single-office advisors servicing middle-class Americans.

Merrill, Morgan Stanley

Wirehouse Wars: Morgan Stanley Hires Merrill Manager in Boston

5/8/20 | Advisor Moves, News | 8 Comments

Cheryl Vozzella, a Bank of America and Merrill Lynch veteran, has taken the reins of a Morgan Stanley branch in Boston with more than 100 advisors producing about $200 million in revenue.

Veteran wirehouse executive Robert Mulholland (via Steward Partners)

Merrill, Steward Partners, UBS

Veteran Wirehouse Executive Mulholland Joins Board of Independent Firm

5/7/20 | News | 10 Comments

The former head of Merrill Lynch and UBS Financial’s sales forces will now hawk the virtues of independence at Steward Partners.

JP Morgan, Merrill

J.P. Morgan Hires Merrill Manager to Run Atlanta, Shifts Chicago Complex Head

5/6/20 | News | 1 Comment

Gina Sorrells takes reins of J.P. Morgan’s Atlanta region after overseeing seven Merrill branches in Virginia, while Mike Maron relinquishes Chicago regional post for a regulatory policy role in New York.

HighTower

Hightower Takes Stake in $1.4 Billion-AUM Ohio Advisory Firm

5/5/20 | News

The deal is the second investment this year for the Chicago-based firm at a time when M&A transactions are in decline.

UBS

Virus Relief: UBS Delays Higher Comp Hurdles for Team Bonuses and Clubs

5/4/20 | Coronacrash, News | 11 Comments

Delays for three months higher revenue hurdles to qualify for team-production pay and eliminates plan raise criteria this year for “recognition” trips and other “council” perqs.

Merrill, Morgan Stanley, Raymond James, Wells Fargo

Brokers at Wells, Morgan Stanley Come and Go in Crisis Atmosphere

5/1/20 | Advisor Moves, Coronacrash, News | 2 Comments

Morgan Stanley nabs Merrill broker in Georgia, Wells hires Morgan Stanley broker in Texas while losing a branch manager there to independence.

rbc-hires-merrill-team-in-jersey-managing-472-million

Merrill, RBC

RBC Recruits Merrill Team in Jersey Managing $472 Million

4/30/20 | Advisor Moves, Coronacrash, News | 23 Comments

The move is the third within a week that the Royal Bank of Canada unit confirmed amid the chaos of the coronavirus crisis.

Bank of America, Merrill, RBC, Wells Fargo

Merrill Miami Broker Shifts to a Boutique, Wells Banker Joins RBC in Chicago

4/29/20 | Advisor Moves, News | 2 Comments

Thundering Herd advisor joins firm founded by Merrill veterans while RBC nets a former Goldman wealth advisor who had been with Wells less than four years.

UBS

UBS Americas Books Record Profit in Event-Battered Quarter

4/28/20 | Coronacrash, News

Smaller base of brokers brought in $3.3 billion of net new assets as clients looked for yield in structured products, while asset-based fees were calculated on quarter-opening balances before the economy halted.

judge-kills-tro-against-rayjay-team-saying-old-employer-misled-him

Raymond James

Judge Kills TRO Against RayJay Team, Saying Former Employer Misled Him

4/27/20 | News | 4 Comments

Federal judge in Florida says Regions Bank misleadingly said it was responsible for originating most of $3.8-million team’s book and inaccurately portrayed clients’ loyalty to them.

Advisor Group, Cetera, LPL

Cetera Cuts Recruiting, Operations Execs Amid Pandemic

4/23/20 | News | 3 Comments

Cetera Financial Group, the 8,000-advisor independent broker whose credit outlook was downgraded recently, has cut several senior managers in recent weeks amid a broad “organizational realignment.”

Raymond James

Regions Wins TRO Against $3.5-Mln RayJay Duo in Florida

4/22/20 | News | 3 Comments

Judge enforces 14-day non-solicitation ban against new Raymond James brokers who allegedly used their former firm’s confidential data to solicit clients.

Rich Steinmeier, managing director and head of business development for LPL Financial

LPL, Strategic Wealth Services

LPL Opens New ‘Channel’ Aimed at Wirehouse Brokers

4/22/20 | Advisor Moves, News | 2 Comments

LPL’s ‘Strategic Wealth Services’ platform provides more operational support at slightly lower payouts to advisors than its conventional offering.

The MidTown Wealth Management Group, including (left to right) Gregory Fuerst, Michael Korb, Carl Helleberg, Beverly Hebenstreich, Kristan Janssen, Barbara Frenz, John Welsch, who joined RBC on April 1.

RBC, Wells Fargo

RBC Hires Team Managing $688 Million at Wells Fargo

4/20/20 | Advisor Moves, Coronacrash, News | 4 Comments

The wirehouse team is at least the second to join RBC in Wisconsin this year, following a $1.8-billion former Merrill Lynch team that joined in Green Bay in February.

Bank of America, Merrill

Merrill to Pay Investors $325,000, Concluding SEC’s Mutual Fund Self-Disclosure Plan

4/19/20 | News

Merrill and two others settle charges of selling mutual fund shares with expensive 12b-1 fees, concluding U.S. program that granted leniency to firms that self-reported their violations.

fund expenses, mutual funds, Securities and Exchange Commission

Merrill, UBS, Wells Fargo

Wells Fargo Taps UBS Vet Goldfader for L.A. Management Post

4/17/20 | Advisor Moves, News | 9 Comments

Michael Goldfader, who left UBS as part of a reorganization in December, will run southern California operations of a new high-net-worth group within Wells.

Morgan Stanley

Morgan Stanley Wealth Braces for Headwinds After Strong Q1

4/16/20 | Coronacrash, News | 5 Comments

Officials said virus-influenced asset declines and interest rate cuts will handicap earnings following a record revenue quarter (excluding accounting adjustments).

Bank of America, Merrill, SEC

Merrill Unveils Reg BI Policy Changes, Including “C” Share Sale Restrictions

4/16/20 | News | 3 Comments

Firm also will cap front-end fund loads, restrict buyers of structured notes and market-linked products and create uniform commissions by fund styles.

RBC, Wells Fargo

RBC Suspends Penalty on Small Accounts, Citing Market Disruption

4/15/20 | Coronacrash, News | 4 Comments

The firm is temporarily backtracking on a policy implemented in November to eliminate payouts on sub-$100,000 accounts.

Edward Jones

Client Associate Sues Edward Jones over Age Discrimination

4/13/20 | News | 9 Comments

A former branch office administrator alleges that she faced retaliation after reporting allegedly dismissive remarks from her boss.

Morgan Stanley

Navy Reservist to Repay $1.9 Mln to Morgan Stanley But Presses Dismissal Claim

4/9/20 | News

Arbitrator says former broker in Illinois must honor promissory note obligations but permits a separate military discrimination claim outside to proceed.

Blyth & Associates Financial Services is led by Bill Blyth (first row, left ), who joined LPL from Securities America with his team on March 27.

Ladenburg, LPL, Reverence Capital, Securities America

LPL Lures $350 Million-Asset Team from Securities America After 25 Years at Rival

4/7/20 | Advisor Moves, News

Chicago broker, 68, says he left his longtime broker-dealer out of concern about its parent company’s sale to a private equity firm.

ubs-gives-advisors-the-option-to-cover-support-staff-bonuses

UBS

UBS to Advisors: Consider Paying Virus Bonuses to Support Staff

4/6/20 | Coronacrash, News | 24 Comments

Advisors this month will be able to make a one-time payment from their own earnings to associates who are facing challenges as a result of the coronavirus remote-work situation.

FINRA

Regulators Watch Margin Call Explosion, Trading System Outages

4/3/20 | Coronacrash, News

State, federal and industry self-regulators say complaints from customers about the suitability of margin and securities-backed loans have risen as margin calls are proliferating.

Rockefeller Hires Former First Republic Recruiter Brian Riley

4/2/20 | Advisor Moves, News | 7 Comments

Riley, a former Merrill Lynch private banking executive who joined First Republic four years ago, will run Rockefeller’s San Francisco office.

FINRA, LPL, Wells Fargo

Wells Fargo Collects $715K from Connecticut Broker

4/1/20 | News | 2 Comments

Arbitrator orders broker now with LPL Financial to repay the loan balance on his recruiting bonus.

Edward Jones

Edward Jones Freezes Pay, Suspends Overtime, for Advisor Support Staff

3/31/20 | Coronacrash, News | 43 Comments

Firm with more than 15,000 branch offices imposes a one-year pay freeze and suspends non-broker hiring through May for about 24,000 employees in the face of the coronavirus economy.

UBS

UBS Hires Morgan Stanley Producing Manager, Loses Brokers to Independence

3/27/20 | Advisor Moves, News | 1 Comment

California advisor takes reins of Walnut Creek office, Salt Lake City family team joins Ameriprise’s “franchise” channel.

Morgan Stanley, Robinhood

Morgan Stanley to Reimburse Clients Affected by Outage

3/26/20 | Coronacrash, News | 5 Comments

Wirehouse says it will compensate clients hurt by four-and-a-half hour glitch Wednesday that prevented them from seeing accounts and required workarounds for trades.

Morgan Stanley

Morgan Stanley Order-Entry, Order-Status System Breaks Down

3/25/20 | Coronacrash, News | 25 Comments

Brokers working from home offices directed to copy trading link into their web browser while system is down.

Merrill, UBS

Veteran UBS Manager Meraz to Exit in L.A., Firm Hires Vegas Duo from Merrill

3/25/20 | Advisor Moves, News

UBS bids adieu to L.A. complex manager Ron Meraz and recruits junior brokers from Merrill Lynch in Las Vegas who had a $116 million book.

Merrill, UBS

Veteran UBS Manager Meraz to Exit in L.A., Firm Hires Vegas Duo from Merrill

3/24/20 | Advisor Moves, News | 9 Comments

UBS bids adieu to L.A. complex manager Ron Meraz and recruits junior brokers from Merrill Lynch in Las Vegas who had a $116 million book.

First Republic, UBS

First Republic Nabs UBS Recruiting Head

3/23/20 | Advisor Moves, News | 2 Comments

Albert Leshinsky, who ran recruiting at UBS for the past two years, will oversee First Republic’s recruiting efforts on the East Coast, according to sources familiar with the move.

Wealth Firms Face Reckoning in Coronavirus Outbreak–Report

3/20/20 | Coronacrash, News

Plummeting advisory account fee revenue are devastating bottom lines and broker payouts, but unsatisfied customers create opportunities for effective marketers, Aite says.

Raymond James, Stifel, UBS

RayJay Broker Joins Stifel Near Philadelphia, But Most Recruiting Processes Stall

3/19/20 | Coronacrash, News | 4 Comments

A 19-year Raymond James broker jumped last week, but most moves have been delayed by coronavirus travel bans and nerves.

Merrill, Morgan Stanley, Stifel

Advisors Try to Make It Business as Usual Amid Market, Virus Setbacks

3/18/20 | Coronacrash, News

Brokers say clients are generally not panicking, but having to work from home amid wildly turbulent markets and reports of infected neighbors and colleagues is testing everyone.

Ameriprise, Edward Jones, Raymond James

Edward Jones Suspends In-Person Client/Broker Meetings

3/17/20 | Coronacrash, News

Biggest retail brokerage bars client access to its more than 15,000 offices and home visits by brokers as firms seek to flatten the coronavirus contagion curve.

Charles Schwab

Schwab Boosts CEO Bettinger’s Compensation 3% to $16.1 Million

3/17/20 | News

Shareholders will vote on pay and proposals for stronger disclosure of diversity efforts and lobbying dollars at Schwab’s May annual meeting, which will be held online this year.

FINRA, SEC

Finra Postpones In-Person Arbitration Hearings Until May 1

3/16/20 | Coronacrash, News

The regulator updated earlier guidance from a week ago that had allowed cases to proceed on an ad hoc basis.

leveraging-sows-ear-markets-into-silk-purses

Brokers, Advisors Reach for New Business in Crisis Market

3/13/20 | Coronacrash, News | 1 Comment

Brokers and advisers should reach out to nervous investors with calming words, and some who were fortuitously recommending cash are marketing their savvy to prospects.

Edward Jones

Edward Jones CEO Pennington Gets 25.7% Pay Raise

3/13/20 | News | 6 Comments

The pay bump following her first year as managing partner brought Penny Pennington $14.7 million of total compensation.

Ameriprise, Bank of America, Merrill, Wells Fargo

Merrill Teams, Including One Led by 50-Year Vet, Change Jerseys

3/12/20 | Advisor Moves, News, Uncategorized | 4 Comments

Rhode Island broker believes he can more easily transition his book to his son at Ameriprise, while colleagues in Alabama and California take Wells Fargo deals.

JP Morgan, Merrill, UBS

JPMorgan Seeks TRO Against In-Bank Broker Now at Merrill Lynch

3/12/20 | News

Louisiana lawsuit underscores banks’ attempt to curb client solicitation by brokers who allegedly built their books passively rather than cold-calling.

Investor Lawyers Gear Up Amid Market Rout

3/11/20 | News | 5 Comments

Arbitration and other complaints against brokers and firms are expected to soar after more than a decade of bull-market quiescence.

Merrill, Robinhood, Wells Fargo

CoronaCrash: Merrill Lost Market-Data Feed Amid Rout, Wells San Fran Broker Quarantined

3/9/20 | News | 5 Comments

FactSet, the main feed of market data to Merrill Lynch brokers, went down early Monday due to overwhelming market volume, Robinhood failed again and a Wells advisor is quarantined.

Wells Fargo

Broker Seeks Opt Out from Wells Fargo’s $79 Mln Deferred-Comp Settlement

3/6/20 | News

Asks court to let her and other former Wells brokers in California and North Dakota to recover more deferred compensation by escaping from class-action settlement.

Wells Fargo

Wells to Double Brokerage Account Minimums to Qualify for Fee Waiver

3/5/20 | News | 9 Comments

To avoid $300 account fee, brokerage accounts per household must total $500,000 as of June 30, up from $250,000.

Merrill, Raymond James

After 52 Years at Merrill, Duo Producing $7.5 Million Goes Indie with RayJay

3/3/20 | Advisor Moves, News | 6 Comments

Virginia advisers with long Merrill lineage said they were managing $900 million of client assets.

FINRA, Merrill

Merrill Prevails in Arbitration with Former Brokerage Head LaMothe

3/2/20 | News | 5 Comments

Lyle LaMothe, who led Merrill’s brokerage force from 2008 to 2011, is one of dozens of former executives who sued after the value of his stock tanked during the financial crisis.

Bank of America, Merrill, Raymond James, Rockefeller Capital Management, Stifel

Week’s Exodus at Merrill Yields Hires at RayJay, Rockefeller and Stifel

2/28/20 | Advisor Moves, News | 11 Comments

Advisors who managed about $1.1 billion left in the past seven days in California, Colorado and Illinois.

Ameriprise, LPL, Morgan Stanley, UBS

Morgan Stanley Winnows Recruiting Loan Balances to Below $3 Billion

2/28/20 | News | 1 Comment

With the end of a hiring freeze that reduced its overhang of balance-sheet loans by 29% since 2017, the wirehouse is now back in the recruiting game.

Ameriprise, LPL, Morgan Stanley, UBS

Recruiting Loans Surge at Ameriprise, LPL

2/27/20 | News

Ameriprise’s loans to advisors rise almost 16% and LPL’s by close to 45% as companies who work primarily with independent contractors ramp up recruiting deals.

Citi, Edward Jones, PNC, UBS, Wells Fargo

Wells Fargo Hired 370 Brokers with $268 Million in Revenue in 2019

2/26/20 | Advisor Moves, News | 8 Comments

The firm’s aggressive hiring continues with recruits from UBS, Citigroup, Edward Jones and PNC Investments in recent weeks.

Merrill

Merrill Shakes Up Managers in Private Wealth and New York City Complex

2/25/20 | News | 14 Comments

Mollie Colavita steps down as Private Wealth regional manager in metropolitan New York and Michael Nies as PW head in Southeast, while Paul Sullivan is out as manager of historic lower Manhattan “SD” branch.

Merrill, RBC

RBC Nabs Merrill Team in Wisconsin with $1.8 Billion Book

2/24/20 | Advisor Moves, News | 11 Comments

Small-office team of 11 advisors in Green Bay were generating $12 million in annual revenue.

5-Mln-Broker-Sidelined-By-First-Republic-Broker-Goes-Independent-

First Republic, LPL, Private Advisor Group, UBS

$5-Mln Broker Sidelined by First Republic Goes Independent

2/21/20 | Advisor Moves, News | 2 Comments

Paul Feinstein, who First Republic recruited from UBS three years ago, has set up an RIA practice in Malibu under the Private Advisor Group umbrella.

Charles Schwab, E*Trade, Morgan Stanley, TD Ameritrade

E*Trade’s RIA Custody Business Faces Uncertain Fate

2/20/20 | News | 3 Comments

Morgan Stanley executives appear wary of running an RIA channel that would compete for wealthy clients with its internal advisor force.

Morgan-Stanley-Sells-Etrade-Deal-To-Advisors

E*Trade, Morgan Stanley

Morgan Stanley Pitches E*Trade Deal to Advisors

2/20/20 | News | 11 Comments

Promises integration without disruption—no need for SmithBarney-like platform integration—and potential to add E*Trade clients moving up the advice scale.

Goldman Sachs, Morgan Stanley, UBS

Goldman Loses Two Teams Generating $32.5 Mln to UBS, First Republic

2/18/20 | News | 4 Comments

Goldman groups overseeing some $6 billion in Boston and L.A. and $4 billion in New York jump to competitors.

JP Morgan, Merrill, Morgan Stanley, UBS

Morgans (Stanley and J.P.) Lure $4-Mln-Plus Teams from UBS and Merrill

2/18/20 | News | 6 Comments

Five-million-dollar Boston team leaves UBS for Morgan Stanley while $4.1-million Florida duo lead team from Merrill to J.P. Morgan Securities.

First Republic, Wells Fargo

First Republic Hires $4.3-Million Wells Team to Open Office Near Seattle

2/14/20 | Advisor Moves, News | 1 Comment

Three advisors had been managing $1.5 billion in client assets at Wells Fargo’s private bank for wealthy families and private foundations.

First Republic, UBS

First Republic Puts Big California Producer on Leave

2/13/20 | Advisor Moves, News | 5 Comments

Paul Feinstein, a $5 million-dollar producer who joined First Republic three years ago from UBS, was known for leveraged options strategies for some wealthy clients.

Articles by Mason Braswell