Articles by Mason Braswell
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The Jacobs Group, including (left to right) Audrey Crump, Josh Goldberg, Margot Dwyer, Stephen A. Randolph, Chris Jacobs and Jessica Reynolds, moved to Rockefeller on Thursday from Merrill Lynch Private Wealth Management.

Rockefeller Plants a Flag in Indiana with $3-Mln Merrill Private Wealth Team

10/15/21 | Advisor Moves, News

The six-person group led by Christopher D. Jacobs had managed $520 million in assets, according to two sources familiar with their practice.

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Merrill Lynch Exterior Sign and Logo

Merrill Slows Broker Attrition, Keeps Focus on Internal Growth: Exec

10/14/21 | Most Read, News

Bank of America’s wealth business notched record revenue and assets despite steadily declining headcount.

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James Gorman, Chairman and CEO Morgan Stanley

Morgan Stanley Client Asset Flows Surge to $135 Billion

10/14/21 | Most Read, News

The $300 billion added year-to-date reflects the success of a “multi-pronged” approach and net positive recruiting, CEO James Gorman told analysts.

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Merrill Lynch Exterior Sign and Logo

Project Thunder Week 7: Merrill Touts New Bank of America Rewards Program for High-Net-Worth Customers

10/13/21 | Most Read, News

In the penultimate week, the wirehouse also promoted simplified approval for hosting seminars and new tax services to help brokers “improve after-tax results” for customers in Merrill advisory programs.

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Financial Advisors moving firms

First Republic Lands $10-Mln Trio of Wells Fargo Private Bankers

10/11/21 | Advisor Moves, News

Group, who moved with two support staff, had overseen around $2 billion in customer assets, according to a person familiar with their practice.

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Stephen White and Kevin Kramer joined Rockefeller from UBS in Los Angeles on Friday.

Rockefeller Nabs UBS Team, Morgan Stanley Brokers Jump to J.P. Morgan and Gladstone

10/8/21 | Advisor Moves, News

Los Angeles team that joined Rockefeller includes two brokers who had overseen $320 million in assets while J.P. Morgan hires managed $250 million and the Gladstone broker oversaw $200 million.

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Bank of America

Bank of America, JPMorgan Make It More Expensive to Stay Unvaxxed

10/8/21 | Coronacrash, News

Meanwhile, Wells Fargo is “reviewing the new requirements” set out by the Biden administration as it evaluates potential policy changes.

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SEC

SEC Enforcement Chief Warns of Harsher Sanctions, Even for First Offenses

10/7/21 | Enforcement, News

“We must design penalties that actually deter and reduce violations, and are not seen as an acceptable cost of doing business,” Gurbir Grewal said at a legal conference.

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Marguerite Montgomery, Robert Turner, Stephanie Turner, and Shelly Hall joined Stifel in Waco on September 24.

UBS Team with $3-Mln Shifts to Stifel, Another $3.9-Mln Group Joins RIA

10/6/21 | News

Texas team, which moved in September, had managed $900 million while breakaway team in Maine had $530 million in assets and moved in August.

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Female Judge

Judge Denies Ex-Credit Suisse Broker’s Bid to Overturn $300k Award

10/4/21 | News

The broker, who had represented himself in the underlying arbitration, said the panel unfairly ordered hearings to proceed even though he was suffering long haul effects of the Covid-19 virus.

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UBS Bank

UBS Claws Back $1.9-Mln in Notes Case But Owes Broker $300K for His Trouble

10/1/21 | News

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.

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Disappointed advisor trainees

Exclusive: Merrill Strips Trainees of Their Client Books

9/30/21 | News

The firm pulled clients from around 200 trainees in the new Advisor Development Program and will distribute them to established Merrill brokers.

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The O’Hare Group, including (left to right) Jerry Jones, Megan Roder, John J. “JJ” O’Hare III, John J. O’Hare II, and Amanda Sachs, left Merrill for Steward on Tuesday.

$3.1-Mln Merrill Team Shifts to Steward in Wisconsin

9/29/21 | Advisor Moves, News

The group, who oversaw $420 million in assets, cited more flexibility with an independent firm as well as acquiring equity in Steward.

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Advisors working

Merrill Adds Mobile Tools, Annuities and Trust Specialists as Project Thunder Rolls On

9/29/21 | News

In its fifth week, the program is introducing a tool to allow brokers to view client information and call and text through a new mobile app.

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Advisor working on laptop

Wells Fargo Advisors Rolls Out eMoney Planning Tool for Brokers

9/28/21 | Fintech News, News

A manager at the firm said that the software, which will be rolled out through 2022, marks a significant improvement from the current Envision program.

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Andy Sieg, Merrill Lynch Wealth Management President

More “Project Thunder” Painkillers for Merrill Brokers, While Sieg Tags Big 2022 Comp Changes As Unlikely

9/22/21 | News

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.

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Nilsine Partners, including Aaron Seeman (third from left), Joshua DeLoach (fourth from left), Brett Bills (Center), Scott Bills (third from right) and Teresa L Friess (far right) as well as four support staff.

$8.8-Million Team of Merrill Lifers Exits to Launch RIA in Colorado

9/21/21 | News

Five advisors had a combined 86 years with Merrill, according to BrokerCheck, and had managed $1.75 billion in customer assets.

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Yes

UBS Ordered to Pay Houston Investor $358K in ‘YES’ Case

9/16/21 | News

The award is the first in a Yield Enhancement Strategy case where the claimants won the full amount damages they had requested, their lawyer said.

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Deutsche Bank

Finra Suspends Trump’s Former Personal Banker

9/15/21 | News

Rosemary Vrablic was sidelined in August and faces an industry bar for refusing to respond to the regulator’s request for information.

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Los Angeles, CA

Deutsche Private Banker with $1.2-Bln Book Joins Mega UBS Team in Los Angeles

9/15/21 | Advisor Moves, News

UBS returns to the private banking well after hiring a number of traditional brokers in the past month.

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No change in Compensation

RayJay: No Changes to Broker Comp for 2022

9/14/21 | News

The regional brokerage is one of the first to telegraph plans for 2022 compensation as brokers across the industry hope for another year of minimal changes.

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The 'Genesis' team of (left to right) William White III, William H. White, David J. Moreland, Diane Scoggins and Jason T. Scoggins moved to Stifel on Monday in Ft. Myers

Stifel Hires $3.85-Mln UBS Team in FL, $1.2-Mln Merrill Team in PA

9/14/21 | Advisor Moves, News

Four-advisor UBS team managing $470 million joined in Ft. Myers, while a father-daughter team overseeing $138 million shifted from Merrill in Pennsylvania.

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UBS’s Naratil and Hull Apologize for Non-Solicit Document Snafu

UBS’s Naratil Doesn’t Rule Out M&A to Grow U.S. Wealth Biz

9/13/21 | News

Tom Naratil, co-president of UBS Global Wealth Management, said lending, net new fee-generating assets, and advisor productivity will boost profitability even without a deal.

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Christopher Andreach (pictured) and his partner Mary Grace Guastella made the shift on Friday from RBC to UBS in New Jersey.

$2.6-Mln RBC Vet Returns to Wirehouse Realm with UBS in New Jersey

9/13/21 | Advisor Moves, News

Broker, who started at Merrill Lynch in 1994, had been managing $500 million in assets at RBC, according to a source

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Cincinnati, Ohio

Rockefeller Strikes Again in Cincinnati, This Time Hiring from UBS

9/10/21 | Advisor Moves, News

A $3-million ‘next gen’ broker marks Rockefeller’s 61st team since its 2018 recapitalization.

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Merrill Logo and greeting cards

Project Thunder Week 3: Merrill Touts Practice Management Boost, Greeting Cards

9/9/21 | News

The third week of “wins” in Merrill’s Project Thunder campaign to address broker feedback includes more tweaks on the margins.

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Fran Ciocari

$1.6-Mln Wirehouse Vet Waves Goodbye to Morgan Stanley, Hello to LPL Affiliate Gladstone

9/8/21 | Advisor Moves, News

Francis Ciocari, who had logged eight years at Morgan Stanley and 15 at Merrill Lynch prior to that, managed $300 million in client assets, according to an announcement.

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UBS Hauls in $1.9-Mln Merrill Team in Maine, Loses Million-Dollar NYC Producer

9/7/21 | Advisor Moves, News

Merrill team said they opted for a firm where wealth management was the “primary enterprise.”

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Advisors

Rockefeller Lures in $5-Mln Merrill Lynch Duo in Cincinnati

9/3/21 | Advisor Moves, News

Career Merrill brokers had overseen $600 million in assets, a Rockefeller spokesperson confirmed.

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The Allison Buxbaum Wealth Management Group, including (left to right) Michelle Sfanos, Blair Ostrem, Tim Vediz, Jay Buxbaum, Andy Allison, Diana Chen, Annie Tipple and Michelle Scoggins, moved to Morgan Stanley

Morgan Stanley Lands $8.2-Mln Merrill Team Led by Two Lifers in Washington State

9/2/21 | Advisor Moves, News

The duo, who started within three months of each other in 1986, managed over $1.6 billion in assets, according to a source familiar with their practice.

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Advisors

UBS Lures $2.8-Million Merrill California Team

8/31/21 | Advisor Moves, News

Four-person team is led by a 36-year industry veteran and came the same day as at least two other Merrill departures in San Francisco and Jackson, Missouri.

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San Francisco, CA

First Republic Hires $1.6-Mln Merrill Up-And-Comer in San Francisco

8/27/21 | Advisor Moves, News | 2 Comments

Ashley C. Evans, a top-ranked next-generation broker, had managed $350 million in assets, according to a source familiar with her practice.

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Two Financial Advisors

Rockefeller Hires $2.1-Mln Stephens Broker, Morgan Stanley Nabs $1-Mln Merrill Producer

8/27/21 | Advisor Moves, News | 4 Comments

Rockefeller stepped outside its traditional wirehouse hiring pool, while Morgan Stanley returned to the Merrill well.

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Andy Sieg, Merrill Lynch Wealth Management President

EXCLUSIVE: Merrill Rolls Out ‘Project Thunder’ Campaign to Soothe Broker Qualms

8/25/21 | News | 20 Comments

The program, based in part on advisor feedback, will last two months and comes as Merrill Wealth President Andy Sieg said leadership is focused on broker attrition.

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Wells Fargo

Wells Fargo Advisors Retains 90% of Quasi-International Brokers

8/25/21 | News | 2 Comments

The firm’s efforts to hold onto brokers who earned less than 40% of their revenue from international clients appears to be bearing fruit.

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Fort Lauderdale, Florida

Morgan Stanley Reels in Another Merrill Fort Lauderdale Team

8/24/21 | Advisor Moves, News | 17 Comments

$3-million group is at least the fourth to have left from Merrill’s Fort Lauderdale market in the last year.

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Upfront cash

UBS Polishes Offers for Private Bankers with Upfront Cash

8/23/21 | News

The wirehouse has an established track record for hiring advisors from private banks, but recently refashioned its offers by adding more to upfront loans, when they previously offered mostly guaranteed salary and performance-based awards, recruiters say.

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The O'Hara Group, including (left to right) client associate Jennifer Fisher, Robert "Rory" O'Hara, Shane Fox and Geoff Degener left Merrill on Friday to join Sanctuary.

Merrill Team with $4-Mln Book Shifts to Sanctuary in New Jersey

8/23/21 | Advisor Moves, News | 19 Comments

Separately, a Merrill duo generating $1 million split to join Raymond James Financial and Stifel, Nicolaus.

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Atlanta, Georgia

Rockefeller Scoops Up $7-Mln UBS Private Wealth Team in Atlanta

8/20/21 | News | 12 Comments

Duo had been managing $1.1 billion in assets and comes after a short hiatus in Rockefeller’s aggressive veteran broker recruiting.

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LPL Lures $185-Mln AUM Wells Team to Fledgling Employee Channel

8/19/21 | News | 1 Comment

Duo in Richmond, Virginia, are the fifth team to join the ‘Linsco’ channel that opened its doors one year ago.

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Thanks GS

Thanks Goldman! Broker Lawyer’s Vanity Plates Get Meme Treatment

8/16/21 | News | 3 Comments

Dallas lawyer said he “couldn’t resist” putting ‘THX GS’ on a red Ferrari he bought after winning a $7.6 million award on behalf of two ex-Goldman brokers.

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

As Advisory Accounts Soar, Edward Jones’ Dependence on American Funds Shrinks

8/13/21 | News | 22 Comments

Sales of Capital Group’s American Funds accounted for 11% of Jones’ revenue in the second quarter, down nearly half from 20% five years ago.

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Judge

Judge Denies Morgan Stanley’s Bid to Handcuff Oregon Broker

8/11/21 | News

The firm raised “serious questions” about the broker’s conduct but failed to meet the burden for the “extraordinary remedy” of a temporary restraining order, a federal judge found.

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The Tower 68 Group launched on Monday with (left to right) client associates Rich Dougherty and Peter Jones, Chief Executive Ken South and COO and co-Founder Steve Arcos.

$5.5-Mln Oppenheimer Broker Jumps Early to LPL After Word of Move Leaks

8/10/21 | Advisor Moves, News | 8 Comments

Broker who generated around $5.5 million in annual revenue ramped up exit plans after Oppenheimer managers caught wind of his impending departure, according to a source familiar with the move.

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Edward Jones

Edward Jones’ Headcount Slide Continues

8/9/21 | News | 14 Comments

Thanks to a hiring freeze during the pandemic and a revamped training strategy, Jones’ usually fast-growing broker count fell 1.6% to 18,855.

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Financial Advisors leaving

Morgan Stanley Hires $1.3-Mln J.P. Morgan Private Bank Duo in Boston and NYC

8/6/21 | Advisor Moves, News | 1 Comment

Separately, Christine Connors, a former regional manager for J.P. Morgan’s private bank in California, has joined a family office based in San Francisco.

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Slander, defamation

Broker Accuses Morgan Stanley, Retired Advisor of “Smear Campaign” as TRO Battle Escalates

8/5/21 | News | 9 Comments

Oregon broker said that he is being defamed in social media posts by a retired advisor and his wife and that the campaign is coordinated with Morgan Stanley’s TRO filing.

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Boston, Ma.

Wire Wars: Morgan Stanley Scoops Up $3.74-Mln UBS Boston Broker

8/3/21 | Advisor Moves, News

Beantown broker, who moved along with a client associate on Friday, had managed $400 million in customer assets, according to a person familiar with the move.

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Judge rules

Morgan Stanley Sues Oregon Broker Fired Over Inherited Account Issue

8/2/21 | News | 12 Comments

The wirehouse is seeking a restraining order and claims that the broker, in addition to “diverting” income by miscoding trades, is jeopardizing a retired brokers’ income by taking clients to D.A. Davidson.

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Advisor Moves

RayJay Bags $3.4-Mln Merrill Family Team As Texas Departures Mount

7/30/21 | Advisor Moves, News | 22 Comments

Group led by up-and-comer Christopher Beavers had been managing $400 million in customer assets and joins a complex helmed by another Merrill émigré.

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Paul Reilly, chairman and chief executive of Raymond James Financial.

Raymond James’ Sweetened Recruiting Offers Bear Fruit

7/29/21 | News | 3 Comments

The company’s hiring across its independent and employee channels is on pace for a record year after a “very slow” start, Chief Executive Paul Reilly said on Thursday.

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Stifel Chief Executive Ronald Kruszewski

Stifel CEO Defends Recruiting As Slump Extends to Second Quarter

7/28/21 | News | 12 Comments

Chief Executive Ronald J. Kruszewski said the slowdown was “transitory” and reassured analysts and investors that its broker pipeline remained “robust.”

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Advisors

There and Back Again: $6.7-Mln Morgan Stanley Team Retraces Steps to UBS

7/27/21 | Advisor Moves, News | 8 Comments

Three out of four brokers had worked at Morgan Stanley in the early 2000s, moved to UBS and then returned to Morgan Stanley nine years ago before joining UBS a second time last week, according to their BrokerCheck records.

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Ameriprise

Ameriprise Recruiting Skips a Beat in Second Quarter

7/27/21 | News | 1 Comment

The Minneapolis-based regional added 42 brokers in the last three months, around half of its usual quarterly haul.

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UBS Bank

UBS Scoops Up $11.2-Mln Merrill Private Wealth Team in New York City

7/25/21 | Advisor Moves, News | 12 Comments

The group, led by Stephen Kincade and Alex Fridell, oversaw $1.45 billion in assets, according to a person familiar with their practice.

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Kristin Lemkau, head of J.P. Morgan Wealth Management, outlined the 1,000-broker deal

J.P. Morgan Aims to Double Roster of Traditional Brokers to 1,000

7/22/21 | News | 7 Comments

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.

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Advisor Moves

J.P. Morgan Private Banker in NY Joins Top Morgan Stanley Producer’s Indy Team

7/22/21 | News | 8 Comments

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.

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UBS Bank

UBS Wealth Americas’ Profit Hits Record, Execs Promise Improvement in Margin

7/20/21 | News | 2 Comments

UBS Wealth Management Americas more than doubled earnings to $505 million in the second quarter, but analysts noted that its margins continued to lag its U.S. rivals.

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SEC

SEC Orders UBS to Pay $8 Million Over Brokers’ Sales of Volatility-Linked ETFs

7/19/21 | Enforcement, News | 1 Comment

Brokers had “flawed understanding” of the product and improperly guided clients to hold the ETFs, which are meant for short-term trading, according to a settlement announced Monday.

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Merrill Wealth President Andy Sieg

Merrill’s Sieg Nods to ‘Competitive’ Attrition Issue in Call with Brokers

7/15/21 | Advisor Moves, News | 52 Comments

Merrill’s president, on a quarterly pre-recorded call to brokers, singled out “competitive” attrition as an area “needing focus from leadership,” also noting that it was “higher this quarter than we’d like to see.”

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customer retention

Merrill Deploys ‘Client Experience’ Teams to Retain Assets of Departing Brokers

7/12/21 | News | 33 Comments

Through a program that began in November, Merrill specialists have been rapidly reaching out to customers of departing brokers to pitch clients on staying behind.

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Kristen Kimmell, the former head of recruiting at RBC Wealth-U.S., will lead hiring efforts for independent brokerage network Advisor Group.

Advisor Group Hires Former RBC Recruiting Chief Kimmell

7/7/21 | News | 4 Comments

Kristen Kimmell will lead recruiting for the six-firm independent broker group with a focus on luring breakaway brokers.

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FINRA

Finra Bars Ex-Schwab Recruiter Over Expenses, Outside Consulting Biz

7/2/21 | News | 1 Comment

The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.

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Sweeten the deal

Wells Sweetens Mortgage Payouts for Brokers in Lending Push

7/1/21 | News | 7 Comments

The wirehouse boosted pay rates to 70 basis points, up from 50, amid record-setting growth in the housing market.

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UBS

UBS: No Return-to-Office Mandate For U.S. Brokers

6/30/21 | News | 10 Comments

The wirehouse told its roughly 6,000 advisors that it plans to make its flexible work arrangements adopted during the Covid-19 pandemic permanent for U.S. brokers.

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Settlement

Finra Slams Robinhood with Record $70 Million Settlement over Supervisory Failures

6/30/21 | Enforcement, News | 5 Comments

The regulator said the penalties reflected the “widespread and significant harm” suffered by the commission-free trading app’s customers due to supervisory issues and trading outages.

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Remote working

Return-To-Office and Vaccine Mandates Stir Dissension, Debates, and Job Hunting Among Advisors

6/29/21 | News | 13 Comments

“I like this—working from home in shorts and a t-shirt,” a veteran Merrill broker said.

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Judge rules

Finra Raps Two Merrill Brokers, Including 30-Year Firm Vet, Over UIT Sales

6/28/21 | News | 2 Comments

Tennessee broker who joined Merrill in 1990 accepted a three-month suspension and $5,000 fine for allegedly recommending early rollovers of unit investment trusts.

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Advisor moves

Morgan Stanley, Sanctuary Lasso Merrill Lifers in Texas

6/28/21 | News | 5 Comments

Father-daughter duo moving to Morgan Stanley in Dallas had been overseeing around $200 million, while Sanctuary team managed $1.2 billion in assets.

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Merrill Lynch Exterior Sign and Logo

Finra Orders Merrill to Pay $11.65 Million over UIT Rollover Violations

6/25/21 | News | 27 Comments

Sanctions include more than $8.4 million in restitution to more than 3,000 customers who incurred excessive sales charges, the regulator said.

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Searching

Wells Fargo’s Next Play: The Self-Directed Channel

6/24/21 | News | 3 Comments

Wells Fargo bank executives are looking to buy a self-directed retail brokerage or rebrand its own WellsTrade offering as part of a bid to capture next-generation investors.

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Trainee

UPDATED: Merrill Trainees Digest Details of Revised Roles

6/23/21 | News | 7 Comments

Around 1,000 neophyte brokers are being shuttled to financial solutions advisor roles, including a portion who are being sent to Bank of America branches.

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Seattle WA

Merrill Seattle Market Exec Returns to Production at First Republic

6/22/21 | News | 3 Comments

Matthew MacMichael, who had led the 300-advisor Evergreen Market since 2018, is taking on a producing role with former Merrill superstar Phil Scott’s team.

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Dashboard

Morgan Stanley Tightens Order Entry Process Amid Firings Over Miscoded Trades

6/21/21 | News | 2 Comments

The changes will “restrict the ability” for brokers to change joint production numbers for individual orders, according to an internal invite to a call on additional training.

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Advisors

Steward Adds $3.75-Mln Wells Profit Formula Team to Indie Channel

6/18/21 | Advisor Moves, News | 1 Comment

Wells duo had managed $780 million and said the move was a “natural fit” since they already ran their own balance sheet each month under the quasi-independent Profit Formula unit.

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JPMorgan Chase

J.P. Morgan Nabs Veteran Merrill Private Wealth Exec Colavita

6/16/21 | News | 8 Comments

Mollie Colavita is expected to join J.P. Morgan Wealth Management as head of practice management, after a garden leave.

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James Gorman, Chairman and CEO Morgan Stanley

Morgan Stanley Looks to Shed Wirehouse Comparisons, Take on Schwab

6/14/21 | News | 6 Comments

The firm aims to overtake the net new asset growth rates of self-directed providers, according to Andy Saperstein, co-president of Morgan Stanley and head of Morgan Stanley Wealth Management.

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Merrill Wealth President Andy Sieg

Broker Recruiting Not a ‘Good Formula’ for Clients, Shareholders or Firm: Merrill’s Sieg

6/14/21 | News | 22 Comments

Merrill Lynch Wealth Management President reaffirmed the wirehouse’s commitment to home-grown talent even as competitors appear to be doubling down on hiring veterans.

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Trick

Rockefeller Scores Hat Trick With Three Merrill Teams Producing $12 Million Combined

6/11/21 | Advisor Moves, News | 30 Comments

A New York City team generated $5.5 million; a team in Washington state, $3.8 million; and a 37-year industry veteran in Newport Beach, $2.7 million, according to sources familiar with the moves.

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Andy-Saperstein

Morgan Stanley Melds E*Trade Execs into Broader Wealth Leadership

6/9/21 | News | 7 Comments

Former heads of the self-directed business are taking on new roles reporting into Morgan Stanley Co-President Andy Saperstein.

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Advisor Phone Calls

Merrill Discharges Novice Chicago Broker Over Do-Not-Call Violations

6/9/21 | News | 10 Comments

The firing marks another plot point in a storyline that prompted a nearly one-year prospecting pause for trainees and that sources have said has drawn scrutiny from at least one regulator.

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Tom Curran

Edward Jones Branch Development Head Tom Curran to Retire–Filing

6/8/21 | News

Curran had a broad role overseeing advisor hiring, training and branch operations for the firm’s roughly 15,300 offices.

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Advisor Moves

Merrill Managers on the Move: Four Market Execs Leave in a Week

6/7/21 | News | 7 Comments

At least five of the firm’s roughly 105 market-level managers have left since April, including four last week, as sources pointed to a 30% bonus cut and shifting performance goals as underlying reasons.

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Advisor Moves

J.P. Morgan Advisors Hires Wells Duo with Billion-Dollar Book in L.A.

6/4/21 | Advisor Moves, News | 3 Comments

Two brokers had been generating $2.5 million in annual revenue, according to a source familiar with their practice.

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Dallsa Texas

Morgan Stanley Lassoes $5.4-Mln Merrill Dallas Team

6/1/21 | Advisor Moves, News | 12 Comments

John Calandro along with his brother, son and three associates joined Morgan Stanley on Friday and had overseen around $700 million in assets, three sources said.

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Merrill’s Training Overhaul Further Blurs Bank-Brokerage Lines–Analysis

5/28/21 | News | 10 Comments

Recruiters expect the broker of the future will be more dependent on Bank of America, but the eat-what-you-kill payout grid is “not going away,” Merrill president Andy Sieg said.

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St. Louis Arch

Memorial Day Movers: Rockefeller Nabs $4.36-Mln Merrill Team in St. Louis

5/28/21 | Advisor Moves, News | 9 Comments

Five-person team had been managing $800 million in customer assets, according to a person familiar with the move.

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Andy Sieg, Merrill Lynch Wealth Management President

Merrill to Mint Brokers Faster, Draft Trainees Mostly from BofA Pool

5/24/21 | News | 38 Comments

The revamp of the training program, which will take 18 months instead of at least 36, comes as the firm extended permanently a ban on trainees and advisors from cold calling client prospects.

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Advisor Moves

First Republic Lands J.P. Morgan Boston Team with $3.3-Mln Production

5/24/21 | Advisor Moves, News

Duo who moved along with a support staffer had been overseeing around $550 million in customer assets, according to a person familiar with their practice.

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The Taylor Group

J.P. Morgan Advisors Nabs $3.7-Mln UBS Team in Boston

5/21/21 | Advisor Moves, News

The Taylor Group, which managed $750 million in assets, is at least the second UBS Beantown defection in a week.

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Cold calling sales

Exclusive: Finra Probes Merrill over Potential Cold Calling Violations–Sources

5/18/21 | Enforcement, News | 7 Comments

The regulatory review comes after Merrill in July last year paused prospecting in its training program after uncovering do-not-call violations.

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Broad Group

Wire Wars: Morgan Stanley Nabs $4-Mln ‘Broad Group’ from UBS in NYC

5/14/21 | Advisor Moves, News

The two women, who focus on real estate and Wall Street executive clients, had been overseeing $1.8 billion in assets, according to a Forbes ranking.

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Dustin Illgen, Jessica Ovrutsky, Chad Goerner, Michael Gara, Bruce Berman, Claudia Peppard, and Michele Nitti moved to RBC from UBS.

RBC Hires UBS Team with $1.6-Bln AUM, Managers from Morgan Stanley and Wells

5/11/21 | Advisor Moves, News | 3 Comments

New Jersey team includes four advisors and three associates and has a heavy focus on institutional consulting, according to RBC.

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Merrill Lynch

Merrill Recruiting Loan Balances Plunged Amid Hiring Freeze

5/11/21 | News | 1 Comment

Since the firm halted veteran broker recruiting in 2017, loan balances dropped 46.5% to $588 million at the end of 2020, down from over $1 billion prior to the stoppage.

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Edward Jones

Edward Jones Headcount Slips as Firm Revamps Hiring

5/10/21 | News | 1 Comment

Advisor roster shrank slightly, less than 1% year over year, as the company said that it was more focused on qualitative metrics than adding new hires.

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Brian Swenson, Eric Smith, Jesse Bohannon, Melissa Sende and Charlotte Painter moved to Morgan Stanley from J.P. Morgan Private Bank.

Morgan Stanley Hires $7-Mln Salt Lake Team from J.P. Morgan Private Bank

5/7/21 | Advisor Moves, News | 6 Comments

The group of three advisors, who officially joined Morgan Stanley on Monday, had overseen $2.8 billion in assets, according to a source familiar with their practice.

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Andrew Heald, Elyse Slotnick and Timothy Heald moved their practice to RBC from Wells Fargo

RBC Hires Wells Fargo Brothers with $460-Mln Book in Massachusetts

5/6/21 | Advisor Moves, News | 2 Comments

Duo joined RBC in Wellesley on Tuesday after 13 years at Wells, according to BrokerCheck records.

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Financial Advisor

UBS Recruits Bank of America Private Bankers with $2-Bln in California

5/4/21 | Advisor Moves, News

The hires in Newport Beach follow only a week after the firm netted a mega private banking team in Texas from J.P. Morgan Private Bank.

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US Locations

Rockefeller Looks to Double Footprint Over Five Years: Fleming

5/4/21 | News, Uncategorized | 1 Comment

The three-year old private wealth business is looking at Seattle, Nashville, Boston and cities in the Midwest, as it adds offices in another possible 20 markets, Chief Executive Greg Fleming said.

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RBC

RBC Hires UBS Team in Virginia with $900-Million Book

5/3/21 | Advisor Moves, News | 2 Comments

Three brokers and four support staff are opening a new office for RBC in Roanoke.

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Senior and Junior Advisors

Morgan Stanley Fires Manager, $2-Mln Father-Daughter Duo Over Inherited Account Credits

5/2/21 | News | 12 Comments

A branch manager in Terre Haute, Indiana, and a father-daughter team in Wellesley, Massachusetts, were discharged over alleged abuses of the wirehouse’s inherited account program, according to filings and people familiar with the matter.

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Rockefeller Capital Management hired Merrill Lynch team in Dallas Texas

UBS Lands J.P. Morgan Private Bank Team with $75-Mln Production in Dallas

5/2/21 | Advisor Moves, News | 7 Comments

Group of four was said to have been managing $25 billion in client assets and was one of the largest teams at the 500-advisor private bank, according to two sources.

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Merrill Lynch Exterior Sign and Logo

Merrill Realigns Advisor Coaching Unit Under Up-And-Comer Craig Young

5/2/21 | News | 10 Comments

Young, who has ascended from associate market executive to overseeing ‘national business development’ is taking over the practice management consulting group from Merrill COO Kirstin Hill, according to an internal memo.

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Quorum Private Wealth includes (Back row, left to right) Amanda Miller, Jennifer Van Til, Rica Tanod, and (Front row, left to right) Courtney Rapa, Sue Mazzetti, Mike Barry, Melissa Yue, and Kelly Milligan.

Sanctuary Hires $5-Million Merrill Lynch Team in Walnut Creek

4/30/21 | Advisor Moves, News | 34 Comments

Eight-person group is led by Kelly Milligan, who was chair of Merrill’s advisory council to management, and partner Mike Barry.

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Incentive Bonus

RayJay CEO Vows Enhanced Recruiting Deals Will Pay Off

4/29/21 | News

While headcount growth stalled in the employee channel, Chief Executive Paul Reilly said that the firm’s more aggressive package would “reflect in the numbers” going forward.

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Financial Advisor Moves

LPL Adds UBS Broker with $215-Mln AUM in California

4/28/21 | News

Broker and two support staff mark the seventh team to join LPL’s ‘Strategic Wealth’ channel aimed at wirehouse brokers.

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UBS

UBS Americas Sets Record Profit Margin, Stabilizes Broker Count

4/27/21 | News | 1 Comment

UBS Americas wealth business, which includes around 6,000 advisors based in the U.S. as well as a few hundred in Latin America and Canada, earned $467 million in the quarter, up $87 million or 23% from a year ago, according to the company.

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Advisor Moves

Sanctuary, First Republic Add Merrill Brokers in Texas and California

4/26/21 | News | 12 Comments

San Antonio team generating $2.1 million moved to independent firm Sanctuary while First Republic added a Los Angeles broker with $1.2 million.

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RVs

Finra Suspends Arkansas Broker over Side Business Selling RVs

4/23/21 | Enforcement, News

Broker, who worked at Raymond James Financial Services and then International Assets Advisory, failed to obtain firm approval for the outside activity, Finra said.

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FINRA

Finra Fines Oppenheimer $525K for Misreporting Customer Cost Basis

4/23/21 | Enforcement, News | 7 Comments

Brokers were able to modify customer orders months after the settlement date in order to reduce tax liabilities in instances of partial sales of stock holdings.

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Advisors

RBC, Stifel Add Merrill Lifers in NY, NM

4/22/21 | Advisor Moves, News | 18 Comments

Broker who began his career with Merrill in 1995 after graduating from college said the pandemic presented an opportunity for a “fresh start.”

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Doris Neyra, Melissa Van Putten-Henderson and Gina Jamurath moved to UBS's private wealth business in Miami from Wells Fargo's private bank.

UBS Lands $14-Mln Team from Wells Private Bank in Miami

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

The team’s move underscores the wirehouses’ growing appetite for large private bank teams.

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Merrill Lynch Exterior Sign and Logo

Merrill Recruits Citi Private Banker in SF, Loses Teams to Janney, Sanctuary

4/19/21 | Advisor Moves, News | 2 Comments

Merrill Lynch hired a team said to be managing $17 billion in client assets at Citi but on the same day lost a $1.35 billion-asset Maryland team to Janney and a $350 million-asset Connecticut team to independence

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Advisor moves

First Republic Hires $4.6-Mln Morgan Stanley Team in NYC

4/19/21 | Advisor Moves, News

Eight-person team had been overseeing around $500 million in client assets, according to a person familiar with their move.

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James Gorman, Chairman and CEO Morgan Stanley

Morgan Stanley Net New Assets Hit Record $105 Billion in First Quarter

4/16/21 | News | 6 Comments

Net new assets rose 43% from the prior quarter and 185% from a year ago thanks to new self-directed and workplace clients and asset aggregation by traditional brokers.

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Merrill Lynch Exterior Sign and Logo

Merrill Looks to Selectively Recruit Veteran Brokers: Exec

4/15/21 | News | 36 Comments

Signs of a thaw in the firm’s three-year recruiting freeze come in wake of 3% decrease in total advisor ranks for parent Bank of America.

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Phil Sieg, who has taken over as head of J.P. Morgan Advisors, the legacy Bear Stearns brokerage group, according to a memo on Wednesday.

J.P. Morgan Taps Phil Sieg to Lead Traditional Brokerage Group

4/14/21 | News | 16 Comments

Sieg, who had been running practice management for almost a year and is brother of Merrill wealth head Andy Sieg, takes the reins from Chris Harvey.

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Wells Fargo

Wells Fargo Advisors Headcount Slips With International Exits, Retirements

4/14/21 | News | 2 Comments

Despite the headcount declines, the company said its focus on higher producing brokers helped to boost revenue.

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Financial Advisor

Morgan Stanley Drafts Merrill’s Willie Thomas for Menlo Park Post

4/13/21 | News | 3 Comments

Thomas, a former NFL player who had overseen a Merrill complex in Florida for the past two years, is returning to California to take over Morgan Stanley’s Menlo Park branch.

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Chicago, Illinois

Morgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago

4/9/21 | Advisor Moves, News | 12 Comments

Four-person group had been overseeing $400 million in client assets and underscores Morgan Stanley’s revived recruiting focus.

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advisor listening

Morgan Stanley Star Who Exited in Partnership Fracas Joins N.J. RIA

4/8/21 | News | 3 Comments

Broker who had been managing $1 billion in client assets is said to have been forced out of wirehouse after admitting to placing a listening device in his former partner’s office.

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Three Person Panel

UBS Ordered to Pay Investors $371K in ‘YES’ Claim

4/6/21 | News

Decision is the latest in a series of claims over a broker-run options strategy that have mostly gone in UBS’s favor.

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Judge d

Judge Grants Merrill ‘Limited’ TRO Against Wells Team in Tennessee

4/5/21 | News | 6 Comments

State court judge blocks brokers from soliciting 31 former customers referred from Merrill parent Bank of America but denies a broad customer contact ban Merrill had sought.

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Advisor on laptop

Finra Sanctions Broker Who Traded in Dead Customer’s Account

4/1/21 | News | 6 Comments

Broker who allegedly traded in non-discretionary account for two years after customer died agrees to nearly $27,000 in fines and restitution, says he believes customer pre-approved his trading strategy.

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Advisor Moves

Merrill Loses Top-Ranked New York, New Jersey Brokers to UBS and RIA

3/31/21 | Advisor Moves, News | 19 Comments

Merrill advisor who joined UBS in Garden City, Long Island, was generating $7.1 million in annual revenue, according to a person familiar with the move.

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Disappointed Advisor

EXCLUSIVE: Merrill Managers Confront 30% Cut in Bonus Pool

3/30/21 | News | 46 Comments

Some Merrill managers whose branches did not meet asset growth and bank product sales goals saw bonuses drop as much as 60%, sources said.

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Judge rules

Merrill Sues $5.3-Mln Tennessee Team who Joined Wells Fargo

3/29/21 | News | 16 Comments

Group violated the Protocol for Broker Recruiting by improperly taking contact information for and soliciting 31 customers carved out under a bank referral program, Merrill Lynch argues.

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Nathan Marsden has been named regional manager for Merrill Private Wealth Management's Mid-America region

Merrill Names New ‘Mid-America’ Private Wealth Regional Head

3/26/21 | News | 12 Comments

Nathan Marsden, a veteran complex manager in Michigan, takes over for Brett Thelander, who resigned last month to join Rockefeller Capital after a garden leave.

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Advisor Pink Slip

Morgan Stanley Gives Walking Papers to Another Billion-Dollar Broker: Source

3/24/21 | News | 24 Comments

A top-ranked New Jersey broker at wirehouse was ushered out on Tuesday for what sources said were policy violations that did not involve customers.

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Advisor considering independence

Million-Dollar Merrill Up-and-Comer Shifts to Alex. Brown

3/23/21 | Advisor Moves, News | 8 Comments

Broker who split from his team is working from Winston Salem, North Carolina and St. Petersburg, Florida, according to registration records.

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J.P. Morgan

Finra Fines, Suspends Ex-J.P. Morgan Broker Fired over Unauthorized Trades

3/22/21 | Enforcement, News

Broker whose allegedly improper trading in an elderly client’s account was the subject of two New York Times articles agreed to an 18-month suspension and $10,000 fine.

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Ross J. Hambleton Jr. and Michael J. Fieler moved their eight-person team to Rockefeller from Merrill Lynch in Cincinnati.

Rockefeller Lands Merrill Team with $7.2-Mln Production in Cincinnati

3/19/21 | Advisor Moves, News | 24 Comments

Eight-person team had been overseeing $1.3 billion in client assets, according to a source familiar with the move.

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Advisor Moves

Veteran Recruiter Chip Walker Leaves Baird After Four Months

3/18/21 | Advisor Moves, News | 4 Comments

Walker, who joined Baird in late October after a 28-year career with Wells Fargo, had been hired to amp up recruiting for the regional firm in Missouri.

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Advisor Bonus

Morgan Stanley Dangles 300%-Plus Bonuses Before Big Producers

3/17/21 | News | 10 Comments

Escalating recruiting wars it had abandoned, Morgan Stanley has been pitching some multi-million-dollar teams with signing bonuses triple their annual revenue, according to headhunters.

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Alex David, a veteran Wells Fargo Financial Network executive, is joining Stifel to spearhead its independent brokerage push.

Stifel Hires Wells FiNet Exec to Push into Independent Brokerage

3/16/21 | News | 8 Comments

Stifel Financial has hired Wells Fargo Advisors Financial Network executive Alex David to help it expand a newly rebranded independent contractor channel.

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Advisor Moves

Morgan Stanley Hires $2.4 Million Merrill Broker in California

3/15/21 | Advisor Moves, News | 5 Comments

El Segundo, California broker had been overseeing $520 million in client assets, according to people familiar with the move.

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Advisor Printer

Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

3/12/21 | Coronacrash, News | 9 Comments

Morgan Stanley’s U5 notice touched on issues with using personal email to print confidential firm documents at home.

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Hans Maentz and Bern A. Machlovitch moved to Rockefeller from Morgan Stanley's private wealth unit

Rockefeller Hires $4.6-Mln Morgan Stanley Private Wealth Team in Los Angeles

3/11/21 | Advisor Moves, News | 7 Comments

Hans Maentz and Bernard Machlovitch, who reportedly oversee $1.5 billion and work primarily with Native American tribes, make a rare midweek move.

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Wealth Management

Jefferies Committed to Wealth Management, Executive Says

3/10/21 | News

Robert Peyreigne, who joined the trading firm and investment bank’s small wealth unit in 2016, said revenue has more than doubled during his tenure despite flat headcount.

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Sleeping judges

Ex-J.P. Morgan Brokers Seek to Vacate $19-Mln Award, Cite Napping Arbitrators on Zoom

3/9/21 | News

Former brokers claim that the “arbitration process broke down” over the five weeks of virtual hearings and arbitrators “exceeded their powers” in failing to postpone hearings, according to a federal court filing.

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Businessman in prison

Judge Denies Ex-Morgan Stanley Boston Broker’s Bid for Early Prison Release

3/8/21 | News

Boston judge cited the “despicable” nature of the crime in re-enforcing a five-year sentence against James Polese.

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Advisor and lasso

Rockefeller Lassoes Merrill Texas Team with Nearly $5-Mln Revenue

3/5/21 | Advisor Moves, News | 12 Comments

Group of three Merrill lifers had spent a combined 68 years with the thundering herd based in San Antonio and Kenedy, Texas, according to registration records.

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Wells Fargo

Wells Fargo to Merge Wealth Management Sales Regions

3/4/21 | News | 4 Comments

Wells Fargo Advisors continues cost-cutting by consolidating management of its private client group, slimming to eight from 12 sales regions.

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Financial Advisor

Fired by Wirehouse for Unapproved Outside Business, Texas Broker Relocates to Stifel

3/4/21 | Advisor Moves, News

Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.

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(Left to right) Samuel A. Liebman, his son, Matthew D. Liebman, and Aaron S. Marks left Merrill to launch Amplius Wealth Partners in Blue Bell, Penn.

$6-Mln Merrill Team Breaks Away to Launch RIA in Pennsylvania

3/2/21 | Breakaway Center, News | 17 Comments

Eight-person group includes four advisors who had been managing $1.2 billion in client assets, according to an announcement on Tuesday.

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Mariah Pelletier, Dehaven Becker, Janet Mabry and Michael Stradt joined Steward on Thursday from RBC in Colorado.

Steward Hires $2.5 Million RBC Team in Colorado

3/1/21 | Advisor Moves, News | 4 Comments

Group of three advisors had been overseeing $350 million in client assets, they said.

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Morgan Stanley

Morgan Stanley’s Recruiting Loan Balance Jumps Back Above $3 Billion

3/1/21 | News | 2 Comments

The firm’s employee loan balance rose for the first time in eight years as it has jumped back into veteran broker recruiting.

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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 | 27 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.

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Dining expense

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.

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Remote Advisors

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

2/25/21 | Coronacrash, 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.

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Bonus for financial advisor

RayJay Details Recruiting Offer Hikes, Drops Some Clawback Provisions

2/24/21 | Advisor Moves, News | 7 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.

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

2/23/21 | 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.

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Advisor considering independence

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.

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Richeda, Farr, Nazzaro

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.

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Advisor Moves

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

2/19/21 | Advisor Moves, News | 1 Comment

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

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Advisor Soliciting Clients

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.

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Inherited accounts

Finra Bars Morgan Stanley Veteran Fired over Inherited Accounts

2/17/21 | News | 9 Comments

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

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Advisor Not Soliciting

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.

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Advisor fired

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.

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Advisor Layoff

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.

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Revolving door advisors

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.

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Financial Advisor Team

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.

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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.

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UBS building

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.

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First Republic

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.

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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.

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

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.

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Court

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.

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Advisor Moves

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.

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Stifel Chief Executive Ronald Kruszewski

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.

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Advisor Bonus

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.

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Two Financial Advisors

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.

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Ralph Hamers, CEO of UBS Group AG

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.

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Female Judge

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.

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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.

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Financial advisor fired for Black Lives Matter confrontation

Morgan Stanley Fires Another Broker Over Inherited Account Issues

1/21/21 | News | 8 Comments

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

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Lady Justice

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.

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Merrill Lynch Exterior Sign and Logo

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.”

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Boca Raton, Florida

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.

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Merrill Lynch Exterior Sign and Logo

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

1/15/21 | News | 21 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.

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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.

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

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.

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Morgan Stanley, UBS Advisor moves

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

1/14/21 | Advisor Moves, News | 9 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.

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

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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.

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.

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Paul Reilly, chairman and chief executive of Raymond James Financial.

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.

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Stifel Investment Company

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.

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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.

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

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.

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Elizabeth Dennis, who will replace Mandell Crawley as head of Morgan Stanley's private wealth management unit.

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.

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Wells Tweaks Headhunter Bounties 2021 Payout Sclae

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.

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FINRA

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.

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Judge rules

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.

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Financial Advisor Moves

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.

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Advisor Moves

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.

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Andy Sieg, Merrill Lynch Wealth Management President

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.

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UBS Bank

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.

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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.

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Sterling Shea (left) and deputy Alison Rooney

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.

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$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.

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UBS Bank

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.

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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.

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Producing manager Amir Monsefi left Merrill along with his partner Sharon Nassir to launch their own RIA.

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.

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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.

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

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.

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Financial Advisors Leaving

$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.

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Tampa, Florida.

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.

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Advisor Moves

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.

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UBS Bank

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.

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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.

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Finra Sign

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.

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Financial advisor fired for Black Lives Matter confrontation

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.

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Merrill Edge Site Down

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

11/24/20 | News | 49 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.

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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.

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

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.

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

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Advisor Cheating

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.

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Financial Advisor

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.

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John Gallagher and Mark Levin joined LPL Financial affiliate Gladstone Wealth

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.

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Advisor

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.

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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.

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.

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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.

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Advisor Terminated

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.

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

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.

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Sharon Perhac

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.

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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.

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Financial Advisors moving firms

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.

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Wells Fargo Sign

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.

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James Dickson, President of Noyes Group

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.

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Providence Rhode Island

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.

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Finra sign

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.

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UBS Bank

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.

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Liquor Store

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.

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Two Financial Advisors

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.

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

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.

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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.”

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Advisor

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.

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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.

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Financial Advisors leaving

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.

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

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.

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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.

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Wells Fargo CEO Charlie Scharf

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.

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Advisors

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.

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Advisor Compensation

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.

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Morgan Stanley

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.

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Carousel

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.

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Financial Advisor Team

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.

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Baltimore, Maryland

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.

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