May 15, 2021
This Week’s Top 5: Finra Knocks Ex-MS Broker Over Expenses, Ed Jones Predicts Hiring Slowdown, and More
- Finra Sanctions Ex-Morgan Stanley Broker Over $1.6k Alleged Expense Abuses
The broker on his meal expense reports “inaccurately stated that particular customers attended, even though they were not present,” Finra said.
- UBS Nabs $4.7-Mln Merrill Trio, BofA Private Bank Team on West Coast
The wirehouse’s new hires include a Merrill resident director to oversee its Roseville, CA office and a Bank of America private bank team touted by a source as “one of the largest” in the Bay Area.
- Wells Indie Broker Sold His Book, Then Wooed Back Clients: Lawsuit
TSG Wealth Management, a $4.6 billion practice, claims the broker, Rahamin “Rocky” Suares, a 38-year industry veteran in Southern California, promised to retire as part of a $3-million deal but instead has been soliciting clients to move to his new firm.
- Edward Jones Headcount Slips as Firm Revamps Hiring
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.
- Merrill Recruiting Loan Balances Plunged Amid Hiring Freeze
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.