July 24, 2021
This Week’s Top 5: JPMorgan Targets 1K Traditional Brokers, $18-Mln UBS Team Breaks Away, and More
- J.P. Morgan Aims to Double Roster of Traditional Brokers to 1,000
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.
- Ex-Morgan Stanley Broker Fired Over Account Coding Issue Joined at LPL by Former Colleagues
The three-broker Los Angeles-based team, which had managed $700 million in client assets, has reassembled at LPL Financial’s fledgling channel for wirehouse breakaways.
- Texas Broker Suspended As Finra Sharpens Focus on Outside Activities
The industry’s self regulator issued a three-month suspension and $5,000 fine against a former Morgan Stanley broker who allegedly did not receive approval for a fund-raising endeavor.
- $18-Mln UBS Team Led by Top-Ranked Alabama Broker Breaks Away to Launch RIA
UBS team led by Tony R. Smith in Birmingham had managed $4.4 billion in assets and launched Stonegate Investment Group.
- UBS Broker Sued By Morgan Stanley Agrees to Customer Solicitation Ban
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.