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The secret to a more productive advisory firm

April 9, 2018

The following is an excerpt from the new white paper, “Enhancing Productivity through Support Advisor Empowerment.” To download the full paper from Cadaret Grant, click here. While markets continue to provide a largely supportive backdrop...

Finra arbitrators award $475,000 to Morgan Stanley for broker who violated protocol

March 28, 2018

Finra arbitrators awarded $475,000 to Morgan Stanley in a case involving a broker who the firm said violated an industry agreement to make it easier to move from one firm to another. In an award handed down on Tuesday, the panel held that Kevin...

Independent broker-dealers open up their coffers as fight for talent turns fierce

March 28, 2018

While the wirehouses have dramatically pulled back in recruiting new brokers, broker-dealers that pay reps as independent contractors are spending like crazy to hire new talent. A key metric for broker-dealers when recruiting new brokers and...

UBS, after dumping the broker protocol, continues to see brokers come and go

March 15, 2018

When UBS Financial Services Inc. decided to leave the protocol for broker recruiting at the end of November, many in the industry believed it would have a chilling effect on broker movement at the wirehouse. That has not happened. Brokers continue...

Merrill vets ready to recharge breakaway recruiting efforts

March 14, 2018

Snowden Lane Partners prides itself in not making a lot of noise around its practice of recruiting breakaway wirehouse teams to join its hybrid broker-dealer and independent investment adviser business. But at more than $4 billion in assets...

UBS shrinks recruiting costs in 2017, boosts adviser pay

March 9, 2018

In line with a shift in recruiting strategy, UBS Wealth Management Americas last year reduced the amount of money it spent on signing bonuses for new brokers, while at the same time increasing compensation for existing advisers. The firm reduced...

LPL wraps up NPH adviser move, declines to say whether it reached revenue goal

February 26, 2018

LPL Financial said Monday it had wrapped up its acquisition of advisers from National Planning Holdings, but declined to say whether it had reached its goal of moving over 70% of the revenue generated by the network's advisers. Last August,...

J.P. Morgan adds more than $8 billion in client assets in fourth quarter

February 22, 2018

J.P. Morgan Securities was the big winner when it came to recruiting financial advisers in the final quarter of 2017, adding client assets of almost $8.2 billion. The firm gained six individual advisers or teams while watching seven move to...

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

February 22, 2018

UBS Financial Services, which followed Morgan Stanley to become the second wirehouse to exit the broker protocol late last year, has stepped up restrictions on brokers who might want to leave the firm, and experts are speculating if other broker-dealers...

When to bring a new employee on board

February 1, 2018

When is it time to hire a new employee? This is a common question asked by advisers. Should you hire early to prevent a crisis or wait to see whether an existing employee can take on extra work? Are things so dire that a new employee — and...

DOL fiduciary rule responsible for drop in Stifel adviser headcount: CEO

January 30, 2018

Stifel Financial Corp.'s net loss in financial advisers last year was largely attributable to the Department of Labor fiduciary rule, which caused the firm's advisers to retire in greater-than-usual numbers, a company executive said Tuesday....

Independent broker-dealers are stepping up their game on recruiting from the wirehouses

January 27, 2018

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above...

Raymond James and Ameriprise saw strong recruiting in 2017, vow to stay in broker protocol

January 25, 2018

Coming off strong recruiting years, Raymond James Financial Inc. and Ameriprise Financial Inc. said Thursday they intend to stay in the protocol for broker recruiting. Raymond James had 7,537 advisers under its roof at the end of December, an...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

January 18, 2018

Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting. The number of brokers leaving in the fourth quarter was the most in any single quarter...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

Delay in fiduciary rule does not take any wealth managers off the hook

January 16, 2018

The DOL fiduciary rule implementation has been delayed. While consumer advocates applauded the new oversight, very few within the wealth management industry felt the regulation was anything but awkward and clunky. Fewer still believe that nonretirement...

Increasing the number of women advisers an uphill climb

January 12, 2018

Efforts to recruit and retain female financial advisers continue to be an uphill battle across the financial services industry. Despite near universal acknowledgment of the advantages of having more women working with clients, the hard data...

Citigroup is latest big firm to dump broker protocol

December 29, 2017

Another large brokerage has decided to exit the so-called protocol for broker recruiting, with Citigroup Global Markets confirming on Friday that it was leaving the agreement. "Similar to others in the industry, Citi has decided to exit the...

Northwest Bank moves $1.3 billion in assets from Cetera to LPL

December 19, 2017

Northwest Bank of Warren, Pa., whose securities operation has $1.3 billion of brokerage and advisory assets, has affiliated with LPL's broker-dealer and corporate registered investment advisory platforms. The bank had been affiliated with Cetera....

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