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Barclays Wealth keeps hiring, snags team from Neuberger Berman

February 24, 2010

Barclays Wealth, the $241 billion wealth management unit of Barclays Bank PLC, has snapped up a team of advisers from Neuberger Berman LLC, the company announced Wednesday. As part of its bid to expand its wealth management business in the U.S....

HighTower chief blasts lift-out lawsuit from Morgan Stanley

February 22, 2010

HighTower Advisors LLC chief Elliot Weissbluth today shrugged off a “lift-out” lawsuit filed against the firm late last week by Morgan Stanley Smith Barney, calling it baseless. “It's clearly a failed attempt to intimidate, and a failed...

Do Firms Sue When They Are Afraid to Compete?

February 22, 2010

Just in the last week, Morgan Stanley Smith Barney made an attempt to use the legal system as a bludgeon against a team departing to HighTower while Goldman Sachs did the same with a team departing to Credit Suisse (note to some cynical readers:...

MSSB team in N.Y. jumps ship to join surging HighTower

February 21, 2010

HighTower Advisors LLC last Tuesday announced that it had snapped up another team of advisers, this time from Morgan Stanley Smith Barney LLC. Strata Wealth Management Group, an advisory group in Rye, N.Y., that manages $500 million in assets,...

Goldman Sachs goes after ex-reps for ‘pirating’ clients

February 18, 2010

The Goldman Sachs Group Inc. is suing seven former employees of its private-wealth-management division who joined Credit Suisse Group AG for “pirating” the bank’s clients and reps. In a Feb. 17 complaint, the firm claimed that the employees,...

Wirehouses have hard time building up broker head count

February 14, 2010

The big wirehouses face major challenges that could thwart their announced plans to recruit brokers aggressively and hire more trainees, recruiters and analysts say. Like the industry as a whole, the wirehouses have an aging work force and need...

BofA wants to train – not recruit – up to 2,000 new brokers this year

February 7, 2010

After trimming the ranks of its brokerage force, Bank of America Corp. wants to put more troops in the field again — this time by promoting and training foot soldiers. BofA plans to hire as many as 2,000 brokers in its global wealth management...

Reps' game of musical chairs seen unlikely to miss a beat

January 3, 2010

Although the number of brokers who change jobs in 2010 won't approach the level seen during the financial crisis, expect this to be a good year for broker recruiting, according to recruiters, who anticipate that the quality of advisers on the...

Ex-Wall Street brokers choose new beat: NYPD

November 29, 2009

They used to ride desks and flog stocks, but now some Wall Street refugees are choosing to walk a beat and chase bad guys. A handful of brokers and mid-level executives from investment firms have recently turned to the New York Police Department...

LPL continues to make gains in recruiting

November 15, 2009

LPL Investment Holdings Inc. continues to recruit heavily this year. Excluding the recent move of financial advisers from three broker-dealers in the LPL Network to LPL Financial, the firm added 915 advisers during the one-year period ended...

Warring wirehouses add fuel to hiring fire

November 15, 2009

The broker-recruiting wars are heating up, with wirehouses jacking up their offers to new heights to lure more representatives in 2010. Morgan Stanley Smith Barney LLC and Merrill Lynch & Co. Inc.'s Global Wealth Management unit are going toe-to-toe...

Morgan Stanley Smith Barney pumps up recruiting packages to lure top producers

November 11, 2009

Morgan Stanley Smith Barney LLC is entering into the recruiting wars with its guns blazing and is creating a potential pay package for new advisers that will match that of its rival Merrill Lynch & Co Inc.’s Global Wealth Management unit....

HighTower nabs a UBS broker team

November 10, 2009

HighTower Securities LLC has added to its wealth management and international advisory teams with the recruitment of two brokers from UBS Financial Services Inc. Christopher Davis and Matthias Kuhlmey joined the firm last Friday. Together, they...

Tad Edwards plays in Peoria

November 9, 2009

Benjamin F. Edwards Co. has opened a new branch office in Peoria, Ill. The new eight-person office includes four brokers and four other staff members, all of whom are legacy A.G. Edwards employees who came over from the Wells Fargo Advisors...

Ameriprise, hot off a hiring frenzy, rebuilds recruiting staff

November 8, 2009

After recruiting some 500 representatives so far this year, Ameriprise Financial Inc. is gutting and rebuilding its recruiting staff as part of an effort to bring in more independent reps. On Oct. 13, Ameriprise showed the door to 13 cold-callers...

Ameriprise, hot off a hiring frenzy, guts recruiting staff

November 2, 2009

After recruiting some 500 reps so far this year, Ameriprise Financial Inc. is gutting and rebuilding its recruiting staff as part of an effort to bring in more independent reps. On Oct. 13, Ameriprise showed the door to 13 cold callers who focused...

Raymond James ups the ante for RIAs, raises asset requirements

October 29, 2009

The investment advisory division of Raymond James Financial Services Inc., which offers custodial services to independent advisers, has raised the minimum level of assets under management for new RIA relationships to $50 million, from $30 million....

RBC lures $450 million duo from U.S. Trust

October 12, 2009

RBC Wealth Management has recruited a pair of financial advisers from US Trust Wealth Management, where they ran some $450 million in client assets. Rhonda Smith and Lynn Syler — both senior vice presidents at U.S. Trust, which is owned by...

Broker movement continues its decline, wirehouse reps staying put

October 8, 2009

The number of financial advisers fleeing large brokerages appears to be slowing, as many wirehouse reps are staying put — for now — or joining another wirehouse. According to data from Discovery, a Shrewsbury, N.J.-based provider of financial...

Q&A with Tad Edwards: Why the legacy will continue

October 7, 2009

Although he quietly launched his own brokerage firm in St. Louis a year ago, Benjamin F. “Tad” Edwards IV — the great-great-grandson of Albert Gallatin Edwards, who founded A.G. Edwards Inc. in the 19th century — is moving right along...

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