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Wells Fargo loses another A.G. Edwards raiding case to Stifel

May 10, 2010

Wells Fargo Advisors LLC was ordered to pay $948,000 in legal fees and costs to Stifel Nicolaus & Co. Inc. and a former branch manager after it lost a claim against Stifel for hiring four of brokers from A.G. Edwards. The Financial Industry...

Big shake-up at big brokerage branches in New York

May 6, 2010

The four largest retail brokerage firms have made changes in their New York City area branches this week. Wells Fargo Advisors said it hired Thomas R. Isaacs, a 25-year veteran of Merrill Lynch & Co. Inc., to run its seven private-client-group...

Edward Jones loses star reps to wirehouses

May 4, 2010

Edward D. Jones & Co. LP lost two of its top brokers last month, an unusual blow to the mammoth broker-dealer, which over the years has managed to retain much of its top talent. Brokers Rebecca Frazier and Brad Hare each produced more than $1...

Indie B-D recruitment slowing after torrid '09

May 2, 2010

Leading independent broker-dealers are experiencing a sharp slowdown in efforts to sign up new representatives and advisers after the torrid pace of recruiting in 2009. While their reporting periods differ, LPL Investment Holdings Inc. last...

Janus looks to hire new institutional-business boss

March 24, 2010

Janus Capital Inc. has launched a search for a new head of its offshore business, Janus Capital Group International. The hire will replace Dan Charles, the former executive vice president and managing director of Janus’ U.S. institutional...

Edward Jones to hire 1,000 advisers this year

March 24, 2010

Edward Jones intends to hire 1,000 new financial advisers across the United States and Canada by the end of 2010. According to a report in the St. Louis Business Journal, the brokerage firm says it is reaping the benefits from the national trend...

Former Fed official Hayley Boesky signs on at Bank of America

March 24, 2010

Bank of America Corp. today announced that Hayley Boesky, a former senior officer and director of market analysis at the Federal Reserve Bank of New York, will join Bank of America Merrill Lynch as vice chairman of global markets. In this newly...

GunnAllen founders jumping to rival broker-dealer in wake of firm's collapse

March 22, 2010

After watching the fall of GunnAllen Financial Inc. become official this morning, the firm's founders —Donald James “Jay” Gunn and Richard Allen Frueh —are apparently moving to a rival broker-dealer. The co-founders of the firm intend...

Red-faced ASPPA apologizes for e-mail gaffe

March 3, 2010

The American Society of Pension Professionals & Actuaries issued a mea culpa to its members yesterday over a solicitation many of them received from a financial advisory firm looking for recruits. Captrust Financial Advisors yesterday e-mailed...

HighTower chief blasts lift-out suit from MSSB

February 28, 2010

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

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....

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:...

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...

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...

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