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Shrinking talent pool puts strain on advisory firms

May 20, 2017

Jon Yankee suddenly found himself in a hiring crunch last month. One new financial planning graduate who had accepted an associate adviser position with his firm, FJY Financial, abruptly backed out, and later that week, a midlevel adviser notified...

Oppenheimer & Co. loses $420M broker, manager to Raymond James

May 15, 2017

Richard Grobman, who managed $420 million in assets and managed the Philadelphia branch of Oppenheimer & Co., has joined the employee unit of Raymond James. Mr. Grobman, who joined an Oppenheimer predecessor firm W.H. Newbold's Son & Co. in...

Merrill Lynch's move away from signing bonuses seen as risky

May 12, 2017

Merrill Lynch is taking a big risk on the wealth management unit's new adviser recruiting strategy — one that could pay off, but just as easily backfire. As of June 1, the brokerage will step away from the traditional adviser recruitment model,...

A $420 million Merrill Lynch team joins LPL

May 9, 2017

A four-person team that managed $420 million in assets at Merrill Lynch in Melville, N.Y., has gone independent and affiliated with LPL Financial. The Choice Group Wealth Management, led by advisers Ira Katz, John Scala, Bryce Wilinski and Daniel...

CFP Board launches program to attract more women planners

May 4, 2017

The CFP Board Center for Financial Planning is creating a pilot program known as the Financial Planning Re-entry Initiative (FPRI) aimed at expanding the pool of female financial planners. Working in partnership with iRelaunch, a firm that develops...

Large independent broker-dealers continue to make headway with recruits

May 1, 2017

After a strong recruiting year in 2016, large broker-dealers continued to ring up recruiting gains in the first quarter. For example, Ameriprise Financial Inc. said that close to 100 veteran advisers moved their practices to the firm in the...

Advisers getting left behind as broker-dealers respond to Finra priority letter

May 1, 2017

When the Financial Industry Regulatory Authority Inc. released their exam priority letter in January of this year, they made it very clear their target is on rogue or recidivist brokers and the broker-dealers that supervise them. By many accounts,...

No slow down in recruiting at Raymond James as advisers prepare for DOL fiduciary rule

April 26, 2017

Coming off its best recruiting year ever, Raymond James Financial Services Inc. is playing host to a possible record number of potential recruits this week at its annual meeting, Elevate, in Orlando, Fla. The firm is hosting 86 advisers who...

Nationwide Securities loses hybrid team to LPL

April 26, 2017

Lighthouse Wealth Advisors, a hybrid advisory firm in Charleston, S.C., has affiliated with LPL Financial's broker-dealer and registered investment adviser platforms. At its previous firm, Nationwide Securities, the group managed $178 million...

Morgan Stanley snags national sales director Jeffrey Tucker from Merrill Lynch

April 25, 2017

Morgan Stanley has recruited Jeffrey Tucker from cross-town rival Merrill Lynch as its new national sales manager. Mr. Tucker is a financial services industry veteran who most recently held a regional director role of metro New York at Merrill....

UBS, Merrill Lynch advisers form $500 million RIA team

April 24, 2017

Three brokers from UBS Financial Services and one from Merrill Lynch in Colorado Springs, Colo., have formed Resolute Investment Advisors and affiliated with HighTower. The firm's principals — Todd Baker, Bradley S. Harvey and Jack T. York,...

Merrill Lynch team managing $400 million moves to Raymond James

April 19, 2017

A three-person team that managed $400 million in assets at Merrill Lynch in Greensboro, N.C., has formed an advisory firm and affiliated with the independent broker-dealer arm of Raymond James. David C. Anderson and George L. Hall II, along...

Wells Fargo loses $230M team to Raymond James

April 13, 2017

Four advisers and their five-person staff in Charlotte, N.C., have switched affiliations from Wells Fargo Financial Network to Raymond James Financial Services. Cygnus Asset Management, which advises on $230 million in assets, is led by Lisa...

6 reasons culture breaks down at an advisory firm

April 12, 2017

The culture of a firm is what makes clients and employees want to join and stay, but business growth and some other factors can threaten even the strongest firm culture, said Ben Harrison, head of business development and relationship management...

Merrill Lynch plans to hire more young advisers

April 10, 2017

The "thundering herd" is looking to add more thunder, according to Andrew Sieg, head of Merrill Lynch Wealth Management. Speaking to the Securities Industry and Financial Markets Association's Private Client Conference in Arizona last week,...

Raymond James' Alex Brown unit loses team to SunTrust

April 4, 2017

Two veteran brokers most recently with the Alex Brown division of Raymond James have moved to SunTrust Private Wealth Management in Atlanta. Joining Todd Ryman and Will Rhodes at their new firm is Luke Bennett, most recently a partner with Salvus...

LPL loses $200M team to HighTower St. Louis

March 27, 2017

Rogers & Co. Wealth Management, a seven-person firm in St. Louis managing $200 million in assets, has merged with HighTower St. Louis, which was known as Archer Wealth Management until it was acquired by HighTower last year. The combined firm...

Merrill Lynch woos $343 million Morgan Stanley team

March 23, 2017

A four-person adviser team that managed $343 million in assets at Morgan Stanley has joined Merrill Lynch in Glen Rock, N.J. Advisers Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava, as well as associate Dara Hubbard, have...

Raymond James picks up $112 million team from Morgan Stanley

March 22, 2017

Two women advisers with Morgan Stanley in Gainesville, Fla., have left the firm where they managed $112 million in client assets to join Raymond James. Ashley Banks and Donna Carroll, who operate as the Banks Carroll Group, are joining Raymond...

Wells Fargo loses employee broker duo to Raymond James ​

March 20, 2017

A two-person team at Wells Fargo Advisors that managed $138 million in client assets has joined Raymond James & Associates, the firm's traditional employee channel, in Ashburn, Va. Sam Kim and financial planner Scott Mann operate as Kim Wealth...

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