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UBS scales back recruitment loans, boosts profits

October 27, 2017

More than a year after committing to cut spending on brokerage rep recruiting, the results are hitting the bottom line at UBS Wealth Management Americas. The question remains, however, of whether the short-term spending cuts will have any longer-term...

Blaming the DOL fiduciary rule, LPL sees recruiting stall for second straight quarter

October 26, 2017

For the second consecutive quarter, recruiting stalled at LPL Financial, typically an industry powerhouse when it comes to hiring new advisers. In its third-quarter earnings release issued Thursday, parent company LPL Financial Holdings Inc....

Ameriprise attracts 88 advisers in third quarter

October 25, 2017

Eighty-eight advisers joined Ameriprise Financial Inc. from other firms in the third quarter, in addition to 215 who joined the firm as part of the acquisition of Investment Professionals Inc., Ameriprise said in announcing its third-quarter...

Six-rep team managing $369 million at Wells Fargo joins Ameriprise

October 23, 2017

A six-broker group led by David Neihart and managing $369 million in assets has moved from Wells Fargo to Ameriprise. The team, which is based in Kansas City, Kan., was with the employee channel of Wells Fargo and shifted to the Ameriprise employee...

LPL loses $1.3 billion super OSJ to Securities America

October 19, 2017

Priority Financial Group, a hybrid super office of supervisory jurisdiction (OSJ) managing $1.35 billion in brokerage and advisory assets, has switched affiliation from LPL Financial to Securities America. Based in Peoria, Ariz., Priority serves...

SunTrust group managing $540 million moves to Raymond James ​

October 18, 2017

A group that managed $540 million in assets at SunTrust Investment Services in Georgia has joined the Raymond James employee unit. The group consists of two brokers and five staffers, and will operate from offices in Savannah, Sea Island and...

In a turnaround, Wells Fargo Advisors sees slight bump in headcount

October 13, 2017

Wells Fargo Advisors has staunched the hemorrhaging of financial advisers — for now, at least — that has plagued it since last year when its parent, Wells Fargo & Co., revealed a widespread banking scandal that affected its retail customers....

Fidelity has 'real need' to recruit more women, Johnson says

September 27, 2017

For people well-schooled in the relationship between supply and demand, here's one Fidelity Investments may not have seen coming: The demand for female financial advisers outstrips the supply. Women customers often ask to work with female advisers,...

FBT Investments loses $240 million team to Raymond James

September 18, 2017

A four-rep team managing $240 million in assets at FBT Investments in New Orleans has joined the employee unit of Raymond James. The four team members — Leonard Alsfeld, Leo Barros, Chris McLaughlin and Jannie Markey — will operate as AGESS...

Ameriprise nabs brokers from Morgan Stanley, Wells Fargo

September 7, 2017

Brokers who managed a total of $391 million have left Morgan Stanley and Wells Fargo to join the employee unit of Ameriprise. Alan Blender, who managed $198 million in assets at Morgan Stanley, joined Ameriprise in Fort Lauderdale, Fla. He began...

Two Wells Fargo teams managing $345 million decamp for Raymond James

September 5, 2017

Two broker teams that managed $345 million in assets at Wells Fargo Advisors in Baton Rouge, La., have joined the employee unit of Raymond James. W. Bowen McRae Jr. managed almost $200 million with his associate Shirley Cook. Roger Sullivan...

LPL putting pressure on affiliates to recruit advisers to its corporate RIA

September 1, 2017

LPL Financial, the nation's largest independent broker dealer, is instituting new policies to make sure more new advisers joining the firm will use its corporate registered investment adviser. In a memo sent to LPL advisers this week, Andy Kalbaugh,...

SunTrust rep managing $260 million goes indie

August 21, 2017

Andrew Hill, an adviser whose team managed $260 million in assets at SunTrust Investment Services, has launched a hybrid firm and has affiliated with HighTower. Mr. Hill's firm, Hill Wealth Management, is based in Alpharetta, Ga. Mr. Hill has...

Morgan Stanley loses $390 million team to Baltimore-area hybrid

August 7, 2017

A two-adviser team managing $390 million in assets at Morgan Stanley has joined Harbor Investment Advisory, a hybrid firm based in Lutherville, Md. The team, which consists of advisers Paul M. Fox and Jennifer L. Winslow, and associates Patrick...

LPL Financial benefits from flight of Wells Fargo advisers

July 31, 2017

As Wells Fargo & Co. deals with yet more scandals that are hurting its reputation, LPL Financial has been welcoming its brokers looking for a fresh start. LPL, the nation's largest independent broker-dealer, reported Monday that 15 or the 72...

Raymond James looks to replicate recruiting success on West Coast

July 28, 2017

Go West, young adviser. That was the message of Paul Reilly, CEO of Raymond James Financial Inc., during Thursday morning's earnings call with analysts. An analyst asked Mr. Reilly about the company's recent success in recruiting in the Northeast...

LPL's head count drops by almost 100 advisers in 2Q

July 28, 2017

LPL Financial, a recruiting powerhouse, said today it lost nearly 100 advisers since the end of March, reducing its head count of brokers and advisers to 14,256. That's down 98 from the end of the first quarter but an increase of 63 over the...

Morgan Stanley says recruiting and attrition have slowed down

July 19, 2017

The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off. During a conference call Wednesday morning to discuss second-quarter earnings, senior Morgan...

Wells Fargo sustains more adviser losses following banking scandal

July 14, 2017

The steady flight of financial advisers from Wells Fargo & Co. following the revelation of a banking scandal at the firm last fall continues. The company's retail brokerage, Wells Fargo Advisors, lost 130 advisers in the second quarter. The...

$3.5 billion adviser team leaves UBS for Raymond James

June 27, 2017

A team of six representatives and four assistants managing $3.5 billion in assets at the UBS office in Honolulu, Hawaii, has joined the employee unit of Raymond James. Operating as the Kikawa Group, the veteran-led team is headed by Ronald Kikawa...

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