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Merrill Lynch duo managing $500 million depart for Raymond James

June 19, 2017

A two-person Merrill Lynch team managing $500 million have joined Raymond James & Associates in Richmond, Va. C. Kemper Wharton and M. Todd Oney will operate as Wharton Oney of Raymond James, assisted by associates Rangeley Turner and Margaret...

Billion-dollar Goldman Sachs adviser team moves to Dynasty

June 6, 2017

A two-person team who managed $1 billion in assets at Goldman Sachs Private Wealth Management in West Palm Beach, Fla., have left the firm to form their own RIA. David Darby and Melissa Gray have formed DG Wealth Partners, which has affiliated...

Stifel, UBS lose advisers to Wells Fargo's independent unit

June 1, 2017

Two registered representatives each managing more than $100 million in client assets have left their firms and affiliated with Wells Fargo Advisors Financial Network, the bank's independent contractor unit. (More: Wells Fargo's move to boost...

As Merrill Lynch and Morgan Stanley cut back, what's next for recruiting deals?

May 30, 2017

For the adviser seeking a big up front check from a wirehouse, the market just got tougher. In June 2016, Tom Naratil, president of UBS Americas, wrote an op-ed critical of the industry practice of "relentless recruiting." UBS has dramatically...

Wells Fargo will ramp up spending to lure brokers

May 25, 2017

Hurt by the fallout from its parent bank's fictitious account-creation revelations, Wells Fargo Advisors is using the surest tool it can to attract big producers to its ranks: cash. The wirehouse is sweetening its signing bonuses for veteran...

A Wells Fargo $180 million team starts an RIA

May 24, 2017

A three-person team managing $180 million in client assets at Wells Fargo Advisors in Orange, Calif., has broken away and formed a registered investment advisory firm. The firm, Guardian Financial Partners, is headed by Patrick C. Guinet and...

Morgan Stanley joins competitors in cutting back on recruiting

May 23, 2017

In a significant break from Wall Street tradition, Morgan Stanley is joining its competitors in reducing its reliance on recruiting experienced advisers. In an internal memo viewed by InvestmentNews, Morgan Stanley on Tuesday outlined the changes...

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,...

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...

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,...

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...

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,...

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