Results for "recruiting"

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UBS continues to cut loans to recruits, while increasing compensation to brokers

April 23, 2018

UBS is recruiting less and paying its brokers more. The bank released first quarter earnings Monday, and in a news release reported that recruitment loans to financial advisers had declined 20% in the quarter when compared with the same period...

Merrill Lynch's incentives for new accounts paying off

April 16, 2018

Merrill Lynch's move last year to align its compensation grid for its 14,829 brokers and advisers to hustle after new accounts appears to be paying off. The wirehouse said on Monday that assets under management flows of $24 billion for the first...

Wells Fargo Advisors continues to bleed reps

April 13, 2018

Wells Fargo Advisors continues to see a decline in the number of brokers and advisers working at the firm's various channels, reporting Friday a net loss of 145 reps over the first three months of this year. A spokeswoman for Wells Fargo Advisors,...

J.P. Morgan Securities seeks temporary restraining order against ex-broker in Illinois

April 11, 2018

J.P. Morgan Securities filed a complaint and request for a temporary restraining order on Tuesday, seeking to stop one of the firm's former brokers from doing business with the firm's clients. Ryan C. May resigned from J.P. Morgan in Illinois...

The secret to a more productive advisory firm

April 9, 2018

The following is an excerpt from the new white paper, “Enhancing Productivity through Support Advisor Empowerment.” To download the full paper from Cadaret Grant, click here. While markets continue to provide a largely supportive backdrop...

Finra arbitrators award $475,000 to Morgan Stanley for broker who violated protocol

March 28, 2018

Finra arbitrators awarded $475,000 to Morgan Stanley in a case involving a broker who the firm said violated an industry agreement to make it easier to move from one firm to another. In an award handed down on Tuesday, the panel held that Kevin...

Independent broker-dealers open up their coffers as fight for talent turns fierce

March 28, 2018

While the wirehouses have dramatically pulled back in recruiting new brokers, broker-dealers that pay reps as independent contractors are spending like crazy to hire new talent. A key metric for broker-dealers when recruiting new brokers and...

UBS reels in $30 billion J.P. Morgan team focused on Mexico

March 23, 2018

UBS Financial Services Inc. pulled off a recruiting coup on Friday by hiring five ultra-high-net-worth advisers from J.P. Morgan Private Bank who focus primarily on Mexico and managed $30 billion. According to a memo obtained by InvestmentNews,...

UBS, after dumping the broker protocol, continues to see brokers come and go

March 15, 2018

When UBS Financial Services Inc. decided to leave the protocol for broker recruiting at the end of November, many in the industry believed it would have a chilling effect on broker movement at the wirehouse. That has not happened. Brokers continue...

Merrill vets ready to recharge breakaway recruiting efforts

March 14, 2018

Snowden Lane Partners prides itself in not making a lot of noise around its practice of recruiting breakaway wirehouse teams to join its hybrid broker-dealer and independent investment adviser business. But at more than $4 billion in assets...

UBS shrinks recruiting costs in 2017, boosts adviser pay

March 9, 2018

In line with a shift in recruiting strategy, UBS Wealth Management Americas last year reduced the amount of money it spent on signing bonuses for new brokers, while at the same time increasing compensation for existing advisers. The firm reduced...

LPL wraps up NPH adviser move, declines to say whether it reached revenue goal

February 26, 2018

LPL Financial said Monday it had wrapped up its acquisition of advisers from National Planning Holdings, but declined to say whether it had reached its goal of moving over 70% of the revenue generated by the network's advisers. Last August,...

Broker protocol: Indecision over recruiting agreement is rampant

February 24, 2018

When Morgan Stanley exited an industry agreement late last year that makes it easier for brokers and advisers to move to new firms, it upended 14 years of peace among the largest brokerages. Thousands of retail brokers and wealth management...

J.P. Morgan adds more than $8 billion in client assets in fourth quarter

February 22, 2018

J.P. Morgan Securities was the big winner when it came to recruiting financial advisers in the final quarter of 2017, adding client assets of almost $8.2 billion. The firm gained six individual advisers or teams while watching seven move to...

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

February 22, 2018

UBS Financial Services, which followed Morgan Stanley to become the second wirehouse to exit the broker protocol late last year, has stepped up restrictions on brokers who might want to leave the firm, and experts are speculating if other broker-dealers...

When to bring a new employee on board

February 1, 2018

When is it time to hire a new employee? This is a common question asked by advisers. Should you hire early to prevent a crisis or wait to see whether an existing employee can take on extra work? Are things so dire that a new employee — and...

DOL fiduciary rule responsible for drop in Stifel adviser headcount: CEO

January 30, 2018

Stifel Financial Corp.'s net loss in financial advisers last year was largely attributable to the Department of Labor fiduciary rule, which caused the firm's advisers to retire in greater-than-usual numbers, a company executive said Tuesday....

Independent broker-dealers are stepping up their game on recruiting from the wirehouses

January 27, 2018

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above...

Raymond James and Ameriprise saw strong recruiting in 2017, vow to stay in broker protocol

January 25, 2018

Coming off strong recruiting years, Raymond James Financial Inc. and Ameriprise Financial Inc. said Thursday they intend to stay in the protocol for broker recruiting. Raymond James had 7,537 advisers under its roof at the end of December, an...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

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