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To 'fix' the broker protocol, bring in the SEC

November 14, 2017

The foundation of the Protocol for Broker Recruiting, and indeed the stated purpose, is to support client freedom of choice, to permit clients to move with their adviser when they change employment. By joining the protocol, member firms agree...

RBC Wealth Management on recruiting roll

November 14, 2017

RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. According to data compiled by InvestmentNews, RBC Wealth Management successfully...

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

Did Morgan Stanley just kill the broker protocol agreement?

October 31, 2017

Morgan Stanley's decision to walk away from the brokerage industry's protocol agreement "overnight, increased the risk of other brokerage firms likely pulling out of the agreement," said Brian Hamburger, chief executive of compliance consulting...

Morgan Stanley dumps broker recruiting protocol

October 30, 2017

Morgan Stanley's decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One reason for that...

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

October 17, 2017

Morgan Stanley Wealth Management continues to see assets surge into fee-based accounts, but that flow began slowing noticeably in the third quarter, following more certainty of a delay in the implementation of major parts of the Department of...

Bank of America names new head of US Trust

October 2, 2017

Bank of America has named Katy Knox president of its U.S. Trust private banking business, replacing Keith Banks. Mr. Banks, who held the post since 2009, will become vice chairman of the global wealth and investment management unit, which encompasses...

Morgan Stanley changes pay policies

December 3, 2007

Morgan Stanley is adjusting some of its pay policies to comply with a wage-and-hour lawsuit it settled last year. Beginning this month, the New York firm is picking up some state registration fees, paying for trading errors and changing the...

Finra fines Wells Fargo $3.25 million for options trade reporting violations

June 22, 2017

The Financial Industry Regulatory Authority Inc. has censured Wells Fargo Securities and fined it $3.25 million for errors and inaccuracies in reporting over-the-counter options trades conducted between January 2008 and March of this year. Finra...

Financial industry steps up in Harvey's wake

August 31, 2017

As downgraded-to-a-tropical-depression Harvey moves across the country, the damage in its wake has left at least 32 people dead and displaced more than 32,000 Gulf Coast residents. Also in the storm's wake: a financial services industry that...

Morgan Stanley to let financial advisers text clients

June 13, 2017

Morgan Stanley Wealth Management is partnering with tech firm Twilio to enable advisers to communicate with via text messaging as part of its latest push to better serve digitally-wired clients. "Digital can't be viewed as something separate...

UBS latest to shift broker compensation ahead of DOL fiduciary rule

June 2, 2017

UBS Wealth Management Americas told its 7,000 financial advisers Thursday that their compensation from clients' retirement assets will change. The shift will be to asset-based compensation for UBS advisers and will apply only to retirement accounts....

Morgan Stanley to arm its financial advisers with algorithms to take over routine tasks

May 31, 2017

Call them cyborgs. Morgan Stanley is about to augment its 16,000 financial advisers with machine-learning algorithms that suggest trades, take over routine tasks and send reminders when your birthday is near. The project, known internally as...

Morgan Stanley overhauls senior leadership in its wealth management unit

June 2, 2017

Morgan Stanley on Friday said it was overhauling senior management in its wealth management unit, promoting Vince Lumia to a new leadership position, head of the field. At the same time, the firm is eliminating leadership at the division level,...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

Ex-Merrill Lynch broker pleads guilty to $8.7 million bank fraud

April 19, 2017

A veteran Merrill Lynch broker based in St. Paul, Minn., pleaded guilty to two counts of bank fraud at the end of last month for his part in an elaborate, long-running scheme that bilked two banks out of $8.7 million. The broker, Jeffrey Kluge,...

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....

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,...

Morgan Stanley loses $500 million team in New York

August 2, 2017

A two-adviser, four-person team that managed $500 million in assets at Morgan Stanley in New York has joined the Alex. Brown unit of Raymond James. The two advisers —Todd L. Kissel and Joshua Pasahow — were joined by associates Ida Ng and...

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...

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