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Merrill Lynch trio managing $463 million joins Ameriprise

July 20, 2017

Stan Leavitt, who managed $463 million in assets at the Roseville, Calif., office of Merrill Lynch, has joined the employee unit of Ameriprise Financial Services there with advisers David Pratt and Rachael Morton. Mr. Leavitt began his career...

Fifteen advisers, six firms named finalists by charitable foundation

July 20, 2017

Fifteen advisers and six companies have been named as finalists for this year's Invest in Others Awards. The awards, presented annually for the past 10 years by The Invest in Others Charitable Foundation to acknowledge outstanding volunteer...

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...

Bank of America's Moynihan: No quick pullback from fiduciary rule

July 18, 2017

Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule. The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last...

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...

Merrill Lynch brokers managing $1 billion move to UBS

July 12, 2017

A sister-brother adviser team that managed $755 million at Merrill Lynch in the Cincinnati area have moved to the UBS office in Kenwood, Ohio. Jackie Kunkel, who managed $404 million in assets at Merrill Lynch, and her brother, Don Kunkel, who...

Merrill Lynch loses $1 billion Beverly Hills team

July 11, 2017

Matthew Celenza and his team, who managed $1 billion at the Beverly Hills, California, office of Merrill Lynch, have formed Boulevard Family Wealth. The firm, which describes itself as a multifamily office, will custody assets through Schwab...

Broker advising on $1 billion leaves UBS to form hybrid

July 5, 2017

Douglas John, who advised on $1 billion in client assets at UBS in Dallas, Texas, has joined with Bryn Basiardanes Talkington, a former regional director at UBS Asset Management, to form a hybrid firm. The firm, Requisite Capital Management,...

Morgan Stanley loses three Michigan reps to Ameriprise

June 26, 2017

Three veteran advisers — Kenneth Demps, Robert Dennis and Jay MacKenzie — who managed $270 million in assets at the Troy, Mich., offices of Morgan Stanley, have moved to Ameriprise as employees. Mr. Demps spent his entire business career...

LPL provides clarity on rule preventing hybrid RIAs from making 401(k) rollover recommendations as a broker

June 26, 2017

Editor's note: An earlier version of this story indicated that LPL's memo represented a new policy when in fact it reinforced an existing policy. LPL Financial, the largest independent broker-dealer in the U.S., is no longer allowing hybrid...

Wirehouse training programs are back

June 24, 2017

Since the financial crisis nearly 10 years ago, luring experienced brokers with big signing bonuses has been the preferred method of hiring at the major brokerages. Brokers loved it because the bonuses put hundreds of thousands of extra dollars...

Second-half outlook: Not as bad as you might think

June 20, 2017

With the Standard & Poor's 500 reaching record highs after an eight-year bull market, the Federal Reserve Bank raising interest rates and high stock valuations, strategists must be worried about the stock market, right? Not so much. Despite...

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...

Vanguard founder John Bogle still prefers U.S. stocks

June 12, 2017

While a chorus of market experts is telling investors to look outside of the U.S. for big returns, at least one loud voice is singing a very different tune — Vanguard Group founder John Bogle. The 88-year-old investor, who started the first...

Northrop Grumman settles fiduciary breach lawsuit with DC plan participants

June 12, 2017

Northrop Grumman and participants in two company 401(k) plans have agreed to a $16.75 million settlement over allegations that plan executives violated their fiduciary duties under ERISA. Participants sued two Northrop Grumman plans in September...

Morgan Stanley loses $628 million team to Merrill Lynch

June 9, 2017

A four-person adviser team that managed $628 million in assets at Merrill Lynch has left Morgan Stanley to join the Paramus, N.J., office of Merrill Lynch. Advisers Thomas Reichert, Paul Lotito, Eric Aiello and Lindsay Reichert operate as the...

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...

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...

Merrill Lynch loses $110 million duo to Raymond James

May 30, 2017

Sandy Martin and Kirsty Walker have left Merrill Lynch in Orlando, Fla., and joined the employee-broker unit of Raymond James. The two, who joined their associate Carol Battle who already moved to the firm, managed $110 million in client assets...

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...

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