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Team with $800M in assets leaves Wells Fargo FiNet for Raymond James

December 14, 2017

A four-adviser team in Sanford, N.C., managing $800 million has switched affiliations from Wells Fargo FiNet to the independent channel of Raymond James. Operating as the Normann Financial Group (NFG), the eight-person team held about $750 million...

Three big effects of the shifting broker protocol

December 13, 2017

About a month ago, Morgan Stanley announced it was leaving the protocol. A few weeks later, UBS followed suit. The protocol is the mutual agreement that lays the ground rules for advisers to leave their existing brokerage firm and take specified...

Raymond James, Stifel pick up wirehouse advisers

December 11, 2017

Morgan Stanley loses $145 million rep to Raymond James in Chicago Mr. Dow began his financial services career with Smith Barney in 1997 and remained with its successor firms until joining Raymond James. He joined with his associate, Laura Sanchez....

Finra bars two former Wells Fargo reps over unsuitable energy securities

December 11, 2017

The Financial Industry Regulatory Authority has barred former Wells Fargo reps Charles Frieda and Charles Lynch for recommending an over-concentration in energy-sector securities, some of which were speculative, resulting in significant customer...

Largest fee-only RIAs by region, based on assets under management

December 9, 2017

Northeastern success stories Rank Firm Phone/website Total assets ($M) Total accounts Discretionary assets ($M) Discretionary accounts Nondiscretionary assets ($M) Nondiscretionary accounts Employees 1 Silvercrest Asset Management Group (212)...

Finra report hints at trouble with L-share variable annuities

December 8, 2017

Variable annuities sold in an L share continue to turn up as products plaguing broker-dealers and their compliance departments. Finra, in a recent report detailing its examination findings, called out "multi-share class and complex products"...

Raymond James gets Merrill Lynch, Morgan Stanley advisers managing $560 million

December 8, 2017

An adviser who managed $230 million at Merrill Lynch on Long Island and three advisers who managed $330 at Morgan Stanley offices in Westchester and Long Island have joined offices of the employee unit of Raymond James in the New York suburbs....

As firms pull out of protocol agreement, wirehouse brokers show more interest in breaking away: execs

December 8, 2017

As the broker protocol recruiting agreement increasingly becomes endangered, more wirehouse brokers are making inquiries about becoming independent advisers, according to industry executives with knowledge of such activity. Firms such as Dynasty...

Wells Fargo adviser jumps to Kingsview

December 5, 2017

Peter Hiltz, who managed $160 million in assets at Wells Fargo Advisors in Cincinnati, has joined Kingsview Asset Management and will open the firm's first office there. Kingsview is a registered investment adviser headquartered in Grants Pass,...

Wells Fargo adviser managing $219 million joins Ameriprise

December 4, 2017

Michael Huffman, who managed $219 million in assets in the Mesa, Ariz., office of Wells Fargo Advisors, has joined the employee channel of Ameriprise Financial. Mr. Huffman began his securities career at Kober Financial in 1991 and spent time...

Morgan Stanley creates its own robo-adviser

December 4, 2017

Morgan Stanley is trying to get down with the kids. The banking and wealth management powerhouse is starting a new digital investment platform for clients with as little as $5,000 to invest, according to a statement from the company on Monday....

BlackRock, Vanguard on track to manage $20 trillion within a decade

December 4, 2017

Imagine a world in which two asset managers call the shots, in which their wealth exceeds current U.S. GDP and where almost every hedge fund, government and retiree is a customer. It's closer than you think. BlackRock Inc. and Vanguard Group...

Four-person hybrid group leaves SII for Commonwealth

December 1, 2017

Midwest Financial Group, a four-adviser hybrid group that managed $186 million through SII Investments, has affiliated with Commonwealth Financial Network. The advisers — Mark Miehe, Matt Cuplin, Brandon Masbruch and Tony Pochowski — along...

Wells Fargo 2018 pay grid changes deferred comp

December 1, 2017

Wells Fargo Advisor's 2018 compensation plan keeps intact its current payout rates, but tweaks its deferred compensation awards and adds a layer to deferred compensation for advisers who do business with a higher percentage of households with...

Wells Fargo team managing $1B in Anchorage, Alaska moves to Baird

November 30, 2017

Three veteran advisers — Margaret R. Price, Sarah K. Springer and Grant F. Shearer — who managed $1 billion in assets at Wells Fargo Advisors in Anchorage, Alaska, have joined Baird. After starting her career at Foster & Marshall in 1983...

Merrill likely next big firm to dump broker recruiting protocol

November 29, 2017

Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill's Thundering Herd too much leeway to take off for greener pastures....

Wells Fargo team jumps to Raymond James

November 27, 2017

A three-adviser team formerly with Wells Fargo Advisors in Brentwood, Tenn., has formed the Williams Hunter Wealth Group and affiliated with the independent unit of Raymond James, according to a press release. The registered representatives...

UBS broker-protocol exit shows independent channel is bleeding wirehouses of advisers

November 27, 2017

UBS Wealth Management America's decision to leave an industry agreement known as the protocol for broker recruiting is a clear indication that the large wirehouse firms are losing more brokers through attrition than they are gaining from recruiting,...

Smart money says temper expectations of stock returns

November 25, 2017

The stock market​ has been generous to investors during the past eight years of almost uninterrupted gains, and some experts are saying it's time to be cautious. Some prominent investors are warning that the next few years are unlikely to...

401(k) plan sponsors are taking RFPs more seriously — advisers should, too

November 22, 2017

For retirement plan sponsors, conducting requests for proposal is a necessary fiduciary practice. The process allows sponsors to solicit bids for various plan services, including those provided by plan advisers. Sponsors are taking the RFP process...

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