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Morgan Stanley's aggressive move against former employee puts brokers on notice

December 14, 2017

Morgan Stanley's pursuit last week of a temporary restraining order against a New Jersey broker who resigned December 8 is a clear sign the firm will aggressively enforce one-year non-solicititation agreements in contracts with brokers, industry...

UBS replaces wealth management chief

December 14, 2017

Juerg Zeltner, the head of UBS Group AG's $1.3 trillion wealth-management unit, is stepping down in January and will be replaced by Switzerland chief and former Commerzbank AG head Martin Blessing. The move is the second high-profile private...

Finra bars former MML broker for refusing on-record testimony

December 14, 2017

The Financial Industry Regulatory Authority has barred Brian Michael Travers, a former Long Island, N.Y.-based broker with MML Investors Services, for refusing to appear for on-the-record testimony in connection with a Finra investigation. In...

UBS team managing $440 million moves to Raymond James

December 14, 2017

A team with three advisers and two associates managing $440 million at UBS has joined the employee channel of Raymond James Financial in Winter Park, Fla. Michael Zizmer, one of the lead advisers on the team, began his financial services career...

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...

Finra bars former Next rep over incomplete information

December 13, 2017

The Financial Industry Regulatory Authority Inc. has barred former Next Financial broker JoeAnn Walker for not producing the complete documentation it had requested in connection with an inquiry. Ms. Walker was terminated by Next Financial in...

Morgan Stanley wins restraining order, but former broker can contact clients

December 13, 2017

A federal judge in New Jersey on Wednesday afternoon issued a temporary restraining order against a former Morgan Stanley broker who left the firm last week and moved to Commonwealth Financial Network but left the door wide open for the broker...

Finra fines three former Cetera firms over sales

December 11, 2017

The Financial Industry Regulatory Authority has censured three former units of Cetera—Investors Capital Corp., J.P. Turner & Co. and VSR Financial Services—for selling Class A shares with a front-end load, or Class B or Class C shares to...

Morgan Stanley will boost savings with broker-protocol exit, UBS analysts say

December 8, 2017

Morgan Stanley's decision to exit the broker protocol for recruiting at the end of October will result in savings on recruiting and boost the bank's bottom line, according to a report from analysts at UBS Securities, a competitor that has also...

Barred Florida broker goes on to sell millions in defunct Woodbridge loans

December 8, 2017

A Florida broker who was barred from the securities industry for selling high-risk collateralized mortgage obligations in the run up to the credit crisis has since sold millions of dollars worth of commercial mortgage loans issued by the Woodbridge...

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...

LPL retains $4.3 billion at The Planners Network

December 7, 2017

The more than 75 advisers who constitute The Planners Network—and manage, administer or advise on more than $4.3 billion in assets—have individually decided to stay with LPL Financial. Most of TPN's advisers operate as single-person or small...

Hybrid firm managing $900 million switches affiliation to Triad Advisors

December 7, 2017

Continuum Advisory, an independent hybrid firm managing approximately $900 million in total advisory and brokerage client assets, has ended its affiliation with Signator Investors and affiliated with Triad Advisors. Based in Pleasanton, Calif.,...

Stripped of fat commissions, nontraded REIT sales tank

December 7, 2017

The Department of Labor's fiduciary standard, and new securities industry account statement rules for greater clarity in the prices of products, have forced nontraded real estate investment trusts to slice their commissions. Since then, sales...

Morgan Stanley fires former Congressman Harold Ford for misconduct

December 7, 2017

Morgan Stanley fired former Congressman Harold Ford Jr. after conducting an investigation into harassment, making him the most prominent Wall Street figure to lose his job after an accusation of misconduct. He denies the claims. "He has been...

Finra: Firms begin to heed cybersecurity, but have much to do

December 7, 2017

Adviser awareness about cybersecurity has increased substantially over the past two years, and most firms have either established or are in the process of establishing written policies and procedures for protecting investor information, the...

Broker protocol is good for firms and clients, study finds

December 6, 2017

Brokerage firms that have already exited the broker-protocol agreement, or are considering an exit, might be missing the bigger picture, according to research by two finance professors at the University of Kentucky. Presenting Tuesday in Miami...

SEC charges two former brokers with churning

December 6, 2017

The Securities and Exchange Commission has charged two former brokers—Zachary S. Berkey of Centereach, N.Y., and Daniel T. Fischer of Greenwich, Conn.—with churning the accounts of 10 clients at Four Points Capital Partners, a New York-based...

Wentworth buys Purshe Kaplan Sterling

December 5, 2017

Independent broker-dealer mergers and acquisitions continue to heat up as a buyer of wealth management businesses, Wentworth Management Services, said on Tuesday afternoon it acquired Purshe Kaplan Sterling Investments, a boutique firm that...

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