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FBT Investments loses $240 million team to Raymond James

September 18, 2017

A four-rep team managing $240 million in assets at FBT Investments in New Orleans has joined the employee unit of Raymond James. The four team members — Leonard Alsfeld, Leo Barros, Chris McLaughlin and Jannie Markey — will operate as AGESS...

Ameriprise nabs brokers from Morgan Stanley, Wells Fargo

September 7, 2017

Brokers who managed a total of $391 million have left Morgan Stanley and Wells Fargo to join the employee unit of Ameriprise. Alan Blender, who managed $198 million in assets at Morgan Stanley, joined Ameriprise in Fort Lauderdale, Fla. He began...

Two Wells Fargo teams managing $345 million decamp for Raymond James

September 5, 2017

Two broker teams that managed $345 million in assets at Wells Fargo Advisors in Baton Rouge, La., have joined the employee unit of Raymond James. W. Bowen McRae Jr. managed almost $200 million with his associate Shirley Cook. Roger Sullivan...

LPL putting pressure on affiliates to recruit advisers to its corporate RIA

September 1, 2017

LPL Financial, the nation's largest independent broker dealer, is instituting new policies to make sure more new advisers joining the firm will use its corporate registered investment adviser. In a memo sent to LPL advisers this week, Andy Kalbaugh,...

SunTrust rep managing $260 million goes indie

August 21, 2017

Andrew Hill, an adviser whose team managed $260 million in assets at SunTrust Investment Services, has launched a hybrid firm and has affiliated with HighTower. Mr. Hill's firm, Hill Wealth Management, is based in Alpharetta, Ga. Mr. Hill has...

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

August 16, 2017

It's been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets...

Morgan Stanley loses $390 million team to Baltimore-area hybrid

August 7, 2017

A two-adviser team managing $390 million in assets at Morgan Stanley has joined Harbor Investment Advisory, a hybrid firm based in Lutherville, Md. The team, which consists of advisers Paul M. Fox and Jennifer L. Winslow, and associates Patrick...

LPL Financial benefits from flight of Wells Fargo advisers

July 31, 2017

As Wells Fargo & Co. deals with yet more scandals that are hurting its reputation, LPL Financial has been welcoming its brokers looking for a fresh start. LPL, the nation's largest independent broker-dealer, reported Monday that 15 or the 72...

Raymond James looks to replicate recruiting success on West Coast

July 28, 2017

Go West, young adviser. That was the message of Paul Reilly, CEO of Raymond James Financial Inc., during Thursday morning's earnings call with analysts. An analyst asked Mr. Reilly about the company's recent success in recruiting in the Northeast...

LPL's head count drops by almost 100 advisers in 2Q

July 28, 2017

LPL Financial, a recruiting powerhouse, said today it lost nearly 100 advisers since the end of March, reducing its head count of brokers and advisers to 14,256. That's down 98 from the end of the first quarter but an increase of 63 over the...

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...

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...

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...

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...

Billion-dollar Goldman Sachs adviser team moves to Dynasty

June 6, 2017

A two-person team who managed $1 billion in assets at Goldman Sachs Private Wealth Management in West Palm Beach, Fla., have left the firm to form their own RIA. David Darby and Melissa Gray have formed DG Wealth Partners, which has affiliated...

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...

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...

Wells Fargo will ramp up spending to lure brokers

May 25, 2017

Hurt by the fallout from its parent bank's fictitious account-creation revelations, Wells Fargo Advisors is using the surest tool it can to attract big producers to its ranks: cash. The wirehouse is sweetening its signing bonuses for veteran...

A Wells Fargo $180 million team starts an RIA

May 24, 2017

A three-person team managing $180 million in client assets at Wells Fargo Advisors in Orange, Calif., has broken away and formed a registered investment advisory firm. The firm, Guardian Financial Partners, is headed by Patrick C. Guinet and...

Morgan Stanley joins competitors in cutting back on recruiting

May 23, 2017

In a significant break from Wall Street tradition, Morgan Stanley is joining its competitors in reducing its reliance on recruiting experienced advisers. In an internal memo viewed by InvestmentNews, Morgan Stanley on Tuesday outlined the changes...

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