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As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Wells Fargo erasing hurdles for advisers looking to move to its IBD

January 24, 2018

The independent contractor arm of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, or FiNet, intends to make it easier this year for brokers who are employees to jump to another side of the business and work as independent reps...

Morgan Stanley seeks to clarify Harold Ford Jr.'s termination

January 22, 2018

Morgan Stanley, seeking to clarify circumstances surrounding the departure last month of former Congressman Harold Ford Jr., said Monday his separation was based on violations of corporate policy. "The press has reported that Mr. Ford was terminated...

UBS adviser count continues to decline

January 22, 2018

With the recent overhaul of its wealth management business taking shape, UBS Wealth Management Americas continued to see a decline in its overall number of advisers, reporting on Monday morning a net decrease of 203 in 2017, or 2.9%. Meanwhile,...

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

January 18, 2018

Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting. The number of brokers leaving in the fourth quarter was the most in any single quarter...

Morgan Stanley's wealth management fees climb to all-time high

January 18, 2018

Record stock markets have been good to Morgan Stanley. The firm's wealth management fees climbed to a record in the fourth quarter as the S&P 500 Index reached an all-time high. The company beat its target cost ratio for the year and posted...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

Finra bars former Morgan Stanley rep over hearing no-show

January 16, 2018

The Financial Industry Regulatory Authority has barred former Morgan Stanley broker Guillermo Valladolid for failure to appear at a hearing looking into charges that he sold investments away from his employer and engaged in undisclosed outside...

Rising star at Merrill in New York lands at JP Morgan Chase

January 16, 2018

Racquel Oden, who abruptly bolted Merrill Lynch last month as the manager of its flagship 5th Avenue branch in Manhattan, is landing at JP Morgan Chase, where in March she will become divisional director of the northeast. According to an internal...

Adviser moves to expect in 2018

January 11, 2018

Citigroup recently announced that it will be following Morgan Stanley and UBS' lead in exiting the broker protocol. While it's not a big player in the recruiting wars among wirehouse firms, this move signifies a further trend toward the potential...

Wirehouses turn away from bitcoin

January 4, 2018

Wall Street's wirehouses are turning up their noses at bitcoin. None of the four — Merrill Lynch, Morgan Stanley, UBS Wealth Management Americas and Wells Fargo Advisors — are giving their wealth management and retail advisers access to...

TD Ameritrade report says brokerage industry driving reps out the door

December 18, 2017

The breakaway broker trend is real and only getting more so, according to the latest research from TD Ameritrade Institutional, which Monday morning released its 2017 Breakaway to Independence Survey. "There is an undercurrent of discontent...

Broker-dealer asset growth outpaces rival channels, Cerulli says

December 15, 2017

It's been a good year for broker-dealers, compared with rival channels. The latest data from research and consulting firm Cerulli Associates found that national and regional B-Ds grew assets at a rate of 9.1% year-over-year, faster than all...

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...

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...

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...

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...

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...

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