Rush “Rusty” Benton, who founded WealthTrust LLC in 1997 to buy majority stakes in independent wealth management firms, is stepping down as chief executive officer of the company and will assume the new role of chairman, he said Thursday.
The four largest retail-brokerage firms made changes in their New York area branches last week.
Two branch complex managers from the Smith Barney side of the Morgan Stanley Smith Barney retail-brokerage venture began new jobs at competitors last week.
Businesses that specialize in consolidating independent-advisory firms — particularly, consolidators known as roll-ups — are under strain, according to participants in the ventures, investment bankers and consultants.
Charles G. Goldman, who lost his position as head of Charles Schwab & Co.'s industry-leading business for independent investment advisers 18 months ago, has sued the company in federal court for more than $736,000 in severance pay and related benefits.
The Securities and Exchange Commission hasn't contacted Citigroup Inc. or Morgan Stanley about their sales of collateralized debt obligations or other securitized vehicles in the wake of its charges that The Goldman Sachs Group Inc. engaged in fraud in the sale of such securities, according to executives at the two firms.
Charles Goldman, who one year ago joined Fidelity Investments to run its RIA custody, correspondent clearing and family office businesses, is leaving the firm.
UBS Wealth Management Americas, the profit-starved U.S. retail-brokerage unit of UBS AG, will rebuild its reputation and revenue by marketing the advisory strength of its brokers and minting better products for wealthy investors, its new chief executive told brokers last week in outlining his strategy for the firm.
The U.S. retail brokerage aims to rebuild its reputation and revenue by marketing the advisory strength of its brokers and minting better products for wealthy investors, its new chief executive says
Regional brokerage firms and some independent investment advisers have been making hay hiring hundreds of discontented wirehouse brokers.
