'As we went through the quarter, we didn’t expect it to slow down as much,' CEO James Cracchiolo said in an earnings call. The company reported 10,047 financial advisers across its platform at the end of June, compared to 9,894 a year earlier.
Sales of such alternative investments are so strong, they have already surpassed last year's total of close to $27 billion, and are tracking to nearly double that amount by year end.
The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.
The Massachusetts Securities Division discovered the alleged illegal activities while investigating a complaint of exploitation of senior citizens.
UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.
For firms like Morgan Stanley and Raymond James, welcoming employees back to the office, after more than a year of remote work, will require flexibility and an open mind.
Wells Fargo & Co. is revamping its wealth management franchise and such changes often lead to a reduction of the number of financial advisers at large enterprises.
Bain Capital took a minority stake in Carson, one of the largest registered investment advisers in the country with more than $17 billion in assets.
The bank saw a net increase of 109 financial advisers in the five years from 2016 to 2020, according to InvestmentNews Research.
Gregg Johnson, the firm's executive vice president of recruiting and revenue acquisition, has been replaced by Kristen Kimmell from RBC Wealth Management.
