Meanwhile, Bank of America and Osaic lead firms with largest net declines, according to Wolfe Research.
The broker-dealer giant is positioning new ‘Rai’ chat agent at the center of its internal AI stack as regulators probe how far autonomous tools should go.
Also, a pair of multigenerational advisor teams from UBS have defected in quick succession, moving to RBC and Raymond James.
Clients have claimed Jim Walesa sold unsuitable investments in businesses he also owned and managed.
A new report finds 22.5% of Commonwealth’s advisors left after its sale to LPL Financial, raising questions about whether the firm’s touted 90% retention target refers to advisor headcount or assets.
Investors who made the claim against Triad - and lost - were seeking as much as $34 million in damages.
Also, a veteran from Edelman has decamped to Baird, while UBS scoops an experienced Morgan Stanley advisor in the Pacific Northwest.
The industry regulator has sanctioned three broker-dealers in the Cetera network for weak controls around low-priced securities and customer reporting.
Also, Wells Fargo's recruitment rolls on with a billion-dollar-plus group from Commonwealth while LPL adds an Ameriprise team in Houston.
New data show LPL, Edward Jones, and other national players leading amid a surge in credential holders, with more women and diverse advisors entering the field.
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A number of financial advice firms over the past several years have reported similar data breaches.
Meanwhile, Wells Fargo snags another rival wirehouse team in Atlanta, while another longtime LPL advisor joins other seceders to Cetera.
The liquidity increase at the nontraded Blue Owl Technology Income Corp. comes as some advisors and clients are bailing from BDCs.
New hire brings mix of client experience, digital and consulting chops as the independent broker-dealer behemoth leans into scale, growth, and M&A.
Also, LPL has scooped a second-generation high-net-worth practice from Osaic, while Ameriprise welcomes a father-son team from Edward Jones to its financial institutions group.
LPL Financial's Jared Fingeret sees a gap in the market for smaller advisors seeking minority investments and capital for growth, and the firm is positioning to fill it.
Also, a Rhode Island-based UBS team hops to another wirehouse, and another LPL veteran has defected to Cetera in Connecticut.
Declining distribution rates at some BDCs didn’t help either.
The veteran executive who helped oversee Cetera’s multicustodial buildout and deal-driven expansion will step aside after a yearlong succession process.
