Wells Fargo's latest arrivals, including a seasoned veteran from UBS and Morgan Stanley, strengthen its presence in Ohio and New Jersey.
The giant broker-dealer network and Jim Nagengast, the former CEO of one of its biggest firms, are duking it out in public over compensation.
As other states curb non-competes, the East Coast growth hub could soon become the most employer-friendly jurisdiction in the US.
Last summer, the two, David Gentile and Jeff Schneider, were found guilty of fraud in federal court in Brooklyn and received their sentencing today.
Elsewhere, Raymond James adds two advisors from Edward Jones and LPL, forming an LGBTQ+ focused practice in New Hampshire.
Led by its CEO, LPL is engaging in what sounds like a charm offensive with some Commonwealth advisors.
Recruited assets, organic growth both powered ahead.
The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.
Elsewhere, Wells Fargo also recently announced several new hires from Cetera, Merrill Lynch, and JPMorgan.
The leadership changes are happening just as the firm forges a strategic partnership with AI notetaking leader Jump.
Fund flows - meaning sales of products - in March were “surprisingly resilient.”
The broker-dealer giant is adding best-in-class software to its tech stack amid increased demand for sophisticated planning solutions.
The independent B-D giant is burnishing its appeal to independent advisors with a new offer to take minority stakes in qualified practices.
Wall Street breakaways bolster Americana's reach in Houston as a 10-advisor ensemble in New Jersey make their move to LPL.
Also, Merill Lynch scores a billion-dollar recruitment win in New York with a sports-focused advisor defecting from UBS.
The new in-house talent sourcing service at Raymond James Financial Services seeks to help independent advisors fill gaps in various roles, ranging from associates to entry-level advisors.
Toward the end of last year, UBS said it was redrawing its pay plan for advisors, but "every time one of the big firms like UBS tinkers with the advisors' compensation, some of them say, that's it, that’s the last straw," recruiter Danny Sarch said.
"There's a big pull to alternative investments right now because of volatility of the stock market," Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Last week's layoffs totaled at least 130 Cetera employees, according to a senior industry executive.
The leadership changes coming in June, which also include wealth management and digital unit heads, come as the firm pushes to offer more comprehensive services.
