Results for "compensation and staffing"

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UBS hires advisers with $2 billion in client assets

July 12, 2019

UBS Global Wealth Management is continuing to selectively hire financial advisers, with brokers recently joining the firm in San Francisco and New York. In June, UBS hired Mariia Eroshin in San Francisco. She had most recently worked at Citigroup...

Former LPL broker with ties to ex-con charged with fraud

July 3, 2019

The Securities and Exchange Commission on Monday charged former LPL Financial broker Kerry L. Hoffman with fraudulently selling $3.3 million of unregistered securities with the help of a childhood friend who had previously been convicted of...

LPL snags $1.1 billion team from Raymond James

July 2, 2019

A team of retirement advisers in the Northwest with $1.1 billion of brokerage, advisory, and retirement plan assets has left Raymond James' independent broker-dealer network to work with LPL Financial. PacNorth Retirement Group of Spokane, Wash.,...

LPL Financial push for employee model attempt to tap into $11 trillion market

June 25, 2019

At a time when broker-dealers are increasingly trying to come up with business models for advisers who want to act as registered investment advisers, recent moves by LPL Financial left some wondering if the firm was taking a step back in time....

GPB paid B-Ds and reps steep commissions to sell troubled private placements

June 24, 2019

Broker-dealers and their reps who sold private placements for GPB Capital were paid tens of millions of dollars in commissions, but now must face clients whose investments have dropped in value dramatically. According to a GPB document sent...

Fidelity's National Financial raises more questions about GPB private placements

June 17, 2019

National Financial Services, the clearing and custody unit of Fidelity Investments, is telling broker-dealer clients they have 90 days to move private placements issued by beleaguered GPB Capital off its platform or work with the custodian as...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

Long-shot bid for Wells Fargo CEO job gains steam

June 12, 2019

More than two months into Wells Fargo & Co.'s broad search for its next leader, a pitch to keep its interim chief is gaining a bit of steam — thanks in part to the people who don't want the job. Several executives widely seen as attractive...

Morgan Stanley sees massive growth from giant teams of advisers

June 12, 2019

Morgan Stanley is betting that giant teams of advisers with up to $100 million in annual revenue will be a big driver of growth in the future. That will occur even as the firm sees its total head count of 15,700 financial advisers and brokers...

Advisor Group executives to hit the road this summer

June 5, 2019

Now that the sale of Advisor Group is in the bag, the management of the broker-dealer network will hit the road this summer, visiting to financial advisers in 20 cities to provide an update from CEO Jamie Price. Last month, Advisor Group said...

Greg Fleming, Rockefeller Capital spending big on recruits

May 21, 2019

Greg Fleming's Rockefeller Capital Management is making a splash in the market to recruit veteran wirehouse financial advisers, offering lucrative recruiting deals that could equal three times or more of advisers' annual production. Industry...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

Raising the bar on happiness at work

May 7, 2019

Recently, a brief article in the New York Times caught my eye: "A Deceptively Simple Way to Find More Happiness at Work" by Tim Herrera. We all want to be happier at work, right? Alas, there is a reason it is called work. We make a deal to be...

A new pay model: 300 advisers move, and the entire industry feels the shift

May 4, 2019

Bank of America's decision to move 300 Merrill Edge advisers into its Merrill Lynch Wealth Management branch offices last month didn't attract much attention. But 10 years from now, people might point to it as a watershed moment in the evolution...

Salary model exploited by rivals

May 4, 2019

The Big Four wirehouses control trillions of dollars of client assets and are not about to disappear anytime soon. But they have been losing individual and groups of advisers to competitors. According to InvestmentNews data, 235 individual advisers...

Focus on taxes, compensation turns into tech-industry niche

April 26, 2019

Rebecca Conner has found her niche in the financial planning space. Ms. Conner, founder of SeedSafe Financial in Seattle, is developing a bustling enterprise by blending her accounting background with her proximity to the tech industry and focusing...

For Merrill Lynch, emphasis on new clients and cross-selling paying off

April 16, 2019

Merrill Lynch's effort to motivate financial advisers to reel in new clients and cross-sell financial products from parent Bank of America is working, with the company reporting Tuesday that its wealth management advisers are on track for six...

RIA succession plan takes the long view

April 15, 2019

In a financial planning industry constantly chastised for not taking succession planning seriously enough, Michael Chasnoff might be considered an anomaly: He's 12 years into a 22-year succession plan. Mr. Chasnoff, founder and chief executive...

Headcount at Wells Fargo Advisors continues to slide

April 12, 2019

The two-and-a-half-year trend of brokers and financial advisers leaving Wells Fargo Advisors accelerated in the first quarter, although the company is saying internally and externally that it is starting the year with good results in recruiting...

Will Merrill Lynch plan to add fresh advisers to offices be a boon — or a bust?

April 10, 2019

Merrill Lynch's plan to seat up to 300 young advisers in branch offices with its most experienced and profitable financial advisers could be a boon to business, with referrals flying back and forth, or it could backfire and add unnecessary friction...

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