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Broker protocol: Indecision over recruiting agreement is rampant

February 24, 2018

When Morgan Stanley exited an industry agreement late last year that makes it easier for brokers and advisers to move to new firms, it upended 14 years of peace among the largest brokerages. Thousands of retail brokers and wealth management...

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

February 22, 2018

UBS Financial Services, which followed Morgan Stanley to become the second wirehouse to exit the broker protocol late last year, has stepped up restrictions on brokers who might want to leave the firm, and experts are speculating if other broker-dealers...

J.P. Morgan adds more than $8 billion in client assets in fourth quarter

February 22, 2018

J.P. Morgan Securities was the big winner when it came to recruiting financial advisers in the final quarter of 2017, adding client assets of almost $8.2 billion. The firm gained six individual advisers or teams while watching seven move to...

When to bring a new employee on board

February 1, 2018

When is it time to hire a new employee? This is a common question asked by advisers. Should you hire early to prevent a crisis or wait to see whether an existing employee can take on extra work? Are things so dire that a new employee — and...

DOL fiduciary rule responsible for drop in Stifel adviser headcount: CEO

January 30, 2018

Stifel Financial Corp.'s net loss in financial advisers last year was largely attributable to the Department of Labor fiduciary rule, which caused the firm's advisers to retire in greater-than-usual numbers, a company executive said Tuesday....

Independent broker-dealers are stepping up their game on recruiting from the wirehouses

January 27, 2018

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above...

Raymond James and Ameriprise saw strong recruiting in 2017, vow to stay in broker protocol

January 25, 2018

Coming off strong recruiting years, Raymond James Financial Inc. and Ameriprise Financial Inc. said Thursday they intend to stay in the protocol for broker recruiting. Raymond James had 7,537 advisers under its roof at the end of December, an...

As two wirehouses bail, RIAs flock to broker protocol

January 24, 2018

High-profile departures notwithstanding, broker protocol is not dead yet. In the wake of Morgan Stanley's surprising Halloween exit from the Protocol for Broker Recruiting agreement, there was widespread speculation of a domino effect as firms...

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

January 18, 2018

Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting. The number of brokers leaving in the fourth quarter was the most in any single quarter...

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018

Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill's parent company, Bank of America,...

Delay in fiduciary rule does not take any wealth managers off the hook

January 16, 2018

The DOL fiduciary rule implementation has been delayed. While consumer advocates applauded the new oversight, very few within the wealth management industry felt the regulation was anything but awkward and clunky. Fewer still believe that nonretirement...

Increasing the number of women advisers an uphill climb

January 12, 2018

Efforts to recruit and retain female financial advisers continue to be an uphill battle across the financial services industry. Despite near universal acknowledgment of the advantages of having more women working with clients, the hard data...

Citigroup is latest big firm to dump broker protocol

December 29, 2017

Another large brokerage has decided to exit the so-called protocol for broker recruiting, with Citigroup Global Markets confirming on Friday that it was leaving the agreement. "Similar to others in the industry, Citi has decided to exit the...

Northwest Bank moves $1.3 billion in assets from Cetera to LPL

December 19, 2017

Northwest Bank of Warren, Pa., whose securities operation has $1.3 billion of brokerage and advisory assets, has affiliated with LPL's broker-dealer and corporate registered investment advisory platforms. The bank had been affiliated with Cetera....

Team managing $700 million at J.P. Morgan moves to hybrid RIA

December 18, 2017

A four-broker team managing $700 million at J.P. Morgan Securities in White Plains, N.Y., has moved to Fieldpoint Private, a Greenwich, Conn.-based hybrid RIA/private bank serving high-net-worth investors and institutions. The team —William...

Broker managing $141 million at Stifel joins Ameriprise

December 18, 2017

Mark McGrath, who managed $141 million in assets at Stifel, Nicolaus & Co., has joined the employee channel of Ameriprise Financial in Timonium, Md. Mr. McGrath's started his securities career in 1992 at Morgan Stanley. He moved to Ryan Beck...

Morgan Stanley's aggressive move against former employee puts brokers on notice

December 14, 2017

Morgan Stanley's pursuit last week of a temporary restraining order against a New Jersey broker who resigned December 8 is a clear sign the firm will aggressively enforce one-year non-solicititation agreements in contracts with brokers, industry...

Team with $800M in assets leaves Wells Fargo FiNet for Raymond James

December 14, 2017

A four-adviser team in Sanford, N.C., managing $800 million has switched affiliations from Wells Fargo FiNet to the independent channel of Raymond James. Operating as the Normann Financial Group (NFG), the eight-person team held about $750 million...

LPL retains $1.6B Zuk Financial Group

December 12, 2017

Zuk Financial Group, a Lake Forest, Calif.-based hybrid that oversaw $1.6 billion in client assets while affiliated with National Planning Corp., has decided to remain with that firm's new owner, LPL Financial. LPL bought the assets of NPC's...

UBS loses $327 million adviser to Alex. Brown ​

December 12, 2017

James D. Sheehan, who managed $327 million at UBS in New York, has joined the Alex. Brown division of Raymond James in the firm's Park Avenue office. Mr. Sheehan began his financial services career in 1997 with Merrill Lynch and joined UBS in...

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