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As wealth management firms try to hold onto assets, they don't always get what they pay for

August 14, 2019

The average adviser in the wealth management industry is over 50 years old. A significant percentage of the best performers are over 60. What does this mean for the industry over the next 10 years? If you talk with the top wirehouse advisers...

The fight over who owns the client comes to RIAs

August 13, 2019

The persistent war between who controls clients and their assets is typically fought between wirehouses and their advisers. And that fight can get ugly, with these major brokerage firms taking advisers to court when the advisers leave one firm...

UBS loses 248 advisers in the Americas over past year

July 23, 2019

UBS on Tuesday reported a year-over-year decline of 248 financial advisers, or 3.6% of the global bank's financial adviser workforce in the Americas, as of the end of the second quarter. The Swiss bank reported 6,689 financial advisers at the...

Wells Fargo duo managing $350 million goes indie with Raymond James

July 16, 2019

An adviser team managing $350 million at Wells Fargo Advisors in Pasadena, Calif., has gone independent. Advisers Austin Heberger and Gavin Lee have set up Arroyo Capital Partners, which has affiliated with Raymond James. They brought with them...

Wells Fargo Advisors slows down outflow of advisers

July 16, 2019

After almost three years of bleeding brokers, Wells Fargo Advisors appears to have stanched the flow of advisers leaving the firm. Its parent bank, Wells Fargo & Co. has struggled with myriad problems and scandals since September 2016, resulting...

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...

A higher standard of client care

July 8, 2019

The financial services profession is about more than just numbers. It's about helping people navigate life's complexities. Financial advisers serve an important role as their clients prepare for milestones. So it's no surprise that the client-adviser...

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.,...

Hire new college grads, and help plan for the future of your firm

June 11, 2019

Do you have a plan for the future of your firm? Mentoring new college grads is a great answer. Each year, our colleges and universities produce over 2.5 million graduates. Most, obviously, aren't ever hired by investment advisers and financial...

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...

Wirehouses are losing the war for client assets

May 8, 2019

As a headhunter, I tend to define the war for assets in the wealth management industry in terms of where advisers leave and where they go. And the industry follows that very closely, too, since it is interesting and newsworthy when large teams...

LPL's recruiting starts the year where it left off in 2018

May 3, 2019

LPL Financial in the first quarter picked up where it left off in 2018, reporting after the market close Thursday that it added $7.1 billion in recruited asssets in the first three months of the year. That's more than one quarter of LPL's total...

Raymond James adds advisers in first quarter, but warns of possible slowdown

April 25, 2019

Raymond James Financial Inc. continues to attract advisers to its various private client group channels, reporting a net gain of 47, or less than 1%, in the first quarter and 258, or 3.4%, in the past 12 months. The firm has 7,862 advisers....

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...

Finra guidance could help departing reps hang onto clients

April 11, 2019

Brokers leaving firms could more easily hang on to their clients and avoid being disparaged by their former employers under recent Finra guidance. The Financial Industry Regulatory Authority Inc. issued a regulatory notice last week that told...

Hiring young advisers: You can't start too early

April 8, 2019

The talent shortage is one of the biggest challenges our industry is currently facing, so it's no surprise that finding and recruiting the right talent were top of mind for attendees at TD Ameritrade Institutional's annual adviser conference,...

Best Places to Work for Financial Advisers: The research and the data

April 1, 2019

As InvestmentNews celebrates its second class of Best Places to Work for Financial Advisers, we'd like to use the opportunity to shed some light on the practices that play the biggest role in setting the Best Places apart from the competition...

Regional firms provide an alternative to wirehouses

March 27, 2019

"Independence is not for everyone." So said my friend, a senior brokerage firm executive, after reading my last column on corporate culture. And, of course, he is right. While going independent with a registered investment adviser or an independent...

When it comes to diversity and inclusion, strategies are better than intentions

March 16, 2019

As the investment management and financial advisory industry seeks to attract and retain a more diverse mix of talent, a consensus has emerged on the importance of early engagement, pipeline building, mentoring and development of contemporary...

LPL's record recruiting year came with a cost — signing bonuses skyrocketed in 2018

March 15, 2019

LPL Financial last month reported a record amount of assets recruited to its platform last year. In a recent filing with the Securities and Exchange Commission, the firm revealed that those assets came with a cost — recruiting bonuses on its...

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