UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.
Los Angeles-based PBC Private Wealth will use LPL’s strategic wealth services, a unit that supports breakaways.
The wealth management business saw $25 billion of inflows of net new fee-generating assets across all regions and also made $7 billion in net new loans to rich clients in the quarter.
The switch in the compensation model will arrive silently, via death from a thousand cuts.
The bank, with almost 260,000 employees, will start calling workers back to the office on Sept. 7, a process that will continue through October, according to an internal memo.
For the increasingly fee-based advisers at independent broker-dealers, the transition to the RIA model is likely to pick up speed in the years to come.
Wells Fargo & Co. is revamping its wealth management franchise and such changes often lead to a reduction of the number of financial advisers at large enterprises.
Merrill Lynch reported a 6% dip in adviser head count and said that 80,000 clients are now using its self-directed investing platform.
Orlando Garcia and Miguel Viyella join the firm's employee unit in Coral Gables, Florida.
The bank said it will no longer offer the product to customers as part of an effort to simply its offerings.
Two former reps say African Americans received less pay, support than others at the firm.
The investment bank was notified of the breach by a vendor that provides account maintenance for the stock plan business. The files did not contain passwords that could be used to access financial accounts, according to a company memo.
The Raleigh, North Carolina-based aggregator has grown to $60 billion under management and $600 billion under advisement, and claims "no end in sight."
Despite payout rates and branding that suggest higher levels of support, the top brokerage firms are not meeting adviser expectations, according to a recent survey of over 3,000 advisers.
Joseph Myer has formed Veritas Capital Management in Ashburn, Virginia, and is affiliating with LPL through Gladstone Wealth.
Steven Carlsen and Sathya Chey are forming a firm, Arise Private Wealth, in Rolling Hills Estates, California.
The bank hasn't set a date for returning to the office. Employees can start applying for hybrid work once local pandemic rules allow them to return full-time to the office.
Bill Wade and Reid Berry are opening an office in Brentwood, Tennessee.
The four advisers in Salt Lake City, who operate as Williams & Townsend Wealth Management Partners, are joining the firm's employee unit.
The firm said the goal is to help create a normal office environment, without a need for face masks and physical distancing.
