Karmen Alexander

3 weeks ago | advisorhub.com | Karmen Alexander |Miriam Rozen

Ameriprise Financial no longer breaks out advisor headcount and retention rates, aligning it with an industry trend initiated several years ago by large wirehouse firms and adopted this year by Raymond James & Associates. Ameriprise Chairman and Chief Executive James Cracchiolo said while discussing the firm’s second quarter earnings on Thursday that it had opted to cease reporting headcount to match rival firms and because doing so would be “easier” for the firm.

3 weeks ago | advisorhub.com | Miriam Rozen |Karmen Alexander

Raymond James Financial executives expect both stock market volatility and impending industry mergers to help them woo more advisors in the coming months. “One of our best recruiting years in history was during the financial crisis when advisors were looking for a source of strength and stability,” Chief Executive Paul Shoukry told analysts on Wednesday while reporting the firm’s second quarter earnings.

3 weeks ago | advisorhub.com | Mason Braswell |Karmen Alexander

Stifel Financial’s Global Wealth Management earnings fell by almost 57% in the first three months of the year as legal costs soared following a large arbitration ruling. Stifel’s wealth profit fell to $126 million from $291 million in the year-ago quarter, the company reported on Wednesday. The firm said it set aside $180 million in the quarter tied to a single arbitration ruling and reserves for pending related arbitration claims.

4 weeks ago | advisorhub.com | Karmen Alexander |Mason Braswell

Amid a frenzied week of moves, Merrill Lynch has lost a $2 billion-asset team going to Morgan Stanley and another two teams managing $1.5 billion combined who moved to Rockefeller Capital Management but gained a team that managed $1.9 billion at Raymond James. The moves extend Merrill’s losses for the week after two teams managing $2.9 billion combined joined Stifel Financial on Wednesday.

4 weeks ago | advisorhub.com | Karmen Alexander |Mason Braswell

A former First Republic team co-led by an advisor who was discharged over a remark he made to a manager in a moment of frustration has found a new home at Citizens Financial Group’s fast-growing wealth management division. Citizens Private Wealth Management on Wednesday hired Kieran J. Lynch, a 33-year industry veteran about whom the accusations were made, as well as Jack Inserra and Craig Kaufman.