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3 days ago | 
advisorhub.com | Karmen Alexander |Mason Braswell
UBS Wealth Management USA has been ordered to pay a Boise, Idaho-based broker $1 million based on allegations of wrongful termination and age discrimination, according to a split decision finalized on Tuesday. Two out of three Financial Industry Regulatory Authority arbitrators found that Randy S.
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1 week ago | 
advisorhub.com | Karmen Alexander |Miriam Rozen
Alexandria, Virginia-based brokers Ryan Bortner and Ryan Sprowls left Wells Fargo’s Private Client Group in April after 18 years, but they did not go far. They leased space just one floor above their old office and also stayed with the same company. The duo, whose practice generates around $11.5 million in revenue from $2.6 billion in assets, followed a well-trod path to Wells Fargo Financial Network, the wirehouse’s independent brokerage channel.
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2 weeks ago | 
advisorhub.com | Miriam Rozen |Karmen Alexander
As it focuses on bringing in more productive advisors to its independent brokerage unit, Wells Fargo Advisors has modified the hurdle that practices at its Financial Network unit must meet in order to poach a broker from its private client group.
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2 weeks ago | 
advisorhub.com | Miriam Rozen |Karmen Alexander
Stifel Financial asked a federal court to toss a $133 million arbitration award issued against it in March. The St. Louis, Missouri-based independent broker-dealer argued one of the three all-public panelists was biased. Her prejudice was apparent from a ruling issued in another Financial Industry Regulatory Authority arbitration case with similar allegations against Stifel, involving its veteran Miami broker Chuck A. Roberts, and his structured note strategy, the company said.
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3 weeks ago | 
advisorhub.com | Karmen Alexander |Mason Braswell
The head of advisor recruiting and retention at UBS Wealth Management USA resigned on April 9 and is expected to sign with an Indianapolis-based registered investment advisor, according to two sources familiar with the move. David J. Larado, who started his career as a trainee at UBS 18 years ago, plans to join Sapient Capital following a notice period required by his wirehouse employment agreements, the sources said.
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1 month 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.
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1 month 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.
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1 month 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.
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1 month 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.
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1 month 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.
