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1 week 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 week 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.
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1 week ago | 
advisorhub.com | Miriam Rozen |Karmen Alexander
Wells Fargo’s Wealth and Investment Management division posted rising revenue and profit in the first three months of the year, but executives warned on the company’s earnings call that that uncertainty looms.
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2 weeks ago | 
advisorhub.com | Karmen Alexander |Mason Braswell
&Partners, a hybrid brokerage and advisory firm launched 18 months ago, has reached almost $30 billion in client assets as its founders—mostly former Wells Fargo Advisors executives—are betting big on a quasi-independent model and equity-laden offers. &Partners has recruited at least 81 teams who generated around $242 million in combined revenue, David Kowach, founding partner and chief executive officer, said in an interview.
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3 weeks ago | 
advisorhub.com | Miriam Rozen |Karmen Alexander |Mason Braswell
Trading and client account access systems at LPL Financial, the nation’s largest independent broker-dealer, were suffering from outages for hours on Thursday, according to two advisors at the firm. The outage, which continued for some into the afternoon and affected the firm’s Clientworks system, snarled brokers seeking to place buy and sell orders as stock prices worldwide plunged following the Trump administration’s unveiling of its tariff plan Wednesday evening.
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4 weeks ago | 
advisorhub.com | Mason Braswell |Karmen Alexander
Rising stock markets and asset-based fees boosted the fortunes of top producers at UBS Wealth Management USA as the firm minted one of its largest classes of managing directors. UBS earlier this month promoted 122 brokers to managing director–wealth management, according to a LinkedIn post from U.S. Wealth Head Michael Camacho.
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1 month ago | 
advisorhub.com | Karmen Alexander |Mason Braswell
Stifel Financial lost its raiding and breach-of-contract claim against a large Indianapolis-based team and was instead ordered to pay more than $7 million to cover the advisors’ legal tab, according to an arbitration award finalized on Friday. The St. Louis-based firm had claimed the team had “spent months planning and orchestrating” a raid of its Indianapolis branch office and then solicited their clients to their registered investment advisor, Sapient Capital, in early 2023.
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1 month ago | 
advisorhub.com | Karmen Alexander |Mason Braswell |Miriam Rozen
Stifel Financial’s retail broker-dealer was ordered to pay almost $133 million in an arbitration tied to an embattled Miami broker’s structured note strategy, according to an arbitration award finalized on Wednesday. The award, which has not yet been published by the Financial Industry Regulatory Authority but was viewed by AdvisorHub, included nearly $80 million in punitive damages in addition to more than $26.5 million in compensatory damages and $26.5 million in lawyers’ fees.
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1 month ago | 
advisorhub.com | Miriam Rozen |Mason Braswell |Karmen Alexander
UBS Wealth Management USA and one of its top brokers in Wisconsin were ordered to pay over $95 million combined over an unsuitable recommendation to short the stock of electric car company Tesla Inc., according to an arbitration award finalized on Friday. UBS was held liable for $92.2 million, including $69 million in punitive damages. Andrew Burish, who leads a team managing $6.2 billion in customer assets in Madison, was held individually liable for almost $3.1 million.
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Jan 22, 2025 | 
advisorhub.com | Karmen Alexander |Mason Braswell
Evercore Wealth Management has hired a veteran broker recruiting executive to run its San Francisco office and bolster its hiring efforts nationwide, according to an announcement on Wednesday. Jonathan Kropf, a former First Republic recruiting chief who had most recently overseen hiring at advisory firm IEQ Capital, joined Evercore on Tuesday.
