Miriam Rozen

3 weeks ago | advisorhub.com | Miriam Rozen

A father-son team who left Morgan Stanley for RBC Wealth Management-U.S. in New Jersey five years ago has sued the wirehouse claiming it unlawfully withheld $2.7 million in deferred compensation. Arthur Martin and his son Wade, 50- and 37-year industry veterans, respectively, raised arguments that have been brought in a separate court case and dozens of arbitrations.

1 month 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.

1 month 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.

1 month 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.

1 month ago | advisorhub.com | Miriam Rozen

Brokers often gripe about various big-firm policies or bureaucracy, but a ruling on Friday signaled that they will likely need a stronger argument to prevail in clawback cases. A broker in Georgia was ordered to repay Wells Fargo Advisors $515,000 tied to the unvested balance of a growth award that he had earned in 2016 and that wirehouse said became due when he jumped to a competitor.