Miriam Rozen

New York

Senior Editor at AdvisorHub

Miriam Rozen

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Articles

Wells Fargo’s FiNet Has Lured More Than 1,300 Internal Transfers in Five Years

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.
Wells Fargo Tweaks Threshold for FiNet Practices Hiring From Its Employee Channel

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.
Stifel Asks Court to Toss $133 Million Arbitration Award

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.
Wells Fargo Recoups $515K From ‘Disgruntled’ Georgia Broker

2 weeks 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.
Finra to Re-Propose Raising Gift Limit Above $100

3 weeks ago | advisorhub.com | Miriam Rozen

The Financial Industry Regulatory Authority is “hoping to file” a new proposal “very soon” to expand the limits from the current $100 maximum that brokers can give to their clients per year. The regulator is also looking to put into writing a carve-out for brokers’ gifts to clients who are family friends, a senior Finra executive said on Thursday.
Finra Mulls Tweaking Eligibility Requirement for Remote Brokers, Supervisors

3 weeks ago | advisorhub.com | Miriam Rozen

The Financial Industry Regulatory Authority is “really open” to changing a key sticking point for firms in its residential supervisory location rule that took effect almost one year ago, one of the regulator’s lawyers told an audience during its annual conference in Washington, D.C. Specifically, Finra would consider modifying the requirement that brokers have one year of supervisory experience to have a home office that only needs to be inspected once every three years instead of annually,...
Morgan Stanley Ejects Broker on Billion-Dollar Houston Team Over Real Estate Deal

3 weeks ago | advisorhub.com | Miriam Rozen

Morgan Stanley has discharged a 17-year industry veteran whose $1-billion Houston team had risen to 37 this year on Forbes’ best-in-state rankings. The wirehouse in March cited “concerns” about Erich A. Canseco’s involvement in and benefit from a “private real estate transaction between two firm clients,” according to his BrokerCheck record.
LPL CEO Wines, Dines, Takes ‘Rain-Soaked Bike Rides’ to Woo Commonwealth Brokers

1 month ago | advisorhub.com | Miriam Rozen |Mason Braswell

LPL Financial Chief Executive Officer Richard C. Steinmeier adhered on Thursday evening to a rosy forecast that his company will retain 90% of Commonwealth Financial Network’s advisor roster when it finalizes its proposed $2.7 billion purchase of the company.
Morgan Stanley Beats SEC Cash Sweep Review But Still Faces State Inquiry

1 month ago | advisorhub.com | Miriam Rozen

The Securities and Exchange Commission has ended its probe of Morgan Stanley’s cash sweep practices in advisory accounts without recommending any punitive measures, according to a quarterly report the company filed on Friday. Morgan Stanley wrote in the filing that the SEC “informed the firm” on March 11 that it concluded its investigation and “did not intend to recommend an enforcement action.” The filing did not address why the SEC had ended its case.
Wells Fargo Advisors Defends Firing of White Ex-Manager in Reverse Discrimination Case

1 month ago | advisorhub.com | Miriam Rozen

Wells Fargo Advisors asked a federal court on Wednesday to toss a race and age discrimination and defamation lawsuit filed by a white 63-year-old former branch and complex manager in Indiana. Wells said it terminated Timothy Poppens in 2022 not because of alleged biases but because he “violated multiple company policies” and had not recruited any advisors in three years, according to filings in federal court in Indiana.