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Operating as usual
Is trouble brewing on the horizon?
#investing #economy #NASDAQ
The Nasdaq Composite notched its worst month in nearly two years after the Federal Reserve’s aggressive hike signals roiled high-flying technology stocks.
Ooof!
#merrilllynch #wealthmanagement #advisory
A now-former Merrill Lynch broker in Stamford, Connecticut was arrested on Saturday after he went on a threatening and biased rant against a group of young employees at a local smoothie shop, according to police reports and a video of the incident uploaded to social media.
The sales force of Merrill brokers, private bankers and Merrill Edge advisors will stabilize as a new training program kicks in, according to the BofA CEO. http://ow.ly/l48u50Hz60n
The sales force of Merrill brokers, private bankers and Merrill Edge advisors will stabilize as a new training program kicks in, according to the BofA CEO.
J.P. Morgan Targets Another Defecting Bank-Based Advisor with TRO
http://ow.ly/qFEv50Htcct
The advisor joined an RIA founded by another ex-Chase advisor that has lured at least two others from the same bank branch
Welcome to 2022, a year of continued change and transition, where trends are merging and melding into what we can fairly start to call the new advisor paradigm. Read Sirianni’s 2022 Predictions: The Year of The Great Entrepreneur Revival. http://ow.ly/5wOP50HsnpN
By the end of the year, more than 500 million people worldwide will own bitcoin.
Ric Edelman, founder of mega-RIA Edelman Financial Engines, has been one of the industry’s most outspoken advocates for exponential technology. Now, he has released 22 predictions for 2022.
Ex-UBS Wealth Boss McCann Backs Former Colleagues at NewEdge
http://ow.ly/G9su50HsgkK
Looking to Trim $500-Mln Book, Merrill Vet Jumps to Morgan Stanley in Palo Alto
http://ow.ly/AMFF50Hs4Ik
Another 22% faced a reduction in pay for not meeting household and asset targets while 18% remained neutral, a company spokesman confirmed.
http://ow.ly/UEwH50HpQqG
Another 22% faced a reduction in pay for not meeting household and asset targets while 18% remained neutral, a company spokesman confirmed.
UBS Group AG was sued by a couple who said the Swiss bank should not have disclosed the wife’s account information to the Internal Revenue Service because she was not a U.S. citizen.
http://ow.ly/p6Q450Hl76o
UBS Group AG was sued by a couple who said the Swiss bank should not have disclosed the wife’s account information to the Internal Revenue Service because she was not a U.S. citizen.
Two former high-producing wirehouse teams that have launched multibillion-dollar registered investment advisory firms expanded their new domains with a pair of hires this week. http://ow.ly/Goy750H36Wx
Procyon Partners, started by ex-UBS brokers in Connecticut, and Kore Private Wealth, started by Merrill defectors in New York City, each pulled new hires into their independent shops.
A 24-year veteran Scottsdale, Arizona broker who left UBS Wealth Management USA for Wells Fargo Advisors in 2017 is continuing to wage a legal battle against his ex-employer, filing a lawsuit to partially vacate an arbitration award http://ow.ly/Iw8I50H2Zzs
The broker, now with Wells Fargo, is seeking to vacate part of a mixed award in which UBS was also ordered to pay him $300,000 in damages.
Brokers have prevailed in a recent spate of arbitration claims accusing their former employers of slapping defamatory language on their U5 termination forms.
http://ow.ly/zTgm50H28AC
Despite at least one high-dollar award and two other notable expungement cases, firms still have the upper hand, according to four lawyers who often represent brokers.
Merrill Lynch has sidelined one of its top Kentucky brokers who leads an eight-person team in Louisville, according to two sources familiar with the matter. https://www.advisorhub.com/merrill-puts-top-ranked-kentucky-producer-on-leave-sources/
The wirehouse has sidelined a broker who led a team of eight and managed $800 million, according to two sources familiar with the matter.
Some final photos of our event 2 weeks ago, we can't wait to see you all again next year!
Edward Jones & Co’s broker count slipped for the third sequential quarter as the firm warned that the trend will likely persist as the firm executes multiple strategies to bolster branch success. http://ow.ly/mvge50H0bOg
A focus on retention and improving success rates of trainees may slow hiring even as the firm recovers from a pandemic freeze, Jones said in a filing.
Some more photos from our event two weeks ago! #AHSummit21
Raymond James Financial has named a former Edward Jones manager to oversee recruiting across the St. Petersburg, Florida-based firm’s Private Client Group, including its employee and independent broker channels. http://ow.ly/BZK950GZTuY
Robert Moseley, who had been overseeing recruiting for Jones’ Eastern Division, will lead RayJay’s hiring efforts across its three channels.
A New York City broker who left last year after allegedly running afoul of Merrill Lynch’s do-not-call policies has cleared his record after an arbitrator found the wirehouse’s claim “false” and “defamatory.” http://ow.ly/XlUl50GYUM7
The arbitrator said Merrill presented “no evidence” to back up the U5 that it had filed against Lawrence C. “Casey” Ennis, a seven-year broker who left Merrill last year for Morgan Stanley. Read More
Some more photos from our Advisorhub Industry in Transition Summit! #AHSummit21
A Maryland broker who started his career at Merrill Lynch in 2006 has shed his wirehouse jersey to launch an independent practice with Raymond James Financial Services. http://ow.ly/6uaZ50GYzBf
As part of the move, the ex-Merrill advisor is partnering his Maryland practice with an independent broker who had been with LPL Financial in Virginia.
Looking to capitalize on the Thanksgiving holiday week to contact customers while former colleagues spend time with family, a father-son team with a seasonally appropriate name and $325 million-asset book has departed Wells Fargo Advisors for Stifel, Nicolaus & Co. http://ow.ly/G4qf50GVTqm
Father-and-son Claud and Taylor Gobble, have left Wells Fargo Advisors in Las Cruces, New Mexico, to join a Stifel, Nicolaus & Co. branch opened in April.
The Financial Industry Regulatory Authority sent another warning to brokers this week on off-the-books fundraising and undisclosed outside businesses with a one-year suspension and $12,500 fine against a 25-year brokerage veteran in Beavercreek, Ohio. http://ow.ly/fYgm50GVHtR
Former Merrill broker who joined Cetera in 2019 raised $1 million from customers for a pooled real estate fund and a software company without telling his firm.
We had a great time at our Advisorhub Industry in Transition Summit last week - here are a few photos of those who were able to join us in person! #AHSummit21
A former UBS Wealth Management USA broker in yearslong litigation with the wirehouse over a whistleblower retaliation claim has won $650,000 in damages on a corollary defamation claim he brought against two former officemates. http://ow.ly/Jh9E50GUMnb
Craig D. Price, fired from UBS in February 2016, claimed his former officemates Raymond C. Klahne and William J. Gilcher told his customers after his discharge that Price engaged in “criminal” activities and was not to be trusted.
In a head-scratching move, a 27-year industry veteran who jumped two months ago to UBS Wealth Management USA has reversed course and on Monday returned to RBC Wealth Management-U.S. in Red Bank, New Jersey, according to registration records. http://ow.ly/zzSH50GUBJi
A 27-year industry veteran who jumped to UBS in September has returned to RBC after two months and a legal battle.
Morgan Stanley asked a New York state court to toss an arbitration decision that ordered the wirehouse to expunge her termination record and pay her roughly $63,000 in defamation-related damages. http://ow.ly/Kqea50GTQ4S
The wirehouse’s lawyers argue that the award, including an order for expungement of the CA’s discharge, is “totally irrational.”
A once high-ranked Los Angeles broker has agreed to a two-month suspension and $20,000 fine over allegations that he had provided inaccurate account reports to a customer, according to a Financial Industry Regulatory Authority settlement. http://ow.ly/zAF950GTyRH
Antoine Souma, who now manages $1.4 billion at an advisory firm, also agreed to a $20,000 fine to resolve allegations he provided misleading reports to a customer about their holdings and performance.
Avantax Wealth Management has sued the operators of Ga***rd Opryland Resort & Convention Center, arguing it should not have to pay a $1.3 million invoice the Nashville, Tennessee venue sent after the tax-focused broker-dealer this spring canceled its annual advisor conference over local Covid-19 restrictions. http://ow.ly/yHfR50GSeeQ
Blucora subsidiary Avantax argues it should not have to foot the bill for a conference that never happened, citing local Covid-19 pandemic restrictions on large gatherings that would have impeded its plans.
A Goldman Sachs digital lending unit has doubled its book in the past year and expects by year end to report about $10 billion in loans http://ow.ly/UC3a50GS50p
The investment bank’s unit focused on those services expects by year end to report $10 billion in loans, more than double last year, according to managing directors overseeing its specialized lending business.
Ronald L. Carson, Jr., whose wealth empire in Omaha, Nebraska includes an eponymous $15.2 billion-asset firm and sales coaching business, notched a personal win in a Financial Industry Regulatory Authority arbitration case this week. http://ow.ly/AxR050GRnVH
Ron Carson was in the right to inform a product sponsor that the customer ceased to be his client and was thus ineligible for the discounted rate his advisory firm had negotiated, an arbitrator ruled, wiping the high-profile veteran advisor’s record of a related complaint.
UBS Wealth Management USA is introducing today a new payout grid that will overhaul its payout formula for its roughly 6,000 brokers next year to simplify its bonus structure and also raise the so-called ‘penalty box’ threshold for low producers, according to a copy of the plan reviewed by AdvisorHub. http://ow.ly/4hfU50GR3zo
UBS is consolidating two bonuses into the core pay grid and also raising the lowest revenue threshold on the grid to $500,000 in production from $300,000.
Thank you to everyone who attended AdvisorHub's Industry in Transition Summit, in person and virtually. We had so many great speakers and perspectives.
If you missed us live, we will have recordings available by the end of the week.
We hope to see you all next year! #AHSummit21
Follow us along on Twitter: AdvisorHubInc and #AHSummit21 to get live updates and share your favorite moments of the event - we're only 20 minutes away!
http://ow.ly/s9OH50GPKYc
2021 Event for financial advisors
It's almost time for AdvisorHub's Industry in Transition Summit 2021! You can still register to attend virtually so you don't miss out - http://ow.ly/stOS50GPJL4
Where are you joining us from? #AHSummit21
2021 Event for financial advisors
10 N Pendleton Street
Middleburg, VA
20117
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