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Morgan Stanley CEO says workers staying despite office push
CEO James Gorman says the firm has seen relatively few departures in the wake of the pandemic. In contrast, he says the bank received about 500,000 job applications last year.
LPL adds $280 million team from Wells Fargo
Richard DeYoung and Jessica Boehm opened their new firm, Highland Wealth Partners, in The Woodlands, Texas, and affiliated with LPL's Strategic Wealth Services.
UBS has $200 million exposure to Russian assets in loans to rich
The Swiss bank also identified 'a small number' of wealth management clients who were sanctioned in response to Russia's invasion of Ukraine.
Janney adds team from Wells Fargo managing $300 million
The three advisers operate as RCC Wealth Management in Spartanburg, South Carolina.
UBS revamps unit for wealthiest clients
The business group formerly known as the Global Family Office is being folded into a larger unit in an effort to link the bank's work serving billionaires more closely to its investment banking business.
Wells Fargo says DOL is probing its 401(k) plan
The bank said regulators including the Labor Department are looking at transactions related to the plan's employee stock ownership feature.
Pursuing what matters most when you go independent
The trend of breaking away seems to have intensified a year after most employee-advisers were suddenly left without the resources or supervision of daily office life.
Baird adds reps managing $850 million at Morgan Stanley
A solo adviser joined the firm in Yakima, Washington, and a duo signed on in Durango, Colorado.
Rockefeller adds $850 million Merrill team
Greenwood Village, Colorado-based Brent Hablutzel and Zachary Bond-Stefo will operate as the Hablutzel Group.
Billion-dollar Wells Fargo trio goes indie with LPL
The three advisers, who operate as Outcome Private Wealth in Salt Lake City, are affiliating with LPL through OSJ Stratos Wealth Partners.
Morgan Stanley banker faces block-trading probe
The SEC and the Justice Department are looking at how bankers, including those at Morgan Stanley and Goldman Sachs, work with hedge funds to carry out stock sales big enough to send prices tumbling.
Finra arbitrators rule in Credit Suisse’s favor in deferred comp case
The win follows several losses for Credit Suisse on similar actions brought by former brokers who say they were denied pay when the firm shut down its U.S. private bank.
Hightower’s suit against $39 million RIA described as ‘wirehouse 101’
The $104 billion Chicago-based aggregator is going after a Seattle adviser for taking clients with him when he left a year ago.
Morgan Stanley buys another retirement planning firm
Its purchase of Cook Street Consulting, a Denver-area institutional retirement planning firm with $72 billion in assets, follows its acquisition last year of $43 billion Hyas Group.
Morgan Stanley veteran Sharma joins Rockefeller
The executive will serve as managing director and chairman of Rockefeller's international unit as the firm expands its services to the world's super-rich.
Wells Fargo sets March 14 return-to-office date after delays
The bank is allowing some fully vaccinated staff to voluntarily return, as well as resume business meetings, travel, and client visits.
CFP Board suspends Merrill adviser fired last month
Meanwhile, the adviser, James Iannazzo, who was arrested after an incident at a Connecticut smoothie shop, was ordered to stay away from the shop, according to a news report.
Wirehouses are most productive channel: Cerulli
Although wirehouses are shrinking, the study finds their reps have an average AUM of $198 million, versus an average of $88.1 million industrywide.
Raymond James nabs Wells Fargo trio managing $502 million
The Louisville, Kentucky-based team is joining the firm’s employee channel.
Judge rips Wells, Finra, in decision over arbitration claim
At the center of the judge's order to vacate the arbitration decision were questions about whether or not Finra arbitration was a neutral forum for investors.
