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Wirehouse CEOs muse about RIAs and competition
James Gorman of Morgan Stanley and Charlie Scharf of Wells Fargo both took time during their earnings conference calls to share some thoughts about their RIA competitors.
Merrill ramps up adviser training after record revenues in Q3
The new adviser development program is up and running with 750 advisers. Some of the new recruits could be already licensed to sell securities, but don't have a background in financial advice, according to the company.
Head count down, Wells Fargo has ‘underinvested’ in independent advisers, CEO says
In July, Charlie Scharf said that indie brokers were 'underutilized.' In the latest quarter, the number of advisers declined 2.1%.
Morgan Stanley adds record assets, buys retirement plan firm
The wirehouse made yet another acquisition in the wealth management space last month, this time a retirement plan company with $43 billion in assets.
First Republic recruiting slows in Q3
After recruiting seven teams of advisers in the first half of the year, the bank added just one team over the summer, executives of the firm said on an earnings call.
FiNet rep managing $175 million moves to LPL
Guy Rodgers Private Wealth Strategies is based in Mansfield, Texas.
Anticipating the future direction of the business
As lawmakers called on Wells Fargo to be broken up last month, retirees and near-retirees are focusing less on wealth aspects of retirement.
Merrill workers who return to office and confirm vaccination can get $200
The firm will give the $200 awards to client associates, administrative support and operations staff who have been vaccinated against Covid and show up in the office at least eight times between now and mid-November.
Advisers managing $3.1 billion join Janney in Q3
Most of 21 recruits came from Truist, Wells Fargo and Merrill Lynch.
FiNet adviser managing $260 million moves to LPL
Lindsey Rhea’s firm, Alia Wealth Partners, is based in Germantown, Tennessee.
Adviser managing $170 million at Wells Fargo goes indie with LPL
Sean Khaligh, who joined Wells in 2007, is affiliating with LPL through The Financial Services Network and has formed EQ Private Wealth Advisors in Palos Verdes, California.
Former Merrill CEO David Komansky dies at 82
Komansky, who joined Merrill Lynch as a stockbroker, expanded the firm around the globe as its chairman and CEO during the bull markets of the 1990s.
Morgan Stanley trio managing $315 million joins Raymond James
The team, including James Wendling, Steven VanDerSchaaf andClint Allman, have moved to the employee unit of Raymond James in Davenport, Iowa.
Florida broker to pay ex-wife $2.6 million in Finra arbitration claim
The broker, Barry Snyder, was 'hooked' on a hamburger chain stock, says the ex-wife's attorney,
Wells Fargo team managing $450 million joins RBC
A group of three reps in Lincoln, Nebraska, makes the move.
Break up Wells Fargo? OK, but what are its advisers worth?
Wells Fargo Advisors could fetch more than $20 billion in this high-demand market for wealth management firms.
Merrill team overseeing $1.75 billion starts RIA
The new firm in Greenwood Village, Colorado, is called Nilsine Partners, which is a reference to the state motto.
Wells Fargo rep managing $200 million joins Ray Jay
Alberto Sisso is moving to Raymond James' employee unit in Fort Lauderdale, Florida.
Female duo managing $230 million at FiNet returns to LPL
Carrie Turcotte and Crystal Walker run NorthShore Financial Strategies in Chattanooga, Tennessee.
Billion-dollar Merrill Lynch team moves to RBC
Known as the Inter Alia Group, four reps and four associates make switch in Portland, Oregon.
