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Morgan Stanley to cut several hundred jobs in wealth unit
The layoffs will affect less than 1 percent of the workers in the wealth management business.
Raymond James adds to talent pool with Morgan Stanley hire
The seasoned advisor brings more than two decades of industry experience.
On a mission to make the advisory industry more female-friendly
‘Women are like an afterthought in the industry’, says Cary Carbonaro, of Advisors Capital Management
UBS bolsters upper-high-net-worth presence with $2B team
New Jersey-based boutique practice focused on affluent families leaves Merrill Lynch to join UBS.
Rockefeller poaches $1.3B Morgan Stanley team
The wealth advisory team, which caters to high-net-worth clients, is the firm's fourth recruit this year.
UBS has wasted no time in offering AT1 bonds
The bank announced its plans Tuesday and is already offering the notes.
UBS plans up to $1B in buybacks this year
The wirehouse posted its second straight quarterly loss, with pretax profit at the wealth management unit well below estimates.
BofA cuts CEO pay following 2023 profit decline
Bank reduces Brian Moynihan’s total compensation after its shares performed the worst among its biggest rivals.
UBS advisor jumps to Raymond James
The firm welcomes an industry veteran with $165 million in assets and nearly 40 years of experience.
Wells Fargo hikes CEO Scharf’s pay to $29M for 2023
The package, up 18% from the $24.5 million he earned for 2022, includes a $2.5 million base salary and $26.5 million of cash and long-term equity awards.
Wirehouse defections far from done, says Verdence Capital CEO
'When was the last time you saw an article that said an RIA is going to a wirehouse?' asks Verdence founder Leo Kelly.
SEC bars ex-Morgan Stanley broker who stole from his mother
The SEC alleged that Texas broker Doug McKelvey misappropriated more than $1.7 million.
Morgan Stanley pays Gorman $37M for final year as CEO
During his 14 years running the firm, Gorman engineered a transformation of Morgan Stanley.
UBS lands $2B team from Merrill Lynch
New York City-based GKB & Associates includes five advisors.
Over a third of US advisors plan to retire within 10 years
Succession planning is critical, as advisors 55 and older account for 42 percent of head count but 57 percent of assets, Cerulli found.
Morgan Stanley’s new CEO Pick has wealth management in his veins
Industry executive warns it will take time for Pick to earn the trust of advisors.
Can the wirehouses stop leaking advisors?
Many advisors are leaving, disillusioned by what they consider prohibitive pay grids and a lack of flexibility.
Wirehouses to continue bleeding advisors in 2024
As the migration to independent broker-dealers and RIAs continues, concerns about the Big Four’s compensation plans may be contributing to the outflow.
Wells Fargo Advisors to sell new bitcoin ETFs
'We’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth,' says Wells CFO Mike Santomassimo.
Merrill adds new clients by tapping Bank of America customers
'In 2023, a record number of existing Bank of America clients became Merrill clients,' says Eric Schimpf, president and co-head of Merrill Wealth Management. 'We can and will do more here.'
