Though there are not many broker/dealer defections in the news, movement within the the broker/dealer business continues. Merrill Lynch recently nabbed several professionals from Wells Fargo and Morgan Stanley. Though movement does not seems to be as prevalent as […]
A recent article from Financial Planning suggests that financial advisors continue to be on the move in 2012. But the trend is not departures to the traditional wirehouses – instead, they are going independent: Twelve percent of financial advisors change firms annually, […]
The Case FINRA recently fined Merrill Lynch $1 million over a Texas Ponzi scheme. The case, which involved a San Antonio broker who was sentenced to prison was covered in a recent blog post in the Stockbroker Fraud blog. […]
According to a recent survey, brokers and wealth managers will be on the move during the remainder of 2011 and in 2012. The survey, entitled “Wealth Management on the Move: The Moment of Truth” notes that there was a significant "buying" of […]
Last year FINRA published its social media guidelines as contained in Regulatory Notice 10-06. As discussed previously, broker/dealers are subject to very onerous restrictions when it comes to social media communications. The restrictions are so burdensome it is questionable why […]
A recent survey by Boston-based Alite Group found the following: 11,000 wirehouse reps may be on the move; 15% are satisfied with their employer; 20% are ready to move and would like to do so in the next 2 years; […]
After the financial meltdown there was talk of the Securities and Exchange Commission imposing a fiduciary duty standard on financial advisors and brokers. That no longer looks like the case and apparently the SEC is only going to "study" […]
Predictions about a slowdown in financial advisor recruiting appear to be premature. Last week, Wells Fargo, which purchased Wachovia, which purchased AG Edwards, announced it was looking to add 1400 financial advisors. It plans to recruit 400 new advisors and obtain the others […]
From late 2008 through 2009 financial advisors were on the move. Thousands of brokers left their positions with firms like Merrill Lynch, Wells Fargo and UBS. Many transitioned to new brokerage houses enticed by lucrative signing bonuses and compensation packages. […]
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