This Weeks Top Stories RayJay Reverse Churning Suit, Wirehouse Manager Moves, and More

2 Feb    Investing News

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  1. RayJay Sued for Reverse Churning in Fee-Based Accounts
    Class-action complaint alleges firm breached suitability and fiduciary obligations by transferring customers from commission to advisory accounts without proper review.
  2. Morgan Stanley, UBS Shuffle Managers on East and West Coasts
    Terri Ferri, manager of Morgan Stanley Wealth’s headquarters branch in suburban New York City, takes reins of Connecticut complex, while a UBS manager in Massachusetts moves cross-country to head six Silicon Valley branches.
  3. UBS Private Wealth Team in San Francisco Jumps to Wells FargoTwo brokers producing $5.3 million in UBS’s “private wealth” unit shift to a new unit of Wells Fargo Advisors focused on the very rich.
  4. Goldman Targets 20% Growth in U.S. Advisors
    Investment bank’s biggest hiring push will occur overseas to build its base of ultra-wealthy clients, while it focuses in the U.S. on training advisors and building market share with mass-affluent and sub-$10-million investors.
  5. Ameriprise, Stifel Diverge in Q4 Recruiting Success
    Ameriprise lost a net 59 advisors last quarter to end the year with 9,871, while Stifel added 30 to end 2019 with a force of 2,222.

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