- 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.
- 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.
- 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.
- 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.
- 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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