On September 27, 2022 the SEC charged 15 broker dealers and one affiliated investment advisor over $1.1 billion in fines due to failure to keep appropriate records. This time, the focal point was text messaging, normally bundled with a more significant offense, but this time, a stand-alone. As an advisor, how many times have you…
First Republic acquires a $10 million group, Sal Tiano and team in Florida. Sal leaves JP Morgan after 29 years. The team was managing approximately $2 billion + in assets at JPM. A great win for First Republic. ABOUT FIRST REPUBLIC First Republic has been on a major recruiting binge, recruiting top teams nationally. In…
Seller’s Market Begging Advisors To Name Their Price During and shortly after the financial crisis recruiting deals skyrocketed to all-time highs No longer were practice acquisitions being had in the 200’s, rather the best teams were cashing in above 300%. First Republic, Wells Fargo, and even Morgan Stanley says ‘hold my beer’. Premium deals routinely…
UBS is bracing for significant advisor losses throughout 2020. At least they better be. The aggressive comp grid changes provided the perfect cover for advisors and teams on the edge when considering a move to a new firm, to hit the bid. **There is a $14M dollar team we do not represent that is leaving…
Wells Fargo made a commitment 18 months ago that ‘money was no object’ when it came to rebuilding its wealth management brand. Refilling the seats that were left be advisors that bailed out in 2018/19 was its top priority. Not only did they open the corporate coffers, but they bolstered their platform, upgraded senior leadership,…
* Doug Linker, Noel Hedges, and their ten-person team in New Jersey made a huge move from Merrill Lynch (Paramus branch) to Rockefeller Capital Management. The team produced $6 million on about $750 million of client assets. All members of the team followed except for Kevin Ward, who is semi-retiring. * Rockefeller landed a husband-and-wife…
UBS brass has executed a cadre of missteps that is giving every large team in its firm ample reason to not only look elsewhere; but to protest with their feet and actually go elsewhere. Since the beginning of 2020 UBS (save one large private banking move) is a huge net loss leader across the wealth…