A rough four weeks for a $750 million team ended with the advisors out of a job and barred from soliciting their clients.
Tagged with "Morgan Stanley"
Sued by Schwab, axed by Morgan Stanley: A $750M team’s troubled career move
Posted on April 25th, 2019 at 4:32 PM
Morgan Stanley Terminates Newly Acquired Team Accused of Violating Their Employment Contracts with Charles Schwab
Posted on April 18th, 2019 at 5:21 PM
In a strange twist, Morgan Stanley has terminated a veteran team of investment advisers that who acquired less than three weeks ago from Charles Schwab & Co. Morgan Stanley parted ways with the newly hired team of advisers after they received a temporary restraining order (TRO) and preliminary injunction from their former firm, Charles Schwab.
FINRA Bars Former Morgan Stanley Broker for Failing to Cooperate in an Investigation Regarding His Outside Business Activities
Posted on April 18th, 2019 at 3:16 PM
FINRA has barred Denver, Colorado broker, Daniel Todd Levine for failing to cooperate in an investigation regarding allegations that he engaged in undisclosed outside business activities while working at Morgan Stanley.
Merrill Lynch to Expand 401(k) Fiduciary Services
Posted on April 11th, 2019 at 4:47 PM
Merrill Lynch has announced that it will expand fiduciary services for 401(k) clients by allowing more financial advisors to manage retirement plan menus on a discretionary basis
Regional Firms Are Becoming More Attractive as Wirehouses Lose Competitive Edge
Posted on April 1st, 2019 at 11:56 AM
Recently, regional firms such as Raymond James, Stifel, Ameriprise, and Janney Montgomery Scott have become a favored destination for many successful wirehouse advisors who have transitioned away from the wirehouses.
Morgan Stanley Loses Temporary Restraining Order Aiming to Stop Former Investment Brokers from Soliciting Clients
Posted on March 27th, 2019 at 9:28 AM
A Texas judge has denied a temporary restraining order (TRO) filed by Morgan Stanley to prevent two Dallas, Texas-based investment advisers, who left the firm, from soliciting their former clients at their new firm, an independent broker-dealer.
FINRA’s Largest Fines Per Category in 2018
Posted on March 6th, 2019 at 10:35 AM
In 2018, FINRA fined broker-dealers a total of $68 million, which was a 5% increase from $65 million in 2017, while the average fine per case increased in 2018 to $107,000 from only $65,000 in 2017.
Three Large Brokerage Networks Offering Significant Recruiting Bonuses in 2019
Posted on March 1st, 2019 at 1:49 PM
As Merrill Lynch, Morgan Stanley and UBS Financial Services, Inc. have recently pulled back their recruiting efforts in order to focus on growing assets and revenue internally, firms such as Wells Fargo Advisors, LPL Financial and Cetera Financial Group are seeking the opportunity to gain ground by offering attractive recruiting bonuses.
Regional Broker-Dealers are Making a Comeback
Posted on January 16th, 2019 at 3:19 PM
Once overlooked compared to the registered investment adviser and the independent broker-dealer market, regional brokerage firms quietly are making comeback due to recruiting gains at the expense of wirehouses.
FINRA Fines Morgan Stanley $10 Million for Anti-Money Laundering Supervisory Failures
Posted on January 2nd, 2019 at 5:08 PM
FINRA has fined Morgan Stanley Smith Barney $10 million for anti-money laundering program failures under the Bank Secrecy Act and for its failure to comply with Section 5 of the Securities Act of 1933.