After one of the worst first quarters in the recent history of UBS, the wealth management group is now experiencing a significant downsize. How significant? UBS now has to cut nearly $300 million in costs for a chance at recovery.
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.
According to a recent report issued by industry consultant Cerulli; independent broker-dealers (IBDs) have posted the highest compound annual growth rate in the last five years in comparison to any other type of broker-dealer.
UBS Financial Services is facing a claim from a customer that it failed to supervise one of its former brokers, Alex G. Herrera of Coral Gables, Florida.
Since UBS and Morgan Stanley’s decision to pull out of the Protocol for Broker Recruiting last year, the number of advisors departing those firms appears to have slowed. This is good news for Morgan Stanley and UBS which want to reduce recruiting costs and instead focus on the growth of their advisors’ book of business through investments in technology.
UBS has announced that will replace the non-solicitation language that was introduced in its 2017 bonus agreements with a standard, but still onerous, 12-month non-solicitation provision.
A Temporary Restraining Order (TRO) is an extreme remedy that financial services firms frequently employ to stop advisors from transitioning their clients to a new firm. While the TRO requires the parties in the case to maintain a certain status quo until the court can hear further evidence, the delay overwhelmingly harms the departing advisor. In many respects, the TRO fight is not the battle; instead, it is the very war itself.
UBS Wealth Management has announced that its 6,900 advisors will be able to keep their payout grid and other key components of their compensation plan in 2019. Moreover, according to UBS, the firm is only intending to make minor changes to its 2019 compensation plan.
The SEC has fined UBS Financial Services over $15 million because of its failure from 2011 to 2014 to educate and train retail brokers on the sale of almost $11 billion of complex structured products.
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The Securities and Exchange Commission announced that two UBS advisory firms agreed to settle charges relating to their failing to disclose a change in investment objective of a close-end fund, UBS Willow Fund LLC, which they advised. Both firms agreed to collectively pay $17.5 million, $13 million of which will be returned to harmed investors.
I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!
The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.
The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.
In a recent decision, a panel of three Financial Industry Regulatory Authority (FINRA) arbitrators ruled against Edward D. Jones & Co., allowing one of its former advisors, Justin P. Mackay, to solicit his former clients to transfer their assets to Wells Fargo Advisors.
