Morgan Stanley Group Breaks Away to Partner With Rival
Six veteran reps left the wirehouse to own their practice and affiliate with Wells Fargo FiNet.
Recruiting Roundup: Dynasty Nabs Wirehouse Exec to Head Investments
In other news, Wells Fargo recruits an advisor from a rival firm, but loses one to boutique group.
12 Best & Worst Broker-Dealers: Q2 Earnings, 2016
Like in Q1, profits for financial firms generally moved in the same direction, with one exception.
Morgan Stanley Reaches $4.7M Settlement With State of Mississippi
Investors at its Ridgeland branch, where client risk tolerance data was entered incorrectly, will get $4.2 million.
Morgan Stanley Targeted by ValueAct as Core, Active Stake
Activist Jeff Ubben’s ValueAct Capital Management, attracted by the investment bank’s post-crisis shift toward fee-based businesses, has disclosed a new 2% stake.
Ex-Stifel Broker Loses FINRA Case Over Unauthorized Farm Loan
The broker must pay his former BD after he borrowed money from a client to buy farmland without proper approval.
Morgan Stanley to Pay Fired Rep $2.4M, Clear His Record
FINRA arbitration panel rules the wirehouse made "defamatory statements" to clients of a Florida advisor let go in 2014.
Recruiting Roundup: RBC Wealth Adds 2 Teams From Rivals
Meanwhile, Cetera, Deutsche Bank and Snowden Lane say they have picked up new advisors as well.
Morgan Stanley Profits Drop 14%: Q2 Earnings
The wealth group had pretax earnings of $859 million, down 3% from a year ago.
Recruiting Roundup: Dynasty Adds Group From Lebenthal
Meanwhile, several wirehouse reps help form a new RIA in Cleveland; Betterment adds a CFO and hits $5 billion in AUM.