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America's Top Independent Brokerages (Registered Rep) The Who's Who List of Independent Broker-Dealers for 2011 (On Wall Street) - Here's a handy, alphabetical listing of all the independent broker-dealers that participated in Financial Planning's 2011 survey along with their corporate contact information and sales rank for the year. Top Independent Broker-Dealers By Revenue in 2011 (On Wall Street) The most profitable indie B-Ds (Investment News) Raymond James Adds Assets, Loses Advisors (Registered Rep) Another indie B-D says it could go under (Investment News) What Will Life After Ameriprise Mean for Securities America Advisors? (On Wall Street) - The announcement from Ameriprise Financial that it planned to divest Securities America set off an inevitable scramble among recruiters and the company's advisors. So what's next? Fidelity Unveils Marketing Toolkit For Independent Advisors (On Wall Street) Wirehouses Need to Improve Investor Satisfaction: Survey (On Wall Street) - A new annual study from J.D. Power and Associates shows that RBC Wealth Management ranks first compared to other firms in investor satisfaction. Wirehouse Firms Get Creative With Recruiting (Registered Rep) Why nobody wins in the new recruiting wars (Investment News) - When seemingly every broker-dealer wants to increase its reps — at a time when the total population of financial advisers is in the process of shrinking — is it possible for anyone to actually win the so-called recruiting wars? Wells Fargo Recruits From Outside the Industry (Registered Rep) - Wells Fargo Advisors’ is looking for recruits in out of the way places. In April, Kent Christian, president of Wells Fargo Advisors’ financial services group, told a Securities Industry and Financial Markets Association conference that the aging FA population is creating a shortage that will seriously impact the industry and investors, and which he believes “cannot” be solved by recruiting from rival firms. Wirehouse Firms Get Creative With Recruiting (Registered Rep) - As recruiting from other wirehouses dries up, the big Wall Street firms have been turning to non-traditional sources.· Recruiting Update: Baird and HighTower Add Advisors (Advisor One) 75% of Broker-Dealers, RIAs Plan to Hire in 2011 (Bank Investment Consultant) - They plan to boost their staff by 30% over the next 12 months, Fidelity finds. Baird Hires Morgan Stanley Complex Director, Promotes Five (On Wall Street) - Morgan Stanley's Steven W. Stroker will lead Baird's wealth management offices in the central region. Back to the future: Wirehouse firms resurrect training (Investment News) Wall Street Brokerages Set For More Advisor Defections? (Registered Rep) - Another wave of financial advisor defections could be just around the corner, says an Aite Group report. Switching for big signing bonuses spiked during the recent financial crisis when Wall Street’s biggest brokerages merged or were acquired. But it died down a bit after Merrill Lynch and Morgan Stanley offered their financial advisors retention packages. Merrill, Wells, Ed Jones Jack Up Trainee Hiring (Registered Rep) Branch managers, time to stop living in the past: Sarch (Investment News) UBS Poaches Wealth Managers (WSJ.com) - UBS Wealth Management continues to add to its wealth advisor roster, edging toward its stated goal of having 7,000 advisors in total. UBS Continues to Add Broker Talent (WSJ.com) UBS' Bob McCann: We're not getting hitched to Wells Fargo (Investment News) - It's not happening, says Robert McCann, head of the bank's U.S. wealth management operation. In fact, McCann flat out denies rampant speculation that a deal is in the works to sell his unit to Wells Fargo. UBS to Pay $160M to Settle Charges (Bank Investment Consultant) Merrill Lynch BofA Names New Head of Merrill U.S. Wealth Management (On Wall Street) - Breaking News John Thiel will start his new position May 1, according to a company memo sent by wealth management division President Sallie Krawcheck on Wednesday. BofA Merrill Lynch Steps Up Retirement Training Program (On Wall Street) - Nearly 150 hand-picked and already highly successful Bank of America Merrill Lynch financial advisors next month will embark on what amounts to retirement training boot camp at The Retirement Advisor University (TRAU) in pursuit of a Certified 401(k) Professional designation to further their defined-contributions expertise and differentiate themselves from other DC practitioners. BofA Merrill's Krawcheck: No great exodus of reps to indies (Investment News) - Global wealth boss said company lost 35 reps to independent B-Ds last year, but picked up 25 Sarch: Are Merrill Lynch advisers nervous about Bank of America? (Investment News) Ex-Merrill adviser in running to head BofA's brokerage: Sources (Investment News) Bank of America Merrill Lynch Ordered To Pay Former Advisor $1.55M (On Wall Street) MSSB Morgan Stanley’s FA Firings: ‘Savvy Strategy,’ Experts Say (Advisor One) Reps face belt-tightening at MSSB (Investment News) Morgan Stanley's Dimodica Out; Philadelphia Region Divided (On Wall Street) - Stephen J. Dimodica, regional director for the greater Philadelphia region, is leaving Morgan Stanley Smith Barney. The Philadelphia region's complexes have been divided among three existing regions. Morgan Stanley Smith Barney To Cut Even More Advisors (On Wall Street) Former Morgan Stanley Complex Manager Probe Comes To Light (On Wall Street) - Former Morgan Stanley Smith Barney Complex Manager and Senior Vice President Frank LaRosa's public records have been updated with details of an investigation into alleged spending violations following his sudden discharge from the firm in May. UBS, Ameriprise Brokers Poached by Morgan Stanley (WSJ.com) Former Brokers Ordered To Pay Morgan Stanley More Than $4M (On Wall Street) Morgan Stanley scores top Merrill, UBS advisers (Investment News) - Morgan Stanley Smith Barney LLC recently recruited two teams of financial advisers from UBS AG and Bank of America Merrill Lynch that had a combined trailing 12-month production of just under $10 million between them. http://www.investmentnews.com/article/20110504/FREE/110509940 Morgan Stanley Fires Office Complex Director (Bank Investment Consultant) The top 100 financial advisers? One firm dominates (Investment News) - Barron's annual ranking shows that Morgan Stanley may not be having that tough a time bringing Smith Barney into the fold MSSB productivity way up and#8211; but more job cuts coming (Investment News) Morgan Stanley Wealth Adds Assets, Loses 200 Advisers (Wall Street & Tech) Morgan Stanley Smith Barney Shifts Leadership Ranks (On Wall Street) - With the shift, MSSB has hired J.P. Morgan Chase's Jeff Hack as chief operating officer. Morgan Stanley’s Deep Secret Now Is Revealed (FA Mag) Smith Barney may disappear the old-fashioned way (Investment News) - Like E.F. Hutton, PaineWebber and Dean Witter, the venerable name of Smith Barney is likely to be relegated to the ash heap of Wall Street history Independent, Wirehouse Advisors Share Problems, Maintain Different Strengths (On Wall Street) How to Choose a Firm When You Go Independent (Bank Investment Consultant) FINRA Says Brokers Must Monitor Outsourcing Firms (Securities Technology Monitor) Are Firms Eroding the Protocol for Broker Recruiting? (On Wall Street) - In the past, the Protocol was used to ease the ability of the big firms to recruit. Now, however, the Protocol is also being used by advisors to break away on their own, and some Wall Street firms are taking steps to prevent that and weaken the Protocol in the process. More Brokers, Advisors Going Independent And Taking Clients With Them (On Wall Street) Making the Case for Midsized Broker-Dealers (Advisor One) Before You Break Away … (FA Mag) - There’s no right or wrong business model, just what’s right for you. Understanding the trade-offs will help you find a good fit—and avoid costly missteps. Registered Rep.'s First Annual Broker Report Card for IBDs (Registered Rep) Are you looking to sell your firm? Here's what acquiring minds seek (Investment News) Securities America won't be stranded (Investment News) - Ameriprise Financial Inc. is willing to spend nearly $200 million to bail out its beleaguered independent-broker-dealer subsidiary, Securities America Inc., because the spectacle of its collapse would be a huge embarrassment for the financial planning giant and draw the ire of regulators, according to securities industry experts Some states give a break on the deadline for filing ADVs (Investment News) Brokers Smitten With Independent Model, Survey Says (FA Mag) - Financial advisors increasingly see moving to an independent firm or working for themselves as “attractive” options, according to a survey by Fidelity Investments. The regional movers and shakers (Investment News) - The top fee-only RIAs ranked by discretionary AUM. The RIA giants (Investment News) - The 50 largest RIA firms ranked by discretionary assets under management. Independent BDs Tell SIPC to Drop Excessive Fees Levied Post Madoff (Advisor One) Report: Ameriprise may let troubled brokerage fail (Yahoo! Finance) How To Handle An Imploding Broker/Dealer (Registered Rep) - Securities America is just the latest broker/dealer to face financial distress. With so many firms falling into financial or legal hot water lately, financial advisors need to be prepared for the worst. Here’s a checklist for your Plan B. B-Ds to Finra: Back off back-office registration (Investment News) - Broker-dealers, get ready. Your back-office operations are now officially on Finra's front burner Ameriprise steps in to steady Securities America (Investment News) Securities America cancels call with reps; brokers on edge (Investment News) - A mediation session to resolve hundreds of millions of dollars of investor claims against Securities America Inc. failed to yield a settlement last week, as the firm’s 1,800 reps and advisers continue to speculate on whether the firm will survive. Advisory firm values slip; big buying small (Investment News) Sterne Agee makes 'unsolicited' bid to buy Dallas B-D (Investment News) LPL Consolidates UVEST (FA Mag) - LPL Financial announced today that it would move its UVEST Financial Services Group onto its self-clearing platform. Raymond James: Advisor Fees, Commissions Up 20% in Early '11 (Advisor One) Compliance costs cap New York indie B-D (Investment News) - In what's become an all-too-familiar scene, another small, indie brokerage is closing up shop. Ensemble Financial Services Inc., located in Pittsford, N.Y. will soon be shuttering its B-D operation -- and its 85 registered reps will be moving on. B-Ds down: Total reps displaced now approaching 2,400 (Investment News) - With a number of indie B-Ds shuttering in the last 12 months, nearly 2,400 reps have been forced to find new broker-dealers. Hybrid Financial Advisory Firms Gaining Momentum (FA Mag) - The number of hybrid financial advisory firms--those that charge clients fees and commissions--is expected to continue growing faster than any other kind of advisory firm. Job Turmoil Never Ending Say Branch Managers (Registered Rep) - How much more change can we expect to see in the structure of the wirehouse branch management system—and in manager compensation? Morgan Stanley:
BofA - Merrill: Sallie Krawcheck: Bring on the indies (Investment News) - The BofA-Merrill boss sounds set to take on recruiters, the threat of the rising RIA model, and anyone else who steps in her path Baird: Baird Hires Five New Advisors Overseeing $450 Million (Bank Investment Consultant) Wells and UBS Rumor: Wells Fargo, UBS Wealth Management Deal Rumors Swirl (Bank Investment Consultant) - Industry chatter surfaced this week that Wells Fargo may seek to buy UBS's U.S. wealth management business. Some industry analysts say a deal, if done right, could work. Retention, Recruiting Key As Advisor Population Ages (On Wall Street) - A report released by Pershing suggests that while most wirehouses and independent broker-dealers recognize that their core advisors are aging and will soon need to be replaced, few have done much in the past three years to address the problem. Four reasons RIAs and wirehouse advisers will never partner (Investment News) Merrill: Merrill Brokers Exempt From 'Garden Leave' (FA Mag) - Merrill Lynch advisors have been told that a new U.S. Trust “garden leave” policy doesn’t apply to them, said two people with knowledge of the matter. A Merrill Lynch breakaway team with no regrets (Yahoo! Finance) Advisers on the Move: UBS makes a big grab from Merrill (Investment News) Morgan Stanley: MSSB Adds Six Financial Advisors, Mostly From Rival Merrill Lynch (Bank Investment Consultant) MSSB Adds Six Financial Advisors, Mostly From Rival Merrill Lynch (On Wall Street) Baird: Baird snags managers from MSSB, aims to hire 150 more advisers (Investment News) Baird Adds 7 Advisors in Midwest, Southeast From Morgan Stanley (Advisor One) Buffett: ‘Too Big to Fail’ Won't Stop; BoA Overpaid For Merrill (FA Mag) New Finra reporting rule alarms B-Ds (Investment News) - Industry observers are worried that a new Finra reporting rule — set to go into effect July 1 — could open up brokerage firms to enforcement actions.
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