FINRA Drops Broker Compensation Disclosure

Jun 23, 2014Megan Leonhardt

The Financial Industry Regulatory Authority has withdrawn its recruiting bonus disclosure proposal from the Securities Exchange Commission. The rule would have required brokers to disclose the financial incentives they receive when moving firms.

FINRA filed the withdrawal notice with the SEC on Friday. In a statement Monday, FINRA’s spokesman George Smaragdis said the regulator’s decision was due, in part, to the rigid timelines imposed by Dodd-Frank in which the SEC must act on a proposal. The proposal generated 184 comment letters and FINRA did not believe it could fully address the comments within those time frames.

via FINRA Drops Broker Compensation Disclosure | Legal content from WealthManagement.com.

Best Full-Service Investment Firms Ranked by Investors: J.D. Power — 2014

Satisfaction levels are up at some firms, but there’s a clear satisfaction gap between investors under 35 and older ones

Overall investor satisfaction with full-service investment firms continues to rise, according to the J.D. Power 2014 U.S. Full Service Investor Satisfaction Study, released early Thursday. However, there’s a clear satisfaction gap between young investors (35 years and younger) and older investors, the group notes.

The industry average rose to a satisfaction score of 807 (out of 1,000) from 789 in 2013. But the four wirehouses all fell below the average score this year.

via Best Full-Service Investment Firms Ranked by Investors: J.D. Power — 2014.

Stifel Recruits UBS Advisor Team

BY: ANDREW WELSCH

SOURCEMEDIA

TUESDAY, JUNE 24, 2014

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UBS lost an advisor team managing more than $170 million in AUM to Stifel, Nicolaus.

Advisors Clint Weaver and Joe Bozarth joined Stifel and opened an office in Waco, Texas, for the firm. The office is Stifel’s ninth in the Lone Star State. Weazer and Bozarth are joined by registered client service associate Lanna Zorn.

According to FINRA, Bozarth began his career at Merrill Lynch in 1979. He later joined UBS through its acquisition of Paine Webber. Weaver joined UBS in 2006.

via Stifel, Nicolaus, UBS, Paine Webber, Merrill Lynch | On Wall Street.

Wells Fargo Reels in 4 Advisors With $450M in AssetsBY: ANDREW WELSCHSOURCEMEDIAWEDNESDAY, JUNE 18, 2014 PRINT EMAIL REPRINTSinShare Wells Fargo poached four advisors managing more than $450 million in client assets from rivals UBS and Morgan Stanley.Father-and-son advisors Alan and Charles Glick and their assistant, Pearl Beria, left Morgan Stanley to join Wells Fargo’s Westwood, Calif. Office. There they will report to complex manager Paul Vannuki. The Glicks managed more than $242 million in assets while at Morgan.Senior team member Alan Glick has more than four decades of industry experience. He started his career at Hornblower and Weeks in 1973 and moved to Lehman Brothers in 1979, according to FINRA records. He left Lehman in 1993 to join Citigroup. He went with Morgan in 2009, and his son came on board a year later.

via Wells Fargo Takes Four Advisors Managing More Than $450M in Assets From UBS, Morgan Stanley | On Wall Street.

UBS Team Managing $430 Million Joins First Kentucky SecuritiesBY: ANDREW WELSCHSOURCEMEDIATUESDAY, JUNE 17, 2014 PRINT EMAIL REPRINTSinShare A UBS advisor team managing about $430 million in assets jumped ship to regional broker-dealer First Kentucky Securities.The team, known as Kiper-O’Connor Wealth Management, generated $1.5 million in revenue while at UBS.  The group’s members have been together since 2005, and are now based at First Kentucky’s Louisville, KY.-office.The team’s most senior member, Kevin O’Connor, has three decades of industry experience. He started his career in 1984 at Merrill Lynch, according to FINRA records, and later moved on to Dean Witter in 1987 and UBS in 2005. Team member Steven Kiper, a former pilot, had worked at UBS since 2000.

via UBS Team Managing $430 Million Joins First Kentucky Securities | On Wall Street.

Two former UBS advisors that managed $200 million in assets are moving over to Stifel Nicolaus.Todd Frediani and Larry Stater are leaving UBS to join Stifel’s Santa Rosa, Calif.-based office, according to a statement released by the firm. The move comes only a week after Stifel recruited a former-Morgan Stanley advisor who managed more than $250 million in client assets.Stater has more than 40 years of industry experience, and Frediani 18, according to FINRA. The long-time financial advisors partnered to form Redwood Wealth Management in 2010 during their tenure at UBS.

via Two Advisors with $200M AUM Leave UBS to Sign On With Stifel Financial Group | On Wall Street.