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READY, FIRE, AIM: Morgan Stanley Fires Manager, But Then Admits To His Innocence

In the world of wirehouse wealth management and their legions of lawyers it’s shoot first and ask questions later. Limited, if any, due process for the accused or if they happen to be in the remote vicinity of alleged wrongdoing. … Read More

MORGAN STANLEY MOTIVATION: Brass Brags About Protocol Exit Legal Strategies

As the quarterly results were announced at Morgan Stanley, one thing becomes abundantly clear. Wealth management, and it’s associated fees, are the goose that lays the golden egg. Better than 40% of total revenue for the quarter came from the … Read More

HIGHTOWER ROADMAP: Street Expects HighTower To Be Acquired Similar To Goldman/United Transaction

 In conversations with several industry veterans and experts, the eventual plight of HighTower Advisors, could mirror that of United Capital. An acquisition of scale is preferred by HighTower’s current leadership (and its monied investors) and is driving their current in-house … Read More

MAD MEN MAIL SAGA: State Regulators Are Now Monitoring Your Politically Correct ‘Buddy’ Emails

For a decade former NFL head coach, Herman Edwards, held a rookie symposium that espoused the dangers of the language and context of social media for athletes. His refrain rang true, “Don’t Press Send”, and seriously consider your image and … Read More

WITNESS PROTECTION: Questionable Advisor Practices Can No Longer Hide In The Shadows; Ex-Morgan Stanley Broker Censured

Over the past two decades several different structured products within the wealth management industry have tempted advisors to prove themselves gluttonous. High margin fees are the drug that can be difficult for certain advisors to resist. Now, Finra continues to … Read More

UBS RIA BREADCRUMBS: Where Is The Swiss Bank Headed As It Wades Into Unfamiliar Territory?

UBS has planned to launch an ‘independent advisory’ channel for more than a year. Much like they’ve done time and again versus rivals Morgan Stanley and Merrill Lynch, UBS has stayed ahead of the curve when it comes to moving … Read More

LEGAL EAGLES: UBS Fired Top Ohio Broker Based On ‘What If’ Scenarios

At this point we shouldn’t have to continue to bring it up, but we will anyway: be certain you have your own personal, securities legal counsel at all times as an advisor. No matter your standing, loyalty to the firm, … Read More

JUVENILE JURISPRUDENCE: Morgan Stanley Files Suit Against Hometown Producer That Left For Janney

Morgan Stanley can’t seem to stay out of their own way. Recently it was revealed that the global investment bank (yes, global) filed suit against an 800k broker in Allentown, PA. Yes, you read that correctly. 800k. Allentown, PA. Morgan … Read More

MERRILL EXIT WOUNDS: More Advisors Flee, Choose Stifel In Texas

This is more than a theme or a drumbeat at this point. It’s a certified route. Merrill Lynch advisors have cashed their last retention bonus checks, huddled with transition legal experts, and then sprinted away from the BofA owned entity. … Read More

BILLIONS BON VOYAGE: Merrill Advisor Escapes With Billions; Embraces First Republic

Do they even care? And if not, why don’t they care about the billions in client assets abandoning a once-venerable brand on a monthly basis? These questions deserve to be unpacked given the massive exodus away from Merrill Lynch, and … Read More