San Francisco-based First Republic Bank has scooped up a top California producer from Morgan Stanley Wealth Management, according to multiple sources familiar with the matter. Cheryl L. Young, whose team is based in Los Gatos, gave notice on Monday and is expected to officially join First Republic following a 90-day “garden leave” transition period that
Rockefeller Capital Management has pulled another high-producing team from its larger wirehouse competitors, this time nabbing a $4.1 million family team from Morgan Stanley in Atlanta. The five-person team managed $650 million in assets and is led by Michael Scarbrough, who spent the last 35 years of his 38-year career with Morgan Stanley and predecessor
Merrill Lynch is shifting field leaders around its key New York City market while a veteran market executive has jumped ship in Houston. As part of the New York moves, which fill a gap left by a year-end reorganization, longtime manager Dwight Mathis is moving from the Long Island East market to take over Merrill’s Rockefeller
A Merrill Lynch team in Denver jumped to UBS Wealth Management USA on Friday marking at least the third multi-million dollar exit from the ‘thundering herd’ and the second big Colorado departure ahead of the holiday weekend. The group, led by Merrill lifer Mark T. Gregory and his partner Lawrence “Ty” Toriello, had been generating
In a rare David vs. Goliath win for a broker in a firm defamation case, an ex-J.P. Morgan Chase private client advisor was granted authorization to clear his record of a termination notice and also awarded $1.4 million for his trouble, according to a Financial Industry Regulatory Authority arbitration award issued this week. The three-person
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Dynasty Financial Partners filed for an initial public offering, according to a new regulatory filing with the Securities and Exchange Commission.
The firm seeks to raise up to $100 million, according to the filing, though the figure is considered a placeholder that can change as Dynasty provides more information.
A UBS Wealth Management USA team producing $18 million in annual revenue and led by a top-ranked broker in Birmingham, Alabama left the wirehouse to launch its own registered investment advisory firm, according to a source familiar with the move and registration records. The group, led by Tony R. Smith, who ranked third on Forbes’
Edward Jones & Co’s broker count slipped for the third sequential quarter as the firm warned that the trend will likely persist as it experiments with new growth strategies and tweaks to its model. The St. Louis-based brokerage had 18,829 financial advisors as of Sept. 24, down about 2.7% from 19,342 last year, according to
A Maryland broker who started his career at Merrill Lynch in 2006 has shed his wirehouse jersey to launch an independent practice with Raymond James Financial Services. Nathan S. Harris, a perennial Forbes “best-in-state” advisor since 2018, is calling his new practice Covenant Capital. He had been managing $597 million, according to Forbes magazine, which