From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 31, 2016, advisor Devin Garofalo left Lincoln Financial to join LPL Financial in Newark, Delaware. Mr. Garofalo has $140 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 26, 2016, advisor Thomas Pink left Wells Fargo Advisors to join RBC Wealth Management in Stillwater, Minnesota. Mr. Pink has $154 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 21, 2016, advisor Randy Powers left Morgan Stanley Wealth Management to join Stifel Nicolaus & Company in Skaneateles, New York. Mr. Powers has $208 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 13, 2016, advisor Leo Gotleib left LPL Financial to join Kestra Financial in Mt. Laurel, New Jersey. Mr. Gotleib has $250 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 10, 2016, advisor Jake Dawson left Bank of America Merrill Lynch to join Waddell and Associates in Lynchburg, Virginia. Mr. Dawson has $143 million in assets under management and 1.3 million in gross annual production.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 7, 2016, advisor Sandy Leff left Janney Montgomery Scott to join Carter Terry & Company in Atlanta, Georgia. Advisor Leff has $100 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On October 12, 2016, advisor Steve Myatt left Wells Fargo Advisors to join Stifel Nicolaus & Company in Waco, Texas. Mr. Myatt has $289 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
On September 26, 2016, advisor Brad Weinman left Morgan Stanley to join Bank of America in West Palm Beach, Florida. Mr. Weinman has $240 million in assets under management.
From the Desk of Jim Eccleston at Eccleston Law LLC:
A battle between Wells Fargo Advisors and a former employee turned ugly when emails leaked showing the employee purportedly had funneled business to his new firm, while still employed at Wells Fargo.
Wells Fargo accuses the rep of funneling business for eight months before he officially left the company. He is alleged to have breached his fiduciary duty and to have engaged in a “civil conspiracy.” Wells Fargo is asking for more than $1.7 million in damages.
The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.
From the Desk of Jim Eccleston at Eccleston Law Offices:
Wirehouses are shifting away from a commission-based brokerage model to a fee-based business model. Over the past decade, the number of fee-only and fee based advisers has increased to 84% at the wirehouses, compared with about 57% for the rest of the brokerage industry.
The challenge is to find an appropriate price for advice which is competitive with what others in the industry are charging. Some advisors charge between 0.75% and 1% of assets under management as an annual fee rather than drawing commissions. In order to offset the decline in commission, advisers undertaking the move must be prepared to generate revenue from different sources or to make the shift incrementally.
The fee-based account gives advisers a more stable source of revenue that, over time, allows them to market and to focus on existing clients.