Mason Braswell

One of Merrill Lynch’s largest brokers in Tennessee has split to join regional brokerage Stifel Nicholaus & Co. in Brentwood.

Raymond James & Associates and three Virginia brokers have been ordered to pay $4.8 million in a raiding claim brought by smaller regional rival Robert W. Baird.

UBS Wealth Management USA’s broker-dealer has agreed to pay $3.5 million over allegations that it failed to supervise brokers’ short-term trading in syndicate preferred stock, according to a Financial Industry Regulatory Authority settlement finalized on Wednesday.

(L to R) Robert LeRoy, Stephanie Tozer, Margaret Lawler and Lee Woodring, who joined Indivisible Partners from Merrill Lynch on January 3.

Raymond James Financial bumped pay for outgoing Chief Executive Officer Paul C. Reilly to $24.05 million for its 2024 fiscal year, according to an annual proxy filing on Wednesday.

Edward D. Jones & Co. has agreed to pay $17 million to settle charges from multiple state securities regulators that it wrongfully charged commissions on certain mutual fund sales, according to an announcement on Wednesday.

Morgan Stanley executives defended the strength of their asset-gathering strategy despite a dip in client flows last year.

The Securities and Exchange Commission fined Wells Fargo Advisors and Merrill Lynch a combined $60 million for failing to pay advisory customers a fair rate on cash sweeps, according to an announcement on Friday.

Regional bank Citizens Financial Group underscored its veteran broker recruiting ambitions on Friday as it hired a team managing $700 million in assets in Naples, Florida.

Jonathan Kropf, who had overseen broker recruiting at IEQ Capital and First Republic, joined Evercore Wealth Management.