Mason Braswell

Patrick H. O’Connell, who oversees Ameriprise Financial’s 2,200-advisor employee channel and its partnerships with third-party banks and credit unions, is stepping down to retire effective June 1, according to a source familiar with the matter.

Scott Posner, who joined LPL in 2018 to lead business development.

LPL Financial's top recruiter, Scott Posner, will leave the firm in June as the firm looks to revive broker recruiting. Posner, who joined in 2018 and led a period of strong hiring growth, departs following a year in which LPL shifted focus to retaining Commonwealth advisors after its acquisition. CEO Rich Steinmeier said recruiting should return to normal as efforts refocus externally. An LPL spokesperson said that Posner's responsibilities will fall to a “talented team who is prepared to take on expanded roles.”

Patrick O'Connell, a longtime Ameriprise Financial executive, will retire June 1 after a 34-year career at the firm, during which he led the firm's employee advisor channel and institutional partnerships. He has also overseen recruiting since 2024. Bill Williams, head of Ameriprise's larger franchise advisor network, will take over O'Connell's responsibilities. Ameriprise executives have acknowledged challenges with traditional broker recruiting, and last year stopped reporting broker headcount. The executive change is the second in as many years after O'Connell took over responsibility for recruiting from Manish Dave in October 2024.

Morgan Stanley’s self-directed channel and workplace units are bolstering the books of business for its financial advisors, senior executives said on the company’s quarterly earnings call on Wednesday.

Stifel Financial’s longtime Chief Executive Officer Ronald J. Kruszewski received $18 million in pay for 2025, according to an annual proxy filing on Friday.

Rick Penafiel, who is joining UBS from J.P. Morgan to lead a new Florida market.

The Financial Industry Regulatory Authority (FINRA) is examining high-risk structured notes, especially non-principal-protected “worst-of” products, in a regulatory sweep assessing whether brokerage firms properly supervise sales and comply with the U.S. Securities and Exchange Commission Regulation Best Interest standard. The review focuses on concentration risks that have led some investors to lose large portions of portfolios and on whether firms have adequate controls, training and surveillance for complex derivatives-linked products. FINRA is requesting data from 2022–2025, including compensation incentives, alerts and supervisory approvals.

Kristen Kimmell, who is leaving Osaic to return to her roots at RBC Wealth Management-U.S.

Bill Williams, president of Ameriprise Wealth Management Advisor Group.