Miriam Rozen

LPL Financial, the largest independent broker-dealer, gave its Chief Executive Dan Arnold a 23% raise to $16.94 million for his total compensation in 2023, the company reported in its annual proxy filing on Friday.

Morgan Stanley has filed its second request for a temporary restraining order in as many weeks and has asked a federal judge to block a 28-year industry veteran now at Wells Fargo Advisors from contacting his former customers.

Wells Fargo Advisors is rolling out a new charge on advisory accounts later this year as part of an overhaul of how it pays brokers on managed money. The change could cost some brokers thousands of dollars per year and will more harshly penalize those who make individual investment selections themselves.

Ted Pick, CEO of Morgan Stanley. Photo Credit: Jeenah Moon/Bloomberg

Sal Tiano, a former First Republic broker who led his team to Merrill Lynch on Friday from J.P. Morgan Advisors.

Two UBS advisors in Philadelphia owe their former firm, AllianceBernstein, nearly $334,000 in damages, legal fees and costs in a dispute over customer solicitation, according to an arbitration award issued on Friday.

The U.S. Department of Labor on Tuesday said it has finalized a fiduciary rule governing retirement accounts that will close loopholes and widen the swath of financial advisors who must put their clients interests ahead of commissions or face penalties and restitution.

Morgan Stanley is exploring expanding sales of Bitcoin exchange-traded funds by allowing its roughly 15,000 brokers to solicit customer purchases, according to two senior executives familiar with the company’s plans.

“There is a lag between recruiting results and net new assets as it takes some time for clients to transition to the Raymond James platform. But we are encouraged by the recruiting success so far this fiscal year,” the CEO told analysts.

J.P. Morgan Advisors, the Wall Street bank’s traditional brokerage unit, has paid more than $54 million to resolve investor complaints tied to one of its former star brokers in San Francisco, and the firm’s battle is not over yet, according to the broker’s Financial Industry Regulatory Authority record.