Dan Shaw

But Commonwealth Financial Network retains its appeal, pulling a team from Morgan Stanley, while LPL draws a large practice from RBC.

Compliance and former SEC lawyers say remaining industry regulators will prioritize preventing imminent investor harm while putting off some paperwork and routine tasks.

Francisco Gil tried to claim his status as an independent contractor entitled him to tax deductions for travel, meals and marketing expenses. The IRS and a federal judge said he was in fact an employee.

Merrill had sought a temporary restraining order to prevent members of a large Atlanta-based team who left last week from soliciting former clients for their new firm.

UBS contends a group of advisors who left this month to form an RIA inherited most of their clients from retired advisors who were counting on being paid from their former books of business.

Also this month in our disciplinary digest, a now-barred 'problem broker' for Stifel lands his former firm another hefty settlement, and an advisor is accused of fraud for trying to poach clients from his old firm.

In a lengthy court reply, advisors who left Merrill this week to form an RIA with Dynasty Financial Partners accuse Merrill of "bad faith" for putting them on administrative leave and failing to reinvest in their business.

Also this week, Raymond James draws from Commonwealth again amid that firm's absorption by LPL Financial, and Osaic adds advisors with nearly $800 million in AUM.

Even as interest rates fall, investors keep piling into money market funds. Advisors think many could be putting their money to better uses.

Merrill is also adjusting the incentives it gives advisors for steering clients into banking products.

Merrill accuses industry rivals of conspiring with a group of former employees to remove confidential client information and trade secrets for the formation of a new RIA.

Firms are increasingly looking to provide high net worth clients with services stretching beyond basic wealth management. The offerings include everything from help with cybersecurity to taking out complicated loans.

JPMorgan credits Sieg for helping to oversee the absorption of First Republic Bank and drive the firm's revenue and net new asset figures higher.

The regulator's Investor Advisory Committee said policymakers could abandon asset and income thresholds for determining who can put money into private markets and instead adopt a "sophistication" standard.

More Commonwealth advisors choose Osaic over LPL Financial, while LPL picks up a pair of Edward Jones advisors.

Amid legal scrutiny, Morgan Stanley is making changes to its deferred compensation policies while adding sweeteners for asset growth and deposit growth.

The latest revision to state regulators' guidelines for non-traded real estate investment trusts could change who can invest and how advisors can recommend the products to clients.

In an earlier than usual announcement, UBS said it will update its 2026 compensation grid for U.S. advisors, aiming to curb departures and encourage more work with high net worth clients.

In its third suit in as many months, JPMorgan is accusing a former advisor of using its banking referrals to build a book of business and then trying to abscond with those clients to a rival firm.

Cerity Partners adds its own large RIA in New York, and Beacon Pointe acquires firms in Indiana, Washington State and New York.