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But Morgan Stanley Smith Barney’s wound may have been self-inflicted. And it’s not alone among afflicted financial organizations.
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With about 41 million American workers lacking access to a retirement plan through their jobs, experts say advisors could play a pivotal role.
The Taylor Group of Wells Fargo Advisors is led by nine advisors, all of them relatively young and many of them siblings.
As judges have shown in other recent cases involving UBS and Stifel, firms have a high bar to clear if they want an arbitration award vacated.
In an unusual development, LPL saw its advisor total decline slightly in the first quarter. And client assets brought in through advisor recruiting were down 55% year over year.
Still, the number of widows who leave advisors is three times higher than the industry average. It doesn't have to be that bad.
The new money will be used primarily to pay off investors who provided capital when Reverence first bought a majority stake in the former Advisor Group in 2019.
