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This week's stories that financial advisers can't miss
A scandalous lawsuit, new data on the growth of independent firms, and the rest of this week's must-reads
Merrill asks $2.5 billion team to leave
The advisers allegedly violated Finra rules and firm policy by encouraging some of their larger clients to invest directly in hedge funds.
Wells Fargo adds $830M Morgan Stanley duo
Team of William Peragine and John Biondo join as Wells Fargo continues summer recruiting spree.
Morgan Stanley appoints wealth management exec to be chief marketing officer
Mandell Crawley's former responsibilities will be distributed to other personnel
Legacy Smith Barney managed funds program closed
Not all brokers are happy, but Morgan Stanley says shutting the “wrap” accounts program to new investors will reduce complexity.
Ex-UBS adviser faces $5 million sexual harassment suit
Former intern claims she was offered Christian Louboutin shoes in exchange for sex; adviser and firm say she welcomed advances.
Wells Fargo expanding bond fund and ETF use in SMAs
Firm's managed accounts can make greater use of products like bond mutual funds and ETFs over individual bonds in model portfolios.
Wells Fargo recruits brokers with $1.1 billion in AUM
Advisers on the Move - Eleven brokers from UBS and Merrill Lynch joined Wells Fargo in California. See more recent moves in our exclusive Advisers on the Move database.
'Don't fight the Fed' was never more true
Tuesday's Breakfast with Benjamin menu includes: It's true: Don't fight the Fed. Also: Alibaba mania is here and so is Apple's big day; Wells Fargo faces possible Finra action and about that Home Depot data breach.
Wells Fargo facing possible Finra action over anti-money-laundering failures
Firm receives Wells Notice notifying it that action is possible because one branch office's activity
Bank of America doubling down on Merrill Edge
The banking giant is hiring almost twice its current contingent of 1,700 to serve clients with less than $250,000 in investible assets.
Morgan Stanley nabs 3 brokers with $1.3 billion in assets
Recent recruits include a former Merrill Lynch duo who managed $1.1 billion.
HighTower adds $440M team from Merrill
The hybrid firm has brought on over $1 billion in assets from the wirehouse in the past month.
Morgan Stanley dodges $15 million raiding claim
Charles Scwab's $15 million arbitration claim against Morgan Stanley for hiring brokers from its San Francisco office was rejected.
Morgan Stanley managers depart amid reorg
Some high-level executives depart as firm restructures its managed-account unit, and streamlines products and services staff.