UBS to Raise Client Account Fees and Other Top Stories
Annual fees will jump for households with as much as $1.99 million, creating some uncomfortable conversations, brokers say.
Finra says Memphis adviser illegally took private information on 52 customers from his former firm and shared it with his new employer.
New Jersey advisor says firm’s argument that his new book harms its reputation is subterfuge for animus against his past alcoholism and drug addiction.
Regulator says a new compliance manager instructed investigators in its broker-dealer’s anti-money laundering group to file fewer suspicious-activity reports on international customers.
In his fiftieth year as a member of the Thundering Herd, Ronald Scott embraces change.
Top comments of the week:
By UnhappyatUBS on Protocol Footnote: Morgan Stanley Broker Suspended for Taking Customer Data
This is just the beginning….hearing MS has more of these teed up
And just wait until UBS exits The Protocol…hearing that Swiss management wanted it done last week and the US is dragging its feet. Guess who will win that one ? My sources in NY say it could be later this week (and they may not give the 10 days notice)
By Ron Edde on EXCLUSIVE: UBS Wealth to Raise Customer Account Fees in 2018
UBS has typically offered fees at or below its competitors, so this will not “raise” the new ones much in excess of what is offered at other wirehouses. That said, all firms exist to make money and all are experiencing increased compliance costs given what is going on with the DOL rules, etc. Doubtful that these changes alone will be the catalyst for a broker exodus. If the firm pulls out of the Protocol, though (likely imminent) that will be a different story.
He just offered full disclosure. Is that not what the industry is striving for?