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Morgan Stanley has successfully recruited a $1 billion team from UBS, continuing a trend of significant talent acquisition from the wirehouse. This year, UBS has been a prime target for firms like Morgan Stanley, LPL, and RBC. Additionally, Ameriprise and LPL Financial have announced substantial pay increases for their top executives.
LPL Financial has expanded its presence in Tennessee by adding a three-person team led by Austin Greer, a former UBS advisor managing approximately $600 million in assets. Greer, along with wealth advisor John Dunahoo and service associate Stephanie DePriest, will operate from LPL's Linsco office in Franklin. This move comes amid UBS's ongoing advisor attrition challenges, exacerbated by recent compensation structure changes that may lead to a significant loss of advisors in the coming years.
A wealth management team in Franklin, Tennessee, managing $600 million, has transitioned from UBS to LPL Financial’s employee channel for greater autonomy. Led by Austin L. Greer, the Oxford Oaks Capital group includes John T. Dunahoo and Stephanie DePries, while advisor James A. Austin III remains at UBS. This move reflects LPL's strategy to attract higher-end producers amid rising recruitment costs.
Wells Fargo's wealth and investment management group is expanding its support for registered investment advisors (RIAs) by hiring Megan Hausmann as the RIA Solutions Director of Business Development, west. This move follows the hiring of another Apex Clearing executive, George Tamer, and reflects the firm's efforts to enhance its offerings for financial advisors, allowing easier transitions between its employee and independent broker-dealer channels. Industry experts suggest that this flexibility could be a significant advantage in attracting new talent.
Investors poured cash into U.S. equities at the third-highest rate in history, with Bank of America characterizing the trend as a "correction, not a bear market." Despite a significant rebound in the S&P 500, major indices are on track for their longest losing streak since May 2022, driven by recession concerns and mixed economic forecasts. Analysts suggest that if the economy avoids recession, the potential for growth could significantly outweigh the risks.
Compass Financial Services Inc and R Squared Ltd recently acquired new stakes in LPL Financial, valued at $65,000 and $78,000 respectively, with hedge funds and institutional investors owning 95.66% of the stock. LPL Financial, which provides brokerage and investment advisory services, saw its price target raised by UBS Group to $420.00, indicating a potential upside of 14.03%. The company reported strong quarterly earnings, beating estimates with an EPS of $4.25, and has a consensus price target of $370.50 among analysts.
LPL has recruited a $1.3 billion father-son advisory team from UBS, highlighting the firm's commitment to providing advisors with the freedom to tailor services to their clients' needs. Scott Posner, LPL's executive vice president of business development, expressed enthusiasm for supporting the duo in continuing their family's legacy.
William “Bill” Bruen, Jr. and his son Andrew have transitioned their $1.3 billion advisory practice from UBS to LPL Financial, partnering with Paradigm Partners. The Bruen family has a legacy in the industry dating back to 1922, emphasizing client care and autonomy in their new independent model. This move comes amid LPL's recent challenges, including an $18 million penalty from the SEC for anti-money laundering failures, and a strategic shift following the disaffiliation of the Wealth Enhancement Group.
UBS Wealth Management USA has agreed to pay $1.1 million to settle allegations of submitting inaccurate trading data to regulators over nearly six years. From December 2012 to September 2018, the firm filed approximately 17,000 deficient “blue sheet” reports affecting around 4.4 million transactions, with errors including misreported customer addresses and trade execution times. UBS self-reported the issues, which stemmed from coding errors during a software migration, and corrected them by September 2018, settling without admitting or denying the allegations.
Concerns are rising over a potential stock market correction, with forecasts suggesting declines of up to 16% for the S&P 500 this year. Analysts highlight key technical levels, including a crucial Fibonacci support at 5,130, as indicators of market health, while deteriorating breadth measures signal possible downturns. Despite a bullish outlook for 2025, historical trends suggest a correction is overdue after two strong years.
LPL Financial Holdings Inc.
Companies
| Symbol | LPLA |
| Name | LPL Financial Holdings Inc. |
| Currency | USD |
| Sector | Financials |
| IndustryGroup | Diversified Financials |
| Industry | Capital Markets |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Diego |
| Zipcode | 92121 |
| Website | http://www.lpl.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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