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Jordan P. McLendon, a former broker at Raymond James & Associates, has accepted a bar from the industry following his termination for allegedly providing falsified information during the recruitment process. After nine months at the firm, he declined to cooperate with investigations into his discharge. McLendon, who previously worked with a significant book of foreign clients, has not registered with another firm since leaving Raymond James.
Wells Fargo Advisors has successfully recruited the Broadleaf Wealth Management team from UBS, which managed $1.6 billion in assets. This team, consisting of several experienced advisors, has relocated to Wells Fargo's Los Angeles office.
Kristin Larson, a former senior vice president at UBS, has launched NewSpring Wealth Partners under the Sanctuary Wealth network, managing approximately $200 million in client assets. Emphasizing her commitment to empowering mid-career professionals, especially women, Larson aims to provide enhanced support and objective investment solutions as an independent advisor. Sanctuary Wealth's CEO highlighted the growing demand for women advisors amid the ongoing wealth transfer, positioning Larson as a key figure in this evolving landscape.
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.
UBS Wealth Management USA has agreed to pay $3.5 million to settle allegations of inadequate supervision over brokers' short-term trading in syndicate preferred stock. The settlement includes a censure, $2.65 million in disgorged commissions, a $500,000 fine, and nearly $344,000 in customer restitution. From 2017 to 2018, UBS brokers recommended almost 2,000 unsuitable trades, violating regulatory rules by failing to establish proper supervisory procedures.
UBS Wealth Management USA has agreed to pay $3.5 million to settle allegations of inadequate supervision over brokers' short-term trading in syndicate preferred stock. The settlement includes a censure, $2.65 million in disgorged commissions, a $500,000 fine, and nearly $344,000 in customer restitution. From 2017 to 2018, UBS brokers recommended almost 2,000 unsuitable trades, violating regulatory rules by failing to establish proper supervisory procedures.
Wells Fargo Advisors has successfully recruited two teams from UBS Wealth Management in New Jersey, managing a combined $625 million in assets. The larger team, now known as Bergen County Wealth Management, includes Stephen R. Laddy and John K. Serocke, who previously managed $354 million and generated $3.65 million in annual revenue. Additionally, veteran advisor Thomas Bishop and his team, managing $270 million, have also joined Wells, reflecting a trend of advisor movement amid changes in compensation structures at UBS.
AutoZone's stock has seen price target increases from several analysts, with UBS raising it to $3,875 and maintaining a "buy" rating, while Wells Fargo Advisors set it at $3,750 with an "overweight" rating. The company is set to announce its quarterly results on May 21, 2024, with investors keenly awaiting sales and earnings figures. AutoZone's share price has outperformed its sector, achieving a 32.11% return over the past year, significantly above the average for the Specialty Retail sector.
Riverside Private Wealth Management, a Kestra Private Wealth Services affiliate in Florida, has appointed Worth Trainor as a managing partner. Trainor, who previously served as a senior vice president at UBS for a decade, manages approximately $125 million in client assets. His extensive experience also includes 14 years as a vice president of investments at Wells Fargo Advisors.
UBS CEO Sergio Ermotti stated that the bank must enhance its U.S. profitability before considering acquisitions, deeming discussions on growth through purchases as "premature." The firm aims to improve its performance with a smaller advisor workforce, currently under 6,000, while targeting mid-teen profit margins by 2026. Despite a decrease in headcount, UBS reported a significant increase in net new assets and invested assets for its Americas wealth unit.
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