News

Published WirehouseHUB stories filed under News.

• RBC Wealth Management Picks Former Raymond James and UBS Manager Shawn Bernhard to Run Texas South

  RBC Wealth Management named Shawn Bernhard, a former Raymond James and longtime UBS manager, complex director for Texas South, based in Houston.

• Wirehouse Moves This Week: J.P. Morgan's $18.6B Latigo Peak Exit Leads as UBS Loses a Las Vegas Team

  J.P. Morgan's $18.6 billion Latigo Peak breakaway led a week that also saw UBS lose a Las Vegas team and add two New Jersey advisors. $18.6B

• Merrill's 2027 Advisor Pay Plan Keeps the Grid Flat, Raises the Growth Award Bar and Adds a Lending Bonus

  Merrill's 2027 advisor compensation plan keeps the core grid unchanged and moves the incentives into growth, banking and lending awards.

• RBC Wealth Management Adds Nepa/Susco Team From UBS in Pittsburgh, More Than $1B in Client Assets

  RBC Wealth Management has added the Nepa/Susco Team, which oversaw more than $1 billion in client assets at UBS, in Pittsburgh. left UBS, joined RBC, Pittsburgh, $1B

• RBC Loses $1.1B Baltimore Team as Rosenwald Private Wealth Goes Independent With Indivisible

  RBC Wealth Management has lost a Baltimore team overseeing about $1.1 billion to Indivisible Partners, the RIA founded by former Merrill wealth chief John Thiel. left RBC, Baltimore, $1.1B

• Wells Fargo and Merrill Pay $4.4M to Eight States Over Minimum Commissions on Tiny Trades

  Merrill Lynch and two Wells Fargo broker-dealers will pay a combined $4.4 million and refund clients after eight states found they charged outsized minimum commissions on very small stock trades.

• BofA Takes $1.2B Money-Laundering Penalty, and Merrill's Own SAR Record Sits Close Behind

  Federal regulators hit Bank of America with more than $1.21 billion in anti-money-laundering and sanctions penalties on Oct. 13, and the findings point at the same monitoring system Merrill Lynch relies on for its own suspicious activity reporting.

• Merrill and UBS Push First-Half Wirehouse Advisor Losses Past All of 2025

  The four wirehouses ended the first six months of 2026 with 517 fewer experienced advisors than they started with, according to an industry recruiting report covered this week by WealthManagement.com, InvestmentNews and Wealth Solutions Report.

• Sentencing Pushed Back for Ex-Morgan Stanley Adviser Darryl Cohen in NBA Fraud Case

  The sentencing of Darryl M. Cohen, the former Morgan Stanley financial adviser a Manhattan federal jury found guilty in March of cheating three NBA players, has been moved off its original October date, court records show.

• Morgan Stanley Wins $1 Million Loan Award Against Cupertino Advisor Who Went Back to Wells Fargo

  An arbitrator ordered Calvin Shiu to repay the unforgiven balance of his 2022 recruiting note, plus fees and interest that is still running, after he left Morgan Stanley for his old firm in February.

• Merrill Agrees to Pay $39 Million to Settle Merrill Edge Retirement Cash-Sweep Class Action

  The proposed deal, which still needs a federal judge's approval, would end a 2019 suit claiming Merrill Edge retirement savers earned a fraction of a percent on swept cash while other brokerages paid about 2%.

• A $6.2 Million Charlotte Truist Team Joins Rockefeller

  AdvisorHub reported that Paul Irving, Gavin Shuck, and Brett Schmidt left Truist in Charlotte for Rockefeller on Wednesday, producing $6.2 million on about $1 billion. IAPD reports updated in April still list all three at Truist. left Truist, joined Rockefeller, $1B

• UBS Holds Its Grid Flat for 2027 While Morgan Stanley Hikes Revenue Hurdles 10%

  If you're fielding calls from UBS or considering a move there, the grid stability is real — but the real money is in the new succession advance, the 25% NNA bonus, and the banking services kicker. Run those numbers against what Morgan Stanley's tighter hurdles actually cost you before you decide anything.

• Wells Tells Most Producing Managers to Choose by Oct. 1

  Most of the roughly 100 producing managers still at Wells have been told, a person familiar with the plan said, to go advisor-only or drop the book by October 1. Wells confirmed the shift to larger complexes and declined to discuss the date.

• UBS Loses $1.3B Cullman/Holt Team to Wells Fargo FiNet Practice Ascend in Ohio

  The Cullman/Holt Group, with about $1.3 billion in client assets, left UBS on Sept. 29 for Ascend Advisory Group, a Dublin, Ohio, practice on Wells Fargo's FiNet platform. left UBS, joined Wells Fargo FiNet, Ohio, $1.3B

• Patrick Rowland & Jacob Sullivan Exit Wells Fargo FiNet, Bring $744M Practice to &Partners

  &Partners is systematically pulling established wirehouse and FiNet practices by offering full independence without the infrastructure headaches. If you're eyeing the exit from Wells Fargo's network, this is the template: stage an internal move first, test the independent model, then cut the cord entirely.

• $744M Wells FiNet Team Joins &Partners After 2024 Internal Move

  Rowland Sullivan left Wells after a 2024 FiNet staging step; &Partners has now pulled multiple Wells-origin books, including Crown Legacy and this $744M Missouri team.

• UBS Holds Its Grid Steady for 2027 While Adding a 25% Growth Bonus as Morgan Stanley Hikes Revenue Hurdles 10%

  If you're producing above $2M and posting above-average net new asset growth, UBS's 2027 plan pays you more without moving the grid—while your Morgan Stanley counterpart faces a higher hurdle just to stay even. That delta is a recruiting pitch, and UBS knows it.

• Patrick Rowland & Jacob Sullivan's $744M Team Exits Wells Fargo for &Partners, Becoming Firm's 127th Practice

  &Partners is systematically harvesting Wells Fargo talent—this is the third significant Missouri-area or Wells-origin team in under a year, signaling a direct pipeline that wirehouse retention teams can no longer ignore.

• Merrill Raids Morgan Stanley's $13B Book While Morgan Stanley Reframes Headcount Losses as an Asset Story

  If you're a high-AUM producer at either firm, your phone is about to ring. Both wirehouses are competing fiercely for experienced teams—they're just describing the battlefield differently. Know your market value before someone else defines it for you.

• James Carlson & Kevin Herron's Redstone Wealth Group Exits UBS for Wedbush, Bringing $500M in AUM to Greensboro

  Wedbush is writing real checks to pull established wirehouse teams into the Southeast — if your UBS branch is seeing restlessness, this move signals the competitive pressure is no longer theoretical. Redstone Wealth Group, left UBS, joined Wedbush, $500M

• UBS Faces $13B AT1 Capital Hit While Bleeding $28B in Advisor Assets in 2026

  UBS is fighting a two-front war: a $13B capital burden from Swiss regulators and a $28B advisor exodus in the U.S. — its 550% recruiting package is the firm's bet that it can buy its way back to stability.

• Morgan Stanley Raises 2027 Payout Grid Hurdles by About 10%, Squeezing 15,000 Advisors' Take-Home Pay

  If you're producing between $500K and $5M at Morgan Stanley, your effective pay just got cut unless you grow revenue about 10% in 2027. The loyalty bonus softens the blow only for advisors already enrolled in the retirement program—everyone else is on the treadmill.

• BofA CEO Moynihan Tells Merrill It Needs More Advisors to Unlock Growth — Here's What That Means for Recruiting

  Merrill Lynch is actively competing for experienced lateral hires again — advisors at rival wirehouses are now a primary recruitment target, and deal structures are likely to improve as the firm races to fill geographic gaps. It Needs More Advisors, left Morgan Stanley

• Morgan Stanley's $14.2B Talent Exodus Meets Its Own AI Warning Shot

  Morgan Stanley is bleeding institutional talent at scale—$13B from Graystone alone—while its own research desk is ringing alarm bells about the AI infrastructure narrative that has propped up equity markets. Advisors at competing firms should understand both the recruiting opportunity and the macro risk Morgan Stanley is naming publicly.

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