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Registered Rep.
March 1, 2006
John Churchill |
Everybody Wants Their Overtime UBS said it has agreed to pay $89 million to settle class-action wage and hours claims of reps filed this past summer in several federal courts.   |
Registered Rep.
December 1, 2005
Kristen French |
Where's My Money? After California brokers won $37 million in an overtime lawsuit against Merrill Lynch in August, a slew of copycat lawsuits have been filed against other brokerage firms, many of them in New York. |
Registered Rep.
March 3, 2006
Halah Tourylai |
Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks. |
Registered Rep.
May 22, 2006
Halah Touryalai |
Brokers Ring Up Another Big Overtime-Pay Settlement Citigroup has agreed to pay a up to $98 million, a record-breaking figure, to past and present advisors to settle their overtime-pay claims. |
Registered Rep.
July 14, 2008
Halah Touryalai |
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008. |
Registered Rep.
June 1, 2006
Halah Touryalai |
Overtime Settlements Stacking Up Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months. |
Registered Rep.
July 1, 2006
Halah Touryalai |
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. |
Registered Rep.
November 29, 2006
Halah Touryalai |
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. |
Registered Rep.
February 22, 2006
Halah Touryalai |
Brokers Headed for Sweep in Overtime Pay Cases? Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more. |
Registered Rep.
September 1, 2005
Kristen French |
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. |
Registered Rep.
September 13, 2007
Halah Touryalai |
Overtime Finally Pays Off Smith Barney brokers may be the first to cash in on overtime lawsuits that have been all the rage over the last two years. |
Registered Rep.
May 1, 2006
Halah Touryalai |
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. |
Registered Rep.
February 21, 2007
John Churchill |
Smith Barney Comp Pleasant Surprise Judging from initial reports from reps, the written version of the new plan is an improvement from the prior version -- a plan many reps equated to a pay cut despite the firm's insistence that it was "revenue neutral." |
Registered Rep.
December 1, 2006
Halah Touryalai |
Department of Labor to Brokers: No Overtime Pay for You Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.) |
Registered Rep.
August 3, 2011
Kristen French |
New Merrill Overtime Lawsuit Aims to Overturn System of Compensation, Alleged Culture of Discrimination The giant Wall Street financial firms have settled numerous overtime pay and discrimination claims over the past decade and a half, but a recent suit filed in New York represents a new twist on some old themes. |
Registered Rep.
December 1, 2007 |
Enough Is Not Enough A group of Morgan Stanley reps involved in a race-discrimination suit say a proposed $16-million settlement is just not enough. |
Registered Rep.
August 8, 2006
Halah Touryalai |
A.G. Edwards' Challenge to OT Pay Fails Are registered reps hourly employees and, therefore, entitled to overtime? The overtime-pay case keeps getting stronger. A California court announced that it would not dismiss an overtime-pay case brought against A.G. Edwards. |
On Wall Street
October 1, 2012
Lorie Konish |
Settlement May Not End Merrill Lynch's Deferred Compensation Woes Exemptions and the chance to opt out have lawyers predicting the $40 million proposed deferred compensation plan settlement will not cease litigation against Merrill Lynch. |
Registered Rep.
February 25, 2011
Jerry Gleeson |
Wells Fargo Settles Sex Discrimination Claims For $32 Million Wells Fargo Advisors has tentatively agreed to a $32 million settlement of a federal class-action gender discrimination lawsuit brought in 2009 by three women financial advisors who worked at its legacy Wachovia Securities brokerage. |
Registered Rep.
January 1, 2007
Kristen French |
More or Less? Smith Barney overhauled its pay package -- just in time for the new year. Some of the changes it made were pretty radical -- especially for an industry in which any pay change, no matter how minor, is often a source of uproar. |
Registered Rep.
September 14, 2005
Kristen French |
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. |
Registered Rep.
December 12, 2006
Halah Touryalai |
Smith Barney Pay Package: Perks Balance Cuts? This week, Smith Barney will become the first firm to make a change to its payout grid as a result of the securities industry's recent battle over broker overtime pay and so-called chargebacks. |
Registered Rep.
July 1, 2006
Kristen French |
James Gorman's First Marking Period In his first four months as head of Morgan Stanley's brokerage unit, James Gorman wasted no time showing that a new regime was in place. But he hasn't convinced all the troops that it's worth sticking around to see how his turnaround plans play out. |
Registered Rep.
February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc. |
Registered Rep.
July 27, 2010
Halah Touryalai |
Overtime Suits Resurface, This Time for Independent Reps On July 22, Mark Thierman, a labor lawyer in Reno, Nevada, filed a complaint against LPL Financial for violating New York State overtime laws by not paying its reps overtime wages. |
Registered Rep.
September 1, 2004
David A. Gaffen |
Parting is Such Sweet Sorrow You won't have to steal client addresses and phone numbers any more when switching firms --- that is, if you work for Merrill Lynch, Smith Barney or UBS Securities. |
On Wall Street
October 1, 2012
Frances A. McMorris |
Editor's Letter: Shifting Demographics Open New Markets A run-down of the stories in this issue, including how shifting demographics can open new markets; the special needs of gay and lesbian couples; a look at dividend stocks; and Merrill Lynch s deferred compensation settlement. |
Investment Advisor
July 2006
Kathleen M. McBride |
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. |
Registered Rep.
December 22, 2006
Halah Touryalai |
Spitzer Wants More Settlement Dollars for New York UBS Reps New York Attorney General and Governor-elect Eliot Spitzer is asking a Northern California court to disapprove the settlement terms of an overtime suit against UBS. |
Registered Rep.
May 29, 2007
Kevin Burke |
Smith Barney's Krawcheck to Smooth Out Comp. Plan The brokerage giant's top executive is set to tweak the firm's compensation plan in an attempt to address financial advisors' repeated complaints over pay complexities and claims of unfairness. |
Registered Rep.
June 1, 2012
Jerry Gleeson |
Rep.'s Annual Compensation Report 2012: The Chink in the Ka-Ching Small household accounts have always been the bane of brokerages' existence, and advisors who work with such clients do so at the peril of their own compensation. |
Registered Rep.
January 9, 2008
Halah Touryalai |
Smith Barney Snags Three Advisors From Rivals Smith Barney has started off the new year right with a recruiting victory. The firm recently hired three Merrill Lynch reps and one UBS advisor. |
On Wall Street
December 1, 2011 |
Who's News Morgan Stanley Smith Barney hired three advisors from UBS Financial Services... Bank of America Merrill Lynch hired Morgan Stanley Smith Barney advisors Raymond Stacy and Christopher Pieper... Wells Fargo Advisors hired advisor Zoran Vaz... |
BusinessWeek
October 1, 2007
Michael Orey |
Wage Wars Workers - from truck drivers to stockbrokers - are winning huge overtime lawsuits. |
Registered Rep.
August 24, 2007
Halah Touryalai |
Overtime Claims Make Their Way To Schwab The lawyers involved in a number of overtime cases against major wirehouse firms, including UBS and Merrill Lynch, filed a new one against Charles Schwab in July. |
Registered Rep.
February 1, 2006
Kevin Burke |
Hired and Fired Up The biggest brokerage businesses are showing that even in a modest market upswing they now have in place a strategy for delivering stronger and steadier sales and earnings growth. |
Registered Rep.
October 11, 2007
Halah Touryalai |
Judge OKs Millions To Morgan Stanley Female Reps A federal judge approved settlement of the class action lawsuit six months after the women settled a discrimination suit with the firm. |
Registered Rep.
November 18, 2005
Kristen French |
Smith Barney Cuts Pay for Smaller Brokers The new pay scale was announced to brokers internally in October and will take effect in January. |
Registered Rep.
February 9, 2010
Kristen French |
UBS Americas Bleeds More Client Assets in Q4, Advisor Attrition Way Down Clients continued to withdraw significant assets from the firm both in the U.S. and around the world. |
Registered Rep.
September 22, 2005
John Churchill |
Morgan Stanley's Retail Unit Posts Mixed Third Quarter The company's retail brokerage recorded pretax tax profits of $30 million for the third quarter, a healthy 36% gain over last year, despite a continued exodus of advisors and large legal and regulatory costs. But client assets fell versus the prior quarter, an ominous sign. |
Registered Rep.
June 1, 2006
Kristen French |
Hungry for Hires Wachovia hired a whopping 900 reps in 2005, bringing the total to 10,400, and aims to add the same number in 2006, including around 100 rookies. |
On Wall Street
February 1, 2010
Frances A. McMorris |
When Firms Collide: Is Culture Clash Inevitable? Merged companies have been integrated and new executives have taken up their posts, but everyone is still trying to adjust. |
Registered Rep.
December 1, 2011
Kristen French |
Broker Report Card 2011: It's Getting Better All the Time Registered Rep.'s 21st annual Broker Report Cards showed advisor satisfaction ratings creeping higher this year across the board -- on everything from compensation and benefits, compliance support and sales support to products. |
Registered Rep.
January 1, 2007
Halah Touryalai |
Spitzer Defends UBS Brokers--No, Seriously Eliot Spitzer announced in mid-December that he thinks the $89 million overtime settlement that UBS agreed to in February 2006 is unfairly distributed, and he's asking a Northern California District Court to reject the proposed settlement amount. |
Registered Rep.
January 29, 2010
Kristen French |
UBS Morale Lifts A number of top financial advisors at the firm say that they are so far very pleased with the leadership of UBS Wealth Management CEO Bob McCann and his team. |
Registered Rep.
May 1, 2006
John Churchill |
UBS Bellies Up to the Acquisition Table With the cost of recruiting and training soaring, firms continue to turn to acquisitions. The recent purchase by UBS of Piper Jaffray's brokerage unit won't be the last as competition for clients and their assets continues to intensify. |
Registered Rep.
June 6, 2006
Halah Touryalai |
End of Settlement Talks Bring Students to Protest Against Merrill Lynch African-American college students protested in front of several Chicago-based Merrill Lynch offices one day after settlement talks between African-American reps who claim they were discriminated against and Merrill Lynch came to an end. |
Registered Rep.
December 1, 2005 |
Registered Rep.'s Broker Report Cards How seven of the nation's largest brokerage firms stack up against each other. |
Registered Rep.
January 1, 2006
John Churchill |
More, More, More Faced with growing competition from other advice providers and fewer inherent advantages in the way of products and platform capabilities, wirehouse brokers will feel pressure to do more fee-based business and to make wealthier clients a bigger part of their practice. |
Financial Advisor
March 2012 |
UBS Reeling In Merrill Advisors The big four wirehouse firms are always trying to poach top talent from their rivals, but UBS Wealth Management seems to be doing a particularly job good job of late when it comes to snagging advisor teams from Bank of America/Merrill Lynch. |
