News, Vision & Voice for the Advisory Community


Backs to the wall, wirehouses renew legal efforts to stem team breakaways -- with junior partners sparking the tension

Lawsuits by Merrill, UBS, Morgan Stanley have been spiking in recent months, according to industry observers and lawyers, and it can take precious time and big money to make them go away

Author Lisa Shidler October 23, 2013 at 5:53 AM
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Patrick Burns: The shift was sudden.

Frederick Van Den Abbeel / TradePMR

Frederick Van Den Abbeel / TradePMR

October 23, 2013 — 9:39 PM

The Independent Advisory Industry are very fortunate to have experts such as Brian Hamburger, Patrick Burns, Howard Diamond and the others to be such a valuable resources for those Advisors who are wanting to go Independent.

Thank you gentlemen and to all the professionals in our industry make the dream of going independent a reality for so many. Your work does not go unnoticed and is always much appreciated.

Orbach's Wife

Orbach's Wife

May 21, 2015 — 8:10 PM

ML has a habit of recruiting brokers by using bribery of large bonuses when clients have transferred assets. Problem is ML likes to fire their brokers, keep the client assets & ask for the bonuses to be returned; as in the case of Orbach, ML kept 85 million in client assets. ML lawyers have many notches in their belts for playing dirty, and/or criminal, reference their recent historical fine of $16.6 BILLION for mortgage fraud in the recent crisis.

Related Moves

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

The new 'Tony Robbins' book debut coincides with Ajay Gupta revealing plan to retire, which leaves Creative Planning to keep the referral spoils with Robbins down to a 'with' credit on the cover

Peter Mallouk's and Robbins' book, 'The Path: Accelerating Your Journey to Financial Freedom,' was released this week through a new publisher and word got out that 50 year-old Gupta was departing with little explanation

October 16, 2020 at 7:49 PM

Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

The Law Offices of Patrick J. Burns, Jr., P.C.
Specialized Breakaway Service
Top Executive: Patrick J. Burns, Jr., Esq.

Advanced Regulatory Compliance, LLC
Compliance Expert
Top Executive: Patrick J. Burns, Jr., J.D.

Diamond Consultants
Top Executive: Mindy Diamond

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