April 25, 2024
Wells Fargo Advisors Pushed Former Divisional Leader into Retirement: Filing
Michael Carroll, who had joined Wells through a predecessor firm in 1988 and served as Northeast Division leader until “retiring” last month, was permitted to resign while under review for multiple matters, according to his BrokerCheck record.
Industry Dodged a Bullet with New DOL Rule: Stifel CEO
Meanwhile, Stifel is committed to achieving goals of $1 trillion in client assets and $10 billion in annual revenue in the next 10 years, according to Chief Executive Officer Ron Kruszewski.
RayJay's Private Client Group Revenue Soars on 19% YoY AUA Growth
The company also says the group saw robust advisor recruiting and retention in the latest quarter, during which PCG posted $2.34 billion in quarterly net revenues.
FTC Faces Lawsuits Filed Over Noncompete Ban
The U.S. Chamber of Commerce and the tax firm Ryan LLC have filed separate lawsuits challenging the agency's rule barring firms from enforcing existing noncompetes on all staff other than senior executives, according to the Wall Street Journal.
Industry Moves
RIA M&A Went Big in Q1: Echelon
There were 90 deals announced, representing $570 billion, in the first month of the year, and Echelon believes this year’s deal volume will surpass that of 2023.
Apella Wealth Acquires $464M RIA in Virginia
Apella's latest acquisition is ClearLogic Financial.