Adviser recruitment on track for record-breaking year
More than 4,000 advisers and brokers switched firms during the first quarter, up 11% from the first quarter of 2020. RIAs and IDBs continue to set the pace.
May 3, 2021
More than 4,000 advisers and brokers switched firms in the first quarter of the year, putting 2021 on pace for record industry recruitment activity.
Moves of experienced advisers between firms were up 11% compared with the first quarter of 2020 and were higher than any other quarter going back to 2018.
The data, which come from the
InvestmentNewsAdvisers on the Move database, exclude transitions between affiliated firms and those that result from a merger or acquisition.
Robinhood is snapping up financial advisers. Here’s why.
Robinhood plans to double the number of full-time registered reps this year after recruiting 100 advisers from other firms since 2019.
April 27, 2021 4 MINS
Robinhood Financial is ramping up its financial adviser recruiting activity, entering the top 20 firms among incumbents by snatching up 40 experienced and licensed advisers from competing firms year to date, according to
.
The majority of Robinhood’s adviser recruits this year came from Fidelity Brokerage Services (35%) and TD Ameritrade Inc. (25%), according to the data. A handful of advisers were recruited from other wirehouses and brokerages, including Charles Schwab & Co., Merrill Lynch, Pierce, Fenner & Smith Inc., Vanguard Marketing Corp. and Morgan Stanley, among others.
Updated: 5:38 AM PDT, April 15, 2021
Kelyn Spadoni, 33, was charged with bank fraud, illegal transmission of monetary funds and theft greater than $25,000.
A Louisiana woman has been arrested after she went on a massive shopping spree, purchasing a new house and a new car with $1.2 million that was not hers, according to authorities. Major financial service corporation Charles Schwab deposited the money into the woman s account in error, officials said.
Kelyn Spadoni, 33, was charged with bank fraud, illegal transmission of monetary funds, and theft greater than $25,000, reports the New York Times.
Spadoni, of Harvey, LA. was released on a $150,000 bond on Thursday, according to Captain Rivarde. He said 75% of the missing money has been recovered, Fox Business reported.
LPL recruits $800 million advisor team from Kestra financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
Article content
NEW YORK Charles Schwab Corp is suing one of its former customers after the retail brokerage allegedly sent more than $1.2 million to an account of the Louisiana woman and then could not get the money back.
Schwab meant to send $82.56 to Kelyn Spadoni’s Fidelity Brokerage Services account in February, but a computer glitch caused it to erroneously transfer more than $1.2 million, according to the lawsuit.
We apologize, but this video has failed to load.
Try refreshing your browser, or Schwab sues former client after accidental transfer of $1.2 mln Back to video
Schwab tried to get the money back, but repeated calls and texts to Spadoni, who lives in a suburb of New Orleans, were not returned, the brokerage said in the lawsuit.