The agency said UBS reps didn't understand the complex product or whether buying it was in a client's best interests.
Mikail Qazi and Timothy Martin are joining UBS Private Wealth Management in Washington, D.C.
Their attorney, Jeffrey Erez, said they were misled by UBS brokers who didn't understand the risky product.
The bank joins a long list of financial backers funding the $130 billion tech-savvy platform for investing in alternatives.
The three advisers are setting up shop as Harvest Wealth in the Maryland suburbs of Washington.
David Kowach is the second senior Wells Fargo executive with deep ties to wealth management to retire in the past two months.
Four advisers in Columbia, South Carolina, form Vision Wealth Advisors.
The four advisers are setting up shop as SkyPath Private Wealth in Summit, New Jersey.
Wells Fargo's IBD, FiNet, hasn't been 'a growth priority' for the wirehouse. Now it is. How has the strategy changed?
The Manhattan U.S. attorney's office is reportedly investigating allegations the firm conducted sham job interviews of minority candidates to satisfy in-house diversity guidelines.
While the firm has prevailed in some cases involving its options trading strategy. its losses are adding up, too.
CEO Charlie Scharf said in a memo that the bank would halt the use of diversity guidelines for hiring as it reviews the reports of fake interviews.
In 2017, Morgan Stanley and UBS shook up the industry when they exited an agreement on recruiting brokers. Take a look at the data on brokers leaving the wirehouses before and after 2017.
Blackstone's CEO says the firm sees a 'huge' opportunity with retail investors and advisers, while a Morgan Stanley executive talked about recent and potential acquisitions.
The firm and the former rep were ordered to pay Carlos Ramon Tapia Sanchez $160,000 each in damages; his attorney said the broker inappropriately recommended that Sanchez invest in junk bonds.
Morgan Stanley's private wealth management trains advisers to guide their clients through the peaks and valleys of first-generation wealth.
The industry veteran formerly held posts at PaineWebber and Merrill Lynch.
The firm was more than five months late on average in filing suspicious activity reports involving wire transfers to and from foreign countries suspected of terrorism financing and other illegal money movements.
The job interviews seemed designed to bolster Wells Fargo's record of its diversity efforts rather than actually hiring women or people of color, the New York Times reported.
Two filings show that Parametric is moving beyond its current focus on separate accounts and direct indexing to subadvise strategies for Innovator ETFs.
