April 24, 2012

$1.5M arb judgment forces B-D to declare bankruptcy, deregister

By Bruce Kelly

A Finra arbitration panel has ordered Cambridge Legacy Securities to pay an investor $1.5 million over private placements

• alternative investments,
• arbitration,
• Financial Industry Regulatory Authority (FINRA),
• independent broker-dealers

April 22, 2012

Independent B-Ds overcame hurdles in 2011

By Bruce Kelly

For independent broker-dealers, 2011 was a challenge. Mounting technology costs, intense scrutiny and new rules from securities regulators were compounded by record low interest rates, which decimated returns on once-lucrative activities such as margin lending and holding clients' cash.

• independent broker-dealers

April 22, 2012

Morgan Keegan ripped by DOL over kickbacks

By Darla Mercado

The Labor Department has scored a win against Morgan Keegan & Co. Inc., following an investigation revealing that the independent broker-dealer accepted payments for recommending funds of hedge funds to plan clients. Under the DOL settlement, Morgan Keegan was ordered to pay $633,...

• independent broker-dealers,
• Raymond James & Associates Inc.

April 22, 2012

LPL realigns management

By Bruce Kelly

A new corporate effort to capture market share among the mass affluent is behind the changes in top management announced last week at LPL Financial LLC. On May 1, LPL president Esther Stearns will become chief executive of a new subsidiary, LPL New Venture, which will focus on...

• independent broker-dealers,
• LPL Financial

April 22, 2012

Special report: The largest independent B-Ds

Although 2011 offered its share of challenges, independent broker-dealers were still able to rack up solid gains.

• broker-dealers,
• independent broker-dealers

April 22, 2012

Regulators turn up the heat on branch office oversight

By Dan Jamieson

Broker-dealers and their independent representatives are feeling the pinch of tougher oversight. Regulators have issued several warnings in recent months about the need to pay close attention to independent representatives who work in remote offices. In November,...

• Financial Industry Regulatory Authority (FINRA),
• independent broker-dealers,
• Money Management Institute (MMI),
• Securities and Exchange Commission (SEC)

April 20, 2012

Behind the management shake-up at LPL

By Bruce Kelly

Mark Casady reveals reasons for recent changes at indie B-D

• broker-dealers,
• independent broker-dealers,
• LPL Financial

April 18, 2012

LPL makes major executive moves

By Bruce Kelly

Broker-dealer powerhouse LPL on Wednesday announced it's rejiggering its top brass. The main move: firm veteran Esther Stearns is being moved out to head a new subsidiary.

• independent broker-dealers,
• LPL Financial,
• staffing / personnel

April 18, 2012

Will FiNet's new bonus scheme change the industry?

By Bruce Kelly

Wells Fargo B-D aims to reward reps who bring in new business; no longer ‘recruit or die'

• broker-dealers,
• independent broker-dealers,
• Wells Fargo & Co.,
• wirehouses

April 17, 2012

Woodbury Financial could pay advisers to stay despite not having buyer

By Bruce Kelly

Woodbury Financial is said to be readying retention bonuses to preserve firm's value despite not having a buyer lined up

• Hartford Financial Services Group,
• independent broker-dealers,
• staffing / personnel