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Brokerages walking away from arbitration awards

September 23, 2016

It's no secret that small broker-dealers are struggling to keep their doors open as technology, compliance and legal costs continue to increase, especially as they prepare to put weighty new regulations such as the Department of Labor's fiduciary...

REIT with a twist — and a high commission — is new darling of independent brokers-dealers

July 14, 2016

There's a new kind of REIT in town and it's the brainchild of John Williams, the former chairman and CEO of Post Properties Inc., a multi-family real estate company he founded in 1971 that evolved into a nontraded real estate investment trust....

Indicted broker a poster boy for industry critics like Sen. Elizabeth Warren

June 19, 2016

A Pennsylvania broker who's under federal indictment for fraudulent sales of illiquid alternative investments (i.e., nontraded real estate investment trusts) is the poster boy for all that Sen. Elizabeth Warren and her supporters believe is...

Independent broker-dealer business model is an endangered species

May 29, 2016

The current business model of many independent broker-dealers, which depends on selling high-commission products, such as variable annuities and nontraded real estate investment trusts, is an endangered species. That's the blunt assessment of...

DOL fiduciary rule a big win for nontraded REITs

April 6, 2016

Executives in the $10-billion-a-year nontraded real estate investment trust industry likely were doing handstands Wednesday morning after the Department of Labor released its streamlined final version of a regulation that would raise investment...

Boost in SEC examiners to enable closer scrutiny of RIAs

February 21, 2016

The typical registered investment adviser may have let out a howl of fear and loathing when he picked up a recent issue of InvestmentNews and read that the Securities and Exchange Commission was planning to increase its number of RIA examiners...

Edward Jones' success may lead to trouble

February 7, 2016

The brokerage giant Edward Jones last year saw an astounding $15.6 billion of net flows into its proprietary group of funds, sold exclusively through its brokerage network. The flows into the Bridge Builder funds bested household names such...

Will Franklin Square start a nontraded product price war with its cheaper BDC?

January 22, 2016

Is Franklin Square Capital Partners, the sponsor of a series of nontraded business development companies, starting a price war in the nontraded investment industry? Franklin Square, with $17 billion in assets under management, may have lobbed...

Questions burn for shareholders after RCAP's demise

January 10, 2016

Nicholas Schorsch and his partners a year and a half ago grossed nearly $100 million by selling shares of RCS Capital Corp., the soon-to-be defunct brokerage holding company he founded and that announced last Monday it would file a pre-arranged...

LPL's Casady could be on the hot seat

October 1, 2015

Now that activist hedge fund investor Marcato Capital Management has taken a 6.3% equity stake in LPL Financial Holdings Inc., chairman and chief executive Mark Casady is facing a challenge few executives would relish. Marcato could push for...

Goodbye, Tommy Belesis. We won't miss you.

January 15, 2015

The rise and fall of Anastasios “Tommy” Belesis, the notorious owner and CEO of the defunct independent broker-dealer John Thomas Financial, is now complete. And the financial advice industry will not miss him. Once recognized for his snug,...

An alternative oil investment that hinges on infrastructure needs

December 14, 2014

The sharp decrease in oil prices over the past six months undoubtedly has pained advisers and investors interested in the energy sector. Oil prices dropped sharply last week, reaching five-year lows. For the first time since July 2009, the price...

Accounting fiasco highlights tangled web behind Nicholas Schorsch's empire

November 21, 2014

In the wake of accounting problems at American Realty Capital Properties Inc., the rest of Nicholas Schorsch's empire has drawn scrutiny for its complexity. And calling the Schorsch empire complex is putting it mildly. It includes dozens of...

Spike in Finra, SEC regulation leaves star brokers exposed

October 24, 2014

Star financial advisers, the cocky big producers in the corner offices, have long been treated with kid gloves by management at brokerage firms. The financial advice industry, particularly the large securities houses, have an unspoken tradition...

Figuring out Schorsch's latest deal – or how 1 + 1 = 3

October 10, 2014

Nicholas Schorsch's empire of nontraded real estate investment trusts, retail broker-dealers, asset managers and wholesalers are interconnected, like a set of Russian matryoshka dolls, sitting snugly one inside the other. American Realty Capital...

What is a bond really worth?

September 26, 2014

The age old question of what a bond is really worth was raised again this week when it was reported that the Securities and Exchange Commission is asking serious questions about how the world's largest bond shop, Pimco, valued some securities...

B-Ds taking it on the chin from regulators

August 8, 2014

Broker-dealers have been taking it on the chin from regulators lately, with three retail firms in the past couple of weeks disclosing disappointing earnings related to compliance and regulatory issues. Where does this rash of regulatory actions...

Claiming bad oversight, ex-rep urges investors reject REIT offer

July 25, 2014

A former registered representative who sold $1.6 million of a now-moribund private real estate investment trust is frustrated with the REIT's history of related-party transactions and thinks results could be better if the REIT were managed better....

Opinions on bull market split following most recent run-up

July 10, 2014

Financial advisers are facing a schism in the current perception of the stock market. After the S&P 500 closed at an all-time high of 1,985.44 on July 3, the question now facing advisers is whether the bull market in stocks that began in March...

Why did Sterne Agee fire its CEO?

June 8, 2014

Sterne Agee Group Inc., a private holding company with a number of broker-dealer subsidiaries, two weeks ago gave the heave-ho to its longtime chairman and chief executive, James Holbrook Jr., and replaced him with company veteran Eric Needleman....

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