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Rogue brokers still pose danger to investors

February 6, 2017

The Financial Industry Regulatory Authority Inc. is making a lot of noise about keeping tabs on what it perceives to be high-risk or recidivist brokers, commonly called rogues in the industry. At the start of the year, Finra placed the monitoring...

And the Golden Bull goes to ...

January 20, 2017

It's awards season in Hollywood, so the editorial staff at InvestmentNews thought it would be a good idea to hand out some prizes to those bad boy and girl brokers who have fascinated readers so with their rule-breaking performances that got...

Cambridge's Eric Schwartz looks into the future of independent broker-dealer industry

December 29, 2016

Eric Schwartz, founder, chairman and CEO of Cambridge Investment Research Inc., is one of the brightest guys in the securities business. One of the most unassuming, too. He started a predecessor to Cambridge in the 1980s but struggled with it...

Trump may kill DOL rule, but financial advice industry still needs fiduciary regulation

November 21, 2016

Many in the financial advice industry reacted with jubilation after Donald Trump's upset victory in the presidential election. As a pro-business Republican, there was little doubt to many investment advisers and brokerage executives who voted...

LPL broker in battle with IRS over how he structures his business

October 30, 2016

An LPL Financial adviser is in a thorny tax battle with the IRS, and its outcome could have wide implications for financial advisers who own their practices and use a flow-through tax structure known as an “S corporation” to pay themselves....

Morgan Stanley sales contests among advisers didn't help clients

October 11, 2016

Everyone's a winner at Morgan Stanley when the largest retail brokerage in the United States starts a contest to boost lending products, including “portfolio loan accounts,” known as PLAs at the firm. Everyone but the client, that is. The...

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...

SEC says phony adviser is ripping off members of the military

April 23, 2015

Phony financial advisers are always extremely dangerous. For investors, they pose tremendous risk, due to their creation of potentially fraudulent schemes that will destroy clients' savings and wealth. For financial advisers, a fraudster in...

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...

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