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Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

With Signator in the bag, will Advisor Group and Lightyear still chase Cetera?

June 27, 2018

Last week's announcement that John Hancock Financial Services was selling independent broker-dealer Signator Investors Inc., with 1,800 advisers and about $50 billion in assets, to Advisor Group did not come as much of a surprise. Industry rumors...

Sanctioned Ponzi scheme salesmen keep shilling planning, advice

May 3, 2018

Recent sanctions by state securities regulators against unlicensed brokers who sold pieces of an alleged billion-dollar real estate Ponzi scheme highlight a perennial problem the financial advice industry continues to ignore: insurance agents,...

Small-cap stocks unfazed by trade tensions

June 19, 2018

Sometimes, you manage to get things half right, and that turns out to be all wrong. For example, you might be correct in assuming that the rope bridge is the best route across Casket Canyon. This would be wrong, however, if you overlooked an...

Is David Lerner still chomping on the proprietary product apple?

May 31, 2018

Brokerage firms that sell lucrative proprietary products, such as mutual funds built and managed by company executives, face an inherent conflict of interest. It's a story that's as old as investing. When a registered rep sells a client such...

Advisers with billions in AUM leaving Wall Street

June 13, 2018

The biggest firms continue to lose groups of financial advisers that have billions of dollars worth of assets under management. These advisers are moving because they want to set up their own shops so they can own a business or to work at smaller...

What's the next act for Waddell & Reed's advisers?

May 17, 2018

The brokerage industry is frantically remaking itself. Wall Street brokers are leaving the big banks and wirehouses in droves. Independent contractor firms like LPL Financial are binging on acquisitions, while competitors like Securities America...

What to make of Morgan Stanley's new robo

March 22, 2018

Morgan Stanley is testing how an old-school gang of brokers and advisers and a newfangled, algorithm-driven robo-adviser can work together. When Morgan Stanley said last May that it was cutting back on recruiting and would focus on building...

Massive investment fraud fueled by slick marketing, hot dinners

January 5, 2018

For almost five years, the SEC said the Woodbridge Group of Companies operated a billion-dollar Ponzi scheme, taking advantage of 8,400 investors, many of them elderly. What is striking about the alleged fraud is that it operated in plain sight....

Broker protocol for recruiting a boon for clients

November 20, 2017

Turns out the broker protocol for recruiting among securities firms not only helps advisers more easily relocate where they work, it also has unexpected benefits for clients. The protocol, first agreed to by a handful of large firms more than...

Nick Schorsch's presence at Brian Block's trial unseen, but keenly felt

June 25, 2017

Nicholas Schorsch has been physically absent from the courtroom of the U.S. District Court for the Southern District of New York for the securities fraud trial of his longtime business associate Brian Block, which started June 12. But for the...

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....

As LPL buys broker-dealers, its rivals also benefit

February 8, 2018

The more broker-dealers LPL Financial buys, the better it is, not only for LPL itself, but also for the rest of the independent broker-dealer industry. An acquisition means disruption, and that turns into lots of advisers looking to move to...

LPL's new CEO intent on moving beyond problems

August 3, 2017

It's obvious that Dan Arnold, LPL Financial's new CEO, is trying to move beyond problems that have dogged the firm over the last several years, strike a positive tone and, as he emphasized repeatedly, delight the more than 14,000 advisers who...

Wells Fargo, Morgan Stanley use contrary tactics to keep advisers

January 25, 2018

Wells Fargo Advisors and Morgan Stanley are using extremely different tactics in the battle to hang onto their financial advisers. Wells Fargo started the year by dangling a carrot at its 14,544 retail and wealth management advisers, while Morgan...

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...

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...

Finra arb panel sends reps a message

March 2, 2014

A Finra arbitration panel last month hit a former registered representative with a stinging order to pay a client $250,000 in punitive damages, an almost unheard-of award for a client. The steep punitive damages ordered by the Financial Industry...

How confusing are the fees brokers charge?

November 9, 2017

Financial advisers get itchy when talking about fees they charge clients. They tend to sweat a bit, looking down at the ground like it was littered with hundred dollar bills. In other words, fee chat makes some advisers uncomfortable. It's no...

A novel idea

September 15, 2013

Many financial advisers spent the last week of August savoring the final days of summer vacation, hanging out with their families on the beach or by a lake. One veteran adviser and registered representative, Frank Congemi, chose to spend his...

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