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BofA's Moynihan vetoed Thiel's plan to cut broker pay: Source

December 20, 2012

Bank of America Corp. Chief Executive Officer Brian T. Moynihan blocked a proposal to cut the main component of most brokers' pay for 2013, said a person with direct knowledge of the matter. The plan would have reduced the so-called grid payout...

Platinum Wealth Partners plans 2013 as breakout

December 20, 2012

A new consolidator, Platinum Wealth Partners Inc., plans to open offices in five to six new cities next year with the help of a $1.5 million to $2 million private bond offering. As part of its growth plans, the firm on Wednesday also announced...

Galvin's LPL suit a boon to plaintiffs

December 16, 2012

Investors who recently sued LPL Financial LLC over the sale of nontraded real estate investment trusts were handed an early Christmas gift by Massachusetts Secretary of the Commonwealth William Galvin, who last week sued LPL over the sales practices...

Finra dials it back on suitability rule

December 16, 2012

Finra has eased up on a controversial interpretation of its new suitability rule in a move that is bound to make the industry happy. In guidance issued last Monday, the Financial Industry Regulatory Authority Inc. backtracked from an expansive...

Kelly: Hot new investment vehicle raises opportunities — and questions

December 16, 2012

In a move that suggests opportunity tinged with risk, the $12 billion-a-year portion of the alternative investment industry that sells products only through independent broker-dealers has created a vehicle for packaging illiquid investments...

Are you settling? How advisers can get 'unstuck'

December 13, 2012

Have you ever felt stuck, like you've lost the energy and zest to continue pushing yourself toward your potential? Our industry is full of stories of advisers who have settled for less than they were hoping to achieve—sometimes much less....

New tech lead at LPL Financial

December 13, 2012

LPL Financial LLC has hired a new technology leader. The firm announced Thursday the appointment of Victor Fetter as both chief information officer and managing director of the company's Business Technology Services unit. He will be based in...

Moneyball for recruiting financial advisers? It exists

December 13, 2012

Talented financial advisers don't come cheap. The largest Wall Street wealth management firms, which have been bidding up the signing bonuses for high-end advisers for years, can attest to that. But are these star advisers worth the often huge...

Finra takes foot off suitability pedal

December 13, 2012

The Financial Industry Regulatory Authority Inc. has eased up on a controversial interpretation of its new suitability rule in a move that is bound to make the industry happy. In new guidance issued Monday, Finra backtracked from an earlier,...

BofA cross-sell seen in new Merrill bonus plan

December 11, 2012

Bank of America's 2013 compensation plan for Merrill Lynch financial advisers, like that of its main rival, Morgan Stanley, is angling for more growth from its brokerage force. But unless advisers can steer their clients to “strategic” fee-producing...

Securities America is back on track

December 11, 2012

After wading through a host of legal problems and its sale, Securities America Inc. is back on the offense. Today, it announced that a heretofore independent broker-dealer with 130 affiliated reps and advisers is joining the firm as a superbranch....

Finra on to B-Ds that sold VAs with hedge funds

December 9, 2012

Finra is investigating half a dozen independent broker-dealers that sold variable annuities with subaccounts invested in hedge funds, resulting in $18 million in client losses during the credit crisis. H. Naill Falls Jr., a plaintiff's attorney...

Finra offers details on controversial bonus disclosure reg

December 7, 2012

The Financial Industry Regulatory Authority Inc. on Friday provided a few details about its upcoming proposal to require disclosure to clients of broker recruiting incentives. In a notice posted on its website, Finra said brokerage firms would...

Keen to promote growth, Morgan Stanley puts a lid on its grid

December 6, 2012

Morgan Stanley upped the ante on growth for its nearly 17,000 financial advisers for next year. The company released details of its 2013 adviser compensation grid this afternoon. No changes were made to the basic cash grid, but revenue bonus...

Finra checking out B-Ds that sold variable annuities with hedge funds

December 5, 2012

Finra is investigating half a dozen independent broker-dealers that sold variable annuities with subaccounts invested in hedge funds that resulted in $18 million in client losses during the credit crisis. H. Naill Falls Jr., a plaintiff's attorney...

AIG completes Woodbury Financial Services deal

December 3, 2012

American International Group Inc. said Monday that it had completed the purchase of independent broker-dealer Woodbury Financial Services Inc. from The Hartford Financial Services Group Inc. The companies signed a definitive agreement for the...

InvestmentNews launches 'The Career Center'

December 2, 2012

InvestmentNews has launched a jobs board, The Career Center, at InvestmentNews.com/careers that provides financial advisers with information about - and direct access to - employment opportunities. Using the resources of The Advisor Center,...

MetLife B-D chief leaves company

December 2, 2012

The head of the large but quiet network of independent broker-dealers at MetLife Inc., John Brett, has left the giant insurer and been replaced — for the time being, at least — with another executive of the company. MetLife spokeswoman Meghan...

Indie broker-dealers are identifying new talent

December 2, 2012

The following is an edited transcript of the NextGen Channel Spotlight session on independent broker-dealers. The panelists were Larry Roth, president and chief executive of Advisor Group, and Amy Webber, president and chief operating officer...

Finra plan for bonus disclosure draws sharp reaction

November 29, 2012

The Financial Industry Regulatory Authority Inc.'s plan to propose a rule that would require reps to disclose their recruitment incentives to customers is drawing sharp reaction. In a notice posted to its site on Wednesday, Finra said it will...

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