Results for "broker-dealers"

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RJ's Helck on buying another broker: 'There isn't much out there'

July 11, 2013

Raymond James Financial Inc. may be looking for acquisitions in the asset management space, but don't count on it buying any broker-dealers anytime soon. When it comes to asset management firms, “there is a lot of room to expand in terms of...

Helck: Fiduciary standard can work with high-commission products

July 11, 2013

Despite opposition in the brokerage industry to a uniform standard of care, one industry heavyweight believes a fiduciary standard can coexist with the sale of high-commission products. “In the most basic form, working for your client as a...

State subpoenas 15 brokerages over sales of alternatives

July 10, 2013

Massachusetts has begun a sweep investigation of 15 brokerage firms, looking at sales practices involving alternative investments sold to seniors. The targeted firms are: Morgan Stanley, Merrill Lynch, UBS Securities LLC, Fidelity Brokerage...

End of the line for Tommy Belesis' embattled brokerage

July 10, 2013

A little bit of Wall Street's swagger died this week as the long-beleaguered John Thomas Financial ended its registration as a securities broker-dealer. John Thomas, owned by the colorful Anastasios “Tommy” Belesis, on Monday filed termination...

New No.1 at top of wealth management ranks

July 10, 2013

UBS AG (UBSN), the Swiss lender shrinking its investment banking business, overtook Bank of America Corp. (BAC) to top a ranking of the world's biggest wealth managers compiled by Scorpio Partnership. UBS boosted managed assets by 9.7 percent...

Five-time MLB all-star sues UBS, ex-rep for $7.6M

July 9, 2013

Mike Sweeney, a five-time Major League Baseball all-star, has sued UBS Financial Services Inc. and his former broker at the firm for $7.6 million in damages. The suit, alleges that Mr. Sweeney's broker at UBS, Ralph A. Jackson III, invested...

Fiduciary duty boosts revenue, not compliance costs: FPC

July 8, 2013

Financial advisers who operate under a fiduciary duty achieve stronger asset and revenue growth without taking on additional compliance costs, according to a group of adviser advocates. In a comment letter to the Securities and Exchange Commission...

Finra postpones action on recruitment disclosure rule

July 8, 2013

The Financial Industry Regulatory Authority Inc. has postponed action on a controversial proposal to require disclosure to customers of broker recruitment deals. As reported earlier, a notice on Finra's site said the Finra board would “consider...

Cetera skyrockets into first tier

July 7, 2013

After an aggressive acquisition campaign, Cetera Financial Group Inc. is on the verge of reaching a milestone: $1 billion in annual -revenue. It is a metric matched by only four other independent broker-dealers — and all the more noteworthy...

The Takeaway: Why the race is on to scale up your practice

July 1, 2013

Portfolio The July Mutual Fund Observer is out - why it's impossible to categorize long/short funds.  (Mutual Fund Observer) The thing about investing in tech is that shareholders are not promised a return commensurate with the innovation....

Five factors fueling the growth of the RIA hybrid model

June 28, 2013

If the full-service corporate RIA model is the mainland and the independent RIA-only model is an island, the open architecture of the RIA hybrid could be considered the bridge between the two. Under the RIA hybrid model, the financial adviser...

'Dom the Bomb' goes from Merrill wealth management to Wimbledon

June 28, 2013

Dominic Inglot was working for Bank of America Corp.'s Merrill Lynch (BAC) two years ago when he took a chance that brought him back on the grass tennis courts of Wimbledon, this time as a ranked player, not a stand-in for a movie actor. Ankle...

Finra bails on plan to supervise reps' outside businesses

June 27, 2013

Finra has dropped a controversial idea to extend its supervisory rules. The Financial Industry Regulatory Authority Inc. filed a new package of updated supervisory rules last Friday with the SEC. Gone from the latest list: a hotly debated plan...

Adviser behind bars but ordered to pay Schwab $2.75M

June 26, 2013

The Charles Schwab Corp. has won a $2.75 million arbitration award against a former adviser who is in prison for fraud. The imprisoned adviser, Matthew D. Weitzman, was a co-founder of AFW Asset Management Inc., for which Schwab was asset custodian....

Tommy Belesis' B-D on the ropes: Clearing firm

June 26, 2013

It looks like it's finally the end for Anastasios “Tommy” Belesis' broker-dealer, John Thomas Financial. The brokerage's clearing firm last week told the B-D's clients the firm was stopping business because of a lack of capital. John Thomas...

Merrill trying to make managed-account platform adviser- and client-friendly

June 25, 2013

Bank of America Merrill Lynch is conducting a major revamp of its managed-account platform, intending to break through the traditional pricing silos and make its offerings more client-friendly. In September, the firm will begin a pilot program...

Finra gets OK to share more info about reps' disciplinary records

June 25, 2013

The brokerage industry regulator has won Securities and Exchange Commission backing to provide more public information about brokers who are the subject of disciplinary complaints and actions. The SEC approved a proposal by the Financial Industry...

Interest rate spike boosts fortunes of broker-dealers

June 24, 2013

Broker-dealer executives have been waiting since the financial crisis for interest rates to rise, presenting an opportunity to boost profits on such rate-sensitive lines of business as margin lending and money market funds. Now, with long-term...

The Takeaway: Panicked ETF sellers nailed with sharp NAV discounts

June 21, 2013

Portfolio The Fed just blinked. That didn't take long.  (The Reformed Broker) Atlanta Fed President: Here's why I dissented at the Fed meeting this week.  (Wonkblog) Panicked ETF sellers get nailed with sharp NAV discounts.  (Focus On Funds)...

National Holdings to buy tax preparer, pushing client assets to $9B

June 21, 2013

National Holdings Corp. said today it will acquire tax preparer Gilman Ciocia Inc., which includes 160 independent financial reps and advisers. The main business of National Holdings is its independent broker-dealer, National Securities Corp.,...

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