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So long, Morgan Keegan

February 26, 2013

Raymond James Financial Inc. has completed the integration of Morgan Keegan advisers and their clients to the company's technology platform ten months after closing on the acquisition of the brokerage. It simultaneously announced the retirement...

Bank of NY Mellon to pay $114M in private-placement settlement

February 25, 2013

The Bank of New York Mellon Corp., one of two trustees of failed Medical Capital Holdings Inc. private placements, has agreed to pay $114 million to investors of MedCap notes. Medical Capital collapsed in 2009 after the Securities and Exchange...

Analyst, big-time fund managers tout BofA shares

February 24, 2013

Improved capital levels at Bank of America Corp., the second-largest U.S. lender, have led Meredith Whitney and other analysts to tout the stock. Lansdowne Partners Ltd., the largest European hedge fund that invests in equities, purchased 26.5...

Dually-registered advisers on SEC focus list

February 24, 2013

Investment advisers to private-equity and hedge funds, and those who are dually registered as broker-dealers, will be targeted by Securities and Exchange Commission examiners this year. The SEC also will focus examinations on payments that advisers...

Brokers fear Finra wants to dig fingers in outside pies

February 24, 2013

Legal observers are concerned that a revamped Finra rule could allow the regulator to probe deeper into outside business activities of registered representatives, as well as affiliates and parent companies of broker-dealers. The Financial Industry...

HighTower back in the market with big Merrill team addition

February 21, 2013

After a fourth-quarter hiatus from adding new adviser teams, HighTower Advisors LLC is back in the market. The private-equity-backed partnership of advisory practices Tuesday announced the addition of its largest team of advisers in the past...

The secret behind big bank 'profits'

February 21, 2013

On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase & Co. Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and...

Merrill settles with client associates for $12M

February 19, 2013

Merrill Lynch late last week settled a lawsuit filed on behalf of a potential class of 12,000 client associates seeking compensation for unpaid overtime work between 2010 and 2012. The settlement, according to law firm Stowell & Friedman Ltd.,...

Breakaway brokers staying put in 2013

February 17, 2013

Jeff Spears, like every other executive hoping to lure wirehouse brokers to the independent channel, was expecting business to pick up for his firm this year. With another year wiped clean from the multiyear retention packages given to thousands...

Edwards firm hits milestone of 100 brokers

February 17, 2013

Benjamin F. Edwards & Co. has reached the 100-broker milestone with a new office in Melbourne, Fla. The branch, the firm's 28th location, is headed by 27-year industry veteran Betsy Dickson and her daughter, Dawn Dickson. They transferred from...

Pru fee hike another nail in VA coffin

February 17, 2013

Rising fees for variable annuities at Prudential Financial Inc. are making some financial advisers and broker-dealers question whether the value proposition for VAs is shrinking. The insurer has filed with the Securities and Exchange Commission...

Schwab expanding one franchise at a time

February 17, 2013

About two years ago, Brian Carpenter, 44, then an adviser with RBC Wealth Management in Eau Claire, Wis., decided it was time to go out and start his own practice in a new — and preferably warmer — locale. “It was a personal decision....

Senator pushes SEC's Walter on fiduciary rule

February 14, 2013

A rising leader on the Senate Banking Committee today pushed the Securities and Exchange Commission to advance a regulation that would subject brokers to an investment advice standard. “I would encourage the commission to make this a priority...

Expert Q&A: Stephen Wershing

February 13, 2013

Stephen Wershing is the president of The Client Driven Practice and spent 14 years as a broker-dealer executive, chief operating officer of a national independent firm and president of a regional firm. He coaches financial advisers on how to...

Referrals: It's not them, it's you

February 13, 2013

A financial adviser has just finished a great meeting with a client. The adviser has covered the markets, portfolios, retirement income and estate-planning updates. Everyone is happy. Then the adviser mumbles something like, “Do you know anyone...

Expected boom in breakaways a dud so far

February 12, 2013

Jeff Spears, like every other executive recruiting wirehouse brokers to the independent channel, was hoping that business would pick up for his firm this year. Mr. Spears is the chief executive of Sanctuary Wealth Services LLC, which provides...

Edwards firm hits 100-broker mark with new Florida office

February 11, 2013

Benjamin F. Edwards & Co. has reached the 100-broker milestone with the addition of a new office in Melbourne, Fla. The Melbourne branch, the 28th office for the firm, is headed by 27-year industry veteran Betsy Dickson and her daughter, Dawn...

Dark clouds shadowing IBD owner

February 10, 2013

The future of independent-broker-dealer owner and media darling Anastasios “Tommy” Belesis appears extremely cloudy. His firm, John Thomas Financial, is being investigated by the FBI, the Financial Industry Regulatory Authority Inc. and...

Clients trust their advisers; advisory firms, not so much

February 10, 2013

Advisers are gaining client confidence even as financial firms continue to score low in the trust department following years of reports about Wall Street abuses. In fact, about 66% of investors said they think their financial adviser is obligated...

Wirehouses rethink age-old models

February 10, 2013

Traditionally, bonds have been at the core of the most risk-adverse portfolios because they are safe, simple and boring. Wirehouses, however, are beginning to rethink that assumption. UBS Wealth Management Americas, Bank of America Merrill Lynch...

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