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BofA chief Moynihan cracking the whip

April 3, 2013

Bank of America Corp. Chief Executive Officer Brian T. Moynihan has summoned more than 100 of his regional leaders to a private meeting today where they'll be pushed to boost the lender's flagging revenue, said two people with direct knowledge...

Breaking away: $400M Merrill team departs, forms RIA

April 2, 2013

A $400 million Merrill Lynch team, led by James Maher, left last week to form a new advisory firm, Archford Capital Strategies LLC. Based in Swansea, Ill., a suburb of St. Louis, the new firm also has an office in Creve Coeur, Mo. Joining Mr....

Revenue split the same for advisers and reps: Survey

April 2, 2013

As more firms combine a registered investment adviser with a broker-dealer arm, they are generating about as much income from commissions as they are from asset-based fees. That's making their revenue streams similar to those of big brokerage...

Adviser mulling offer for NHL's Phoenix Coyotes

March 31, 2013

California financial adviser Darin Pastor is considering a bid for the Phoenix Coyotes of the National Hockey League. Mr. Pastor, founder of Capstone Affluent Strategies, which is affiliated with LPL Financial LLC, has formed an exploratory...

After fast start, wirehouse recruiting hits a wall

March 31, 2013

The pace of adviser movement into and out of wirehouses picked up at the beginning of this year, compared with a slow 2012, recruiters report. But advisers now appear to be in lock-down mode in the lead-up to tax-filing season. “There's a...

Heiress: LPL rep took me for a ride

March 31, 2013

An heiress to the Knott's Berry Farm theme park is seeking $8.5 million in an arbitration claim against LPL Financial LLC. The claimant, Maureen Sloan, 63, of Newport Beach, Calif., claims that former LPL broker Alberto Neira stole $4.5 million...

Cetera exec steps aside

March 31, 2013

Barnaby Grist, executive vice president of wealth management at Cetera Financial Group Inc., will be leaving the firm in the coming months for personal reasons. Mr. Grist, 41, told InvestmentNews he needed to step aside to help care for his...

Tax season keeping wirehouse reps in their seats

March 27, 2013

The pace of adviser movement into and out of the wirehouses picked up at the beginning of this year compared to a slow 2012, say recruiters. But advisers now appear to be in lock-down mode in the lead up to the tax filing season. “There's...

Advisers: Is the grass really greener?

March 27, 2013

At one point or another most advisers wonder if the grass is greener—or the gross is greater—at other firms. As a financial adviser, whether an employee or independent, at the end of the day the revenue generated is essentially the adviser's...

Grist leaving Cetera

March 26, 2013

Barnaby Grist, executive vice president of wealth management at Cetera Financial Group Inc., will be leaving the firm in coming months for personal reasons. Mr. Grist, 41, told InvestmentNews that he needed to step aside to help care for his...

The Takeaway: Going nuts for global REITs

March 25, 2013

Portfolio S&P's Sam Stovall: "Despite this anemic growth in our economy, the S&P 500 increased in price at a swifter pace than it normally did during the first four years of economic recovery since 1949." (Business Insider) Emerging market stocks...

Montana regulators target LPL REIT sales

March 24, 2013

LPL Financial LLC is being further dogged by state regulators investigating the sale of nontraded real estate investment trusts and faces a new complaint from the Montana Auditor's Department focusing on REIT sales to unsophisticated investors,...

Investors up in arms over Cole's quick kick of $5.7B offer

March 24, 2013

Chris Cole painted himself into a corner last week when — in a 24-hour period — he received and rejected a $5.7 billion takeover bid for his nontraded real estate investment trust, Cole Credit Property Trust III Inc. In that corner, Mr....

LPL facing more complaints about REIT sales

March 22, 2013

LPL Financial LLC is being further dogged by state regulators investigating the sale of nontraded real estate investment trusts and faces a new complaint from the Montana State Auditor's Department focusing on REIT sales to unsophisticated investors,...

REIT war erupts as Cole rejects unsolicited bid from ARC

March 21, 2013

In a move likely to confuse and perhaps anger some financial advisers, Cole Credit Property Trust III, a nontraded real estate trust, Thursday rejected an unsolicited offer to be acquired by a rival REIT and instead reiterated its plan to acquire...

American Realty Capital offers to buy a Cole REIT for $5.7 billion

March 20, 2013

Two of the giants of the nontraded real estate investment trust world, American Realty Capital and Cole Holdings Corp., are going toe-to-toe over a large REIT sponsored by Cole that owns net lease properties, a real estate sector in demand by...

Larry Fink with a humdinger of a stock forecast

March 20, 2013

Former European Central Bank President Jean-Claude Trichet talks about the region's sovereign-debt Laurence D. Fink, chief executive officer of BlackRock Inc. (BLK), the world's largest asset manager, said Cyprus is not a major problem and U.S....

New normal getting old: Another year of slow growth for U.S.

March 19, 2013

At Pimco, we have long believed that the global economic recovery from the financial crisis of 2008 was to be subpar despite the historic amount of stimulus applied in 2009. The “new normal” recovery, as we described it then (see Pimco Secular...

Raymond James sweetens the pot for hybrids

March 18, 2013

Bowing to competitive pressures, Raymond James Financial Services Inc. is sweetening the pot for its top independent hybrid advisers but the moves might not be enough to move the attract loads of new advisers. Advisers with Raymond James Financial...

REIT bigwig Thompson a target

March 17, 2013

Troubles are mounting for noted real estate investor Tony Thompson. The Financial Industry Regulatory Authority Inc. is investigating him and his broker-dealer, TNP Securities LLC, for failing to turn over documents, thus potentially breaking...

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