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Former CFO of a Thompson REIT slapped for weak due diligence

June 16, 2013

A former chief financial officer of noted real estate investor Tony Thompson's nontraded real estate investment trust has been suspended for five months from the securities industry for failing to conduct adequate and independent due diligence...

Twice shy? Nope, Gorman ups his margin target for Morgan Stanley brokerage

June 13, 2013

Apparently, James Gorman is not cowed by a little criticism. When Mr. Gorman engineered the merger of Morgan Stanley and Smith Barney in 2009, he famously predicted a 20% pretax profit margin for the combined brokerage businesses by 2011. While...

Belesis pulling up stakes: Report

June 13, 2013

John Thomas Financial chief executive Anastasios “Tommy” Belesis may soon be moving his office furniture — including his trademark Red Bull soda machine —to Wall Street's curb. Mr. Belesis has been under the scrutiny of the Securities...

Schorsch in shock purchase of large indie B-D

June 12, 2013

Nick Schorsch, a dynamo in the nontraded real estate investment trust business, is now buying a leading independent broker-dealer, First Allied Securities Inc. RCAP Holdings LLC, which is controlled by Mr. Schorsch and a team of managers, said...

Insurer to sell its broker-dealer to John Hancock

June 11, 2013

Another insurance company is exiting the independent broker-dealer business. Symetra Financial Corp. said today it intends to sell its broker-dealer to John Hancock Financial Services Inc., a unit of Manulife Financial Corp. Symetra Investment...

Finding fees: UBS charging for financial plans

June 11, 2013

In another sign that the wirehouses are shifting from transactional business to more comprehensive financial planning, UBS Wealth Management Americas is now charging fees for the financial plans that its advisers draft for clients. The new policy...

Recruiting slows to a trickle at LPL; pickup months away

June 11, 2013

LPL Financial LLC expects recruiting in the second quarter to sputter along, much as it did in the first three months of the year. The independent-broker-dealer behemoth in the recent past has set an annual goal of recruiting 400 to 500 new...

Fiduciary advocates warn SEC not to water down uniform standard

June 10, 2013

Advocates for strengthening investment-advice rules for brokers are warning the Securities and Exchange Commission not to dilute the standard that currently applies to investment advisers — acting in the best interests of clients. As the July...

Finra panel sets $18.5 million award against defunct B-D

June 9, 2013

A Finra arbitration panel has issued an $18.5 million award to the trustee of Ponzi scheme Provident Royalties LLC, and the loser was a broker-dealer that no longer exists but at one time was a big seller of private placements. A three-person...

Commonwealth Financial, LPL set big executive changes

June 7, 2013

Commonwealth Financial Network and LPL Financial LLC today announced notable changes in management — the most being longtime Commonwealth Financial president and chief operating officer Peter Wheeler's being kicked upstairs to the role of...

The Takeaway: So your client just won the lottery ...

June 7, 2013

Portfolio Carl Richards on how to avoid the easy trap of buying high.  (Bucks) Chris Burba: Sorry, Bad News is not Good News.  (miAnalysis) Is Google the GE of the 21st Century?  (Financial Times) The most heavily-shorted names going into...

Finra panel sets $18.5 million award against defunct B-D

June 5, 2013

A Finra arbitration panel has issued an $18.5 million award to the trustee of Ponzi scheme Provident Royalties LLC, and the loser was a broker-dealer that no longer exists but at one time was a big seller of private placements. A three-person...

Former LPL marketing executive lands at First Allied

June 5, 2013

LPL Financial LLC's former top adviser marketing executive, Marissa Fox-Foley, has landed at independent broker-dealer First Allied Securities Inc., where she will lead all marketing and communications. Best known for enhancing LPL's adviser...

Wells Fargo, Merrill to pay $5.1 million to settle charges over bank loan funds

June 4, 2013

Wells Fargo Advisors LLC and Merrill Lynch have been ordered by the Financial Industry Regulatory Authority Inc. to repay $3.1 million and fined $2.2 million, respectively, for selling mutual funds of floating-rate bank loans during the credit...

It's official: Royal Alliance Associates CEO Tambaro to retire at yearend

June 4, 2013

Royal Alliance Associates Inc. said today that Art Tambaro, its well-regarded president and chief executive, will retire at the end of the year. The formal announcement of Mr. Tambaro's retirement had been widely expected by Royal Alliance advisers...

Allied Beacon confirms arbitration loss, net capital violation

June 3, 2013

Allied Beacon Partners Inc. on Monday confirmed that it lost an arbitration case with Finra, costing it $1.6 million and causing it to fall below required minimum net capital levels, which, the company said, severely restricts its business....

Questions raised about Allied Beacon's financial health

June 2, 2013

Allied Beacon Partners Inc., a midsize independent broker-dealer with 200 registered representatives, informed its financial advisers last Wednesday that the firm is in violation of industry rules requiring that sufficient capital be kept on...

As MetLife cuts, adviser ranks are thinning out fast

June 2, 2013

MetLife Inc. is making good on its plans to ratchet down sales of variable annuities and universal life insurance with secondary guarantees in the United States, and dramatically reduce head count in its financial adviser force. Over the past...

Exec pay: Less vroom at the top

June 2, 2013

The fortunes of large financial services companies have improved dramatically from the dark days of the financial crisis, but paychecks for the leaders of those companies still aren't what they used to be. Compensation at broker-dealers and...

Reps: Get the lowdown on your firm

June 2, 2013

Registered representatives and financial advisers at small to midsize broker-dealers were reminded last week that to protect their businesses, they need to know the financial health of the firm with which they affiliate. Advisers must, at a...

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