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Questar to pay nearly $800,000 for overcharging charities ​

November 3, 2017

Finra has censured Questar Capital, saying that it failed to identify and apply available sales charge waivers to eligible retirement accounts and charitable organizations. The firm agreed to pay $796,892 in restitution to clients. The Financial...

Former First Allied broker barred

November 3, 2017

The Financial Industry Regulatory Authority has barred Masood Husain Azad, a former broker with First Allied Securities, for failing to provide information the group requested. Finra said that First Allied terminated Mr. Azad in May 2017. In...

2018 and beyond: Business planning, and questioning

November 3, 2017

As an adviser, you know 2017 has been dosed with Department of Labor hoopla, while it's been simultaneously tamed by a bull market. Just imagine what next year might bring. Have you devised a plan for it yet? Advisers frequently say they need...

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

IBDs can protect good advisers from bad recruits

November 3, 2017

I recently had lunch with an independent adviser affiliated with a firm that had acquired a smaller broker-dealer and most of its reps some time ago. Since then, highly anticipated platform enhancements the acquirer had planned to make that...

Finra: Morgan Stanley must pay Schwab $1.2 million over broker recruiting violation

November 3, 2017

A Finra arbitration panel awarded $1.2 million to Charles Schwab & Co. Inc. in a case against Morgan Stanley Smith Barney involving the recruitment of a Schwab broker. In a Nov. 2 award, the arbitrators found that Morgan Stanley violated the...

Finra panel orders Houston firm and two reps to pay $2 million for securities sales

November 2, 2017

A Finra arbitration panel has awarded more than $2 million in compensatory damages to owners of eight individual retirement accounts held by clients of Houston-based IMS Securities. Claimants in the case alleged that the firm and five of its...

Morgan Stanley's broker protocol exit: How did we get here?

November 2, 2017

Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble....

Two more NPH firms spurn LPL, affiliate with Woodbury Financial

November 1, 2017

Two firms affiliated with National Planning Holdings have changed their affiliation to Woodbury Financial Services, a unit of the Advisor Group. The Tenacity Advisory Group, a 52-adviser Super OSJ managing $2 billion in assets, has changed its...

Did Morgan Stanley just kill the broker protocol agreement?

October 31, 2017

Morgan Stanley's decision to walk away from the brokerage industry's protocol agreement "overnight, increased the risk of other brokerage firms likely pulling out of the agreement," said Brian Hamburger, chief executive of compliance consulting...

Morgan Stanley dumps broker recruiting protocol

October 30, 2017

Morgan Stanley's decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One reason for that...

Morgan Stanley loses $150 million team in Utah

October 30, 2017

David Johnston and his son Keith Christopher (KC) Johnston have left Morgan Stanley in Provo, Utah, where they managed $150 million, to affiliate with Kestra Private Wealth Services, a hybrid RIA. The two will operate as White Cap Wealth Management...

Ameriprise loses $100 million broker to Raymond James

October 30, 2017

David Katz, who managed $100 million in assets at Ameriprise Financial Services, has joined the employee channel of Raymond James in Boca Raton, Fla. Mr. Katz, who is joining the firm with his client service associate, began his financial services...

UBS ordered to pay $3 million Finra fine for defamation

October 27, 2017

A Financial Industry Regulatory Authority arbitration panel has ordered UBS Financial to pay a former broker, James L. Springer Jr., $3 million in compensatory damages over what the firm said when it dismissed him in 2014. Finra's BrokerCheck...

Finra bars former LPL broker over no-show at hearing

October 27, 2017

The Financial Industry Regulatory Authority has barred former LPL broker Jerry Lee Travers from the securities industry for failing to appear for on-the-record testimony in connection with a Finra investigation. "The testimony was requested...

SEC task force targets retail investor fraud at the adviser level

October 26, 2017

A new Securities and Exchange Commission enforcement initiative will target retail investor harm that occurs when clients work with investment advisers, an SEC official said on Thursday. Stephanie Avakian, co-director of the SEC Division of...

Blaming the DOL fiduciary rule, LPL sees recruiting stall for second straight quarter

October 26, 2017

For the second consecutive quarter, recruiting stalled at LPL Financial, typically an industry powerhouse when it comes to hiring new advisers. In its third-quarter earnings release issued Thursday, parent company LPL Financial Holdings Inc....

Raymond James adds 200 advisers in fiscal 2017

October 26, 2017

Raymond James Financial's net addition of 200 advisers, to a record 7,346, helped it post record revenue and net income for its fourth quarter, ended Sept. 30, and its fiscal year. The company said that the growth of assets in fee-based accounts,...

Ameriprise attracts 88 advisers in third quarter

October 25, 2017

Eighty-eight advisers joined Ameriprise Financial Inc. from other firms in the third quarter, in addition to 215 who joined the firm as part of the acquisition of Investment Professionals Inc., Ameriprise said in announcing its third-quarter...

Wedbush Securities, once again, in trouble with regulators

October 25, 2017

From time to time, this column focuses on firms and individuals in the investment advice business who continue to screw up — those who seem destined to repeat the past and harm investors, damage their own reputations or both. It can be maddening....

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