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Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Michael Duffy and Happiness Wealth Management join LPL Financial

July 9, 2018

Michael Duffy and his firm, Happiness Wealth Management, have joined LPL Financial. The firm, which is based in San Carlos, Calif., joined LPL's broker-dealer and hybrid registered investment adviser platforms. Mr. Duffy has authored five books,...

Finra set to strengthen background checks for new registered rep hires

July 5, 2018

Finra will soon step up its background checks on newly hired brokers. Beginning Monday, the regulator will conduct a review of public financial records within 15 days of a brokerage submitting a registration application, known as a Form U4....

Better Markets blasts Finra's proposal to strengthen supervision of high-risk brokers as too weak

July 3, 2018

Better Markets, a group that promotes financial reform, blasted Finra's proposals to crack down on firms that employ high-risk brokers, calling them too weak. In an April 30 regulatory notice, the Financial Industry Regulatory Authority Inc....

State court ruling on broker protocol could greatly affect job seekers

July 3, 2018

Financial advisers counting on an industry pact to switch jobs safely with clients in tow could run into obstacles after a ruling by a Georgia state court last week. The decision, involving advisers who jumped to Morgan Stanley from Aprio Wealth...

Wirehouses using digital advice technology to boost cross-selling

July 2, 2018

Wirehouses may be playing catchup to the technology offered by custodians and independent fintech vendors, but the next-generation technology platforms they've recently revealed suggest a growth opportunity the others lack: a new chance to cross-sell...

Finra gives first report on where it spent money collected from fines

June 29, 2018

The Financial Industry Regulatory Authority Inc. has routinely been criticized for not telling members what it does with all the money it collects in fines. So this year, it decided to come clean. In its first report on fine money, Finra said...

Edward Jones, Commonwealth Financial top J.D. Power list of top brokerage employers

June 28, 2018

When it comes to workplace satisfaction among broker-dealers, some firms stand out from the pack. According to the latest research from J.D. Power, Commonwealth Financial, Raymond James Financial and Cambridge Investment Research fill the top...

Insurance group advising on $222 million consolidates at Securities America

June 28, 2018

Futurity First Insurance Group, a nationwide insurance distribution firm advising on $222 million, has affiliated with Securities America, consolidating its broker-dealer relationships. The firm's 20 advisers had been affiliated with Mutual...

Unpaid arbitration awards bill by Sen. Elizabeth Warren criticized at hearing

June 28, 2018

Legislation that would provide a remedy for unpaid securities arbitration claims was criticized at a Senate Banking Committee hearing Thursday. Written by Sen. Elizabeth Warren, D-Mass., the legislation would require the Financial Industry Regulatory...

Trap Kloman to become president and COO of Commonwealth Financial

June 27, 2018

Rich Hunter, the president and chief operating officer of Commonwealth Financial Network, the nation's largest independent registered investment adviser/independent broker-dealer, is stepping down from the position. Managing principal and chief...

With Signator in the bag, will Advisor Group and Lightyear still chase Cetera?

June 27, 2018

Last week's announcement that John Hancock Financial Services was selling independent broker-dealer Signator Investors Inc., with 1,800 advisers and about $50 billion in assets, to Advisor Group did not come as much of a surprise. Industry rumors...

New entry-level securities exam seen to benefit firms, job seekers

June 26, 2018

A new entry-level exam for people who aspire to work in the securities industry should become popular because it will appeal to both job seekers and financial firms, according to training experts. Starting Oct. 1, the Financial Industry Regulatory...

LPL Financial taps wirehouse veteran to lead recruiting effort

June 25, 2018

Continuing the churn in LPL Financial's recruiting group, the leader of the unit, Bill Morrissey, managing director and head of business development, is retiring and being replaced by a wirehouse veteran. Mr. Morrissey has been with LPL for...

Wells Fargo memo raises questions about commitment to broker protocol

June 25, 2018

A Wells Fargo Advisors memo Monday morning about client privacy policies sent a spasm of confusion across the network of 14,399 brokers and advisers, with one side saying that the memo undermined the firm's commitment to the protocol for broker...

D.A. Davidson expands with hires from Merrill Lynch

June 25, 2018

D.A. Davidson & Co., a broker-dealer headquartered in Great Falls, Mont., has recruited eight financial advisers in the past two months, including four from Merrill Lynch. "Our recruiting from wirehouses has picked up," said Michael Purpura,...

Advisor Group acquires Signator Investors and plans on folding it into Royal Alliance

June 21, 2018

Advisor Group will acquire Signator Investors, a dually registered broker-dealer and investment adviser with more than 1,800 advisers overseeing approximately $50 billion in assets. Advisor Group said it plans on rolling Signator, which is owned...

Morgan Stanley settles confidentially with departing broker

June 21, 2018

Morgan Stanley and former broker Daniel Abel, who left the firm in January, have entered into a confidential settlement agreement in which Mr. Abel agrees not to solicit former clients. Mr. Abel, who is now affiliated with American Portfolios...

Lessons 401(k) advisers learned from the DOL fiduciary rule saga

June 21, 2018

Retirement plan advisers, especially specialists, used to complain that their broker-dealers and the public ignored them — or, worse, didn't realize they existed. All that has changed now that retirement has become a key political issue and...

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