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Advice firms in a tricky financial position

October 14, 2017

Efficiency will have to become the new mantra at independent financial advisory firms as revenue continues to slide and compensation climbs. Median annual revenue growth for advisory firms, which has been trending downward since peaking at 16%...

Employee retention linked to career paths and training

October 14, 2017

As competition heats up among independent advisory firms for both clients and financial advisers, training and guided career paths are emerging as crucial components of recruiting and keeping advisers on board. Yet at a lot of advisory firms,...

Advice industry in hiring mode

October 14, 2017

As the largest independent advisory firms continue expanding, something unexpected has happened along the way. The typical professional at one of these firms is no longer "independent" in the sense that he or she is an owner of the business....

New York-area bank chooses Cetera for clearing

October 12, 2017

Flushing Bank is moving its retail securities operation, which manages $225 million in assets, to Cetera from Infinex Financial Group, which is based in Meriden, Conn. Flushing is a Uniondale, N.Y.-based bank serving clients in New York City...

Sisters managing $141 million leave Raymond James for Ameriprise

October 12, 2017

Erin Wynn Masters and her sisters, Galin Wynn Crist and Kirstin Wynn Moore, have left Raymond James in Ormond Beach, Fla., and joined the employee channel of Ameriprise. The team manages $141 million in assets. In business together for nine...

Finra wants to help the small broker-dealer: Cook

October 12, 2017

As the number of broker-dealers it regulates continues to decline, the Financial Industry Regulatory Authority Inc. is focused on bolstering small firms, according to Finra's new CEO, Robert Cook. "We want to create an environment where new...

Raymond James lands $5B custody and clearing client

October 11, 2017

Raymond James announced today that Capitol Securities Management will switch to its custody and clearing platform, from Pershing, taking $5 billion in assets managed, administered or advised by the firm. The move will take place in the spring...

Newbridge Securities to be bought by foreign wealth management firm

October 11, 2017

Another independent broker-dealer is changing hands. This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced...

Finra bars former broker over unauthorized use of discretion

October 11, 2017

The Financial Industry Regulatory Authority has barred former broker Kenneth Neuner after he failed to appear at a hearing looking into his unauthorized use of discretion. Mr. Neuner had been employed by Summit Brokerage Services until March,...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

Dan Arnold's big gamble at LPL Financial

October 7, 2017

DAN ARNOLD, THE NEW CEO of LPL Financial Holdings Inc., is making bold moves to increase profitability at the nation's largest independent broker-dealer, and while he's pleasing Wall Street, some LPL affiliates and advisers are questioning how...

Finra denies WSJ report that regulator has underperforming portfolio

October 6, 2017

A spokeswoman for the Financial Industry Regulatory Authority denies that its investment portfolio has underperformed relevant benchmarks, as a recent Wall Street Journal article asserts. "The portfolio has exceeded Finra's benchmark on a risk-adjusted...

Finra CEO: Regulator will consider more transparency

October 6, 2017

Finra president and chief executive Robert W. Cook said on Friday that the broker-dealer regulator will consider making its board deliberations public and providing more transparency about how it spends fine proceeds. The potential moves could...

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

IBD mergers gain steam as year unfolds

October 4, 2017

After a slow start to the year, independent broker-dealer mergers and acquisitions have picked up pace. Most notably, LPL Financial in August said it bought the assets of the four firms in the National Planning Holdings Network. A recent report...

Judge overturns SEC sanctions on adviser

October 3, 2017

SEC sanctions against a former broker who sent out emails misrepresenting features of a securities offering have been set aside by an appeals court in Washington. While agreeing with the Securities and Exchange Commission that statements in...

Borg puts cybersecurity, unpaid arbitration claims on NASAA agenda

October 3, 2017

When Joe Borg first headed the North American Securities Administrators Association in 2001, online protection of client information was not a major issue. As he takes the NASAA helm for the third time, a potential cybersecurity regulation is...

The Dating Game: How to Find a Continuity Partner

October 2, 2017

As an advisor, you know the value of having a continuity partner. In the event you become ill or otherwise unable to participate in the business, your partner can step in to ensure client service continuity, keep your staff informed, and protect...

Finra considers remote branch inspections, more BrokerCheck info

October 2, 2017

The Finra board last week approved proposing rules to ease requirements for branch office reviews and to increase the amount of information available about individual brokers on the BrokerCheck public database. Under the Financial Industry Regulatory...

Bank of America names new head of US Trust

October 2, 2017

Bank of America has named Katy Knox president of its U.S. Trust private banking business, replacing Keith Banks. Mr. Banks, who held the post since 2009, will become vice chairman of the global wealth and investment management unit, which encompasses...

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