Results for "broker-dealers"

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Morgan Stanley will boost savings with broker-protocol exit, UBS analysts say

December 8, 2017

Morgan Stanley's decision to exit the broker protocol for recruiting at the end of October will result in savings on recruiting and boost the bank's bottom line, according to a report from analysts at UBS Securities, a competitor that has also...

Barred Florida broker goes on to sell millions in defunct Woodbridge loans

December 8, 2017

A Florida broker who was barred from the securities industry for selling high-risk collateralized mortgage obligations in the run up to the credit crisis has since sold millions of dollars worth of commercial mortgage loans issued by the Woodbridge...

Raymond James gets Merrill Lynch, Morgan Stanley advisers managing $560 million

December 8, 2017

An adviser who managed $230 million at Merrill Lynch on Long Island and three advisers who managed $330 at Morgan Stanley offices in Westchester and Long Island have joined offices of the employee unit of Raymond James in the New York suburbs....

As firms pull out of protocol agreement, wirehouse brokers show more interest in breaking away: execs

December 8, 2017

As the broker protocol recruiting agreement increasingly becomes endangered, more wirehouse brokers are making inquiries about becoming independent advisers, according to industry executives with knowledge of such activity. Firms such as Dynasty...

LPL retains $4.3 billion at The Planners Network

December 7, 2017

The more than 75 advisers who constitute The Planners Network—and manage, administer or advise on more than $4.3 billion in assets—have individually decided to stay with LPL Financial. Most of TPN's advisers operate as single-person or small...

Hybrid firm managing $900 million switches affiliation to Triad Advisors

December 7, 2017

Continuum Advisory, an independent hybrid firm managing approximately $900 million in total advisory and brokerage client assets, has ended its affiliation with Signator Investors and affiliated with Triad Advisors. Based in Pleasanton, Calif.,...

Morgan Stanley fires former Congressman Harold Ford for misconduct

December 7, 2017

Morgan Stanley fired former Congressman Harold Ford Jr. after conducting an investigation into harassment, making him the most prominent Wall Street figure to lose his job after an accusation of misconduct. He denies the claims. "He has been...

Stripped of fat commissions, nontraded REIT sales tank

December 7, 2017

The Department of Labor's fiduciary standard, and new securities industry account statement rules for greater clarity in the prices of products, have forced nontraded real estate investment trusts to slice their commissions. Since then, sales...

Finra: Firms begin to heed cybersecurity, but have much to do

December 7, 2017

Adviser awareness about cybersecurity has increased substantially over the past two years, and most firms have either established or are in the process of establishing written policies and procedures for protecting investor information, the...

Broker protocol is good for firms and clients, study finds

December 6, 2017

Brokerage firms that have already exited the broker-protocol agreement, or are considering an exit, might be missing the bigger picture, according to research by two finance professors at the University of Kentucky. Presenting Tuesday in Miami...

SEC charges two former brokers with churning

December 6, 2017

The Securities and Exchange Commission has charged two former brokers—Zachary S. Berkey of Centereach, N.Y., and Daniel T. Fischer of Greenwich, Conn.—with churning the accounts of 10 clients at Four Points Capital Partners, a New York-based...

Wentworth buys Purshe Kaplan Sterling

December 5, 2017

Independent broker-dealer mergers and acquisitions continue to heat up as a buyer of wealth management businesses, Wentworth Management Services, said on Tuesday afternoon it acquired Purshe Kaplan Sterling Investments, a boutique firm that...

Broker-dealer M&A: Is your firm next?

December 5, 2017

It seems obvious at this point that consolidation is a massive trend in the broker-dealer space. According to Finra, registered broker-dealers have been in steady decline for several years, dropping from 4,456 in 2011 to 3,869 at the end of...

Texas broker-dealer that sold troubled REIT to close

December 4, 2017

A small Texas broker-dealer that was the underwriter and wholesaler for a real estate investment trust under investigation by the FBI is shutting down. Based in Houston, IMS Securities Inc. has informed the Financial Industry Regulatory Authority...

LPL retains $1.1B Discovery Financial

November 30, 2017

Discovery Financial Centers Inc., a firm formerly affiliated with National Planning Corp., has transitioned to LPL's broker-dealer and registered investment advisory platforms. Discovery Financial managed approximately $1.1 billion of client...

Former Valic broker Craig Edward Lewis barred for no-show

November 30, 2017

The Financial Industry Regulatory Authority Inc. barred former Valic broker Craig Edward Lewis for not appearing at a hearing called to look into his sales activities. After he provided initial testimony, Finra discovered additional evidence...

Merrill likely next big firm to dump broker recruiting protocol

November 29, 2017

Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill's Thundering Herd too much leeway to take off for greener pastures....

Fidelity and Lincoln collaborate on custom technology suite

November 29, 2017

Fidelity's investment on adviser technology is starting to pay off. Over the last three years, Fidelity Clearing & Custody Solutions has collaborated with Lincoln Financial Network on a custom-built technology suite for Lincoln's retail advisers....

UBS exits protocol for broker recruiting

November 27, 2017

UBS Wealth Management Americas said Monday morning it was exiting an industry agreement known as the protocol for broker recruiting, which has made it easier for brokers to change firms. UBS follows the lead of Morgan Stanley, which told its...

Waddell & Reed replaces head of its broker-dealer

November 27, 2017

Waddell & Reed Financial Inc. on Wednesday said that Thomas Butch, the longtime head of its broker-dealer subsidiary, was stepping down, according to a statement from the company. Mr. Butch had a variety of roles at the company, including the...

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