Results for "broker-dealers"

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LPL looks to cash in on in-house advisory assets

July 27, 2018

Two recent strategic decisions to boost assets advisers hold at LPL Financial appear to be paying off. First, in an attempt to drive more assets to the company's in-house, corporate advisory and managed-money platform, LPL almost a year ago...

SEC censures BGC Financial, imposes $1.25 million penalty over records

July 17, 2018

BGC Financial, a New York-based broker-dealer that was spun off from Cantor Fitzgerald in 2004, has agreed to pay a $1.25 million penalty to settle charges that it failed to preserve audio files sought by the SEC and inaccurately recorded travel,...

Broker accused of churning barred by Finra

July 13, 2018

The Financial Industry Regulatory Authority Inc. has barred Paul Soll, who recently resigned from Western International Securities, for failing to provide the regulator with information about his trading activity when he was employed by Financial...

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...

Vermont hybrid managing $330 million moves from Lincoln to LPL

June 14, 2018

Flood Financial services, a hybrid firm managing $330 million in assets in South Burlington, Vt., has switched its broker-dealer and registered investment adviser platforms from Lincoln Financial Services to LPL Financial Services. Richard Flood,...

Head of Securities America gunning for Finra board seat

June 13, 2018

James Nagengast, CEO of Securities America Inc., is challening the Financial Industry Regulatory Authority Inc.'s hand-picked nominee for a seat on the regulatory body's board of governors. Both Mr. Nagengast and Finra's choice for the seat,...

Former Merrill Lynch rep barred by Finra for failure to appear at hearing

June 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Joseph Clottey for failure to provide information it requested and for failing to take part in a Finra hearing. Mr. Clottey, who is not now associated with...

Fidelity sues former broker's RIA firm for misuse of trade secrets

May 3, 2018

Fidelity Brokerage Services has filed suit against Provident Financial Planning, a registered investment advisory firm owned by Paul Michel, a former broker in the firm's Southlake, Texas, office. Fidelity charges that Provident is using proprietary...

Finra orders broker to pay First Command $105,000 in damages

June 5, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has ordered Tucson, Ariz.-area broker John Velez to pay First Command Financial Planning $105,000 in damages. The firm alleged that Mr. Velez used its confidential and trade-secret...

Former Transamerica broker assistant barred for forging customer signature

May 31, 2018

The Financial Industry Regulatory Authority Inc. has barred a brokerage assistant formerly employed by Transamerica Financial Advisors for signing a customer's name on forms and documents in connection with an account transfer. The assistant,...

Not yet a broker, yet barred by Finra

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Holly Arbuckle, who was in the process of becoming a broker at Merrill Lynch, for not appearing at a hearing investigating the circumstances of her dismissal from the firm. On Sept....

Former AXA broker in Arizona charged with $475,000 client theft

May 30, 2018

A former AXA Advisors broker in Scottsdale, Ariz., has been indicted on charges that he stole $475,000 from three of his clients' retirement accounts, according to a statement by the state attorney general's office reported by azcentral.com....

Utah moves to fine Cetera, LPL and CUSO over credit union violations

May 7, 2018

The Utah division of securities last month moved to fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for industry rule violations stemming from how broker-dealers...

Quantum growth via acquisition

May 8, 2018

With the stock market on the upswing and the regulatory environment continuing to show signs of easing, many advisors are starting 2018 from a strong foundation. For growth-focused advisors, now may be the time to make a strategic move that...

Thomas James recognized for his impact on financial planning

April 18, 2018

For Thomas James, the chairman emeritus of Raymond James Financial, innovation didn't come from quiet contemplation on a mountain top. It was born from necessity, such as his appointment as the company's chief executive, at the age of 27, just...

Olympics advice from champion advisers

February 6, 2018

As the world turns its eyes to the XXIII Winter Olympic Games, it's worth noting that the U.S. financial adviser community boasts a fair share of former Olympians. See who they are — and their advice to those vying for the gold in PyeongChang,...

Finra bars former Morgan Stanley broker who sought client loan for outside activities

March 29, 2018

Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms. In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc.,...

Former Merrill Lynch broker barred for hearing no-show

April 13, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Tyler Harris for not appearing at a hearing looking into his personal banking transactions. Merrill Lynch terminated Mr. Harris in August 2017, giving its...

Finra's stats reveal an industry in decline

October 20, 2017

Recent statistics released by the Financial Industry Regulatory Authority Inc. indicate that the brokerage industry is in decline, at least when measured by the total number of individuals and firms that the industry-funded broker-dealer regulator...

Finra bars no-show former Janney broker

April 11, 2018

The Financial Industry Regulatory Authority Inc. has barred former Janney Montgomery Scott broker Scott W. Palmer, who declined to take part in a hearing looking into his stock recommendations. Janney permitted Mr. Palmer to resign in May 2017,...

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