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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...

Super OSJ managing $744 million leaves NPC

November 6, 2017

Elite Financial Network, an independent hybrid RIA and Super OSJ whose 35 advisers manage $744 million in advisory and brokerage assets, has switched affiliations from National Planning Corp. to Securities America. Based in Huntington Beach,...

Finra reform getting traction in Washington

November 6, 2017

In a Washington dominated by partisan battles over health care and tax reform, something much lower profile but perhaps more important to brokers may be gaining momentum: Finra reform. The Financial Industry Regulatory Authority Inc., the industry-funded...

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...

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...

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...

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...

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 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...

LPL retains $570 million with super-OSJ deal

October 19, 2017

Kansas-based nVision Wealth Group, a regional super-OSJ and hybrid RIA group managing $570 million in assets, is affiliating with IHT Wealth Management, a Chicago-based national super-OSJ. Both firms are affiliated with LPL, where nVision and...

LPL retains $2 billion firm affiliated with NPC

October 19, 2017

Trilogy Financial, with over $2 billion in client assets one of the largest financial planning firms affiliated with National Planning Corp., said on Thursday afternoon it was joining LPL Financial. LPL in mid-August said it acquired the assets...

Wisconsin advisory firm leaves broker-dealer NPC for Woodbury Financial Services

October 17, 2017

Another firm that had been affiliated with National Planning Corp. has decided not to sign on with LPL Financial, which bought NPC as part of its acquisition of the National Planning Holdings broker-dealer network. The Feucht Financial Group,...

H. Beck censured, fined $50,000 for unsuitable ETF trades

September 28, 2017

Broker-dealer H. Beck, based in Bethesda, Md., has consented to a Finra censure and a fine of $50,000 over making unsuitable recommendations of nontraditional and leveraged exchange-traded funds. The Financial Industry Regulatory Authority said...

SEC charges three brokers with high-cost unsuitable trading

September 28, 2017

The Securities and Exchange Commission charged three brokers on Thursday with putting their clients into unsuitable investments involving frequently traded stocks that racked up commissions for them but left their clients with losses. The agency...

Former Newport, Revere rep barred for failure to testify

August 11, 2017

Finra has barred former registered representative George Dahl for failure to provide testimony to its staff at a hearing that was looking into his conduct. In March 2016, the Financial Industry Regulatory Authority Inc. issued a letter of acceptance,...

Firm managing $170 million at National Planning moves to OSJ

September 12, 2017

Benson Financial Group, which managed $170 million when affiliated with National Planning Corp., has joined Compass Financial Resources, an Olathe, Kan.-based office of supervisory jurisdiction of Securities America. Based in Hannibal, Mo.,...

Finra bars former Securities America broker

September 7, 2017

The Financial Industry Regulatory Authority Inc. has barred former Securities America broker Bruce Barber for failing to provide information about soliciting customers to invest in private securities. In February, Securities America terminated...

Finra bars former Morgan Stanley broker for dealings with client who later became his wife

September 13, 2017

Finra has barred a former Morgan Stanley broker who was fired for his financial arrangements with a client, even though he later married her. Morgan Stanley fired Michael J. O'Connor in January "based on concerns related to the timing of his...

Former MetLife rep fined $15,000 for borrowing from clients

September 1, 2017

The Financial Industry Regulatory Authority has imposed a fine of $15,000 on a former MetLife broker. A rep with 25 years of experience, William Roy Kimberlin was also suspended for 18 months in connection with allegations that he borrowed $30,000...

National Planning Holdings CEO to advisers: No comment on LPL takeover talk

August 9, 2017

With speculation swirling about an imminent sale of the four National Planning Holdings Inc. broker-dealers, the network's CEO, Scott E. Romine, last week took the extraordinary step to send an email to the 3,500 reps and advisers affiliated...

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