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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...

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...

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...

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...

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...

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...

Retired Morgan Stanley rep fined for unsuitable advice

November 20, 2017

The Financial Industry Regulatory Authority has fined retired Morgan Stanley rep Timothy Thomas Gibbons $20,000, suspended him for 18 months, and required that he pay almost $717,000 in restitution to five elderly clients. Finra said that Mr....

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...

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...

Raymond James executives call on industry to keep broker protocol

November 17, 2017

Financial advisers and securities industry executives widely expect that another large firm will follow Morgan Stanley's decision last month to dump the broker protocol, a move widely considered to discourage the firm's 15,759 brokers from jumping...

Brokers managing $366 million at credit union affiliate with Lincoln

November 13, 2017

Kevin J. McDermott and John G. Kane, whose team managed $366 million at Citadel Federal Credit Union in suburban Philadelphia, have created Delphi Wealth Management Group and affiliated with Lincoln Financial's independent broker-dealer. Delphi,...

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...

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's fine money whets appetites of investor advocates, experts, industry representatives

October 23, 2017

The $176.3 million in total fines Finra levied last year has mouths watering like a succulent burger coming off the grill. Investor advocates, members of Congress, scholars and industry representatives all want to take a bite. In the last couple...

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...

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,...

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...

$1.3 billion advisory firm leaves NPC for Commonwealth

October 16, 2017

Paris International, a $1.3 billion financial advisory firm based in Great Neck, N.Y., has chosen Commonwealth Financial Network as its broker-dealer, the two companies said Monday. "We are extremely pleased to welcome Paris International to...

Finra bars former First Allied broker with history of social media miscues

September 18, 2017

A broker fired by First Allied Inc. earlier this year — and with a history of social media snafus — was barred by the Financial Industry Regulatory Authority Inc. First Allied fired John Kai in April for violating "numerous firm policies,"...

Advisor Group broker-dealer gets new CEO

September 13, 2017

FSC Securities Corp. said on Wednesday morning that industry veteran Derek Burke was replacing Jerry Murphy as president and CEO of the firm. With about 1,000 financial advisers, FSC is one of the four broker-dealers that constitute the Advisor...

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