Results for "clearing firms"

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Finra orders Wells Fargo to pay $3.4 million over risky ETFs and ETNs

October 16, 2017

The Financial Industry Regulatory Authority has ordered Wells Fargo's clearing and retail brokerage units to pay more than $3.4 million in restitution to customers affected by the B-Ds' unsuitable recommendations of volatility-linked exchange-traded...

Clearing firms

August 11, 2013

Firm Phone/website # of clients % change vs. 2012 Contact(s) Phone/e-mail 1 Pershing LLC (201) 413-2000 pershing.com 839 1.0% Michael B. Row, Managing director brokerage.info@pershing.com 2 National Financial Services LLC (877) 262-5950 nationalfinancial.com...

LPL ramping up clearing business

July 17, 2011

LPL Investment Holdings Inc. last month proved it wants to be a serious player in the clearing services business by hiring one of the most respected names in the industry to head the unit. But some observers feel that even David Akellian, who...

Three clearing firms face an uncertain future

July 17, 2011

BROKER-DEALERS and investment advisers don't want to see their clearing firms in the headlines. They don't mind the press releases on new-client signings or announcements about technology platform upgrades. But clearing firms are like commuter...

Finra critic held liable in 'sham' money fund sale

May 1, 2011

A federal judge has found vocal Finra critic Richard Goble guilty of SEC charges filed against him nearly three years ago. The Securities and Exchange Commission alleged that Mr. Goble engaged in an improper customer reserve transaction in...

LPL aims to boost profit through Uvest integration

March 20, 2011

LPL Investment Holdings Inc. expects to save up to $12 million next year by moving brokers in its subsidiary Uvest Financial Services Group Inc. to LPL's proprietary clearing platform. The company announced the move last Monday in a statement....

LPL aims to boost pretax profit with Uvest move

March 15, 2011

LPL Investment Holdings Inc. expects to save up to $12 million in 2012 by moving brokers from its subsidiary Uvest Financial Services Group Inc. from an outside clearing firm to LPL's proprietary platform. The company announced the move Monday...

Penson Worldwide to buy Broadridge clearing business

November 8, 2009

Broadridge Financial Solutions Inc., the brokerage services firm spun off by Automatic Data Processing Inc., is selling its securities clearing business to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. The transaction...

Broadridge to sell clearing business to Penson

November 2, 2009

Penson Worldwide has agreed to buy the clearing contracts of Broadridge Financial Solutions for $60-$70 million as part of a new partnership the two firms revealed Monday evening. Penson will acquire the contracts of Broadridge's Ridge correspondent...

SEEKING NEW BUSINESS

July 12, 2009

When Ben Marks set up shop as an independent registered investment adviser in November, he wasn't ready to give up the commissions that helped support him for more than a quarter century at large brokerage firms. Even though nearly 70% of his...

FIRMS REINVENT THEMSELVES

July 12, 2009

S THEIR BROKER-DEALER CLIENTS STRUGGLE and their own revenue drops, big clearing firms are targeting new — albeit less profitable — lines of business and reassuring clients of their financial strength by leveraging the brand names of their...

Pershing urges brokers to embrace RIA model

June 14, 2009

Executives of Pershing, the largest provider of clearing services to broker-dealers, spent much of their energy at the firm's annual Insite conference trying to persuade clients to open their brokerage doors to fee-based registered investment...

When custodians target retail market

August 8, 2016

As more custodians enter the direct-to-consumer robo-advice market, their potential competition for assets with the very financial advisers they serve is growing murkier. Custodians are becoming more attracted to the business of automated advice,...

Pershing to buy broker-dealer clearing business from Jefferies

November 12, 2010

Investment bank Jefferies Group Inc. said Thursday that it's selling its broker-dealer clearing and custody business to Pershing LLC, a unit of Bank of New York Mellon Corp. Terms of the sale to Pershing LLC were not disclosed. Jefferies CEO...

Charles Goldman to leave Fidelity

January 27, 2010

Charles Goldman, who one year ago joined Fidelity Investments to run its RIA custody, correspondent clearing and family office businesses, is leaving the firm. Mr. Goldman, who is president of institutional platforms, will officially depart...

Penson: naked-short video a "hoax'

October 11, 2009

Officials for Penson Financial Services Inc. said that a video circulating on the Internet of one of its traders engaging in an apparent naked short sale is a fraud that unfairly accuses the firm of violating Securities and Exchange Commission...

Fidelity expands clearing business into Canada

September 27, 2009

Fidelity Investments said this morning it is expanding its clearing business into Canada, with the intention of serving U.S. broker-dealers looking for a toehold in the market, while also targeting Canadian broker-dealers. U.S. clearing firms...

HURT BY FALLING PROFITS, FIRMS PRESSURED TO COMBINE

July 12, 2009

Like businesses across the financial services industry, clearing firms are feeling the pressure and the strain from the historic market downturn. It is a difficult and competitive business environment for the firms, which are key partners to...

Schwab waiving fees for new clients of its RIAs

June 25, 2009

In a move that could create a price war among custodians of registered investment advisers’ assets, Charles Schwab Corp. said today it will waive commissions on electronic equity trades and reimburse account-transfer fees to new clients of...

Finra fines Pershing $3 million for customer protection rule violations

December 29, 2014

The Financial Industry Regulatory Authority Inc. has fined Pershing $3 million for violating the Customer Protection Rule, which requires a certain level of funds be set aside to protect against broker-dealer misuse or insolvency. For roughly...

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