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What independent financial advisers need from broker-dealers when it comes to the DOL fiduciary rule

April 14, 2017

Predicting what may happen to the Department of Labor's fiduciary rule has become the industry's favorite parlor game. Every week we see industry pundits, third-party recruiters and other consultants publicly opining about the rule. And with...

How independent broker-dealers can help advisers win new clients

April 3, 2017

Through the years, one of the differentiating elements of the independent retail financial advice space has been that independent financial advisers are almost entirely responsible, at the end of the day, for engaging and winning new client...

Merrill loses $350 million team to Raymond James

March 22, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

Five advisers create $250 million hybrid in Ohio

March 22, 2017

Five advisers who collectively manage $250 million in assets have joined forces to create an independent firm, The Strategic Wealth Management Group, based in Mansfield, Ohio. Three of the principals — Jeremy Swank, Rob Hassman and Greg Kibler...

National Holdings Corp. acquires independent broker-dealer WFG Investments

March 14, 2017

In the midst of a punishing business environment for small and mid-sized broker-dealers, National Holdings Corp. said on Monday it was acquiring select assets of Williams Financial Group of Dallas, including its independent broker-dealer, WFG...

Jim Putnam returns to LPL as chairman of the board

March 8, 2017

James "Jim" Putnam, a key architect in the 1980s and 1990s to building LPL Financial and overseeing its tremendous growth, has returned to the company as full-time chairman of LPL Financial Holdings Inc. Considered by many to be LPL founder...

3 questions independent broker-dealers should ask private equity product sponsors

February 13, 2017

Just two years ago, non-traded real estate investment trusts and business development companies were in favor among retail investors seeking increased opportunities for yield. Since then, a combination of increased regulatory complexity, negative...

RIAs at odds over fees for clients' cash balances

February 10, 2017

With the stock market charging ahead to new highs, financial advisers are faced with the question of whether to move some of their clients' profits off the table by going into more cash or cash equivalents. But doing so raises an even bigger...

LPL reports robust recruiting in 2016

February 9, 2017

After a slow start to recruiting in 2016, LPL Financial Holdings Inc. picked up steam and on Thursday afternoon it said had added net 323 financial advisers in 2016, a 2% increase when compared to the number of advisers at the end of 2015. At...

DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

Dan Arnold, LPL's new CEO, to be in the spotlight during earnings call

February 8, 2017

It's been a tough first month on the job for Dan Arnold as the CEO of LPL Financial. First, two huge groups of brokers controlling billions of dollars in client assets, including star adviser Ron Carson, in January left the firm. Next, Secretary...

Galvin orders LPL to pay $3.7 million in restitution, fines over unsuitable VA sales

January 30, 2017

LPL Financial was ordered Monday by Massachusetts regulators to pay up to $3.7 million in restitution and fines to investors as a result of an investigation into sales of unsuitable variable annuities by a former top-producing adviser based...

Raymond James to deliver robo service for advisers by year end

January 30, 2017

Raymond James Financial will introduce a digital advice platform for advisers to use with clients by year end, though it still has no intention of providing direct robo advice to clients. Through its affiliated advisers' websites, clients will...

Ron Carson reveals friction with LPL led to move to Cetera

January 22, 2017

In his first interview after officially moving his firm to Cetera Financial Group last week, Ron Carson acknowledged there was friction between him and his old broker-dealer, LPL Financial, and said he ultimately lost faith in the ability of...

2017 to be year of independent broker-dealer mergers

January 22, 2017

If past is prologue, 2017 should see a steady pace of independent broker-dealer consolidation and mergers and acquisitions. Last year saw transactions involving firms that house thousands of registered reps and financial advisers as the industry...

Top independent broker-dealers reveal their payout tables

January 22, 2017

The 2017 InvestmentNews independent-broker-dealer directory is based on information provided by 90 eligible firms. To be considered for future listings, contact INResearch@investmentnews.com. Visit InvestmentNews.com/bddata for more-complete...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

Broker-dealers have different views on recruiting over next six months

January 12, 2017

Senior executives at leading independent broker-dealers are split in their assessment of recruiting over the first half of this year, with some expecting a strong start to 2017, while others are not as sanguine. Confusion in the recruiting market...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

With DOL fiduciary looming, Advisor Group reduces fees on its brokerage and advisory platform

January 10, 2017

With the Department of Labor's new fiduciary rule for retirement accounts looming, the Advisor Group said on Tuesday it has made broad changes to its investment platform for its 5,000 advisers. The firm, which has four broker-dealers in its...

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