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Cambridge, Cetera will continue to pay commissions on IRAs under DOL fiduciary rule

November 1, 2016

Cambridge Investment Research Inc. and the Cetera Financial Group network are the latest broker-dealers to announce their strategies to comply with the Department of Labor's fiduciary rule, saying Tuesday that they will continue to pay both...

W.P. Carey's Goldberg straightens out adviser misconceptions about DOL fiduciary rule

October 31, 2016

Mark Goldberg, president of investment management at W.P. Carey Inc., has been listening for months to financial advisers' worries about the Department of Labor's new fiduciary rule, which seeks to raise investment advice standards in retirement...

Advisory team managing $280 million in client assets moves from Lincoln Financial to LPL

October 31, 2016

A broker-dealer team managing $280 million in client assets has joined LPL Financial from Lincoln Financial Advisors. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) Devin Garofalo and his team of nine financial...

Raymond James will continue to allow commissions for IRAs under DOL fiduciary rule

October 27, 2016

Raymond James Financial Inc. on Thursday said it would continue to allow advisers to collect commissions for IRAs after the Department of Labor's fiduciary rule takes effect next year. During an earnings call, CEO Paul Reilly said that the firm...

Advisers managing $220 million in assets join Raymond James from UBS

October 25, 2016

Financial advisers managing $220 million in client assets joined Raymond James from UBS Financial Services. Harold 'Mac' MacFarland and Tadd Hicks earned in excess of $1.6 million in annual fees and commission, according to the statement released...

Finra suspends ex-LPL rep over unsuitable short-term trading of unit investment trusts

October 20, 2016

A former LPL Financial broker was suspended by the Financial Industry Regulatory Authority Inc. on Wednesday for engaging in unsuitable short-term trading of unit investment trusts as well as maintaining blank, signed forms in customer files....

The DOL rule kicks in. Will independent broker-dealers survive?

October 17, 2016

A year ago I wrote about the impacts of the Department of Labor's fiduciary standard being applied to our industry and the immense implications. Now we have two important news events with ripple effects that impact every financial adviser in...

Broker-dealers deploying advanced cybersecurity measures

October 17, 2016

The nation's large broker-dealers are helping to protect financial planners from the threat cyber criminals pose to their business, even as advisers themselves tend to underestimate the risk. Firms are moving beyond the typical warnings of avoiding...

LPL hired Goldman after receiving an unsolicited acquisition offer

October 13, 2016

After receiving an unsolicited offer from a potential buyer that it considered low, LPL Financial Holdings Inc. hired Goldman Sachs Group Inc. to evaluate the bid, according to sources inside and outside LPL who are familiar with the matter....

LPL Financial exploring potential sale: report

October 11, 2016

LPL Financial is exploring strategic alternatives, including a potential sale, according to a report late Tuesday from Reuters, which cited anonymous sources familiar with the matter. LPL would not comment on the report. “As a matter of policy,...

Texas broker-dealer fined $100,000 over variable annuity exchanges

October 6, 2016

A small, Texas-based broker-dealer has been fined $100,000 for failures in monitoring variable annuity exchanges, within months of firm executives being targeted in a pair of multimillion-dollar customer disputes involving variable annuities...

LPL affiliate with $600M in assets forms RIA

October 4, 2016

XML Financial Group, an affiliate of LPL Financial with $600 million in assets under management, has left the independent broker-dealer to start a registered investment advisory firm with the help of Focus Financial Partners. The RIA will receive...

Cetera broker-dealer hit with $1.1 million in fines and restitution over sales of unit investment trusts

October 4, 2016

Investors Capital Corp., a broker-dealer in the Cetera Financial Group network, will pay $1.1 million in fines and restitution over the sale of unit investment trusts, according to a settlement with the Financial Industry Regulatory Authority...

After LPL walks away from FSI, two large branches join the trade and lobbying group

October 4, 2016

The Financial Services Institute, the independent broker-dealer industry's largest trade and lobbying group, saw the largest company in the industry, LPL Financial, walk out the door earlier this year. FSI and LPL haggled over a discount to...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Securities America acquires another broker-dealer

September 26, 2016

For the second time in as many months, Securities America Inc. said it was acquiring the assets of another broker-dealer. Securities America, part of the Ladenburg Thalmann Financial Services Inc. group of broker-dealers, said Monday it was...

Brokerages walking away from arbitration awards

September 23, 2016

It's no secret that small broker-dealers are struggling to keep their doors open as technology, compliance and legal costs continue to increase, especially as they prepare to put weighty new regulations such as the Department of Labor's fiduciary...

DOL fiduciary rule's unintended consequence: higher fees for investors

September 16, 2016

As broker-dealers adjust to the new Department of Labor fiduciary rule by instituting uniform commissions on a wide swath of investments, investors could be faced with higher prices on some investment products. LPL Financial, the nation's largest...

Cetera to sell broker-dealer that focuses on retirement plans for teachers

September 14, 2016

As expected, the Cetera Financial Group on Wednesday announced the sale of the assets, including 350 advisers, operating under the broker-dealer holding company Legend Group Holdings. Lincoln Investment Capital Holdings, the parent company of...

Big hurdles face Robert Moore as he takes reins at Cetera Financial Group

September 2, 2016

Robert Moore faces a series of daunting questions as he settles in as the new chief executive of Cetera Financial Group. The owners of the firm are investors that bought the debt of Cetera Financial's former parent, RCS Capital Corp., and include...

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