Results for "independent broker-dealers"

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Wachovia breaks down a wall

June 14, 2004

SAN FRANCISCO - Wachovia Securities Financial Network LLC feasted on wirehouse brokers last year, but now it is preparing to cannibalize its own. The Richmond, Va.-based independent-broker-dealer arm of Wachovia Securities LLC is developing...

Advocate for independent firms aims high

May 24, 2004

Only four months old, the Financial Services Institute of Atlanta is setting its sights high to fulfill its mission as an advocate for independent-contractor broker-dealers. "Ultimately, we'd like to see an independent-broker-dealer voice on...

2 top Griffith affiliates leave Linsco in lurch

May 24, 2004

One of the nation's largest fee-based financial planning firms and the planning arm of the Southeast's largest certified public accounting firm have aligned with a new broker in the wake of Linsco/Private Ledger Corp.'s recent acquisition of...

Sore loser: NASD calls broker bully

May 3, 2004

NASD last week charged that an independent broker-dealer and its chief executive harassed an elderly couple after they won $318,000 in damages and legal fees against the firm. The NASD complaint charges Sigma Financial Corp and Jerome S. Rydell,...

AmEx unit, looking upscale, undergoes makeover

May 3, 2004

As it attempts to refocus its brokerage operations to concentrate on wealthier regions and investors with more assets, American Express Financial Advisors Inc. of Minneapolis has recently made changes at the top. The changes follow the unit's...

Migration to independent advisers under way

April 26, 2004

The success of independent financial advisers in siphoning assets from full-commission brokers is raising eyebrows, with Charles Schwab & Co. Inc. reaching a notable milestone in the first quarter. The San Francisco-based firm finished the quarter...

Merrill on track to meet hiring goals

April 19, 2004

The biggest bull on Wall Street is emerging from the bear market with a vengeance, but some think its rampage will be slowed by an aging client base. Merrill Lynch & Co. Inc. has completed a third straight quarter during which it added financial...

Lincoln unit watching its pennies

April 19, 2004

Lincoln Financial Advisors Corp. is in the midst of a dramatic "Merrillization." Since taking the helm of Lincoln in early 2003, Robert W. Dineen, a former top executive at Merrill Lynch & Co. Inc. and one-time Secret Service agent, has embarked...

A flip-flop on block transfers

April 12, 2004

Citing regulatory guidance, the parent of a broker-dealer in the midst of being acquired is going back on its word to its registered representatives looking to leave the firm before the deal is completed. The Phoenix Cos. Inc. of Hartford, Conn.,...

Indy broker-dealer flexes muscles to retain its clients

April 5, 2004

Stealing a page from the wirehouses, an independent broker-dealer - in an attempt to hang on to clients of registered representatives switching firms - has filed a temporary restraining order against a group of registered reps who recently switched...

Securities America, reps differ on endangered C shares

March 22, 2004

Some financial advisers affiliated with Securities America Financial Corp. report that they are clashing with the Omaha, Neb.-based broker-dealer because they don't see eye to eye on endangered Class C mutual funds. To them, C shares represent...

Royal Alliance goes upscale in recruiting

March 22, 2004

Royal Alliance Associates Inc. is revamping its recruiting efforts to shoot for elite brokers, advisers and practices producing at least $1 million in fees and commissions. Officials at the New York-based company, the largest broker-dealer in...

Linsco, on prowl for reps, may soon land a bunch

March 15, 2004

Linsco/Private Ledger Corp., which grew during the recent down market while many of its competitors remained stagnant or lost ground, may soon snag another group of registered representatives. That comes as no surprise to industry observers....

Autonomy tops broker wish list, survey finds

March 15, 2004

Brokers and investment advisers want their firms to give them more autonomy, and they are continuing to demand better support for fee-based business, according to a recent survey. Wirehouse broker-dealers, meanwhile, are looking to attract and...

Brokers' discount dilemma

February 23, 2004

Some broker-dealers missed big when it came to giving clients break-point discounts for purchasing certain amounts of mutual funds, according to securities regulators. In fact, two subsidiaries of SWS Group Inc. in Dallas missed paying such...

Taxing situation for independents

February 16, 2004

The ``independent-contractor'' status of the 150,000 or so registered representatives who work as brokers affiliated with broker-dealers may be in jeopardy once again. Such brokers aren't employed by a broker-dealer and are commonly referred...

Regulators eyeing fee-based accounts

February 9, 2004

Fee-based advisers, the self-styled white knights of the financial services industry, face increased scrutiny from securities regulators. Such brokers and financial ad- visers have long argued that charging a client a fixed fee, often in the...

SEC may reignite debate over advice

February 2, 2004

The Securities and Exchange Commission, looking at an industry where the traditional line between stockbrokers and investment advisers has blurred, is considering a proposal that would apply similar standards to both. In an interview, SEC commissioner...

Schwab's referrals drying up?

February 2, 2004

While Charles Schwab & Co. Inc.'s nationwide referral service for financial advisers is going like gangbusters, some worry that the program is rapidly running its course. Schwab's Advisor Network program handed $5.8 billion in client assets...

NASD tackles thorny broker issue

February 2, 2004

NASD regulators have been digging deeper and deeper into one of the brokerage industry's most sensitive issues: how a firm discloses customer complaints about its brokers. Over the past couple of years, NASD has created an exclusive group to...

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