Results for "independent broker-dealers"

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LPL CEO Dan Arnold acknowledges mistakes in firm's technology rollout

July 30, 2018

LPL Financial's Focus 2018 kicked off in Boston Monday with CEO Dan Arnold acknowledging some "missteps" in the firm's rollout of its new technology platform for advisers, ClientWorks. According to advisers attending the event, Mr. Arnold and...

Four Wells Fargo reps managing $550 million go indie with Raymond James

July 31, 2018

Four advisers collectively managing $550 million at Wells Fargo Advisors in suburban Atlanta have formed their own independent businesses and affiliated with Raymond James. The four, most of whom had spent decades with A.G. Edwards, a Wells...

LPL brokers can now use SS&C Advent's Black Diamond

July 26, 2018

LPL Financial continues to deepen the bench of third-party technology available to its financial advisers this week. The nation's largest independent broker-dealer announced Thursday that SS&C Advent's Black Diamond Wealth Platform, a portfolio...

Ladenburg bets advisers will serve more self-employed clients in the future

July 25, 2018

Ladenburg Thalmann Financial Services is investing in Track Technologies, an early-stage tech startup that provides tax automation for independent contractors, freelancers and other self-employed people. It's the first investment to result from...

LPL integrates Riskalyze with ClientWorks

July 24, 2018

Riskalyze has been integrated with LPL Financial's ClientWorks platform to provide improved account synchronization and monitoring to the 2,500 LPL advisers who use the digital risk assessment tool. Advisers now can link clients' Riskalyze profiles...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

Vermont hybrid managing $330 million moves from Lincoln to LPL

June 14, 2018

Flood Financial services, a hybrid firm managing $330 million in assets in South Burlington, Vt., has switched its broker-dealer and registered investment adviser platforms from Lincoln Financial Services to LPL Financial Services. Richard Flood,...

Utah moves to fine Cetera, LPL and CUSO over credit union violations

May 7, 2018

The Utah division of securities last month moved to fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for industry rule violations stemming from how broker-dealers...

Ex-Edward Jones broker sues former firm, alleging racial bias

May 25, 2018

A former Edward D. Jones broker sued the firm Thursday, claiming widespread, intentional racial discrimination in the firm's policies and practices. The ex-broker, Wayne Bland, is African-American and worked at Jones from 2014 to 2016. The lawsuit,...

Things are looking up: IBDs soared in 2017

April 21, 2018

After a dismal 2016, the independent broker-dealer industry came back to life in 2017, with the top 25 IBDs collectively reporting $23.2 billion in revenue, a 13.1% annual increase, according to InvestmentNews research. InvestmentNews has been...

Independent broker-dealer revenue on the decline

April 22, 2017

InvestmentNews' research team examined how 57 independent broker-dealers, who have participated in our in-depth survey every year since 2011, have fared through a shifting financial advisory landscape. In 2016, independent broker-dealers saw...

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...

Amy Webber to replace Eric Schwartz as CEO of Cambridge Investment Research

January 3, 2017

Eric Schwartz, the founder of independent broker-dealer Cambridge Investment Research Inc., has stepped down as the firm's CEO and has been replaced by longtime executive Amy Webber, who will also remain the firm's president. Mr. Schwartz, who...

Former Advisor Group CEO Erica McGinnis leaves the firm

December 14, 2016

Erica McGinnis, who stepped down in August as CEO of the Advisor Group, is leaving the firm. In a note sent to Advisor Group's registered reps on Wednesday, Advisor Group executive chairwoman Valerie Brown thanked Ms. McGinnis for her work....

Ron Carson's jump from LPL a big win for Cetera

November 18, 2016

When Robert Moore joined Cetera Financial Group in May as chairman, and later became CEO, many in the industry wondered if he would recruit head-to-head with his old employer, LPL Financial. They now have their answer. Mr. Moore and Cetera have...

Signator, John Hancock's IBD, taps new CEO

November 4, 2016

Culminating a busy year, Signator Investors Inc., John Hancock's independent broker-dealer, said on Thursday it was appointing a new CEO to replace its longtime chief, Brian Heapps, who is retiring. Signator has tapped industry and firm veteran...

Top five reasons the independent broker-dealer space continues to shrink

August 17, 2016

When I first entered the business 19 years ago, advisers expected a lot less of their broker-dealers. Firms could recruit and stay attractive simply by keeping service standards high, processing business efficiently and paying their advisers...

John Hancock swims against the tide, doubles down on independent broker-dealer business

June 23, 2016

Unlike many insurance companies who are fleeing the high-risk, thin-margin independent broker-dealer business, John Hancock Financial Network, through its independent broker-dealer, Signator Investors Inc., has doubled down on its commitment....

Federal judge approves RCAP bankruptcy plan

May 20, 2016

A federal judge has approved RCS Capital Corp.'s bankruptcy plan, paving the way for its Cetera Financial Group, its largest asset, to emerge as a privately held company. U.S. bankruptcy judge Mary Walrath in Wilmington, Del., issued the order...

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...

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