Results for "regional brokerages"

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The SEC's case against Dawn J. Bennett

July 10, 2016

By all outward appearances, Dawn J. Bennett was a success. Barron's magazine named her three times to its lists of top financial advisers, showing her managing more than $1 billion in client assets. She often was quoted in the media and had...

Royal Alliance lawyers capitalize on Finra's broken BrokerCheck

June 22, 2016

The wacky world of Wall Street's homegrown justice system was on full display last week when Royal Alliance attorneys fought to scrub the tarnished record of former broker Kathleen Tarr, who is saddled with 44 customer disputes. Have lawyers,...

Broker-dealers face rising compliance costs from DOL rule, pricing competition from robo-advisers

June 8, 2016

At the same time they are facing increased costs to comply with the Department of Labor fiduciary rule, brokers-dealers are facing increased pressure on their fees from robo-advisers, according to executives at clearing and custody firm Pershing....

Raymond James involved in $350 million development fraud: SEC-appointed receiver

May 27, 2016

Legal problems for Raymond James Financial Inc. are mounting in the fallout over the financing of a failed ski resort and real estate project in Vermont. Last month, the Securities and Exchange Commission filed a complaint claiming fraud against...

How brokers can navigate consolidation in the B-D industry

February 4, 2016

Financial advisers today face more uncertainty and potential headwinds than ever before — the Department of Labor's pending fiduciary ruling, rising technology and compliance costs, and increased regulatory scrutiny are just a few of the significant...

IBDs trumped by Obama on DOL fiduciary, but vow to fight on

January 26, 2016

Thousands of motivated independent broker-dealers are an opposing force to the Labor Department's fiduciary rule, but they have met an immovable object: President Barack Obama.  That doesn't mean they're giving up on last-ditch efforts to upend...

Oppenheimer & Co. team jumps to Jefferies wealth management unit

November 19, 2015

Jefferies Group, the investment bank owned by Leucadia National Corp., hired a team from Oppenheimer & Co. led by Greg Fisher to run a custody and emerging-market bond business for its wealth-management unit, a person with knowledge of the matter...

Merrill team with $2.9 billion joins Raymond James

November 17, 2015

A team of New York financial advisers with $2.9 billion in client assets left Merrill Lynch to join Raymond James & Associates on Monday, marking the brokerage's greatest recruiting coup to date. The five partners include Chris and Kevin Mahoney,...

Inside the death of the regional broker-dealer

November 1, 2015

A.G. Edwards & Sons Inc., Advest Inc., McDonald & Co. Twenty years ago, all were respected names in the securities industry — highly competitive regional broker-dealers whose advisers were employees, not independent contractors. Smaller than...

At Edward Jones, it's still one person, one office

September 29, 2015

As more and more firms push their advisers to form teams to better serve investors, one big name is bucking the trend. Edward Jones, founded in 1922 around a model of staffing one adviser per branch office, has no intention of changing its ways,...

Under regulatory pressure, Voya restricts sales of more variable annuities

July 29, 2015

Voya Financial Advisors has restricted sales of variable annuities for the second time in two months, as the brokerage firm faces increased pressure from regulators questioning the suitability of the products for retirement savers. On Monday,...

Banks are cutting broker-dealer units from their 'living wills'

July 8, 2015

The nation's biggest banks are lumping their broker-dealer units in with other 'non-essential' operations. In appeasing regulators, banks show B-Ds where they rank. In case of emergency, dump the securities operations The bear has found China....

Pershing CEO: RIA growth outpacing B-Ds

June 4, 2015

Registered investment advisers are the strongest driver of growth for Pershing's clearing and custody business as regulation and higher costs continue to put pressure on broker-dealers, according to chief executive officer Ron DeCicco. “The...

Stifel deal for Barclays unit would amp up ambitions to attract elite advisers

June 1, 2015

If Stifel Financial Corp., reportedly in negotiations for Barclays Plc's U.S. wealth management unit, can close the deal, it could provide a template for that acquisition-hungry firm to compete for an elite group of advisers who court the wealthiest...

From the C Suite with Raymond James' CEO Paul Reilly: Listen and learn. But in a crunch, be decisive

May 15, 2015

Paul Reilly's management approach is as deep-rooted as they come. The chief executive of Raymond James Financial is the third of eight children — and cultivated his listening and peacemaking skilIs growing up. The talents have come in just...

The latest ranking of independent broker-dealers by rep head count

April 28, 2015

Even if recruiting at independent broker-dealers has hit a wall, the industry still features a number of firms with expanding numbers of registered reps. Here's a snapshot of the number of reps at the biggest independent broker-dealers, including...

LPL Financial's Dan Arnold is managing amid complexity

April 26, 2015

Dan Arnold has been a member of the C-suite at LPL Financial for eight years, but a good number of the advisers at the nation's largest independent broker-dealer are just getting to know him. Mr. Arnold, 50, took over as president last month...

Largest independent broker-dealers enjoy double-digit revenue growth

April 26, 2015

Despite lackluster sales in 2014 of commission-rich products such as variable annuities and nontraded REITs, the leading independent broker-dealers managed to squeeze out double-digit revenue growth in line with the broad market. The 25 largest...

Stifel's purchase of Sterne Agee likely not its last in the broker-dealer space

April 12, 2015

The acquisition of the Sterne Agee Group by Stifel Financial Corp. was classic Ron Kruszewski: find a company in turmoil and buy it on the cheap. It is a strategy that has served the Stifel chief executive well over the past 18 years. Largely...

Merrill Lynch's John Thiel urges colleagues to work with DOL on fiduciary rule

April 8, 2015

At least one major industry player is taking a more welcoming stance toward working with the Labor Department as it seeks to create a rule that would hold brokers to a fiduciary standard when dealing with retirement plans. Speaking on Wednesday...

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