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Lessons from a fallen star

November 18, 2012

The rise and fall of superstar broker Don DeWaay provides an object lesson for the investment advice industry and shines a light into its future. DeWaay Financial Network LLC's turbocharged approach to peddling product — in this case, high-commission...

Five ways to break into the advice industry

October 15, 2012

One of the most popular stories we have ever published was the April 29, 2012 story by Mark Schoeff Jr., “A talent shortage looms as the industry booms”. Within 24 hours of posting, the story went viral and is now our second most-read story...

Team members out-earning solo advisers — and by a lot

October 4, 2012

Financial advisers interested in making more money may want to partner up at work. According to a Fidelity Investments survey of 1,207 advisers and brokers, advisers who are part of a team earn, on average, 32% more than their colleagues who...

'Eyes-on' compliance is too costly, vendor says

September 18, 2012

Broker-dealers that still depend on an actual “eyes-on” evaluation of transaction data may be wasting a lot of time and money. About 40% of broker dealers use manual compliance systems that require a person to review documents, according...

Finra may offer exemptions on controversial fee

August 15, 2012

The Financial Industry Regulatory Authority Inc. will be considering an exemption process for its new application fee for continuing membership. The CMA fee, as it's known, was one of the most controversial items among a package of member fee...

Adviser, indie B-D ranks in decline

August 12, 2012

Even as millions of baby boomers join the ranks of the retired — increasing the demand for financial advice significantly — the nation's pool of advisers continues to shrink. Like their clients, many financial advisers are near or at retirement...

Following $84M loss, Finra board election commences

July 10, 2012

The Financial Industry Regulatory Authority Inc. on Monday said three candidates will be squaring off for an open small-firm seat on the Finra board. The small-firm candidates are: Kevin Carreno, part owner and general counsel of International...

Morgan Keegan loses dismissal bid in $8B Fairfax suit

March 16, 2012

Morgan Keegan, the brokerage being sold to Raymond James Financial Corp., lost its bid to be dismissed from an $8 billion lawsuit brought by Canadian insurer Fairfax Financial Holdings Ltd. Fairfax, in its 2006 lawsuit, accused investors of...

Finra may give up lock on BrokerCheck

March 1, 2012

Finra is considering giving up its proprietary lock on BrokerCheck data, paving the way for a higher level of scrutiny of brokers' disciplinary information, observers said. The Financial Industry Regulatory Authority Inc. earlier this month...

Jefferies pays $2M to resolve Finra claims over brokers' disclosures

April 14, 2011

Jefferies Group Inc. (JEF) agreed to pay about $2 million to resolve Financial Industry Regulatory Authority claims that three employees failed to disclose conflicts of interest while selling auction-rate securities. Brokers for New York-based...

Baird snags managers from MSSB, aims to hire 150 more advisers

March 9, 2011

Robert W. Baird & Co. Inc. is opening up an office in Salt Lake City to offer financial advice with the help of Dean Cottle, a veteran wirehouse complex manager from Morgan Stanley Smith Barney LLC. Mr. Cottle and Theresa Sommerdyke, a vice...

Why Edward Jones could add 2,400 new reps this year

February 24, 2011

Brokerage firm Edward Jones this week announced that it plans to add up to 20 branch offices to the more than 60 it has in the state of Utah. But Utah, of course, isn’t the only territory that the St. Louis-based broker is targeting. The firm...

Money fund industry aims to foist reporting burden onto B-Ds

January 12, 2011

To avoid future panics in money market funds, the mutual fund industry is calling on federal regulators to force broker-dealers to disclose information about their money fund clients. Industry experts think that fund operators will get their...

B-Ds may pay more than $1M to foot bill for new audits

December 14, 2010

The largest U.S. broker-dealers may be asked to pay more than $1 million a year to fund annual inspections required by the Dodd-Frank Act, according to a proposal by the panel that oversees public-company audits. The Public Company Accounting...

Barred-broker-turned-politician sued by Baird

April 29, 2010

Robert W. Baird & Co. has filed a civil lawsuit against Kevin O'Brien, a former broker, for allegedly stealing hundreds of thousands of dollars from a client. The lawsuit may pave the way for citizens of a Cincinnati suburb to oust Mr. O'Brien...

Baird snags another Morgan Stanley Smith Barney team

March 29, 2010

Robert W. Baird & Co. Inc. has made another addition to its wealth management business, this time snatching a $150 million adviser team from Morgan Stanley Smith Barney LLC. Russ Guard, a 15-year veteran of Smith Barney, and Jacob Duffy, who...

RBC Wealth Management nabs duo from Stifel Nicolaus

March 1, 2010

RBC Wealth Management continues to add financial advisers from competing brokerages and has now recruited a two-person team from Stifel Nicolaus, a subsidiary of Stifel Financial Corp. Mike Lamb and Cindy Dellinger, who specialize in fixed income,...

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