Results for "registered investment advisers (RIA)"

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RIAs weigh pros and cons of offering trust services

August 30, 2017

When it comes to trust services, most financial advisers prefer an arm's-length connection that serves client needs but outsources custody and fiduciary responsibilities elsewhere. "There is tremendous responsibility that comes with being a...

Lincoln Financial loses $300 million, 20 reps to ProEquities

August 30, 2017

After 17 years with Lincoln Financial Securities, Bill Pickering has decided his $300 million-plus wealth management practice will be better served by a new broker-dealer relationship at ProEquities of Birmingham, Ala. Mr. Pickering, president...

Connecticut RIA gets five years for scam

August 29, 2017

A federal judge in Connecticut has sentenced adviser Aaron Johnson to five years in prison for defrauding 19 clients in his investment business of $620,000, and ordered him to pay full restitution. Mr. Johnson, 37, was arrested on Feb. 17, 2016,...

Merrill Lynch loses $600 million team to Texas RIA

August 28, 2017

A three-person team managing $600 million at Merrill Lynch Private Banking and Investment Group in Dallas has joined Syntal Capital Partners, a registered investment advisory firm based in Midland, Texas. (More: SunTrust rep managing $260 million...

San Diego duo managing $156 million joins Ameriprise

August 24, 2017

Stephanie Karpow and Robert Lester, who managed $156 million in assets at MSI Financial Services in San Diego, Calif., have joined the employee unit of Ameriprise. Ms. Karpow started her securities career in 2009 at New England Securities and...

Finra bars former AXA rep

August 24, 2017

John P. Correnti, a former registered representative at AXA Advisors, has been barred by Finra for failing to provide testimony and documents connected with an investigation into possible rule violations. According to the Financial Industry...

Merrill Lynch loses $150-million father-son team to Raymond James

August 23, 2017

A 37-year Merrill Lynch veteran broker and his son have decided to join the employee unit of Raymond James. The father-and-son duo of John R. Edgecomb Sr. and John Robb Edgecomb Jr., who managed $150 million at Merrill Lynch, will be joined...

Los Angeles RIA charged with defrauding athlete and wife

August 22, 2017

The Securities and Exchange Commission has charged Jeremy Drake, a Los Angeles-based RIA, with defrauding a professional athlete and the athlete's wife, by deceiving them about the investment advisory fees they were paying. The SEC alleges that...

CAPTRUST acquires $19B RIA in its sixth deal this year

August 22, 2017

CAPTRUST, one of the nation's largest diversified investment advisory firms, has completed its sixth acquisition of the year by folding in Tampa-based CapTrust Advisors, a $19 billion firm. The deal brings Raleigh, N.C.-based CAPTRUST to $243...

SunTrust rep managing $260 million goes indie

August 21, 2017

Andrew Hill, an adviser whose team managed $260 million in assets at SunTrust Investment Services, has launched a hybrid firm and has affiliated with HighTower. Mr. Hill's firm, Hill Wealth Management, is based in Alpharetta, Ga. Mr. Hill has...

Mercer Advisors acquires Blue Moon Wealth Advisory

August 16, 2017

Mercer Advisors, a Santa Barbara, Calif.-based RIA managing about $11 billion in assets, has acquired Blue Moon Wealth Advisory, a Bellevue, Wash., financial planning and investment management firm managing assets of $90 million. Blue Moon was...

Anticipating delay to DOL fiduciary rule, broker-dealers and RIAs change course

August 16, 2017

Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule. While strategies and mechanisms put in place thus...

Energy funds adviser settles with SEC over fees

August 15, 2017

The SEC settled with the investment adviser for four private oil and gas funds over the miscalculation and inadequate disclosure of approximately $1.1 million in management fees and $449,000 in management-related expenses. The firm, Denver-based...

North Korea: How should advisers react?

August 11, 2017

If the events in North Korea go terribly wrong, it won't matter whether your clients buy or sell stocks. Should the world avoid global thermonuclear war, however, Korea could have big, short-term effects on your clients' portfolio — and you...

Average age of advisers is falling — and so is their pay

August 9, 2017

Financial advisers are finally getting a little younger, but many are earning less, too, according to a new survey of advisers. The median age of a financial adviser has dropped to 47 from 50 just two years ago, the TD Ameritrade Institutional...

Private equity investors zero in on the RIA business

August 9, 2017

Private equity has discovered the financial advice industry, which can represent a whole new set of opportunities — and challenges — for advisory firms. "The appeal for us is, it provides some capital to help us continue to grow," said Scott...

DOL seeks to delay fiduciary rule until July 2019

August 9, 2017

Supporters of the Labor Department's fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule. In a brief filed in a Minnesota lawsuit...

Custodians are charting fintech's future

August 7, 2017

The nation's largest custodians are racing to align with — and in some cases, buy — the strongest fintech available, as each of the major players seeks to win over advisers by providing the ultimate technology platform. "One of the biggest...

Top clearing and custody firms for financial advisers

August 7, 2017

CLEARING FIRMS Listed by reported number of broker-dealer clients Firm Phone/website # of clients % change vs. 2016 Contact Phone/email Pershing (800) 445-4467 714* -3.90% Michael Row (800) 445-4467 One Pershing Plaza, Jersey City, NJ 07399...

Morgan Stanley loses $390 million team to Baltimore-area hybrid

August 7, 2017

A two-adviser team managing $390 million in assets at Morgan Stanley has joined Harbor Investment Advisory, a hybrid firm based in Lutherville, Md. The team, which consists of advisers Paul M. Fox and Jennifer L. Winslow, and associates Patrick...

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