Results for "Bruce Kelly"

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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...

Why broker-dealers are on a roll

April 20, 2018

Deputy editor Bob Hordt and senior columnist Bruce Kelly discuss last year's bounce-back for IBDs.

Merrill Lynch's incentives for new accounts paying off

April 16, 2018

Merrill Lynch's move last year to align its compensation grid for its 14,829 brokers and advisers to hustle after new accounts appears to be paying off. The wirehouse said on Monday that assets under management flows of $24 billion for the first...

Morgan Stanley's success looks long in the tooth to analyst

April 16, 2018

Morgan Stanley is an "aging bull" when it comes to its wealth management division, and the firm's recent stalled growth in the headcount of financial advisers is turning into a problem, according to a new report by a Wall Street analyst. The...

Wells Fargo Advisors continues to bleed reps

April 13, 2018

Wells Fargo Advisors continues to see a decline in the number of brokers and advisers working at the firm's various channels, reporting Friday a net loss of 145 reps over the first three months of this year. A spokeswoman for Wells Fargo Advisors,...

J.P. Morgan, ex-broker move dispute over clients from court to Finra arbitration

April 13, 2018

J.P. Morgan Securities and a former broker the firm sued for soliciting his old clients have agreed to move their dispute to an arbitration panel at the Financial Industry Regulatory Authority Inc. On Tuesday, J.P. Morgan Securities filed a...

J.P. Morgan Securities seeks temporary restraining order against ex-broker in Illinois

April 11, 2018

J.P. Morgan Securities filed a complaint and request for a temporary restraining order on Tuesday, seeking to stop one of the firm's former brokers from doing business with the firm's clients. Ryan C. May resigned from J.P. Morgan in Illinois...

Woodbury latest firm to expand by adding bank brokers

April 10, 2018

Yet another broker-dealer is taking a stab at working with bank brokers, as Woodbury Financial Services on Tuesday said it had acquired $10 billion in brokerage and advisory assets from Capital One Financial Corp. The deal, terms of which were...

Morgan Stanley continues its mutual fund overhaul

March 30, 2018

Morgan Stanley continues to overhaul its product platform, this week announcing changes that include cutting poor performing funds and converting buy-and-hold clients from one share class of mutual fund to another. The ongoing changes at Morgan...

Merrill Edge looks to hire 300 advisers in 2018

March 29, 2018

As the large wirehouses continue to retrench and search for new ways to train financial advisers, Bank of America said Thursday it was following through on previously mentioned plans to expand its online brokerage platform, Merrill Edge. It...

Independent broker-dealers open up their coffers as fight for talent turns fierce

March 28, 2018

While the wirehouses have dramatically pulled back in recruiting new brokers, broker-dealers that pay reps as independent contractors are spending like crazy to hire new talent. A key metric for broker-dealers when recruiting new brokers and...

Aegis Capital fined $1.3 million for failing to red flag overseas penny stock trades

March 28, 2018

Aegis Capital Corp. was fined $1.3 million Wednesday for failing to flag suspicious trades as well as for having poor anti-money laundering programs to detect so-called red flags in its sale of penny stocks. Robert Eide, the owner and CEO of...

Lisa McAlister, former ARCP exec, avoids prison

March 27, 2018

The former chief accounting officer for American Realty Capital Properties Inc. escaped a prison sentence after prosecutors said she was instrumental in the conviction of the firm's CFO in an accounting scandal that led to the unraveling of...

UBS reels in $30 billion J.P. Morgan team focused on Mexico

March 23, 2018

UBS Financial Services Inc. pulled off a recruiting coup on Friday by hiring five ultra-high-net-worth advisers from J.P. Morgan Private Bank who focus primarily on Mexico and managed $30 billion. According to a memo obtained by InvestmentNews,...

What to make of Morgan Stanley's new robo

March 22, 2018

Morgan Stanley is testing how an old-school gang of brokers and advisers and a newfangled, algorithm-driven robo-adviser can work together. When Morgan Stanley said last May that it was cutting back on recruiting and would focus on building...

Lightyear Capital's Donald Marron said to be in the hunt for Cetera Financial Group

March 22, 2018

Veteran brokerage executive Donald Marron is a serious contender to buy Cetera Financial Group, according to several sources familiar with the potential deal. Cetera, a network of six broker-dealers, is exploring a sale that could be worth about...

More turnover at top of REIT manager CNL Financial

March 22, 2018

CNL Financial Group Inc., a leading manager and seller of nontraded real estate investment trusts, continues to see senior managers exit, with Neil Menard, the former president of CNL's wholesaling broker-dealer, leaving the company at the start...

LPL expands securities-based loans through Goldman Sachs

March 20, 2018

Brokers and advisers at LPL Financial Holdings Inc. will now be able to offer clients securities-based lending through Goldman Sachs, the investment banking giant that was one of the lead underwriters in LPL's November 2010 IPO. Goldman Sachs...

Senior Wells Fargo exec: No FBI interviews here

March 19, 2018

A senior Wells Fargo & Co. executive Monday morning contradicted a report from last week in the Wall Street Journal that the FBI had recently interviewed employees in the bank's sprawling wealth management group, home to some 14,544 brokers...

Ameriprise CEO took home $64.7 million in 2017

March 19, 2018

Ameriprise CEO James Cracchiolo received a 44% pay raise last year, boosting his direct compensation to $23.9 million. In addition, he cashed in about $40.8 million in stock options. Because the options were given to Mr. Cracchiolo prior to...

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