Results for "Bruce Kelly"

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UBS raising client fees, factoring in liabilities

November 16, 2017

UBS Wealth Management Americas is changing the fees it charges clients next year and will take into account both liabilities – explicitly mortgages and securities based loans – and assets. Currently, UBS charges an annual account fee, in...

LPL's recruiting of top advisers falls for third straight quarter

November 15, 2017

Recruiting large advisers, individuals or groups with more than $100 million or greater in assets has fallen off a cliff this year at LPL Financial. According to data publicly reported by the company, LPL has seen a sharp decline each quarter...

PIABA accuses Finra of conflicts of interest

November 15, 2017

The Public Investors Arbitration Bar Association, a group of lawyers that represents retail investors who sue brokerage firms, in a new report Wednesday morning took aim at perceived conflicts of interests at the board of governors of the Financial...

RBC Wealth Management on recruiting roll

November 14, 2017

RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. According to data compiled by InvestmentNews, RBC Wealth Management successfully...

Cole Capital, once part of a company coveted by Nicholas Schorsch, is being sold

November 13, 2017

With sales of nontraded real estate investment trusts sagging, Vereit Inc., a large listed real estate trust, said on Monday after the market's close it was exiting the nontraded REIT business and selling Cole Capital for $120 million in cash...

Can Robert Moore save Cetera?

November 11, 2017

Cetera Financial Group's Halloween office party this year, CEO Robert Moore dressed up as the Cowardly Lion from the "Wizard of Oz." A more appropriate costume might have been Hercules, who famously completed 12 labors as a penance, since many...

Can Robert Moore save Cetera?

November 10, 2017

InvestmentNews deputy editor Robert Hordt and senior columnist Bruce Kelly talk about Cetera Financial CEO Robert Moore's efforts to restore the broker-dealer's tarnished image and attract new advisers.

How confusing are the fees brokers charge?

November 9, 2017

Financial advisers get itchy when talking about fees they charge clients. They tend to sweat a bit, looking down at the ground like it was littered with hundred dollar bills. In other words, fee chat makes some advisers uncomfortable. It's no...

LPL loses another big team to Securities America

November 9, 2017

Securities America Inc. has snagged another large branch of advisers formerly affiliated with National Planning Holdings, the broker-dealer network LPL Financial bought in August for $325 million. Part of the Ladenburg Thalmann Financial Services...

Merrill Lynch releases new compensation plan

November 8, 2017

With an eye on growth, Merrill Lynch on Wednesday afternoon released its 2018 compensation plan for its 15,000 financial advisers, and it contains both a carrot and a stick. Merrill Lynch advisers who bring in a healthy number of net new accounts...

LPL says it's on track to recruit 70% of National Planning Holdings revenue

November 8, 2017

A number of large teams in the National Planning Holdings adviser network have moved to rivals, but LPL Financial assured investors that in the initial phase of moving advisers from two of NPH's broker-dealers, it is on track to transfer 70%...

Finra bars two Schorsch-linked ex-salesmen in proxy scam

November 7, 2017

The Financial Industry Regulatory Authority Inc. on Monday barred two former Realty Capital Securities salesmen involved in the 2015 proxy fraud that led to the eventual closing of that firm. Realty Capital was the wholesaling broker-dealer...

LPL cuts fees for advisers using its corporate RIA platform

November 6, 2017

LPL Financial is cutting its administrative fee for advisers who custody advisory assets on the firm's corporate RIA platform. In a memo to its 14,000 advisers late Monday, LPL said it was introducing a simplified pricing structure on its strategic...

SEC investigates potential fraud of $1 billion at California firm

November 3, 2017

The Securities and Exchange Commission has been investigating a southern California real estate and investment company, the Woodbridge Group of Companies, which has raised over $1 billion from investors, to determine whether the company has...

What's Morgan Stanley's rationale for exiting the Broker Protocol?

November 3, 2017

Deputy editor Bob Hordt and senior columnist Bruce Kelly examine the wirehouse's bombshell announcement that it would exit the 13-year-old recruiting agreement.

Morgan Stanley advisers feel burned by broker protocol exit

November 3, 2017

Some Morgan Stanley​ reps and advisers feel the firm has turned its back on them by dumping an industry agreement known as the protocol for broker recruiting. On one hand, a portion of Morgan Stanley's 15,759 advisers are indifferent to the...

Former LPL broker loses $30 million claim against old firm

November 2, 2017

A one-time star broker with LPL Financial lost a securities arbitration decision last month in which he sought $30 million in damages claiming that the company ruined his career. The three-person Financial Industry Regulatory Authority Inc....

New Jersey smacks LPL with fine of nearly $1M over REIT, BDC sales

October 30, 2017

Citing a breakdown in supervising its brokers concerning suitability requirements tied to sales of illiquid alternative investments, the New Jersey Bureau of Securities fined LPL Financial $950,000 and ordered it to pay $25,000 to a state investor...

Morgan Stanley dumps broker recruiting protocol

October 30, 2017

Morgan Stanley's decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One reason for that...

Blaming the DOL fiduciary rule, LPL sees recruiting stall for second straight quarter

October 26, 2017

For the second consecutive quarter, recruiting stalled at LPL Financial, typically an industry powerhouse when it comes to hiring new advisers. In its third-quarter earnings release issued Thursday, parent company LPL Financial Holdings Inc....

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