Results for "Bruce Kelly"

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Cetera brokers may go elsewhere with no stay bonuses on horizon

July 20, 2018

Will they stay or will they go? That's the question facing Cetera Financial Group's 8,000 brokers and advisers now that they know the company has no intention of offering them retention bonuses to stay on with new owner Genstar Capital. That...

No 'stay bonuses' for Cetera Financial Group reps

July 19, 2018

Cetera Financial Group has no plans to give extra pay to its 8,000 brokers and financial adviser in the form of "stay bonuses" after the company said on Tuesday it had sold a majority stake to Genstar Capital, a private equity firm. Stay bonuses...

Cetera Financial Group brokers taking wait-and-see attitude on sale

July 19, 2018

Cetera Financial Group's 8,000 brokers are taking a wait-and-see attitude in reaction to news that their company has been sold yet again, this time to a private equity firm that could very well put it up for sale down the road. One big question...

Will Wells Fargo Advisors force brokers to become salesmen only?

July 19, 2018

Some of Wells Fargo Advisors 14,000 reps and advisers were buzzing Thursday, a day after Yahoo Finance published a story that reported that 200 private bankers who work with the firm's richest clients have been pushed by management to work more...

Morgan Stanley CEO is happy that brokers are staying put

July 18, 2018

James Gorman, CEO of Morgan Stanley, loves life at his firm eight months after it dumped an industry agreement called the protocol for broker recruiting, which makes it easier for advisers to leave to join another broker-dealer. For decades,...

Cetera Financial Group close to announcing its acquisition by private equity

July 17, 2018

Cetera Financial Group is close to announcing that it will be acquired by a private equity buyer or group of buyers, according to industry sources, with the company potentially revealing the details as early as 5 p.m. today. The buyers and price...

Merrill Lynch: Compensation plan paying off in new business

July 16, 2018

Merrill Lynch said Monday a compensation plan designed to bring in new clients is paying off. Over the first half of the year, the wirehouse said gross new household acquisitions by experienced Merrill Lynch advisers were up 71% over the same...

Wells Fargo Advisors continues to see a decline in brokers

July 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 on Friday morning a net loss of 173 registered reps — or 1.2% of its total adviser sales force — during...

Are nontraded REIT sales back from the dead?

July 12, 2018

Signs of life are creeping back into the moribund market for nontraded real estate investment trusts. While sales are down 18.5% the first half of this year when compared to 2017, fundraising has increased for three consecutive quarters, according...

Fired Merrill Lynch star broker Bruce Lee starts own RIA

July 11, 2018

A former star Merrill Lynch adviser in Chicago who was fired in April has opened his own RIA. The adviser, Bruce K. Lee, opened Keebeck Wealth Management and has been registered there since Monday, according to his BrokerCheck report. A perennial...

Investors wait for financial statements from leading seller of alternative investments

July 11, 2018

One of the current leading sellers of illiquid, high-commission alternative investments through independent broker-dealers, GPB Capital Holdings, has yet to file financial statements with the Securities and Exchange Commission for two of its...

District judge sets deadline in DOL fiduciary rule case

July 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Fidelity lawsuit highlights firms' vulnerability

July 7, 2018

A millionaire widow's​ lawsuit against Fidelity Investments is a good example of how a firm can be sued even as it's trying to protect an elderly client from financial exploitation. In her lawsuit, Claudine Webb claimed that by freezing the...

New tools to protect elderly from fraud, exploitation

July 7, 2018

Late last year, Fidelity Investments became concerned that an elderly client in the Atlanta area was suffering from diminished mental capacity and was being taken advantage of by a neighbor. To protect her, Fidelity froze her accounts, which...

Texas REITs to pay $8.2 million for misleading investors

July 6, 2018

The Securities and Exchange Commission has reached an agreement with two real estate investment trusts to pay $8.2 million in fines and payments to investors for failing to disclose that it could not meet its distribution payments. The two REITs...

UBS to pay $4.3 million in Puerto Rico bonds claim

June 27, 2018

UBS Financial Services Inc. has lost another multi-million-dollar Finra arbitration award stemming from the sale of individual Puerto Rico bonds and closed-end funds. According to the arbitration award, which was decided last Friday by a three-person...

With Signator in the bag, will Advisor Group and Lightyear still chase Cetera?

June 27, 2018

Last week's announcement that John Hancock Financial Services was selling independent broker-dealer Signator Investors Inc., with 1,800 advisers and about $50 billion in assets, to Advisor Group did not come as much of a surprise. Industry rumors...

LPL Financial taps wirehouse veteran to lead recruiting effort

June 25, 2018

Continuing the churn in LPL Financial's recruiting group, the leader of the unit, Bill Morrissey, managing director and head of business development, is retiring and being replaced by a wirehouse veteran. Mr. Morrissey has been with LPL for...

Wells Fargo memo raises questions about commitment to broker protocol

June 25, 2018

A Wells Fargo Advisors memo Monday morning about client privacy policies sent a spasm of confusion across the network of 14,399 brokers and advisers, with one side saying that the memo undermined the firm's commitment to the protocol for broker...

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