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Finra flags two ex-Ameriprise reps over margin snafus

October 10, 2017

Two brokers formerly registered with Ameriprise Financial Services Inc. were fined and suspended Monday by the Financial Industry Regulatory Authority Inc., in part due to securities industry rule violations involving customer transactions using...

The future of financial advice: Inside the 2017 Financial Planning Challenge

October 6, 2017

Sponsored by the CFP Board, Ameriprise Financial and FPA, students from some of the top financial planning colleges nationally descended on the FPA Annual Conference to compete in the 2017 Financial Planning Challenge. Here's an inside look.

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

Ameriprise wins $179 million adviser team

September 28, 2017

Phil Nguyen, who managed $179 million in assets at Purshe Kaplan Sterling Investments along with Todd Ferreira, has joined the employee channel of Ameriprise Financial. The two, who were joined with their two client service associates, are based...

Advisers and firms honored for charitable giving

September 28, 2017

Five financial advisers and two firms received top honors Thursday night at the annual Invest in Others Awards, formerly known as the Community Leadership Awards, presented by the Invest in Others Charitable Foundation. The awards program, in...

Fired Ameriprise broker on the hook for $675,000 after losing arbitration

September 22, 2017

An adviser fired by Ameriprise Financial Services Inc. in 2015 is on the hook for $675,000 after a Finra arbitration panel decided against the broker in a dispute with Ameriprise and a client of the broker. The former broker, Li-Lin Hsu, was...

It's been a good year for publicly traded brokerage firms — but not all

September 13, 2017

Wall Street's expectation of a pullback in securities regulation by the Trump administration and a delay or outright repeal of the Department of Labor's fiduciary rule has launched a rally this year in brokerage stocks — at least for most...

SEC charges ex-Connecticut rep with $1 million fraud

September 1, 2017

The SEC has charged Leon Vaccarelli, a former broker who had been affiliated with The Investment Center in Waterbury, Conn., with persuading several elderly customers to invest with him and then spending their money on his own living and business...

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...

Allstate sues Ameriprise for allegedly stealing client information

August 22, 2017

Allstate Insurance Co. is suing Ameriprise Financial in a spat alleging Ameriprise is stealing Allstate's confidential information by recruiting the giant insurance company's salespeople, known as "exclusive financial specialists." Ameriprise...

Edward Jones loses $363 million adviser to Ameriprise

August 10, 2017

Paul Lang, an Edward Jones adviser managing $363 million in Roswell, Ga., has left the firm and joined the employee channel of Ameriprise Financial. Joining him in the move is adviser Emily Ellis. Mr. Lang, a veteran adviser, joined Edward Jones...

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...

Merrill Lynch trio managing $463 million joins Ameriprise

July 20, 2017

Stan Leavitt, who managed $463 million in assets at the Roseville, Calif., office of Merrill Lynch, has joined the employee unit of Ameriprise Financial Services there with advisers David Pratt and Rachael Morton. Mr. Leavitt began his career...

American Airlines reaches $22 million settlement in 401(k) self-dealing lawsuit

July 11, 2017

American Airlines Inc. has agreed to settle a 401(k) self-dealing lawsuit for $22 million, one of the largest monetary settlements reached in similar class-action litigation. Plaintiffs brought the suit, Main et al v. American Airlines Inc....

Trial court orders Ameriprise to pay advisory firm $1.5 million

June 15, 2017

Ameriprise Financial and two of its employees must pay advisory firm Hanson McClain Advisors $1.5 million for using client information misappropriated by a former employee to solicit business, a trial court judge in California ruled earlier...

Finra charges former Morgan Stanley broker with misleading client about account size

June 12, 2017

Finra has charged a former Morgan Stanley broker with misleading a client about the size of the client's account, making unauthorized trades and trying to settle the matter directly with the client rather than involving the firm. In a June 9...

Rep barred for not disclosing $100 million in private transactions: Finra

June 7, 2017

Correction: An earlier version of this story incorrectly identified Securities America as the firm that employed Jim Seol. He was employed by Ameriprise Financial Services. A Financial Industry Regulatory Authority hearing panel has barred a...

Ameriprise slashes number of funds available to advisers ahead of DOL fiduciary rule

June 6, 2017

Ameriprise Financial Services Inc. is the latest major brokerage firm to slash the number of investment products its brokers can sell as the industry counts down to Friday, when the Department of Labor's fiduciary rule takes effect. On Monday,...

Cybersecurity looms as adviser business threat

May 22, 2017

U.S. officials have warned for many years that cybercrime is one of the greatest threats facing the nation, and now financial advisers have to face the reality that their businesses are also vulnerable to digital attacks. News headlines regularly...

LPL leads a big quarter for broker-dealer moves

May 17, 2017

Financial advisers continued to shuffle between broker-dealers during the first quarter, but the average size of the teams has crept higher, according to data compiled by InvestmentNews. LPL Financial and Raymond James Financial stood out as...

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