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Top independent broker-dealers ranked by revenue

April 21, 2018

Firm 2017 % revenue ($M) % change vs. 2016 2017 commission revenue ($M) % change vs. 2016 2017 fee revenue ($M) % change vs. 2016 2017 other revenue ($M) % change vs. 2016 1 LPL Financial $4,281.50 5.70% $1,670.80 -3.80% $1,409.20 9.30% $1,201.40...

SEC advice rule: Time for brokers, advisers to weigh in

April 21, 2018

The Securities and Exchange Commission has proposed a new rule governing investment advice, and all interested parties should make their voices heard through constructive feedback during the 90-day comment period. Who better to share their opinions...

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...

Arbitrators award Morgan Stanley $6 million from former broker

April 20, 2018

A Finra arbitration panel has awarded Morgan Stanley $6 million in compensatory damages, to be paid by former broker Barry Connell. According to the Financial Industry Regulatory Authority Inc., Mr. Connell did not appear at pre-hearing conferences...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

Cadaret Grant acquired by private-equity-backed Atria

April 19, 2018

In a move the market has been anticipating for years, the owner of independent broker-dealer Cadaret Grant & Co. has agreed to a sale. Arthur Grant, president, chief executive and majority owner of the 33-year-old IBD with $23 billion under...

SEC advice rule hearing updates

April 18, 2018

The following is a string of dispatches from the SEC hearing on standards of conduct for financial advisers. Check back regularly for the latest updates. 5:30 p.m. ET: SEC VOTES 4-1 TO PROPOSE RULE, WHICH COMMISSIONER PEIRCE CALLS 'SUITABILITY-PLUS'...

SEC advice rule seeks to tighten reins on brokers

April 18, 2018

The Securities and Exchange Commission appears to be cracking down on broker conduct in its investment-advice overhaul by pushing for a best-interest standard that compels brokers to put clients' financial interests ahead of their own, requires...

Thomas James recognized for his impact on financial planning

April 18, 2018

For Thomas James, the chairman emeritus of Raymond James Financial, innovation didn't come from quiet contemplation on a mountain top. It was born from necessity, such as his appointment as the company's chief executive, at the age of 27, just...

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...

Commonwealth's Joseph Deitch debuts as self-help author

April 16, 2018

When Joseph Deitch is asked about his claims that it took him 20 years to write his first book, Elevate: An Essential Guide to Life (Greenleaf Book Group Press, 2018), the founder and chairman of Commonwealth Financial Network quips, "I'm a...

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,...

Former Merrill Lynch broker barred for hearing no-show

April 13, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Tyler Harris for not appearing at a hearing looking into his personal banking transactions. Merrill Lynch terminated Mr. Harris in August 2017, giving its...

Finra bars no-show former Janney broker

April 11, 2018

The Financial Industry Regulatory Authority Inc. has barred former Janney Montgomery Scott broker Scott W. Palmer, who declined to take part in a hearing looking into his stock recommendations. Janney permitted Mr. Palmer to resign in May 2017,...

LPL loses $1.8 billion retirement group

April 11, 2018

Ingham Retirement Group, a $1.8 billion advisory firm based in Miami, has left LPL Financial. The firm — a national, independent shop that provides retirement plan consulting and record-keeping, actuarial and investment advice services —...

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...

Michigan $120 million indie switches to Securities America

April 10, 2018

Morrison Nordmann & Associates, an independent managing $120 million in East Lansing, Mich., has switched affiliation from Invest Financial to Securities America. Partners Scott Morrison and Matthew Nordmann founded the firm in 2001 and affiliated...

UBS, broker to pay $805,000 in Finra award

April 10, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has awarded a customer of UBS broker Michael James Keane $805,120, the latest in a series of payments he has faced in the past several years to satisfy client complaints. Finra...

Woodbury acquires Capital One's $10 billion adviser business

April 10, 2018

Woodbury Financial Services, part of the Advisor Group, is buying Capital One Investing's $10 billion investment management and brokerage division. Capital One's advisers will join Woodbury's roster of affiliated independent advisers and get...

Finra bars former OneAmerica broker for stealing customer's money

April 10, 2018

The Financial Industry Regulatory Authority Inc. has barred Domingo Gonzalez, a former broker with OneAmerica Securities, for depositing money entrusted to him into his own account and then spending the money. Finra said that Mr. Gonzalez, who...

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