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LPL bars hybrid RIAs from making 401(k) rollover recommendations as a broker

June 26, 2017

LPL Financial, the largest independent broker-dealer in the U.S., is no longer allowing hybrid advisers to recommend rollovers to clients in a brokerage capacity, under a new policy adopted in response to the Labor Department's fiduciary rule....

$500 million Wells Fargo team moves to Raymond James

June 26, 2017

A three-rep team in the Palm Beach Gardens, Fla., office of Wells Fargo Advisors has gone independent and affiliated with Raymond James. Scott W. Powers, Gregg Powers and Sean C. Sill, who operate as Twin Powers & Sill Wealth Advisors managed...

Finra fines Wells Fargo $3.25 million for options trade reporting violations

June 22, 2017

The Financial Industry Regulatory Authority Inc. has censured Wells Fargo Securities and fined it $3.25 million for errors and inaccuracies in reporting over-the-counter options trades conducted between January 2008 and March of this year. Finra...

DOL rule poses problems for advisers' daily routines

June 22, 2017

The greatest difficulties in adjusting to the new DOL fiduciary standard for retirement accounts are found in financial advisers' daily routines, says a new report from Aite Group consultants. Aite's survey of 152 financial advisers who actively...

Morgan Stanley adviser managing $165 million moves to Raymond James

June 22, 2017

Kathleen Hobart, a Morgan Stanley adviser in Seattle managing $165 million in assets, has joined the Raymond James employee broker-dealer in Seattle. Joining her at the firm are her two associates, Denise Leong and Kristin Carr. They operate...

Time for Finra to pull back the curtain on its oversight and board

June 21, 2017

The public faces a transparency problem with the Financial Industry Regulatory Authority Inc. Finra plays a central role in investor protection and financial regulation. Surprisingly, it often refuses to tell the public much information about...

HBW Partners will wind down 55-person B-D and join Cetera

June 21, 2017

HBW Partners, a Simi, Calif.-based financial holding company, is winding down its HBW Securities independent broker-dealer and transitioning the firm to Cetera Advisor Networks. HBW's adviser-facing home-office staff and its 55 independent financial...

ARCP's accounting takes center stage at Brian Block's fraud trial

June 17, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified last week in federal court in New York that in emails and meetings during the spring and summer of 2014 he repeatedly raised the warning of an accounting mistake...

NASAA finds 90% of B-Ds have team or process to address senior-fraud issues

June 15, 2017

Some 2,300 cases of suspected senior-related fraud or exploitation were reported to authorities in 2015 by 61 broker-dealers that contributed to a newly-released report on elder fraud by the organization of state securities regulators. The report,...

Top independent broker-dealers by payout

June 15, 2017

Which independent broker-dealers pay the most? InvestmentNews Research surveyed IBD firms to find out which had the highest average payout per rep. Click through to find out which firms topped the list for 2016 and how their payout compares...

DOL fiduciary rule: When advisers actively seek to use BICE

June 14, 2017

To opponents of the Department of Labor's fiduciary rule, the best-interest contract exemption is something akin to the spawn of Satan. This provision of the rule, which raised investment advice standards in retirement accounts, allows broker-dealers...

$470M retirement-focused RIA joins LPL

June 13, 2017

A hybrid registered investment advisory shop overseeing roughly $470 million in qualified retirement plan assets has affiliated with LPL Financial as its broker-dealer. The firm, Black Box Pension Advocates, which is located in Solon, OH, was...

Morgan Stanley to let financial advisers text clients

June 13, 2017

Morgan Stanley Wealth Management is partnering with tech firm Twilio to enable advisers to communicate with via text messaging as part of its latest push to better serve digitally-wired clients. "Digital can't be viewed as something separate...

Finra CEO Robert Cook promises to give brokerages more guidance on overseeing rogue brokers

June 12, 2017

Finra intends to help brokerages better identify and supervise brokers with checkered disciplinary histories who may pose risks to investors. In coming months, the broker-dealer self-regulator will delineate Finra's expections, CEO Robert Cook...

Woodbury broker barred after recommending an unauthorized product

June 12, 2017

A broker formerly registered with Woodbury Financial Services Inc., an independent broker-dealer that's part of the Advisor Group network, was barred from the industry after failing to provide on-the-record testimony to Finra in connection with...

As DOL fiduciary rule takes effect, B-Ds focus on compliance

June 9, 2017

After seven years of rule-making fraught with political intrigue, intense lobbying and an abundance of conjecture, the Labor Department's fiduciary rule is getting its day in the sun. Today marks the beginning of a phased implementation period...

Morgan Stanley loses $628 million team to Merrill Lynch

June 9, 2017

A four-person adviser team that managed $628 million in assets at Merrill Lynch has left Morgan Stanley to join the Paramus, N.J., office of Merrill Lynch. Advisers Thomas Reichert, Paul Lotito, Eric Aiello and Lindsay Reichert operate as the...

The disclosure 401(k) advisers may be missing under the DOL fiduciary rule come June 9

June 8, 2017

When the Department of Labor's fiduciary rule kicks in June 9, previously non-fiduciary advisers to 401(k) plans will need to furnish important new disclosures to their clients acknowledging their newly minted fiduciary status. The kicker: The...

How broker-dealers have changed compensation to prepare for the DOL fiduciary rule

June 7, 2017

The past year has seen a steady stream of announcements about changes in pricing of investment products from the largest brokerage firms in the county. Retail broker-dealers have been spending millions of dollars to comply with the Department...

DOL fiduciary rule: Edward Jones changing stance on mutual fund commissions in IRAs

June 7, 2017

Edward Jones is reconsidering its ban on mutual fund commissions in individual retirement accounts under the Department of Labor fiduciary rule, and hopes to roll out a new account option by midsummer that would allow advisers to use such investments...

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