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Private equity eyes advisory firms, but at what cost?

October 18, 2017

Private equity investors have their eyes on the financial advice market, but there's a debate brewing among industry executives over the merits of using that private capital. "Here's a news flash, Charlie: the independent space has been discovered....

SunTrust group managing $540 million moves to Raymond James ​

October 18, 2017

A group that managed $540 million in assets at SunTrust Investment Services in Georgia has joined the Raymond James employee unit. The group consists of two brokers and five staffers, and will operate from offices in Savannah, Sea Island and...

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

October 17, 2017

Morgan Stanley Wealth Management continues to see assets surge into fee-based accounts, but that flow began slowing noticeably in the third quarter, following more certainty of a delay in the implementation of major parts of the Department of...

Brokers support Finra ranking of reps to identify bad apples as long as list stays private

October 17, 2017

Brokers and securities compliance experts support Finra's effort to rank registered representatives and target those it believes pose the biggest threat to investors — as long as the broker-dealer regulator keeps the list to itself. Susan...

Wisconsin advisory firm leaves broker-dealer NPC for Woodbury Financial Services

October 17, 2017

Another firm that had been affiliated with National Planning Corp. has decided not to sign on with LPL Financial, which bought NPC as part of its acquisition of the National Planning Holdings broker-dealer network. The Feucht Financial Group,...

Finra ranking brokers in effort to crack down on industry's bad apples

October 16, 2017

As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has ranked all 634,403 registered reps it regulates and is targeting those who it believes pose the biggest threat to investors, a Finra executive said...

$1.3 billion advisory firm leaves NPC for Commonwealth

October 16, 2017

Paris International, a $1.3 billion financial advisory firm based in Great Neck, N.Y., has chosen Commonwealth Financial Network as its broker-dealer, the two companies said Monday. "We are extremely pleased to welcome Paris International to...

Finra orders Wells Fargo to pay $3.4 million over risky ETFs and ETNs

October 16, 2017

The Financial Industry Regulatory Authority has ordered Wells Fargo's clearing and retail brokerage units to pay more than $3.4 million in restitution to customers affected by the B-Ds' unsuitable recommendations of volatility-linked exchange-traded...

Employee retention linked to career paths and training

October 14, 2017

As competition heats up among independent advisory firms for both clients and financial advisers, training and guided career paths are emerging as crucial components of recruiting and keeping advisers on board. Yet at a lot of advisory firms,...

Advice firms need to invest in training and staff development

October 14, 2017

It's no secret that the advice business is having trouble finding new talent to replace retiring advisers, but a new study from InvestmentNews shows just how much that is hurting the financial health of advisory firms. Because firms can't hire...

Advice industry in hiring mode

October 14, 2017

As the largest independent advisory firms continue expanding, something unexpected has happened along the way. The typical professional at one of these firms is no longer "independent" in the sense that he or she is an owner of the business....

Advice firms in a tricky financial position

October 14, 2017

Efficiency will have to become the new mantra at independent financial advisory firms as revenue continues to slide and compensation climbs. Median annual revenue growth for advisory firms, which has been trending downward since peaking at 16%...

Sisters managing $141 million leave Raymond James for Ameriprise

October 12, 2017

Erin Wynn Masters and her sisters, Galin Wynn Crist and Kirstin Wynn Moore, have left Raymond James in Ormond Beach, Fla., and joined the employee channel of Ameriprise. The team manages $141 million in assets. In business together for nine...

New York-area bank chooses Cetera for clearing

October 12, 2017

Flushing Bank is moving its retail securities operation, which manages $225 million in assets, to Cetera from Infinex Financial Group, which is based in Meriden, Conn. Flushing is a Uniondale, N.Y.-based bank serving clients in New York City...

Finra wants to help the small broker-dealer: Cook

October 12, 2017

As the number of broker-dealers it regulates continues to decline, the Financial Industry Regulatory Authority Inc. is focused on bolstering small firms, according to Finra's new CEO, Robert Cook. "We want to create an environment where new...

Raymond James lands $5B custody and clearing client

October 11, 2017

Raymond James announced today that Capitol Securities Management will switch to its custody and clearing platform, from Pershing, taking $5 billion in assets managed, administered or advised by the firm. The move will take place in the spring...

Finra bars former broker over unauthorized use of discretion

October 11, 2017

The Financial Industry Regulatory Authority has barred former broker Kenneth Neuner after he failed to appear at a hearing looking into his unauthorized use of discretion. Mr. Neuner had been employed by Summit Brokerage Services until March,...

Newbridge Securities to be bought by foreign wealth management firm

October 11, 2017

Another independent broker-dealer is changing hands. This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

Dan Arnold's big gamble at LPL Financial

October 7, 2017

DAN ARNOLD, THE NEW CEO of LPL Financial Holdings Inc., is making bold moves to increase profitability at the nation's largest independent broker-dealer, and while he's pleasing Wall Street, some LPL affiliates and advisers are questioning how...

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