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Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

August 16, 2017

It's been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

Anticipating delay to DOL fiduciary rule, broker-dealers and RIAs change course

August 16, 2017

Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule. While strategies and mechanisms put in place thus...

Massachusetts securities chief William Galvin launches investigation of broker 'kickbacks'

August 15, 2017

Massachusetts' top securities regulator, Commonwealth Secretary William Galvin, launched an investigation Tuesday into charges that brokers were receiving 'kickbacks' for routing sales orders to certain stock exchanges. The probe was inspired...

LPL Financial buys NPH, a broker-dealer network with 3,200 advisers

August 15, 2017

After weeks of speculation, LPL Financial said on Tuesday it had completed the purchase of National Planning Holdings Inc., an independent broker-dealer network with 3,200 advisers. The deal is structured as an asset purchase with an initial...

FSC Securities to pay $592,000 for failure to supervise leveraged ETFs

August 14, 2017

FSC Securities Corp., one of the Advisor Group broker-dealers, is the latest firm to pay significant restitution and fines stemming from problems supervising trades of leveraged, inverse exchange traded funds. The Financial Industry Regulatory...

Former Newport, Revere rep barred for failure to testify

August 11, 2017

Finra has barred former registered representative George Dahl for failure to provide testimony to its staff at a hearing that was looking into his conduct. In March 2016, the Financial Industry Regulatory Authority Inc. issued a letter of acceptance,...

DOL fiduciary rule compliance costs exceed $4.7 billion: SIFMA study

August 10, 2017

The brokerage industry will spend more than $4.7 billion in start-up costs relating to the Department of Labor's new fiduciary rule, far exceeding the DOL's estimated costs for broker-dealers of $2 billion to $3 billion, according to a study...

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...

Court orders RIA to pay nearly $2 million for defrauding athletes

August 10, 2017

The Securities and Exchange Commission has obtained a final judgement against Pittsburgh, Pa.-based financial adviser Louis Martin Blazer III, who was accused of taking money without permission from the accounts of several professional athletes....

Pimco and T. Rowe Price warn investors it's time to reduce risk

August 9, 2017

Two of the biggest money managers have a message for investors: it's time to dial back risk. Investors should pare U.S. stocks and high-yield debt while shifting to lower-risk assets, such as Treasuries and mortgage-backed securities, according...

DOL seeks to delay fiduciary rule until July 2019

August 9, 2017

Supporters of the Labor Department's fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule. In a brief filed in a Minnesota lawsuit...

National Planning Holdings CEO to advisers: No comment on LPL takeover talk

August 9, 2017

With speculation swirling about an imminent sale of the four National Planning Holdings Inc. broker-dealers, the network's CEO, Scott E. Romine, last week took the extraordinary step to send an email to the 3,500 reps and advisers affiliated...

Finra bars former AXA rep for failure to appear at hearing

August 9, 2017

The Financial Industry Regulatory Authority has banned Bryan C. Lightsey, a former broker at AXA Advisors, for failure to appear at a hearing looking into his conduct. Mr. Lightsey, of Boca Raton, Fla., was terminated by AXA Advisors in 2016...

Kestra Financial acquires 600-rep H. Beck

August 8, 2017

The market for independent broker-dealer mergers saw its second sizeable deal in as many weeks as Kestra Financial Inc. said Tuesday it had acquired a 600 rep and adviser firm owned by insurance company H. Beck Inc. Terms of the deal were not...

Wells Fargo team managing $300 million moves to Raymond James

August 3, 2017

Three advisers who managed more than $300 million in assets at Wells Fargo Advisors in Rochester, N.Y., have joined the employee unit of Raymond James. Keith Bock, Mark O. Downey, II, and Jason Peterson will operate as BDP Wealth Management...

LPL's new CEO intent on moving beyond problems

August 3, 2017

It's obvious that Dan Arnold, LPL Financial's new CEO, is trying to move beyond problems that have dogged the firm over the last several years, strike a positive tone and, as he emphasized repeatedly, delight the more than 14,000 advisers who...

Yet again, Tommy Belesis barred from the securities industry

August 3, 2017

Anastasios "Tommy" Belesis, the former owner of John Thomas Financial who once maintained a high profile on Wall Street, has been barred for the third time from the securities industry. The Securities and Exchange Commission first barred him...

Ex-Morgan Stanley executive acquires two broker-dealers, 500 advisers

August 3, 2017

Doug Ketterer, who retired two years ago as Morgan Stanley's head of strategy and client management, is launching a new wealth management firm by buying two independent broker-dealers with nearly 500 advisers and more than $30 billion in assets...

Morgan Stanley loses $500 million team in New York

August 2, 2017

A two-adviser, four-person team that managed $500 million in assets at Morgan Stanley in New York has joined the Alex. Brown unit of Raymond James. The two advisers —Todd L. Kissel and Joshua Pasahow — were joined by associates Ida Ng and...

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