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Siebert Financial names longtime associate to CEO post

September 13, 2013

Suzanne Shank has been named acting chief executive officer of Siebert Financial Corp., the retail brokerage and capital markets firm founded by Wall Street pioneer Muriel Siebert. Ms. Siebert died Aug. 24 at 80 as a result of complications...

The inexorable shift away from the wirehouses

September 12, 2013

The last decade has been marked by a steady but sure shift by clients away from the wirehouses to independent advisers. In 2011 alone, some $90.3 billion in client assets left the wirehouses with clients who took their assets with them when...

Court says Bank of America can't force brokers into arbitration

September 12, 2013

A decision Wednesday by a federal judge could help Finra in its fight to force The Charles Schwab Corp. to stop using class-action waivers in its arbitration agreements with customers. In the Wednesday ruling, which involved a separate case,...

Finra board to tackle broker comp rule next week

September 11, 2013

The Financial Industry Regulatory Authority Inc. next week plans to consider a revised proposal that would require brokers to disclose the compensation they receive when switching firms. The item is on the agenda for the Sept. 19 meeting of...

Specialized IBD to take on 50 reps and advisers from Veritrust

September 11, 2013

PlanMember Financial Corp., a 400-representative independent broker-dealer that works with reps and advisers who specialize in retirement plans of school districts and other nonprofit organizations, is expanding. The broker-dealer said today...

Cantor's Lutnick recalls 9/11, start of $270 million disaster fund

September 11, 2013

On Sept. 11, 2001, Howard Lutnick, the chief executive of Cantor Fitzgerald LP, lost 658 employees, including his brother, at the World Trade Center. Three days later, he began rebuilding Cantor so that it could take care of the victims' surviving...

FSI unveils advocacy website, social network

September 10, 2013

The Financial Services Institute Inc. today unveiled a website and social network intended to improve its own policy advocacy efforts and collaboration among its independent-broker-dealer and financial adviser members. “We nuked our website...

Five years after crisis, advisers can sleep at night, but clients still nervous

September 10, 2013

Five years ago, as Lehman Brothers Holdings Inc. was allowed to fail and Merrill Lynch & Co. Inc. sold its 17,000 brokers to Bank of America Corp. to avoid its demise, financial advisers quickly realized the country wasn't facing just another...

Is Investors Capital in play?

September 9, 2013

Heavy trading and a run-up in the share price of Investors Capital Holdings Ltd., the parent company of independent broker-dealer Investors Capital Corp., is fueling speculation that the firm has become an acquisition target. Last Thursday saw...

Merrill Lynch, UBS lure new advisers managing $850M

September 9, 2013

Adding to the upheaval at major brokerages, Bank of America Merrill Lynch and UBS Wealth Management Americas have scored four high-performing advisers from other firms. Merrill Lynch is adding advisers who previously managed more than $500 million...

A game of musical chairs at wirehouses

September 8, 2013

Wirehouse financial advisers are playing musical chairs this summer after a year and a half of tepid turnover in the wealth management industry. Recently, Bank of America Merrill Lynch landed four advisers overseeing a combined $533 million...

Galvin goes back for more

September 8, 2013

Massachusetts securities regulators continue to bedevil independent broker-dealers over sales of nontraded real estate investment trusts. Secretary of the Commonwealth William Galvin said last Wednesday that five broker-dealers have agreed to...

Brash REIT boss hires his opposite

September 8, 2013

By hiring Larry Roth to run his broker-dealer, Nicholas Schorsch, the hard-charging nontraded-REIT kingpin, has tapped a refined, white-shoe executive known for working quietly behind the scenes to get deals done. Mr. Roth is joining a team...

BofA Merrill agrees to $39M gender discrimination settlement

September 6, 2013

Bank of America Merrill Lynch agreed to pay $39 million to settle a class-action lawsuit filed by female financial advisers. The case, originally filed in 2007 against Bank of America, but since amended to include Merrill Lynch brokers, alleged...

Morgan Stanley's Gorman: Chance of another financial crisis 'close to zero'

September 6, 2013

Morgan Stanley Chief Executive Officer James Gorman said there's almost no chance of another financial crisis like the one that endangered his firm five years ago. “The probability of it happening again in our lifetime is as close to zero...

Finra bars Minneapolis broker after CEO balks

September 6, 2013

The brokerage industry regulator has kicked a Minneapolis-based firm out of the business after its chief executive refused to cooperate with an investigation into the distribution of investor funds. In an Aug. 20 settlement, the Financial Industry...

Roth splits Advisor Group to join Schorsch's B-D

September 5, 2013

A top executive in the independent-broker-dealer industry, Larry Roth, chief executive of Advisor Group, is leaving the brokerage network to join the broker-dealer controlled by the biggest name in the nontraded real estate investment trust...

Wirehouse turnover picks up, but it's mostly musical chairs

September 5, 2013

Wirehouse advisers are playing musical chairs this summer after a year and a half of tepid turnover in the wealth management industry. Recently, Bank of America Merrill Lynch landed four advisers overseeing a combined $533 million in assets...

Merrill heats up summer hiring market with advisers managing $533M

September 4, 2013

Bank of America Merrill Lynch has landed four advisers overseeing a combined $533 million, the latest in a spate of summer hires among wirehouse firms that could point to new hiring momentum, according to recruiters. Merrill Lynch's hires, who...

Massachusetts hits five IBDs with $10.75M charge on nontraded REIT sales

September 4, 2013

Massachusetts securities regulators continue to bedevil independent broker-dealers over sales of nontraded real estate investment trusts. Secretary of the Commonwealth William Galvin announced today that five broker-dealers have agreed to pay...

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