Results for "broker-dealers"

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Cambridge Investment Research bags mid-sized broker-dealer

August 20, 2018

The consolidation of the brokerage industry continues, and in the latest deal Cambridge Investment Research Inc., one of the largest independent contractor firms, said on Monday it had acquired Broker Dealer Financial Services Corp., a mid-sized...

DOL fiduciary rule might be dead, but its ghost hovers over the financial advice industry

August 18, 2018

The early bird doesn't always get the worm. Financial firms that moved quickly to prepare for full implementation of the Department of Labor's fiduciary rule and now want to reverse those policies must move cautiously to unwind the changes on...

Broker fined, barred by SEC for cherry-picking

August 17, 2018

The Securities and Exchange Commission is barring and fining Roger Denha, an investment adviser with BKS Advisors, for allegedly engaging in "cherry-picking." According to an SEC cease-and-desist order, Mr. Denha bought securities in an omnibus...

LPL recruiters jump to Ameriprise bank broker

August 17, 2018

Ameriprise Financial Inc. is bolstering its presence in the bank broker market, this week snagging two recruiters from rival LPL Financial. The two, Justin Quillen and Iain Balfour, moved their securities registration to Investment Professionals...

Top private placement manager GPB Capital halts sales to review accounting

August 17, 2018

A leading seller of high-risk, high-commission private placements, GPB Capital Holdings, with $1.8 billion in investor money, will take a break from raising new money to focus on straightening out the accounting and financial statements of its...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Ladenburg platform to help IBDs with succession planning, acquisitions

August 16, 2018

Ladenburg Thalmann Financial Services has a new suite of services and digital tools to help advisers across its subsidiary broker-dealers with succession, continuity and acquisition planning. The platform is part of an ongoing effort by the...

As Ameriprise case shows, firms on hook when brokers go bad ​

August 16, 2018

Brokers forging client signatures and creating phony wire transfers were at the heart of the frauds revealed Wednesday when the Securities and Exchange Commission said that Ameriprise Financial Services will pay $4.5 million to settle charges...

Former Wells Fargo broker could face 15 years in prison for embezzlement

August 16, 2018

A former Wells Fargo adviser, who was barred from the industry in 2015, is facing felony embezzlement charges for allegedly stealing more than $500,000 from a trust fund he was overseeing. David Homan of Saginaw, Mich., could face up to 15 years...

Ameriprise to pay $4.5 million to settle SEC charges that five reps stole more than $1 million from clients

August 15, 2018

The Securities and Exchange Commission said that Ameriprise Financial Services will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC's order, five Ameriprise...

Morgan Stanley's new comp plan could pinch pay for some brokers

August 15, 2018

When Morgan Stanley released its 2019 compensation plan for its 15,632 financial advisers and brokers late last month, it made a point of saying that any changes to the grid, as it is known in the industry, would all be positive. But the new...

Galvin goes after California broker, firm after it reaped at least $750,000 on UIT trades

August 14, 2018

Massachusetts regulators have charged StockCross Financial Services and one of its brokers with engaging in improper trading practices. Specifically, it charges that the firm and its representative, Peter Cunningham of Los Angeles, recommended...

Finra panel awards clients $5 million for churning, but from defunct brokerage

August 14, 2018

The Financial Industry Regulatory Authority Inc. has slapped a defunct New York brokerage firm with a $5 million fine related to excessive account trading — churning — in what was supposed to be a conservative investment strategy. The challenge...

Wells Fargo tests investor patience with latest scandal

August 13, 2018

Wells Fargo & Co. investors who were learning to live with an unprecedented penalty the Federal Reserve imposed on the bank for bad behavior will have their patience tested again as details emerge on another scandal. The bank disclosed earlier...

Wells Fargo team managing $462 million moves to Raymond James

August 9, 2018

Linda Pardini and Douglas Wulbrecht, who managed $462 million in assets at Wells Fargo Advisors in Santa Rosa, Calif., have joined the employee unit of Raymond James & Associates Inc. Joining them in the move are their two client service associates....

Registered reps, firms in brokerage industry decline: new Finra report

August 9, 2018

The number of brokers and brokerage firms have declined for the last several years, according to statistics released Thursday by Finra. The Financial Industry Regulatory Authority Inc. report shows that 630,132 people were registered representatives...

Ohio brokerage tries to buck Finra settlement

August 6, 2018

After agreeing last month to pay a $275,000 arbitration settlement related to the actions of a rogue broker, Westminster Financial Securities is employing a unique legal strategy to renege on the award, according to the lawyer representing the...

Wells Fargo discloses accidental foreclosures, tax credit probe

August 6, 2018

Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report Friday, saying that it faces a U.S. inquiry into its purchase of low-income housing credits and conceding that it may have unnecessarily foreclosed...

Private equity chasing healthy returns at RIAs and broker-dealers

August 2, 2018

Why are private-equity investors swarming over the wealth management industry? As Willie Sutton supposedly said when asked why he robbed banks, "That's where the money is." Looking to buy businesses with annual rates of return of 20% to 25%...

Whistleblower claims she was fired for raising red flags about broker-dealer's alternative investments

August 1, 2018

A former compliance executive for a broker-dealer has filed a whistleblower lawsuit against the firm, Purshe Kaplan Sterling Investments Inc., alleging she was fired days after she called securities regulators over concerns about the firm's...

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