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Finra sheds more light on how it determines fine amounts

May 15, 2018

Finra has begun to shed more light on how it determines the fines it levies on firms that violate its rules. In a case last week involving Fifth Third Securities Inc., the Financial Industry Regulatory Authority Inc., the broker-dealer self-regulator,...

With female managing partner in the wings, Edward Jones emphasizes diversity

May 10, 2018

At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones' move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential...

Finra bars broker it was investigating for taking customer funds

May 10, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker James Knee for failing to take part in a hearing looking into his activities at two former employers, Ameriprise and Voya. Finra said it was investigating allegations...

Arthur Grant looks back on 33 years at the helm of Cadaret Grant

May 9, 2018

Arthur Grant is used to making his own way in the world and calling his own shots. In a move the independent broker-dealer market has been anticipating for years, Mr. Grant, 75, last month agreed to sell the IBD he founded 33 years ago, Cadaret...

Finra fines Fifth Third Securities $4 million for variable-annuity violations

May 8, 2018

The Financial Industry Regulatory Authority Inc. has fined Fifth Third Securities $4 million and ordered it to pay approximately $2 million in restitution to customers for "failing to appropriately consider and accurately describe the costs...

Quantum growth via acquisition

May 8, 2018

With the stock market on the upswing and the regulatory environment continuing to show signs of easing, many advisors are starting 2018 from a strong foundation. For growth-focused advisors, now may be the time to make a strategic move that...

Utah moves to fine Cetera, LPL and CUSO over credit union violations

May 7, 2018

The Utah division of securities last month moved to fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for industry rule violations stemming from how broker-dealers...

Q&A: Aaron Schaben on being Ron Carson's heir apparent

May 3, 2018

Earlier this year when Aaron Schaben was invited into the board room at Carson Group as an executive vice president, it was founder Ron Carson's way of signaling to the industry that succession planning is serious business. Mr. Schaben, a 32-year-old...

Fidelity sues former broker's RIA firm for misuse of trade secrets

May 3, 2018

Fidelity Brokerage Services has filed suit against Provident Financial Planning, a registered investment advisory firm owned by Paul Michel, a former broker in the firm's Southlake, Texas, office. Fidelity charges that Provident is using proprietary...

Former broker fined $10,000 and suspended six months over expense account

May 3, 2018

The Financial Industry Regulatory Authority Inc. has suspended former Merrill Lynch broker Joshua Crossman for six months and fined him $10,000 over an expense account report he filed while at the firm. In a letter of acceptance, waiver and...

6 big questions about the SEC advice rule

May 2, 2018

Broker-dealers and investment advisers have had two weeks to dissect the Securities and Exchange Commission's proposed overhaul of investment-advice standards, and some big questions have begun to emerge. Here are some of the most pressing issues...

Arbitration losses could add to penalties for brokers violating Finra rules

May 2, 2018

Brokers facing Finra disciplinary action could have their penalties increased if they've also lost arbitration cases to customers related to their violations. In a regulatory notice released on Wednesday, the Financial Industry Regulatory Authority...

Finra bars former NY Life broker over unauthorized annuity signature

May 1, 2018

The Financial Industry Regulatory Authority Inc. has barred Craig Walker, a former broker with New York Life Securities, for having signed a 79-year-old customer's signature on an unauthorized application for a $150,000 fixed annuity. Mr. Walker,...

Stifel CEO Ron Kruszewski blasts firms that try to restrict broker movement

May 1, 2018

Registered reps and financial advisers should not be tethered to the firm's they work for, according to Ronald Kruszewski, chairman and CEO of Stifel Financial Corp. When firms restrict advisers from potentially moving to a new employer, it's...

Finra should let brokerages decide whether to supervise unaffiliated RIAs, FSI says

April 30, 2018

A trade association representing independent broker-dealers and financial advisers is calling on Finra to allow firms to decide for themselves whether to supervise their representatives' work for third-party investment advisory firms. Earlier...

Finra proposes further restrictions, supervision of high-risk brokers

April 30, 2018

Finra released regulatory proposals on Monday that would place further restrictions on brokers with a history of misconduct and require brokerages to implement tougher supervisory procedures for them. Finra has been under pressure for years...

UBS to pay ex-broker $381,000 in spat over loan

April 27, 2018

A Finra arbitration panel has awarded former UBS broker Wilson Dennis Colberg-Trigo $1.236 million in compensatory damages in a dispute involving his termination from the firm, but also ordered the broker to pay the firm $854,157 to settle the...

Wirehouses best positioned to benefit from artificial intelligence

April 27, 2018

Wirehouses are positioned to save big money with artificial intelligence technology — at the expense of the smaller advisory firms. According to a new report from Autonomous Research, AI has potential to reduce front, middle and back office...

Why your top producers aren't happy

April 26, 2018

The J.D. Power 2017 Advisor Satisfaction Study contains a counterintuitive finding: There's an inverse correlation between top advisers and their overall satisfaction: "Higher producers are the least satisfied employees," according to the report....

Hybrid managing $325 million at Royal Alliance switches to Triad

April 26, 2018

Cirrus Wealth Management, a hybrid firm in Cleveland, Ohio, managing $325 million, has changed its broker-dealer and RIA custodial platforms to Triad Advisors from Royal Alliance. Joseph P. Heider, founder and president of Cirrus, leads the...

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