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Cetera using financial planning technology to help advisers sell insurance

April 26, 2018

Cetera Financial Institutions, a division of Cetera Financial Group, wants to make it easier for advisers at banks and credit unions to sell insurance products as part of financial plans. The company announced Thursday that it has improved integration...

DOL fiduciary rule spurred IRA rollover improvements, state regulators say ​

April 25, 2018

Broker-dealers are helping investors make better retirement decisions as a result of procedural changes firms have made in preparation for the DOL fiduciary rule, according to a study done by state regulators on the Individual Retirement Account...

Merrill Lynch fires Chicago star broker Bruce Lee

April 24, 2018

Merrill Lynch star veteran broker Bruce Lee, whose Chicago team managed nearly $3 billion in client assets, was fired for unknown reasons, according to sources with knowledge of the move. Mr. Lee, who was fired on Friday, was a perennial member...

Finra touts improvements during first year of Finra 360 operational review

April 24, 2018

More than a year into Finra's self-examination initiative, CEO Robert W. Cook is touting many incremental successes in improving the broker-dealer self-regulator's operations. But the biggest breakthrough, in his view, is the way the organization...

5 key questions about the SEC's proposed 'best interest' standard

April 23, 2018

Last week, the Securities and Exchange Commission proposed a new "best-interest" standard for brokers. At a high level, the strictures — laid out in hundreds of pages of text — are designed to root out sales practices that investor advocates...

Finra proposes to widen net for churning violations

April 23, 2018

Finra is seeking to cast the net wider to capture brokers who are excessively trading in their clients' accounts to increase their own revenue. Under a proposal released April 20, the Financial Industry Regulatory Authority Inc. would no longer...

The transformation of the adviser-client experience

April 23, 2018

In 1955, the Detroit auto companies owned 95% of the U.S. market – but the times they were a-changin'. Returning servicemen were having families and moving to the suburbs, driving demand for smaller second cars. The Big Three liked the big...

Top independent broker-dealers ranked by revenue

April 21, 2018

Firm 2017 % revenue ($M) % change vs. 2016 2017 commission revenue ($M) % change vs. 2016 2017 fee revenue ($M) % change vs. 2016 2017 other revenue ($M) % change vs. 2016 1 LPL Financial $4,281.50 5.70% $1,670.80 -3.80% $1,409.20 9.30% $1,201.40...

SEC advice rule: Time for brokers, advisers to weigh in

April 21, 2018

The Securities and Exchange Commission has proposed a new rule governing investment advice, and all interested parties should make their voices heard through constructive feedback during the 90-day comment period. Who better to share their opinions...

Things are looking up: IBDs soared in 2017

April 21, 2018

After a dismal 2016, the independent broker-dealer industry came back to life in 2017, with the top 25 IBDs collectively reporting $23.2 billion in revenue, a 13.1% annual increase, according to InvestmentNews research. InvestmentNews has been...

Arbitrators award Morgan Stanley $6 million from former broker

April 20, 2018

A Finra arbitration panel has awarded Morgan Stanley $6 million in compensatory damages, to be paid by former broker Barry Connell. According to the Financial Industry Regulatory Authority Inc., Mr. Connell did not appear at pre-hearing conferences...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

Cadaret Grant acquired by private-equity-backed Atria

April 19, 2018

In a move the market has been anticipating for years, the owner of independent broker-dealer Cadaret Grant & Co. has agreed to a sale. Arthur Grant, president, chief executive and majority owner of the 33-year-old IBD with $23 billion under...

SEC advice rule hearing updates

April 18, 2018

The following is a string of dispatches from the SEC hearing on standards of conduct for financial advisers. Check back regularly for the latest updates. 5:30 p.m. ET: SEC VOTES 4-1 TO PROPOSE RULE, WHICH COMMISSIONER PEIRCE CALLS 'SUITABILITY-PLUS'...

SEC advice rule seeks to tighten reins on brokers

April 18, 2018

The Securities and Exchange Commission appears to be cracking down on broker conduct in its investment-advice overhaul by pushing for a best-interest standard that compels brokers to put clients' financial interests ahead of their own, requires...

Commonwealth's Joseph Deitch debuts as self-help author

April 16, 2018

When Joseph Deitch is asked about his claims that it took him 20 years to write his first book, Elevate: An Essential Guide to Life (Greenleaf Book Group Press, 2018), the founder and chairman of Commonwealth Financial Network quips, "I'm a...

Morgan Stanley's success looks long in the tooth to analyst

April 16, 2018

Morgan Stanley is an "aging bull" when it comes to its wealth management division, and the firm's recent stalled growth in the headcount of financial advisers is turning into a problem, according to a new report by a Wall Street analyst. The...

Wells Fargo Advisors continues to bleed reps

April 13, 2018

Wells Fargo Advisors continues to see a decline in the number of brokers and advisers working at the firm's various channels, reporting Friday a net loss of 145 reps over the first three months of this year. A spokeswoman for Wells Fargo Advisors,...

Former Merrill Lynch broker barred for hearing no-show

April 13, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Tyler Harris for not appearing at a hearing looking into his personal banking transactions. Merrill Lynch terminated Mr. Harris in August 2017, giving its...

Finra bars no-show former Janney broker

April 11, 2018

The Financial Industry Regulatory Authority Inc. has barred former Janney Montgomery Scott broker Scott W. Palmer, who declined to take part in a hearing looking into his stock recommendations. Janney permitted Mr. Palmer to resign in May 2017,...

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