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UBS wealth management profits up 16% in latest quarter

July 24, 2018

UBS Group AG said on Tuesday that its wealth management business in the U.S. and Latin America produced a pretax profit of $391.6 million over the three months ended in June, an increase of 16% compared with the same quarter a year ago. The...

LPL integrates Riskalyze with ClientWorks

July 24, 2018

Riskalyze has been integrated with LPL Financial's ClientWorks platform to provide improved account synchronization and monitoring to the 2,500 LPL advisers who use the digital risk assessment tool. Advisers now can link clients' Riskalyze profiles...

Fidelity asks Arizona court for injunction against two brokers

July 20, 2018

Fidelity Brokerage Services has asked an Arizona court for an injunction against two former brokers whom they have charged with taking proprietary customer information to start their own business. According to the Fidelity complaint, former...

Cetera brokers may go elsewhere with no stay bonuses on horizon

July 20, 2018

Will they stay or will they go? That's the question facing Cetera Financial Group's 8,000 brokers and advisers now that they know the company has no intention of offering them retention bonuses to stay on with new owner Genstar Capital. That...

Cetera Financial Group brokers taking wait-and-see attitude on sale

July 19, 2018

Cetera Financial Group's 8,000 brokers are taking a wait-and-see attitude in reaction to news that their company has been sold yet again, this time to a private equity firm that could very well put it up for sale down the road. One big question...

William Galvin: Infinex Investments fined $125,000

July 18, 2018

Infinex Investments has settled with Massachusetts securities regulators for failing to adequately supervise agents who were selling high-commission securities products, including real estate investment trusts and variable annuities, primarily...

Cetera Financial Group close to announcing its acquisition by private equity

July 17, 2018

Cetera Financial Group is close to announcing that it will be acquired by a private equity buyer or group of buyers, according to industry sources, with the company potentially revealing the details as early as 5 p.m. today. The buyers and price...

Former broker receives extra jail time for defrauding own mother

July 17, 2018

A former stockbroker convicted of defrauding his elderly mother, ex-girlfriends and a military veteran out of $360,000 will get as many as four years added to his sentence for an earlier $5.4 million securities fraud scheme, New York's attorney...

Genstar Capital buys majority stake in Cetera Financial Group

July 17, 2018

Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Cetera's holding company,...

SEC censures BGC Financial, imposes $1.25 million penalty over records

July 17, 2018

BGC Financial, a New York-based broker-dealer that was spun off from Cantor Fitzgerald in 2004, has agreed to pay a $1.25 million penalty to settle charges that it failed to preserve audio files sought by the SEC and inaccurately recorded travel,...

Headwinds Turn to Tailwinds for Real Assets

July 16, 2018

To many market observers, the first quarter of 2016 marked the low point for sectors commonly associated with real assets. Stagnant global growth, oversupplied commodities markets, a strong U.S. dollar, and natural resource companies with bloated...

Former Stifel broker barred for taking $205,000 from a client

July 13, 2018

The Financial Industry Regulatory Authority Inc. has barred Mitchell Yanow, a former broker with Stifel, Nicolaus, for using a customer's blank checks to pay for his own expenses. According to Finra, Mr. Yanow took at least $205,586 of the 87-year-old...

Wells Fargo Advisors continues to see a decline in brokers

July 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 on Friday morning a net loss of 173 registered reps — or 1.2% of its total adviser sales force — during...

Broker accused of churning barred by Finra

July 13, 2018

The Financial Industry Regulatory Authority Inc. has barred Paul Soll, who recently resigned from Western International Securities, for failing to provide the regulator with information about his trading activity when he was employed by Financial...

803 small broker-dealers push for legislation to ease audits

July 13, 2018

Hundreds of small broker-dealers are urging lawmakers to support legislation that would ease their annual auditing costs. In a July 9 letter to House Financial Services Committee chairman Jeb Hensarling, R-Tex., and ranking member Maxine Waters,...

Are nontraded REIT sales back from the dead?

July 12, 2018

Signs of life are creeping back into the moribund market for nontraded real estate investment trusts. While sales are down 18.5% the first half of this year when compared to 2017, fundraising has increased for three consecutive quarters, according...

SEC censures, fines advisers for Yelp endorsements

July 11, 2018

The Securities and Exchange Commission has charged three advisers for violating the testimonial rule by promoting their business on Yelp. According to separate SEC filings, Jaime Biel, William Greenfield and Brian Eyster hired Leonard Schwartz,...

Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

What's new in today's move to independence

July 10, 2018

The following is a new white paper produced by Sigma Financial Corporation & Parkland Securities, LLC and the InvestmentNews Content Strategy Studio, “How to Determine if a Broker-Dealer is Right for You: Six questions advisors must ask about...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

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