Results for "broker-dealers"

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Advisor Group acquires Signator Investors and plans on folding it into Royal Alliance

June 21, 2018

Advisor Group will acquire Signator Investors, a dually registered broker-dealer and investment adviser with more than 1,800 advisers overseeing approximately $50 billion in assets. Advisor Group said it plans on rolling Signator, which is owned...

Lessons 401(k) advisers learned from the DOL fiduciary rule saga

June 21, 2018

Retirement plan advisers, especially specialists, used to complain that their broker-dealers and the public ignored them — or, worse, didn't realize they existed. All that has changed now that retirement has become a key political issue and...

Morgan Stanley settles confidentially with departing broker

June 21, 2018

Morgan Stanley and former broker Daniel Abel, who left the firm in January, have entered into a confidential settlement agreement in which Mr. Abel agrees not to solicit former clients. Mr. Abel, who is now affiliated with American Portfolios...

Former Merrill Lynch rep barred by Finra for failure to appear at hearing

June 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Joseph Clottey for failure to provide information it requested and for failing to take part in a Finra hearing. Mr. Clottey, who is not now associated with...

Finra bars broker for failing to provide information during investigation

June 19, 2018

The Financial Industry Regulatory Authority Inc. has barred Dennis Farrah, an Aurora, Colo.-based broker most recently with Taylor Capital Management, for failing to provide information in connection with an investigation. Finra said it was...

Wells Fargo weighs changes to wealth unit

June 19, 2018

Wells Fargo & Co. is considering restructuring its wealth management business as the bank pushes for $4 billion in cost cuts by the end of next year. "Our wealth and investment-management group is reimagining our business to become more efficient,"...

Take 5: Naureen Hassan talks integration, aggregation and retaining brokers at Morgan Stanley

June 19, 2018

Over the past few weeks, Morgan Stanley has been busy publicizing its new suite of integrated wealth management technology. Andy Saperstein, co-head of wealth management at Morgan Stanley, showcased the firm's account aggregation capabilities...

Merrill Lynch fined $42 million for misleading customers

June 19, 2018

Merrill Lynch, Pierce, Fenner & Smith agreed to pay a $42 million penalty for misleading institutional customers about how it handled their trading orders, according to a report from the Securities and Exchange Commission. The SEC's order stated...

Small broker-dealers seek legislative relief from annual audits

June 18, 2018

Small broker-dealers are hoping bills introduced in the House and Senate will ease some of the costs of required annual audits. Under the legislation, small brokers would not have to hire an auditing firm registered with the Public Company Accounting...

LPL rolls out blockchain separately managed account

June 18, 2018

LPL Financial has rolled out a new blockchain strategy separately managed account that LPL's advisers can offer their clients or use to build client portfolios. Blockchain is the driving force behind bitcoin and many other cryptocurrencies,...

Merrill re-evaluates commission ban in retirement accounts

June 15, 2018

In the wake of the Wednesday's deadline to appeal the 5th Circuit Court's ruling striking down the Department of Labor's fiduciary rule, Merrill Lynch has announced plans to re-evaluate its ban on commissions in retirement accounts. Andy Sieg,...

Vermont hybrid managing $330 million moves from Lincoln to LPL

June 14, 2018

Flood Financial services, a hybrid firm managing $330 million in assets in South Burlington, Vt., has switched its broker-dealer and registered investment adviser platforms from Lincoln Financial Services to LPL Financial Services. Richard Flood,...

ProEquities introduces cybersecurity to protect even the least tech-savvy advisers

June 14, 2018

ProEquities, an independent RIA and broker-dealer hybrid with $16 billion in client assets, is rolling out a new cybersecurity platform to improve protection for the firm's 700 financial advisers. (More: Fintech leaders address adoption and...

Finra to overhaul broker information system, cut compliance costs for broker-dealers

June 14, 2018

The Financial Industry Regulatory Authority Inc. said Thursday it is going to overhaul its registration and disclosure programs, starting with a new web-based system for the data that provides the backbone for BrokerCheck, a database of hundreds...

Advisers with billions in AUM leaving Wall Street

June 13, 2018

The biggest firms continue to lose groups of financial advisers that have billions of dollars worth of assets under management. These advisers are moving because they want to set up their own shops so they can own a business or to work at smaller...

Head of Securities America gunning for Finra board seat

June 13, 2018

James Nagengast, CEO of Securities America Inc., is challening the Financial Industry Regulatory Authority Inc.'s hand-picked nominee for a seat on the regulatory body's board of governors. Both Mr. Nagengast and Finra's choice for the seat,...

First Allied rep fired for violating sales policies barred by Finra

June 11, 2018

The Financial Industry Regulatory Authority Inc. has barred former First Allied rep Sean Aaron Brady for failing to respond to two letters requesting information in connection with possible sales violations he may have committed. Mr. Brady,...

Hybrids considering dumping Finra and working as RIAs exclusively

June 7, 2018

Fed up with what they say is the expense and headaches of operating under the Financial Industry Regulatory Authority Inc., an increasing number of broker-dealers of substantial size that are also registered investment advisers — so-called...

Adviser team managing $340 million at UBS goes indie with Kestra

June 7, 2018

A team of advisers who formerly managed $340 million at UBS in Cranston, R.I., have left the firm and established a hybrid, Northeast Investment Group, which has affiliated Kestra Financial. The new firm will use Kestra's broker-dealer and registered...

Finra bars former Bancorp rep for taking almost $106,000 from client

June 5, 2018

The Financial Industry Regulatory Authority Inc. has barred former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, Calif., for converting more than $200,000 from the clients' accounts to his own use. Mr. Wade, who is not now...

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