Results for "broker-dealers"

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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,...

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...

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...

Not yet a broker, yet barred by Finra

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Holly Arbuckle, who was in the process of becoming a broker at Merrill Lynch, for not appearing at a hearing investigating the circumstances of her dismissal from the firm. On Sept....

Olympics advice from champion advisers

February 6, 2018

As the world turns its eyes to the XXIII Winter Olympic Games, it's worth noting that the U.S. financial adviser community boasts a fair share of former Olympians. See who they are — and their advice to those vying for the gold in PyeongChang,...

Former Transamerica broker assistant barred for forging customer signature

May 31, 2018

The Financial Industry Regulatory Authority Inc. has barred a brokerage assistant formerly employed by Transamerica Financial Advisors for signing a customer's name on forms and documents in connection with an account transfer. The assistant,...

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...

2018 and beyond: Business planning, and questioning

November 3, 2017

As an adviser, you know 2017 has been dosed with Department of Labor hoopla, while it's been simultaneously tamed by a bull market. Just imagine what next year might bring. Have you devised a plan for it yet? Advisers frequently say they need...

Fidelity sues broker who left for RIA firm

March 29, 2018

Fidelity Brokerage Services has filed suit against Benjamin Linser, a former broker in the firm's Covington, Ky., call center, charging that he took proprietary and confidential information when he left to join a registered investment advisory...

Sensitive private data mishandled by broker watchdogs, whistleblower claims

March 27, 2018

A whistleblower is accusing some key financial regulators of allowing sensitive broker information to become readily accessible, even as industry watchdogs emphasized the need for companies to protect client data. According to a complaint lodged...

Former Newport, Revere rep barred for failure to testify

August 11, 2017

Finra has barred former registered representative George Dahl for failure to provide testimony to its staff at a hearing that was looking into his conduct. In March 2016, the Financial Industry Regulatory Authority Inc. issued a letter of acceptance,...

Cetera nabs Marquette Bank's $382 million program from Invest

March 21, 2018

The retail wealth management business of Chicago-based Marquette Bank, which manages $382 million in retail client assets, has switched its affiliation from Invest Financial to the financial institutions group of Cetera. Through the change in...

Finra's stats reveal an industry in decline

October 20, 2017

Recent statistics released by the Financial Industry Regulatory Authority Inc. indicate that the brokerage industry is in decline, at least when measured by the total number of individuals and firms that the industry-funded broker-dealer regulator...

Rep barred for paying credit card bills with client money ​

May 23, 2017

A former Wells Fargo broker has consented to a Finra sanction banning him from the securities industry for having transferred money from client accounts to pay his credit card bills. Scott Sherwin Polish of Mentor, Ohio, agreed to a letter of...

Independent broker-dealer revenue on the decline

April 22, 2017

InvestmentNews' research team examined how 57 independent broker-dealers, who have participated in our in-depth survey every year since 2011, have fared through a shifting financial advisory landscape. In 2016, independent broker-dealers saw...

J.P. Morgan faces second suit alleging self-dealing in 401(k) plan

March 7, 2017

A second participant in the JPMorgan Chase 401(k) Savings Plan has sued plan executives and corporate executives, alleging that the plan favored parent-company investments over less-expensive options "Rather than engage in systematic, arm's...

Merrill loses $350 million team to Raymond James

March 22, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

LPL retains 17-broker team managing $740 million

January 30, 2018

Oak Partners, a 17-broker team managing $740 million in assets while affiliated with SII Investments, has affiliated with LPL Financial's broker-dealer and corporate registered investment adviser platforms. SII is an independent broker-dealer...

LPL holds on to $1.6 billion adviser group

January 29, 2018

Life Brokerage Financial Group, which manages more than $1.6 billion, has chosen to remain with LPL Financial's broker-dealer and corporate registered investment adviser platforms. The firm has been an affiliate of INVEST Financial Corporation,...

Advisor Group B-Ds recruited 614 advisers last year ​

January 23, 2018

The Advisor Group, the Phoenix, Ariz.-based parent of four independent broker-dealers, said that recruited a record 614 advisers last year. The firm, which consists of FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial...

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