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Finra fines three former Cetera firms over sales

December 11, 2017

The Financial Industry Regulatory Authority has censured three former units of Cetera—Investors Capital Corp., J.P. Turner & Co. and VSR Financial Services—for selling Class A shares with a front-end load, or Class B or Class C shares to...

As firms pull out of protocol agreement, wirehouse brokers show more interest in breaking away: execs

December 8, 2017

As the broker protocol recruiting agreement increasingly becomes endangered, more wirehouse brokers are making inquiries about becoming independent advisers, according to industry executives with knowledge of such activity. Firms such as Dynasty...

Hybrid firm managing $900 million switches affiliation to Triad Advisors

December 7, 2017

Continuum Advisory, an independent hybrid firm managing approximately $900 million in total advisory and brokerage client assets, has ended its affiliation with Signator Investors and affiliated with Triad Advisors. Based in Pleasanton, Calif.,...

LPL retains $4.3 billion at The Planners Network

December 7, 2017

The more than 75 advisers who constitute The Planners Network—and manage, administer or advise on more than $4.3 billion in assets—have individually decided to stay with LPL Financial. Most of TPN's advisers operate as single-person or small...

SEC charges two former brokers with churning

December 6, 2017

The Securities and Exchange Commission has charged two former brokers—Zachary S. Berkey of Centereach, N.Y., and Daniel T. Fischer of Greenwich, Conn.—with churning the accounts of 10 clients at Four Points Capital Partners, a New York-based...

Say goodbye to IBDs, and hello to 'IAB firms'

November 13, 2017

Sometimes inertia wins the day on issues such as nomenclature. Perhaps one of the most obvious examples of this can be found in how many independent firms across the retail financial advice space continue to describe themselves as an "independent...

A $1 billion super OSJ leaves NPC for Royal Alliance

November 7, 2017

Strategic Partners, an office of supervisory jurisdiction that administered more than $1.1 billion in assets while affiliated with National Planning Corp., has affiliated with Royal Alliance Associates, part of the Advisor Group. Founded by...

IBDs can protect good advisers from bad recruits

November 3, 2017

I recently had lunch with an independent adviser affiliated with a firm that had acquired a smaller broker-dealer and most of its reps some time ago. Since then, highly anticipated platform enhancements the acquirer had planned to make that...

Wedbush Securities, once again, in trouble with regulators

October 25, 2017

From time to time, this column focuses on firms and individuals in the investment advice business who continue to screw up — those who seem destined to repeat the past and harm investors, damage their own reputations or both. It can be maddening....

Newbridge Securities to be bought by foreign wealth management firm

October 11, 2017

Another independent broker-dealer is changing hands. This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced...

Dan Arnold's big gamble at LPL Financial

October 7, 2017

DAN ARNOLD, THE NEW CEO of LPL Financial Holdings Inc., is making bold moves to increase profitability at the nation's largest independent broker-dealer, and while he's pleasing Wall Street, some LPL affiliates and advisers are questioning how...

What to do when your broker-dealer gets acquired

September 27, 2017

You've heard rumors circulating for some time now that your broker-dealer may be merging or outright acquired by another firm. Then, speculation becomes reality — the firm has just been sold. What do you do now? Don't panic, but prepare vigilantly​...

Finra: Who's watching the watchdog?

September 2, 2017

IFyou're a broker, there are three things in life that are certain: death, taxes — and answering to Finra.

SEC charges ex-Connecticut rep with $1 million fraud

September 1, 2017

The SEC has charged Leon Vaccarelli, a former broker who had been affiliated with The Investment Center in Waterbury, Conn., with persuading several elderly customers to invest with him and then spending their money on his own living and business...

DOL seeks to delay fiduciary rule until July 2019

August 9, 2017

Supporters of the Labor Department's fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule. In a brief filed in a Minnesota lawsuit...

Top independent broker-dealers by payout

June 15, 2017

Which independent broker-dealers pay the most? InvestmentNews Research surveyed IBD firms to find out which had the highest average payout per rep. Click through to find out which firms topped the list for 2016 and how their payout compares...

DOL fiduciary rule pushing broker-dealer assets to fee-based accounts, away from commissions

May 24, 2017

There's been a marked shift in the allocation of broker-dealer client assets in the year since the Department of Labor issued its fiduciary rule. Largely, the shift has seen assets flow into advisory accounts, which assess a level fee based...

Cambridge loses $120 million team to LPL

May 22, 2017

A five-person hybrid advisory that manages $120 million in assets has switched affiliation from Cambridge Investment Research to LPL. Based in Reading, Pa., and operating as CFG, the team is led by Michael Krumholz and includes adviser Sheila...

Broker-dealers are seeing a cut in annual SIPC assessments; will advisers see the same?

May 16, 2017

Broker-dealers, which loudly complain about increasing costs due to regulation such as the Department of Labor's fiduciary rule, are actually seeing one regulatory expense decrease this year: the annual assessment firms pay to the Securities...

Advisor Group units fined for capital violations

May 4, 2017

Four units of the Advisor Group have been censured and fined by Finra for miscalculating their advisory fee income, resulting in net capital deficiencies and financial reporting inaccuracies. According to a letter of acceptance, waiver and consent,...

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