Results for "independent broker-dealers"

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Broker protocol: Indecision over recruiting agreement is rampant

February 24, 2018

When Morgan Stanley exited an industry agreement late last year that makes it easier for brokers and advisers to move to new firms, it upended 14 years of peace among the largest brokerages. Thousands of retail brokers and wealth management...

Advisers bemoan LPL's technology platform change

February 22, 2018

After years of effort to move to a new platform for wealth management, LPL Financial is still fumbling around with the latest technology for its more than 15,200 advisers. LPL advisers on a private LinkedIn chat room this month were sounding...

LPL rolls out robo-adviser to regional bank

February 13, 2018

Regional banks are now looking at offering robo-advice to expand their presence in the financial advice market. Webster Bank, a $26.4 billion financial institution with branches in Connecticut, Rhode Island, Massachusetts and New York, announced...

Independent broker-dealers are stepping up their game on recruiting from the wirehouses

January 27, 2018

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above...

Wells Fargo erasing hurdles for advisers looking to move to its IBD

January 24, 2018

The independent contractor arm of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, or FiNet, intends to make it easier this year for brokers who are employees to jump to another side of the business and work as independent reps...

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...

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...

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...

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.,...

UBS team managing $440 million moves to Raymond James

December 14, 2017

A team with three advisers and two associates managing $440 million at UBS has joined the employee channel of Raymond James Financial in Winter Park, Fla. Michael Zizmer, one of the lead advisers on the team, began his financial services career...

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...

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...

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...

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...

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....

Tim Murphy, former head of a closed Cetera Financial Group broker-dealer, now with LPL affiliate

January 5, 2017

Tim Murphy, the one-time CEO of a closed Cetera Financial Group broker-dealer, is now registered with an LPL Financial affiliate, Integrated Financial Partners. Formerly the head of the now shuttered Investors Capital Corp., Mr. Murphy registered...

Amy Webber to replace Eric Schwartz as CEO of Cambridge Investment Research

January 3, 2017

Eric Schwartz, the founder of independent broker-dealer Cambridge Investment Research Inc., has stepped down as the firm's CEO and has been replaced by longtime executive Amy Webber, who will also remain the firm's president. Mr. Schwartz, who...

Ron Carson's jump from LPL a big win for Cetera

November 18, 2016

When Robert Moore joined Cetera Financial Group in May as chairman, and later became CEO, many in the industry wondered if he would recruit head-to-head with his old employer, LPL Financial. They now have their answer. Mr. Moore and Cetera have...

Signator, John Hancock's IBD, taps new CEO

November 4, 2016

Culminating a busy year, Signator Investors Inc., John Hancock's independent broker-dealer, said on Thursday it was appointing a new CEO to replace its longtime chief, Brian Heapps, who is retiring. Signator has tapped industry and firm veteran...

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