Results for "independent 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,...

Ex-Edward Jones broker sues former firm, alleging racial bias

May 25, 2018

A former Edward D. Jones broker sued the firm Thursday, claiming widespread, intentional racial discrimination in the firm's policies and practices. The ex-broker, Wayne Bland, is African-American and worked at Jones from 2014 to 2016. The lawsuit,...

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...

Things are looking up: IBDs soared in 2017

April 21, 2018

After a dismal 2016, the independent broker-dealer industry came back to life in 2017, with the top 25 IBDs collectively reporting $23.2 billion in revenue, a 13.1% annual increase, according to InvestmentNews research. InvestmentNews has been...

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...

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...

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...

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-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...

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...

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...

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's Mark Casady not turning his back on financial services industry

December 8, 2016

LPL Financial's CEO and chairman Mark Casady will be retiring next month, but that doesn't mean he is turning his back on the financial services industry. If an announcement Thursday is any indication, Mr. Casady will be focused to some degree...

Smooth transition expected at LPL Financial under new CEO Dan Arnold

December 5, 2016

A smooth transition is expected when Mark Casady hands over the reins of LPL Financial to Dan Arnold in January, with one analyst saying the CEO's departure at this time indicates the company is likely not for sale after all. According to an...

Star broker, Ron Carson, is leaving LPL to jump to Cetera

November 18, 2016

Ron Carson, one of LPL Financial's best known, longest-tenured financial advisers, is leaving the firm, according to a source with knowledge of the move. Mr. Carson, whose firm Carson Wealth Management, has $7.4 billion in client assets, will...

After LPL walks away from FSI, two large branches join the trade and lobbying group

October 4, 2016

The Financial Services Institute, the independent broker-dealer industry's largest trade and lobbying group, saw the largest company in the industry, LPL Financial, walk out the door earlier this year. FSI and LPL haggled over a discount to...

Cetera to sell broker-dealer that focuses on retirement plans for teachers

September 14, 2016

As expected, the Cetera Financial Group on Wednesday announced the sale of the assets, including 350 advisers, operating under the broker-dealer holding company Legend Group Holdings. Lincoln Investment Capital Holdings, the parent company of...

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...

Key principles to guide corporate governance procedures for the IBD space

August 15, 2016

Following our recent transformation process in June, we have officially turned the page on a challenging chapter in our company's history. As we forge ahead, redeveloping and refining our corporate governance procedures has emerged as one of...

Fastest-growing independent broker-dealers by revenue

May 2, 2017

Here are the top 10 independent broker-dealers by revenue growth from 2011 to 2016. This data was collected from firms that participated in InvestmentNews' independent broker-dealer surveys. Click through to find out which firms saw the most...

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