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DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

Raymond James to deliver robo service for advisers by year end

January 30, 2017

Raymond James Financial will introduce a digital advice platform for advisers to use with clients by year end, though it still has no intention of providing direct robo advice to clients. Through its affiliated advisers' websites, clients will...

Top independent broker-dealers reveal their payout tables

January 22, 2017

The 2017 InvestmentNews independent-broker-dealer directory is based on information provided by 90 eligible firms. To be considered for future listings, contact INResearch@investmentnews.com. Visit InvestmentNews.com/bddata for more-complete...

2017 to be year of independent broker-dealer mergers

January 22, 2017

If past is prologue, 2017 should see a steady pace of independent broker-dealer consolidation and mergers and acquisitions. Last year saw transactions involving firms that house thousands of registered reps and financial advisers as the industry...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms

January 6, 2017

A relative newcomer to the general concept of rollups and strategic acquirers, TruClarity is making a deliberate push for midsize wirehouse brokers looking to breakaway as registered investment advisers. Just 18 months old, TruClarity, based...

Raymond James recruits Oregon adviser from Morgan Stanley

January 4, 2017

Raymond James & Associates has recruited Portland, Ore.-based brokerage representative Katherine Fisher-Schultz from Morgan Stanley. Ms. Fisher-Schultz, who managed more than $170 million in client assets at Morgan Stanley, has joined Raymond...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Tom James to step down as chairman of Raymond James early next year

December 1, 2016

Tom James will step down as chairman of the board of Raymond James Financial, the firm his father founded in 1962, the company announced Thursday. The 74-year-old Mr. James, who will officially relinquish the chairman's seat at the company's...

Wells Fargo financial adviser with $350 million in assets skips to Raymond James

November 30, 2016

A longtime Wells Fargo adviser in the Denver area with close to $350 million in client assets, Jarrod E. Biebel, has jumped to Raymond James & Associates Inc. According to Mr. Biebel's BrokerCheck report, he was registered with two separate...

Independent broker-dealers boost tech spending

November 27, 2016

In a survey fielded late this summer, InvestmentNews found that the typical independent broker-dealer spent $13.6 million on technology in 2015, representing 7.1% of their total operating expenses and 2.2% of their annual revenues. With the...

Former LPL executive Derek Bruton resurfaces at Oppenheimer

November 14, 2016

Derek Bruton, a senior executive formerly with LPL Financial who abruptly resigned under a cloud in 2014, is now registered with Oppenheimer & Co. Inc., a New York brokerage that recently cut ties with some brokers who posed compliance risks....

Mary Jo White: 3 areas of oversight for the Treasury market

November 13, 2016

This is an edited speech given Oct. 24 by Mary Jo White, chairwoman of the Securities and Exchange Commission, at a conference in New York on The Evolving Structure of the U.S. Treasury Market, the second annual conference on this topic. It...

Stifel will retain commissions in retirement accounts under DOL rule

November 3, 2016

Put Stifel Financial Corp. in the column of brokerage firms that will continue to pay both commissions and fees to advisers who work with client retirement accounts. The past month has seen a steady roll call of major firms revealing their plans...

Raymond James will continue to allow commissions for IRAs under DOL fiduciary rule

October 27, 2016

Raymond James Financial Inc. on Thursday said it would continue to allow advisers to collect commissions for IRAs after the Department of Labor's fiduciary rule takes effect next year. During an earnings call, CEO Paul Reilly said that the firm...

Advisers managing $220 million in assets join Raymond James from UBS

October 25, 2016

Financial advisers managing $220 million in client assets joined Raymond James from UBS Financial Services. Harold 'Mac' MacFarland and Tadd Hicks earned in excess of $1.6 million in annual fees and commission, according to the statement released...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Stifel to acquire Indiana underwriter, wealth manager

September 13, 2016

Stifel Financial Corp. has scored another wealth management and investment banking acquisition, announcing Tuesday it had agreed to buy City Financial Corp. Indianapolis, Ind.-based City Financial is the parent of City Securities Corp., an independent...

RIA moving $300M in client assets to Raymond James

August 8, 2016

A registered independent adviser with more than $500 million in client assets is joining Raymond James Investment Advisors Division. WealthSource Partners, based in San Luis Obispo, Calif., is bringing over $300 million in assets that had been...

Raymond James adds $400M bank team to its financial institutions division

August 2, 2016

A team of advisers providing financial advice through a Texas bank has moved from Cetera Investment Services to Raymond James' financial institutions division. The group of seven advisers and seven assistants at First Financial Bank in Abilene,...

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