Results for "regional brokerages"

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Raymond James bolsters indexed annuities and life wholesaling with acquisition

May 29, 2015

Looking to step up its indexed annuities and life wholesaling game, Raymond James Financial Inc. announced Friday it would acquire The Producers Choice, an insurance marketing organization. The deal is expected to close mid-summer, and Producers...

From the C Suite with Raymond James' CEO Paul Reilly: Listen and learn. But in a crunch, be decisive

May 15, 2015

Paul Reilly's management approach is as deep-rooted as they come. The chief executive of Raymond James Financial is the third of eight children — and cultivated his listening and peacemaking skilIs growing up. The talents have come in just...

The latest ranking of independent broker-dealers by rep head count

April 28, 2015

Even if recruiting at independent broker-dealers has hit a wall, the industry still features a number of firms with expanding numbers of registered reps. Here's a snapshot of the number of reps at the biggest independent broker-dealers, including...

Largest independent broker-dealers enjoy double-digit revenue growth

April 26, 2015

Despite lackluster sales in 2014 of commission-rich products such as variable annuities and nontraded REITs, the leading independent broker-dealers managed to squeeze out double-digit revenue growth in line with the broad market. The 25 largest...

Stifel's purchase of Sterne Agee likely not its last in the broker-dealer space

April 12, 2015

The acquisition of the Sterne Agee Group by Stifel Financial Corp. was classic Ron Kruszewski: find a company in turmoil and buy it on the cheap. It is a strategy that has served the Stifel chief executive well over the past 18 years. Largely...

Merrill Lynch's John Thiel urges colleagues to work with DOL on fiduciary rule

April 8, 2015

At least one major industry player is taking a more welcoming stance toward working with the Labor Department as it seeks to create a rule that would hold brokers to a fiduciary standard when dealing with retirement plans. Speaking on Wednesday...

Investors see few benefits of lower fees in adviser-sold investments

March 17, 2015

On the whole, fees that mom-and-pop investors pay for mutual funds and other similar products have dropped substantially over the last several years. But in at least one corner of the investment universe, fees aren't budging all that much. The...

Forget personality tests, Edward Jones uses job simulation to assess potential hires

March 13, 2015

Edward Jones has eliminated personality testing as part of its process to find the best financial adviser candidates. Instead, it's finding more success with a 16-step hiring process that includes a “day in the life” simulation. The St....

Edward Jones continues push into proprietary funds

March 3, 2015

Edward Jones is expanding its lineup of proprietary mutual funds for its 12,000 brokers and financial advisers a year and a half after the brokerage launched its first fund, the Bridge Builder Bond fund. Edward Jones' move into the proprietary...

SEC's Gallagher slams White House fiduciary memo as 'propaganda'

February 20, 2015

An Obama Administration official's call for tough rules on brokers is “propaganda” that ignores stiff oversight of the industry by market regulators, a Securities and Exchange Commission member said Friday. SEC Commissioner Daniel Gallagher...

Stifel in talks to acquire Sterne Agee

February 20, 2015

Stifel Financial Corp. is in discussions to acquire Sterne Agee Group Inc., combining two of the biggest U.S. brokerages outside of New York, according to a person with direct knowledge of the matter. A deal may be announced within days, said...

Cetera president blasts White House memo defending DOL fiduciary

January 27, 2015

An independent broker-dealer executive Monday sharply criticized a leaked White House memo that purports to show that sales incentives for financial advisers cost retirement savers billions of dollars annually, calling it “offensive” and...

Fidelity fined $350,000 in billing snafu

January 20, 2015

The Financial Industry Regulatory Authority Inc. has ordered Fidelity Investments to pay a $350,000 fine after the firm allegedly overcharged more than 20,000 clients a total of $2.4 million. From January 2006 to September 2013, Fidelity inappropriately...

Merrill to pay $400,000 over telemarketing compliance shortfall

December 30, 2014

Who says cold calling is dead? Bank of America Merrill Lynch has agreed to pay $400,000 to as part of a settlement with the New Hampshire Bureau of Securities Regulation over allegations it improperly solicited business by phoning residents...

2014 big for indexed annuities: Broker-dealer execs

December 23, 2014

The year isn't over yet, but executives at broker-dealers say they've had a major rise in the indexed-annuity business — to the point that it may be cannibalizing sales of variable annuities. At Raymond James Financial Inc., the annualized...

SEC investigating top Oppenheimer executive

December 10, 2014

The head of retail brokerage at Oppenheimer & Co., who resigned on Friday, is facing an investigation by the Securities and Exchange Commission. Robert Okin resigned from Oppenheimer to pursue other interests, according to a report from Reuters....

Top independent adviser manages $3.5 billion in new ranking

December 6, 2014

When Debra Wetherby started her investment advisory firm in 1990, she was 32, just married and had less than $50,000 of capital. She plunged into an emerging industry of advisers who run their own businesses rather than operating inside big...

Regional broker-dealers need creativity to keep up in the recruiting arms race

October 13, 2014

It's approaching silly season again, also known as recruiting season. It's typically the time of year that the independent broker-dealer community introduces new incentives to tantalize wayward reps and advisers considering a new affiliation...

Ex-Raymond James adviser barred over $1 million theft

October 3, 2014

Finra has barred an independent financial adviser with Raymond James Financial Services Inc. who allegedly pocketed nearly $1 million in client funds last year, according to a settlement offer posted on the regulator's website. From July to...

Schorsch adds industry veteran Dwyer to RCAP's team

September 23, 2014

RCS Capital Corp. continues to shake up its senior leadership and add top industry talent to its already deep management team. On Tuesday, RCAP said it had hired a former top LPL Financial executive, Bill Dwyer, as chief executive of Realty...

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