Bruce Kelly

A former middle school and high school English teacher, Bruce Kelly started at InvestmentNews in 2000 as the brokerage reporter after a two-year stint at sister publication Pensions & Investments. He writes a bi-weekly, award winning column, On Advice, and covers the independent broker-dealer industry.

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Topic

3 brokers in hot water over sketchy Covid-19 loan applications

The Financial Industry Regulatory Authority Inc. said at the start of the year it was looking into registered representatives who applied for coronavirus-relief loans for possible violations.

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LPL drives assets to $1.1 trillion in Q2

The largest independent brokerage was firing on all fronts for the three months that ended in June, including recruiting advisers, bringing in net new assets and completing previously announced deals to purchase advisers.

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Here’s why TIAA can no longer play by its own rules

Times have changed as the giant money manager for professors puts a $97 million penalty behind it.

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Raymond James sees boost to adviser recruiting

The company's success in 2021 in recruiting advisers comes at a delicate time as the financial advice industry tries to figure out the best way to return to the office amid the Covid-19 pandemic.

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Ameriprise recruiting stalls in Q2

'As we went through the quarter, we didn’t expect it to slow down as much,' CEO James Cracchiolo said in an earnings call. The company reported 10,047 financial advisers across its platform at the end of June, compared to 9,894 a year earlier.

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Alternative investment sales skyrocket in 2021

Sales of such alternative investments are so strong, they have already surpassed last year's total of close to $27 billion, and are tracking to nearly double that amount by year end.

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Fed’s GPB investigation puts spotlight on spending

The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.

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Galvin takes swipe at Charles Schwab over unregistered adviser

The Massachusetts Securities Division discovered the alleged illegal activities while investigating a complaint of exploitation of senior citizens.

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UBS wealth management boosts assets as adviser head count slips

UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.

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Big brokerages gearing up for return to the office

For firms like Morgan Stanley and Raymond James, welcoming employees back to the office, after more than a year of remote work, will require flexibility and an open mind.

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