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.
"We don’t agree with the decision but, with Finra arbitration, there is no appeal," says William H. McCance, president of Ages Financial Services.
The improvement demonstrates that the giant broker-dealer network, which many believe will seek to go public in the next few years, is moving its cash flow in the right direction.
The settlement with Baird stems from Finra's 2020 targeted examination regarding rights of reinstatement.
"Perry is a very talented, sharp person, who's been bumped up from recruiter to head of a region to leading a division," says one industry executive.
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
Bellevue, Washington-based iCap focused on developing apartment buildings and stand-alone real estate.
'The financial advisor recommended he put the entire amount in GWG L bonds,' the claimant's attorney says.
The failure to make adequate disclosures is a violation of federal securities laws, according to the complaint.
LPL also hit with $40 million charge related to the SEC's ongoing investigation of electronic communications.
'We are starting to pound the table a little bit about listed REITs,' says Rich Hill of Cohen & Steers.
