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.
'Kudos to those guys for getting the deal done ... but it's jaw-dropping that's what they're getting paid,' one industry executive says.
"It’s frustrating to see Finra charging brokers after the nail is in the coffin of [clients'] portfolios," one attorney says.
The new firm picks up advisors from Edward Jones and Wells Fargo.
Meanwhile, Cetera's owner Genstar is reinvesting in the firm.
Kistler-Tiffany Advisors has been working with clients for nearly 50 years.
Galvin cites Fidelity's “half-hearted and lackadaisical attitude” on approving clients to trade risky securities.
'It's a tug of war. The firms want to keep more revenue, and the financial advisors want to do the same,' an industry recruiter says.
'I intend to vigorously defend myself against these claims,' broker Tony Barouti states.
A $60-per-account fee and retention bonuses are issues that are expected to come up in Cetera senior execs' meeting with Avantax advisors.
This is Wealthspire's third deal for a registered investment advisory firm this year.
