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.
"It's not a good day for Austin Dutton," says one attorney.
GPB's founder was an accountant who couldn't do the firm's accounting.
The 1,450 financial advisors involved in the transaction oversee approximately $108 billion in assets.
Merrill has consistently been the brokerage firm paying the lowest rates on swept cash, according to a suit filed by Merrill Edge client.
The wirehouse is emphasizing better pay for advisors who sell alternative investments and offer loans to clients.
Launched over the summer, &Partners is replete with executives from Wells Fargo Advisors.
Some broker-dealers are 'in a bit of a pickle' due to how they invested client cash, industry executive says.
Financial advisors often recommend REITs as a way to generate income in retirement.
'Who were the accountants? Lending securities can be lucrative,' a compliance executive says.
What's not clear is how many FiNet advisors will feel the sting of the fee increase.
