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.

Bruce Kelly
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Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
REGULATION AND LEGISLATION JUL 10, 2025
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
WIREHOUSES JUL 10, 2025
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
WIREHOUSES JUL 09, 2025
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Cambridge Investment Research snags giant hybrid office with $11.9 billion in assets from Osaic
INDEPENDENT BROKER DEALERS JUN 27, 2025
Cambridge Investment Research snags giant hybrid office with $11.9 billion in assets from Osaic

RIA assets are key for broker-dealers right now.

Spiffed up BDCs, REITs are pricy, lean on leverage: Morningstar
ALTERNATIVES JUN 25, 2025
Spiffed up BDCs, REITs are pricy, lean on leverage: Morningstar

"Semiliquid funds are making private markets more accessible but are much pricier than public market funds," according to Morningstar.

Talks between Bank of New York Mellon, Northern Trust, have been going on for months, source says
MERGERS & ACQUISITIONS JUN 25, 2025
Talks between Bank of New York Mellon, Northern Trust, have been going on for months, source says

Northern Trust is "absolutely loaded with wealthy clients," one executive said.

California advisor who took cash from cannabis client barred
REGULATION AND LEGISLATION JUN 24, 2025
California advisor who took cash from cannabis client barred

The advisor, Andrew Nash of El Capitan Advisors, used the funds to buy a house, according to the SEC.

Judge OKs more than $90 million in settlement money for GWG investors
INDEPENDENT BROKER DEALERS JUN 20, 2025
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

BNY Pershing selective in rolling out new fees to RIA clients
RIA NEWS JUN 18, 2025
BNY Pershing selective in rolling out new fees to RIA clients

The giant clearing and custody firm doesn't want to ruffle any feathers of select clients, one executive said.

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
MERGERS & ACQUISITIONS JUN 16, 2025
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.