I thought we were all supposed to be free-wheeling capitalists in the financial advice industry — unless you recently worked for mutual fund giant American Century Companies and at least one of its local competitors.
For decades, the prevailing wisdom among recruiters and industry executives has been that wirehouse advisers are far less likely to move to independent broker-dealers than other advisers.
After 14 years as the firm's chief investment officer, Burt White is retiring in March, according to a company announcement. LPL, now with more than 19,000 affiliated financial advisers, is currently looking for a replacement.
When Louis Hanna was fired in 2017, he was 50 years old, had early-stage prostate cancer and was seeking medical leave, according to the complaint.
MacKenzie Capital is offering investors of Business Development Corp. of America $2.50 per share compared to its recent value of $7.43.
While Morgan Stanley had backed away from recruiting advisers from direct competitors in recent years, the company has recently returned to the market for top-flight advisers.
The adviser, Nicholas Spagnoletti, used his personal cellphone to upload, possess and distribute images of child pornography, according to the Morris County Prosecutor's Office in New Jersey.
Nearly a quarter of RIAs eligible for assistance received loans in the first round of the program last year, according to a recent study. Firms that abused the program were much more likely to disclose a history of past fraud and other legal or regulatory misconduct.
Marcus Boggs pleaded guilty to wire fraud in March, and on Thursday was sentenced to 42 months in prison. One of the victims was a man who received approximately $5 million in a wrongful conviction settlement.
Advisory firms for years have continued to be plagued by imposters seeking access to clients' accounts.
