The firm is on the verge of buying Foothill Securities, an adviser-owned firm with 220 registered reps under its roof, according to two industry sources.
Purchase of Wall Street Financial Group is the firm's ninth and second in as many months.
Sales of nontraded REITs have fallen off a cliff as the brokerage industry struggles to adapt to new regulations.
Independent broker-dealers expected to be hardest hit, with a 22% loss in revenue.
Adapting to regulatory changes has been a struggle, meaning the nontraded REIT industry's worst fears have come true.
He is the second top executive to leave the company this year.
Former CFO Brian S. Block is being charged with overstating financial performance at American Realty Capital Properties Inc., now known as Vereit. <b><i>(More: <a href="http://www.investmentnews.com/article/20150921/FEATURE/150919894/how-nick-schorsch-lost-his-mojo"_blank">How Nick Schorsch lost his mojo</a>)</i></b>
The new CEO confronts a series of daunting questions as he settles into his new role at the embattled broker-dealer. Read more about the <a href="//www.investmentnews.com/article/20160901/FREE/160909997/cetera-names-robert-moore-ceo-replacing-larry-roth"" target=""_blank"" rel="noopener noreferrer">management turnover at Cetera</a>.
A 13-year veteran of LPL, Jeffrey Buchheister was most recently executive vice president and chief accounting officer.
