A side firm has brought a Finra arbitration claim against five of the advisers, who have filed a counterclaim in federal court.
Lebenthal Wealth Advisors opened its doors at the start of 2014 but failed to gain traction in the shifting advice marketplace.
City Financial Corp., which is being acquired by Stifel, is an independent investment bank focused on wealth management and municipal underwriting in the Midwest.
Many have either been acquired or are trying to become national firms.
As broker-dealers move toward uniform commissions to comply with Labor Department rule, investors could end up paying higher prices than in an unregulated environment. <b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The DOL rule from all angles</a>)</i></b>
Ex-Morgan broker Aaron Parthemer put a pair of athletes in investments that later turned out to be worthless.
The REITs are paying distributions to shareholders that exceed cash flow, in some cases by a wide margin.
Massachusetts securities regulator says agents for six B-Ds and an RIA submitted unauthorized proxy votes for nontraded REITs controlled by a Nicholas Schorsch firm.
Move would generate fees and income from 20-year management agreements.
