The gala's organizer, Franklin Square, is one of the firms whose alternative investments could be hurt by a proposed DOL fiduciary rule.
Some are feeling skittish about their future prospects as parent company RCS Capital Corp. operates under an $800 million debt burden.
Commonwealth Financial Network managing principal John Rooney says a combination of higher costs and less revenue, thanks to the DOL fiduciary rule, will cause widespread consolidation of independent broker-dealers.
Robert W. Cook, the former director of the division of trading and markets for the SEC from 2010 to 2013, will take over the reins of the brokerage industry regulator.
Black Friday sales come early for buyers of independent broker-dealers as a slew of available firms puts pressure on prices.
The firm's settlement with the states was reminiscent of how broker-dealers handled various settlements in paying clients who bought auction rate securities.
Industry vet replaces Michael Weil, longtime associate of Nicholas Schorsch.
In moves that indicate across the board belt-tightening at LPL Financial, the company has eliminated as many as 70 jobs and is delaying raises to employees next year by at least six months.
One of the largest networks of independent broker-dealers in the country recently hired a law firm, which in turn will select an investment bank to begin discussions with interested buyers, according to two sources with knowledge of the company's moves.
