The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.
The four wirehouse firms lost 1,449 experienced advisors and recruited 932 in the first six months of the year, according to Diamond Consultants.
Kenneth Leech pleaded guilty in June to one obstruction charge, and could face six to 12 months in prison.
Despite the good times, advisors should tread carefully, said one veteran industry executive.
“I’m seeing more disputes like this between advisors and other advisors at the same practice,” said one industry executive.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.
Chuck Roberts and Stifel have been facing scrutiny due to sales of structured products and structured notes.
FINRA booted Rudy Anguiano from the industry for “conversion - the intentional and unauthorized taking of another person’s property.”
In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.
