Next Financial Group Inc. was hit last month with its third significant regulatory action in three years when Finra socked it with a $400,000 fine and $102,000 in restitution to clients.
Representatives and advisers at Brewer Financial, a Chicago-based independent broker-dealer, are said to be looking to jump ship after the Securities and Exchange Commission charged the firm and its top two executives with fraud in selling $5.6 million in promissory notes to 74 investors.
Now that the nation's largest independent broker-dealer is accountable to the investing public, it remains to be seen whether it is a fast-growing teen or a young adult.
How big will a publicly owned LPL Investment Holdings Inc. become?
Some of LPL Investment Holdings Inc.'s most noted and longest-affiliated advisers will see a windfall once the company goes public and shares begin to trade.
Ron Carson, LPL Financial Corp.'s most prominent financial adviser, seeks to create a national wealth management franchise, joining the fray with other noted investment advisers desiring a national footprint.
Compensation for brokers and firm executives would be subject to claw-backs if deemed excessive
The Securities and Exchange Commission is expected to issue new rules regarding broker pay by April, according to a memo obtained by InvestmentNews.
Two former chief executives of mutual fund companies that built their businesses on the direct-sold model are in the position to make money as a result of the pending LPL Investment Holdings Inc. initial public offering.
Sanders Morris Harris Group Inc., a wealth management broker-dealer that owns Edelman Financial Services LLC, indicated in its quarterly report that regulators have decided to recommend disciplining the company.
