Bruce Kelly

A former middle school and high school English teacher, Bruce Kelly started at InvestmentNews in 2000 as the brokerage reporter after a two-year stint at sister publication Pensions & Investments. He writes a bi-weekly, award winning column, On Advice, and covers the independent broker-dealer industry.

Bruce Kelly
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INVESTING ALTERNATIVES JUL 29, 2009
Former Paine Webber chief vies to buy AIG Advisors

Two private-equity firms with strong ties to retail broker-dealers are the final bidders for the AIG Advisor Group — the network of broker-dealers that houses about 6,000 independent registered reps and investment advisers — and a winner could be determined in the next several days, according to sources.

NEWS INDUSTRY NEWS JUL 22, 2009
Next Financial Group fined $1M for failure to supervise branch managers

Next Financial Group Inc. of Houston was fined $1 million today by the Financial Industry Regulatory Authority Inc. for failures to supervise its network of some 130 branch managers, also known as OSJs in the independent-contractor-broker-dealer industry.

NEWS INDUSTRY NEWS JUL 15, 2009
LPL Financial to pull plug on Pershing clearing platform

In a major retrenchment, LPL Investment Holdings Inc. of Boston is pulling the plug on the Pershing LLC clearing platform used by about 1,700 advisers on three broker-dealers it acquired in 2007, and moving those reps onto LPL's clearing platform.

NEWS INDUSTRY NEWS JUL 13, 2009
Finra to reps and execs: Think twice before selling 529s

Senior Finra officials have started to tell broker-dealer executives and representatives that they should think twice when selling Section 529 college savings plans.

NEWS INDUSTRY NEWS JUL 12, 2009
HURT BY FALLING PROFITS, FIRMS PRESSURED TO COMBINE

Like businesses across the financial services industry, clearing firms are feeling the pressure and the strain from the historic market downturn. It is a difficult and competitive business environment for the firms, which are key partners to broker-dealers, clearing and settling transactions for them and their representatives.

YOUR PRACTICE PRACTICE MANAGEMENT JUL 12, 2009
Raids 'blindside' small B-Ds as brokers go for the gold

Recent raiding at broker-dealers has sparked ugly and bitter feuds and led to significant damage awards, and financial industry attorneys and experts see more cases in the offing.

NEWS REGULATION AND LEGISLATION JUL 08, 2009
Morgan Stanley slapped wth $1M arbitration award in raiding case

Morgan Stanley last month suffered a $1 million loss in an arbitration case charging that the firm had “blindsided” a small regional broker-dealer, Strand Atkinson Williams & York Inc., “by a swift and crippling raid” of senior management and top-producing brokers.

NEWS INDUSTRY NEWS JUL 02, 2009
Emmet A. Larkin Co. quits the clearing arena

Another clearing firm bites the dust. Emmet A. Larkin Co. Inc. last month quietly shut down its back-office and clearing operations.

NEWS INDUSTRY NEWS JUL 02, 2009
VSR Financial Services names Christopher Radford CEO

VSR Financial Services Inc., an independent broker-dealer based in Overland Park, Kan., has tapped Christopher Radford as its new chief executive.

NEWS INDUSTRY NEWS JUN 28, 2009
Some advisers question future of LPL unit

Tensions have been building for months among financial advisers affiliated with Mutual Service Corp., a subsidiary broker-dealer of LPL Investment Holdings Inc., as they wonder about the future of their firm.