The regulator fined the firms $150,000 each for failures related to protecting thousands of clients’ private information and cybersecurity gaffes.
The broker and Next Financial Group Inc. are on the hook for more than $1 million in penalties.
'Last year saw bigger Finra fines per case,' a lawyer says. 'Supersized fines, or those of $1 million or more, were up, and mega-sized fines, or those of $5 million and more, increased too.'
'Something like this puts Ameriprise on the map in the competition among the regional firms and the independent broker-dealers,' one recruiter says.
The broker, Jayson Pocius, was 'discharged' last year from Wells Fargo Advisors Financial Network.
Jed Finn begins his reign as head of wealth management by outlining focus on fees, alternatives, and banking.
Financial advisors simply can't stand conflicts that mix banking and financial advice.
It's highly unusual in the securities industry for a broker-dealer to put up such resistance to a regulator like the SEC.
The companies 'explicitly agreed not to hire or recruit each other’s asset and wealth management professionals,' according to a lawsuit.
'Wealth management deals held pretty firm last year compared to all other areas of investment banking,' one banker notes.
