The Ann Arbor, Mich.-based independent broker-dealer, which has close to 600 reps and advisers, reported $124.3 million in total revenue in 2019.
The broker-dealer is potentially facing a penalty from the Securities and Exchange Commission due to sales of high-fee mutual funds. The regulator launched its Share Class Selection Disclosure Initiative in February 2018.
Driving the recruiting overhaul at wirehouses over the past few years has been the tremendous expense of recruiting experienced financial advisers.
CUNA Brokerage Services agreed to become a clearing and custody client at LPL. The firm has $36 billion in assets and close to 550 advisers who work at credit unions.
The investment bank is putting the finishing touches onto its $13 billion purchase of ETrade Financial, and has benefitted from ETrade’s direct, online access to a younger group of clients.
It's not clear what LPL thinks about Good Life Cos.' move and whether it has fully signed off on the firm adding Raymond James as a broker-dealer choice for its advisers.
The broker David A. Rockwell defrauded a bank when he applied for lines of credit in the names of two clients
Just five years ago, the Carson Group had a total valuation of $120 million, or six to eight times less than its current potential valuation. The firm said in October it is looking to raise capital to continue to invest in registered investment advisers and wealth management firms.
The industry finally has the data about rogue brokers who take refuge in the land of insurance sales, and the picture is pretty ugly.
Opening its own broker-dealer gives the firm room to recruit advisers who don't hold RIA assets at Raymond James.
