Royal Alliance Associates Inc., SagePoint Financial Inc., and FSC Securities Corp., increased legal reserves by as much as three times the amount of the prior year.
The agency charged two Cetera broker-dealers with breaching fiduciary duty and defrauding retail advisory clients in connection with the sales of mutual funds.
The companies are the latest that work with thousands of financial advisers to make plans for employees or work with local officials to ease the introduction of vaccines.
The marketplace for RIA M&A networks is currently overrun with players — from brand-new entrants from outside the U.S. to well-established RIAs. Over the past 15 years, the RIA aggregator market has taken off.
The bank continues to cut costs and simplify its broad wealth management business. Just last month, Wells Fargo said it was selling its asset management business, with $600 billion in assets, to two private equity managers.
The Commonwealth Financial Network advised outside recruiters not to engage with MassMutual's reps. The company doesn't want to step on any toes due to a licensing agreement involving a tech firm it once owned.
Local governments have begun reaching out to Fidelity to explore a potential role to assist with the logistics of distributing the vaccines, according to a spokesperson.
Ascendant Alternative Strategies changed its official status with Finra to termination requested. Founders of GPB, David Gentile and Jeff Schneider were arrested and charged with fraud last month by the FBI.
The largest independent broker-dealer reported forgivable loans to recruits of $419.2 million at the end of last year. Forgivable loans are one of the most common ways broker-dealers use to attract recruits.
The former nontraded REIT czar is looking for a next act in the securities industry, and this time it's a family affair.
