Displaying 2452 results
Industry supports NEXT in fight with SEC
NEW YORK — NEXT Financial Group Inc., which is in the middle of a scrap with the Securities and Exchange Commission over its use of confidential client information when recruiting representatives, is getting strong support in some corners of the independent-contractor brokerage industry.
Legacy Financial closes shop
NEW YORK — Another independent broker-dealer has shut its doors, months after one of its brokers got in trouble with regulators.
Indie firms seek guidance on client information
Regulators continue to leave independent- contractor broker-dealers in the lurch over the tricky issue of how brokers can use clients’ private information when moving accounts to a new firm.
Bear Stearns Broker-Dealer Services focuses on hiring
NEW YORK — After completing an overhaul of its top management late last year, Bear Stearns’ clearing and custody unit continues to hire new executives — some of whom are being recruited from top rivals.
Raymond James Bank rakes in the profits
NEW YORK — With assets increasing, the Raymond James Bank is beginning to have an effect on the results of parent company Raymond James Financial Inc.
INDEPENDENT BROKER-DEALER ROUND TABLE: Recruitment a hot button issue
Independent-contractor broker-dealers and their registered representatives face pressure on all fronts, from recruiting and proper practice management to compliance and the best way to build up their businesses.
Waddell planning to upgrade technology
NEW YORK — In a break with its past, Waddell & Reed Inc. will offer its advisers updated technology and next year will introduce a new outside platform for its top 300 or so registered representatives, company executives said last week.
LPL to challenge custody biz
Armed with a series of fee cuts and reimbursements to its advisers, LPL Financial Services thinks that it can take on the giants of the custody business that provide platforms for fee-only registered investment advisers.
Arbitration panel raps FSC in detailed decision
NEW YORK — FSC Securities Corp. last month was taken to task in an NASD arbitration panel decision.
Panel: Firm was ‘cozy’ place for fraud
FSC Securities of Atlanta was taken to task in a recent NASD arbitration panel decision.
Bear Stearns debacle forces hedge fund index to restate
The recent fallout in the market for subprime mortgages caused one prominent hedge fund index to revise some of its performance returns last week. Last Monday, the Credit Suisse/Tremont Hedge Fund Index reported that its index for fixed-income arbitrage gained 0.21% in June and 3.7% year-to-date.
Clearing firms jostle to win and retain indie BDs
NEW YORK — Despite continued consolidation, the clearing industry in some ways is becoming more crowded, with increased competition for the clearing business of top independent-contractor broker-dealers.
‘Duel’ clearing arrangements on the rise
NEW YORK — An increasing number of independent-contractor broker-dealers are doing business with more than one clearing partner, adding to the stiff competition among some clearing firms.
AIG Advisor Group to consolidate units
The largest B-D network will fold American General Securities of Houston into AIG Financial Advisors of Phoenix.
Brookstreet reps may be Wedbush-bound
Wedbush Morgan may land 100-plus reps from Brookstreet now that the son's founder has signed on with the firm.
Woodbury Financial names president
Woodbury Financial Services, a top twenty independent-contractor broker-dealer, has promoted Walter White to president of the firm.
KKR said to seek B-D license
Looking toward an initial public offering, Kohlberg Kravis Roberts is seeking a securities broker-dealer license, TheDeal.com said.
Banned brokers fly under radar screen
In a comfortable Colonial-era tavern in Rhode Island last Tuesday, David L. Ullom dished out generous portions of retirement advice — along with a free meal of chicken, mashed potatoes and summer squash.
Advisers react to changes at Jackson National network
NEW YORK — Recent changes in management at independent-contractor broker-dealer National Planning Corp. and National Planning Holdings Inc., its broker-dealer network, have some of its affiliated advisers concerned, while others accept the changes as part of the business.
Brookstreet exec makes move
Scott Brooks has jumped from Brookstreet to Wedbush Morgan and has asked Brookstreet's reps to join him.
