Broker Dealers

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Finra sanctions smoothie-throwing broker over alleged cash reporting failures
NEWS BROKER DEALERS FEB 13, 2025
Finra sanctions smoothie-throwing broker over alleged cash reporting failures

But the Finra panel's decision against James Iannazzo was not unanimous.

LPL welcomes $630M sibling advisor duo from Corebridge
NEWS BROKER DEALERS FEB 11, 2025
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

LPL boosts revenue potential with amped-up alts platform
NEWS ALTERNATIVES FEB 10, 2025
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

Embattled TD Bank eyes $14B raise in Schwab stake exit
NEWS BROKER DEALERS FEB 10, 2025
Embattled TD Bank eyes $14B raise in Schwab stake exit

The banking giant is looking to sell its interest in the online brokerage giant amid the continuing fallout of its historic money-laundering settlement with federal regulators.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
NEWS BROKER DEALERS FEB 07, 2025
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Osaic hit with class action over cash sweep payments
NEWS BROKER DEALERS FEB 06, 2025
Osaic hit with class action over cash sweep payments

The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.

LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth
NEWS BROKER DEALERS FEB 06, 2025
LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth

Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.

Pershing discussing move to control portion of broker-dealers’ cash.
NEWS CUSTODIAN FEB 06, 2025
Pershing discussing move to control portion of broker-dealers’ cash.

The clearing and custody giant is kicking the tires on new cash sweep plan with broker-dealer clients.

LPL, Raymond James boost advisor ranks anew
NEWS BROKER DEALERS FEB 06, 2025
LPL, Raymond James boost advisor ranks anew

LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.

Cetera, Commonwealth make moves in New York
NEWS RIAS FEB 05, 2025
Cetera, Commonwealth make moves in New York

Cetera welcomes a veteran retirement advisory team while Commonwealth adds an independent-minded advisory in Manhattan.

Enterprise OSJ TAG Advisors welcomes Krempa Associates
NEWS BROKER DEALERS FEB 05, 2025
Enterprise OSJ TAG Advisors welcomes Krempa Associates

The Virginia-based firm adds the team from The Investment Center as it hails a record year of growth and advisor additions.

B. Riley plans to spin off investment bank taking shape
NEWS BROKER DEALERS FEB 03, 2025
B. Riley plans to spin off investment bank taking shape

“Bryant Riley’s strength is that he’s an amazing dealmaker and originator,” an industry executive said.

LPL nabs $600M Osaic team to continue recruiting momentum
NEWS BROKER DEALERS FEB 03, 2025
LPL nabs $600M Osaic team to continue recruiting momentum

The broker-dealer giant is pressing on with its strategy to attract advisors as a Connecticut-based team joins its network.

Advisor industry bands together for pass-through deduction parity
NEWS RIAS JAN 31, 2025
Advisor industry bands together for pass-through deduction parity

FSI, IAA, CFP Board, and other voices have coalesced to help even the playing field on taxes for independent financial professionals.

LPL, Raymond James report strong growth in last three months of 2024
NEWS BROKER DEALERS JAN 31, 2025
LPL, Raymond James report strong growth in last three months of 2024

Broker-dealers also optimistic that gains will be seen in current quarter.

Alts shops have their eyes on advisors
NEWS RIAS JAN 30, 2025
Alts shops have their eyes on advisors

An increasing proportion of alternatives, from fully liquid to illiquid, will be sold in the wealth management channel in the coming years, according to Fuse Research. Traditional asset managers are cranking out products, and PE firms are warming up to advisors.

$1B Salient Wealth Planning Group joins LPL from Osaic
NEWS BROKER DEALERS JAN 29, 2025
$1B Salient Wealth Planning Group joins LPL from Osaic

The broker-dealer titan is expanding its footprint in the West Coast with a veteran-founded high-net-worth practice.

Osaic bolsters credit union presence with Navy Federal partnership
NEWS BROKER DEALERS JAN 28, 2025
Osaic bolsters credit union presence with Navy Federal partnership

The investment advisory giant's latest collaboration expands its institutional platform with 69 financial advisors.

Arax, LPL announce billion-dollar additions
NEWS RIAS JAN 27, 2025
Arax, LPL announce billion-dollar additions

The PE-backed wealth platform is expanding across Colorado and Idaho while broker-dealer giant LPL welcomes a multigenerational advisor pair from UBS.

New role for Miller as Janney announces major leadership change
NEWS BROKER DEALERS JAN 27, 2025
New role for Miller as Janney announces major leadership change

$150B firm welcomes back former CEO Tim Scheve to its board of managers.