The independent broker-dealer industry fattened up last year on the sale of nontraded real estate investment trusts. The question hanging over IBDs now is whether advisers are prudently reallocating the money of clients who are invested in nontraded REITs, particularly as the trusts continue to perform well and return capital to investors through listings or mergers.
A report from the North American Securities Administrators Association uncovered a wide disparity in how broker-dealers disclose the fees they charge and questionable practices regarding markups.
William Morrissey, a 10-year company vet responsible for recruiting new advisers and their practices, was appointed head of LPL Financial's Independent Advisor Services unit.
Products include nontraded REITs, oil and gas partnerships, BDCs, hedge funds and managed futures.
One way to address the lack of minorities is to be open about it
Revenue was up almost 12%, but profit declined on higher expenses.
Adviser feedback results in improvements to the app, including secure messaging.
RCS Capital continues to expand its reach into financial services, hiring Todd Snyder and John Kearney, widely considered the top due-diligence analysts for alternative investments and nontraded REITs.
Valerie Brown, longtime head of Cetera Financial Group and its predecessor ING broker-dealers, has stepped down and is being replaced by Larry Roth.
There's hard evidence that he has been the architect behind Nick Schorsch's growing broker-dealer empire.
Inland Diversified Real Estate Trust has agreed to merge with a publicly traded REIT in a $2.1 billion all-stock deal. The transaction represents average annualized return of 8% for investors. Bruce Kelly reports.
Move is the latest in a series of management changes at Cetera Financial Group.
Former N.Y. governor David Paterson joins broker-dealer IFS Securities, where he will help develop new business opportunities for firm
In a head-turning move, newcomer to the independent broker-dealer industry Nicholas Schorsch is pulling off the largest independent-broker-dealer acquisition in years, with a cash deal to buy Cetera Financial Group.
Regulator said IBD didn't adequately train or supervise brokers selling alternative investments and nontraditional ETFs .
Bringing light and due diligence should be a priority for the investment advice industry.
Revives proposal that would require brokerages to link to regulator's database, including disciplinary background info.
Plans to help Edgerton & Weaver, which specializes in representing B-Ds, RIAs and registered reps, build its consulting business.
One of Nicholas Schorsch's RCS Capital broker-dealer subsidiaries has an analyst questioning its future management structure after a change in the B-D's leadership.
