Broker Dealers

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NEWS FINTECH JUL 14, 2008
LPL moves to address technology breach

In the wake of a security breach that affected more than 10,000 clients, LPL Financial has taken several steps to increase data protection.

NEWS BROKER DEALERS JUN 30, 2008
Auld new head of two AIG units

AIG Advisor Group, continuing to play a game of musical chairs with the executives in charge of its various broker-dealers, has replaced James Cannon with Jeffrey Auld as president and chief executive of both AIG Financial Advisors Inc. of Phoenix and American General Securities Inc. of Houston.

NEWS BROKER DEALERS JUN 30, 2008
Auld new head of two AIG units

AIG Advisor Group continues to play a game of musical chairs with the heads of its various broker-dealers, this time replacing James Cannon with Jeffrey Auld, who becomes president and chief executive of both AIG Financial Advisors Inc. of Phoenix and American General Securities Inc. of Houston.

NEWS BROKER DEALERS JUN 23, 2008
Firms, not reps, at center of client relationships, judge implies

Last week's order that Next Financial Group Inc. stop violating privacy regulations when recruiting brokers upended a key tenet of independent-contractor broker-dealers: that independent representatives — and not broker-dealers — are at the center of the relationship with the clients.

NEWS BROKER DEALERS JUN 09, 2008
Indie biz model grows despite aggressive regulation

Over the past 10 years, the world of independent-contractor broker-dealers has been turned on its ear.

NEWS FINTECH JUN 09, 2008
Eyeing assets, custodians aim to help advisers grow

Competition is stiffening among firms that keep assets under custody — and that situation could lead to cheaper, faster and better business for independent registered investment advisers.

NEWS BROKER DEALERS MAY 29, 2008
LPL poised for acquisitions

LPL Financial, the nation's largest independent-contractor broker-dealer, is on the lookout for plum acquisition candidates, although a top executive says growth through current advisers is the company's prime goal.

NEWS BROKER DEALERS MAY 12, 2008
Berthel Fisher's president, Jeff Auld, exits the firm

Jeff Auld, the president of Berthel Fisher and Company Financial Services Inc., has left the company for personal reasons.

NEWS BROKER DEALERS MAY 05, 2008
Indie brokers wary about CFP Board's ethics code

Independent-contractor broker-dealers are gnashing their teeth over the possible consequences of an updated professional code of ethics for certified financial planners, coming this summer.

NEWS BROKER DEALERS APR 28, 2008
Independent Broker-Dealers: Top indie B-Ds report 26.6% revenue jump in 2007

The nation's top 25 independent-contractor broker-dealers reported a staggering 26.6% increase in gross revenue last year to $13.52 billion, from $10.68 billion in 2006.

NEWS BROKER DEALERS APR 28, 2008
Independent Broker-Dealers: Personal touch by small B-Ds keeps them competitive

Despite a bruising, competitive market that some say is inhospitable to their survival, many small independent-contractor broker-dealers see plenty of opportunity.

NEWS BROKER DEALERS APR 14, 2008
GunnAllen and former executive claim victory in arbitration ruling

Both GunnAllen Financial Inc. and a former top executive are claiming victory after a lengthy arbitration battle that focused on whether the independent broker- dealer had the right to fire David McCoy, its former chief operating officer and national sales director, who was dismissed in 2005.

NEWS BROKER DEALERS APR 07, 2008
B-D execs take wait-and-see approach on Bear Stearns clearing unit

Broker-dealer executives whose firms clear trades through and use the custody services of Bear Stearns Securities Corp. say that their fears have been calmed for the moment by the deal under which JPMorgan Chase & Co. will acquire parent company The Bear Stearns Cos. Inc.

NEWS BROKER DEALERS MAR 31, 2008
National Planning Holdings unveils surprising pay plan

Last year, National Planning Corp. and its sister broker-dealers shocked the independent-contractor broker-dealer industry with its lucrative recruiting packages to independent representatives.

NEWS BROKER DEALERS MAR 31, 2008
Advanced Equities gears up to go public

Advanced Equities Financial Corp., a Chicago-based securities firm that has carved a niche of financing companies backed by venture capital firms, is preparing for an initial public offering.

NEWS BROKER DEALERS MAR 10, 2008
Becoming a thriving enterprise

Financial advisory firms have evolved from home-based businesses, to one-man shows, to full-fledged, thriving enterprises with multiple professionals and sometimes many staff members.

NEWS BROKER DEALERS MAR 10, 2008
Round Table: Regulation - Round-Table discussion transcript

The following is an edited transcript of the round-table discussion.

NEWS BROKER DEALERS MAR 10, 2008
Indie broker-dealers welcome SEC plan

The SEC's proposed changes to Regulation S-P may slow down recruiting of independent reps, but executives with independent broker-dealers nonetheless are relieved that the agency has given some potential guidance on the issue.

NEWS BROKER DEALERS FEB 25, 2008
Independents ahead in retirement race

It's early in the game, but independent advisers appear to be winning the competition to lure retirement assets, according to the management consulting firm McKinsey & Co.

NEWS BROKER DEALERS FEB 18, 2008
RIAs poised to capture retiring boomers' assets

Registered investment advisers seem to be winning the race to capture the retiring-baby-boomer market, according to Charles "Chip" Roame, managing principal of Tiburon (Calif.) Strategic Advisors LLC, who spoke at the TD Ameritrade Partnership 2008 Conference in Orlando, Fla. this month.