<i>The following is a letter from John Sykes, the largest single shareholder in defunct broker-dealer GunnAllen Financial, in response to this question posed by InvestmentNews news editor Bruce Kelly late last month: “What happened at GunnAllen?”</i>
Robert W. Baird & Co. Inc. has made another addition to its wealth management business, this time snatching a $150 million adviser team from Morgan Stanley Smith Barney LLC.
Firm to be acquired by socially conscious investing shop; combined broker-dealers in top 30 of independent B-Ds
Ameriprise Financial Inc.'s plan to open its brokerage platform to outside variable annuities falls short of the open architecture favored by other independent broker-dealers.
A third of all moves in February came at indies.
Securities America Inc. chief executive Steve McWhorter said he will retire this spring after 22 years at the helm of the independent broker-dealer.
In a huge blow to SagePoint Financial Inc., one of three broker-dealers that make up the AIG Advisor Group Inc., its largest branch of reps and advisers is walking out the door following a bitter dispute over the latter's role and future at SagePoint.
Adviser satisfaction with independent broker-dealers will be ranked separately for the first time by J.D. Power and Associates, the company said today, as it launched its annual survey of adviser satisfaction with their brokerage firms.
Private-equity firm Lightyear Capital LLC last week said that it has completed its acquisition of three ING Groep NV broker-dealers.
With anticipation building about its $600 million IPO, LPL Investment Holdings Inc. last week said that it is acquiring the assets of National Retirement Partners Corp., an advisory and brokerage firm that specializes in defined-contribution retirement plans.
The independent broker-dealer industry took a giant step backward last year, with the largest 25 firms collectively reporting a 10.3% drop in gross revenue.
As the stock market was climbing to its historical peak in late summer 2007, GunnAllen Financial Inc. executives told people that the firm was working to put the worst elements from its brief, intense past of breakneck growth behind it.
The biggest-producing branch of dead-in-the water GunnAllen Financial Inc. is heading to a new independent broker-dealer, Aegis Capital Corp.
Embattled firm said to be in net capital violation after eleventh-hour effort failed to raise fresh funds
Massachusetts widens the net in its ongoing probe of private placements gone bad.
A Boston-based investment firm has agreed to pay $1.3 million in restitution to Montana investors for a Ponzi scheme run by an independent broker in Kalispell.
In the wake of recent disastrous blowups of high-commission private placements, some broker-dealers are anxious about whether their advisers should sell the offerings.
The sudden resignation last week of John Sykes, chairman of GunnAllen Holdings Inc., has raised questions about the future of the company and its broker-dealer, GunnAllen Financial Inc.
