LPL's former star adviser finds a home

James “Jeb” Bashaw is now registered with small broker-dealer International Assets Advisory.
OCT 13, 2014
Former star LPL Financial adviser James “Jeb” Bashaw has finally found a home. After LPL Financial terminated Mr. Bashaw near the end of September for allegedly "selling away,” he was temporarily registered in October with Wunderlich Securities Inc., which eventually declined to sign him up. According to his BrokerCheck profile, Mr. Bashaw is now registered with a small broker-dealer, International Assets Advisory, which had revenues of just $19 million in 2013, according to its annual audited financial statement with the Securities and Exchange Commission. In comparison, Mr. Bashaw's former firm, LPL, said on Thursday it had close to $1.1 billion in revenue for the three months ended in September. When a reporter called the Bashaw Group, his old firm, Mason Bashaw, his daughter, answered on his behalf but did not comment when asked about Mr. Bashaw's registration with International Assets Advisory. She and other members of Mr. Bashaw's team who left LPL have joined Wunderlich Securities. Mr. Bashaw did not respond to an email requesting comment about his move. Barron's magazine ranked Mr. Bashaw in 2011 as the top financial adviser in Texas with $3.8 billion in assets. LPL last month terminated him due to allegations that he had participated in private securities transactions without providing the firm written disclosures or obtaining its written approval, according to his BrokerCheck report. He also allegedly borrowed money from a client. Engaging in securities transactions without broker-dealer approval or knowledge is commonly known as “selling away” in the securities industry and is one of the most common and also serious allegations against registered reps. On his BrokerCheck report, Mr. Bashaw stated: “I am home office supervised and have had 13 perfect audits. I am still unclear as to the specifics.” This article has been updated to indicate that Mr. Bashaw had $3.8 billion in assets, not production.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech:  The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income