RCAP may remake itself to boost value with stock down 39% since late October
'Home-grown' advisers will open office to serve new millionaires with little investing experience.
Both companies controlled by the REIT czar but broker-dealer not involved in accounting trouble at American Realty Capital Properties.
B-Ds halting sales of Schorsch's REITs include some of the largest and most influential in the industry
As processing error delays commissions by a day, president Robert Moore moves to reassure advisers.
Companies must heed the gentle warnings being given to them by Finra and the SEC on complex investments.
The firm is teaming up with Fidelity to transition around 100 firms.
Says company has started the healing process; expects full recovery may “take some time.”
RCAP sales slow down in wake of ARCP accounting error, although the firm is optimistic activity will return as B-Ds resume selling its nontraded real estate investment trusts.
Cambridge joins list of independent broker-dealers suspending sales of Cole REITs; firm says it is waiting for 'more clarity' before deciding next step.
Former executive at LPL Financial will head up firm's nontraded REIT wholesaling and distribution unit.
Through ads, many of which he starred in, the salesman shared his belief that tax-free bonds were a sound investment.
RCS Capital seeks to pull out of a $700M deal to acquire two Cole companies from American Realty Capital Properties, which last week <a href="//www.investmentnews.com/article/20141029/FREE/141029902/nicholas-schorsch-downplays-arcps-23m-accounting-debacle"" target=""_blank"" rel="noopener noreferrer">revealed a $23M accounting error</a>.
After Nicholas Schorsch's giant traded REIT, American Realty Capital Properties, <a href="http://www.investmentnews.com/article/20141029/FREE/141029916">revealed a big accounting debacle</a>, one large broker-dealer network temporarily put a stop to sales of one of Mr. Schorsch's nontraded REITs.
The revelation of accounting errors at Nick Schorsch's flagship REIT, American Realty Capital Properties, could not have come at a worse time. Here's why. <i>(Also: <a href="http://www.investmentnews.com/article/20141030/FREE/141039985/national-planning-holdings-puts-kibosh-on-arc-nontraded-reit-sales" target="_blank">BD puts kibosh on ARC nontraded REIT sales</a>)</i>
Selling away is just one of the allegations that felled James “Jeb” Bashaw, LPL's former Houston branch manager.
Nicholas Schorsch's own broker-dealer joined the wave of B-Ds bailing out of the REIT czar's products.<i>(Also: <a href="http://www.investmentnews.com/article/20141105/FREE/141109966/with-stock-off-sharply-schorschs-rcs-capital-says-were-not-arcp" target="_blank">Schorsch's RCAP to investors: 'We're not ARCP.'</a>)</i>
Finra fines WFG Investments $700,000 for failing to supervise registered reps
The rest of this week's must-read stories include Betterment's robo-adviser for humans, big changes afoot in Social Security, and a focus on picking the right alternatives for clients
Mark Casady apologizes to LPL Financial shareholders for compliance missteps as company takes hit to third-quarter profits. <i>(See also: <a href="//www.investmentnews.com/article/20141017/FREE/141019926"" target=""_blank"" rel="noopener noreferrer">LPL's regulatory hit list</a>)</i>
