It's another big win for LPL, as star adviser Erin Botsford leaves DeWaay Financial and hooks up with the big indie B-D
Indie B-D Brookstone Securities ceased operations last night, just weeks after a Finra panel ordered it to pay $2.6M in fines and restitution for selling CMOs to seniors. Sources claim the brokerage's reps were not paid today.
Next Financial Group Inc. has agreed to pay $2 million in restitution to clients who bought oil and natural gas private placements of Provident Royalties LLC.
Moving from Wells Fargo's Financial Services Group to indie B-D
Wells Fargo B-D aims to reward reps who bring in new business; no longer 'recruit or die'
Additional features aimed at boosting ease of use, robustness of adviser database
Arnold named CFO; currently head of strategy
Brokerage ordered to pay $3.7M for jacking up prices on tax-exempt bonds and CMOs; head trader suspended
In a move that could have a serious impact on the advice business, Finra is considering giving private vendors access to the regulator's data on licensing and disciplinary actions.
Desperate to reel in star brokers, the wirehouses are fishing more than ever in the unlikely and foreign waters of independent-contractor broker-dealers to hook their top representatives
Reilly says he preferred internal growth but was swayed by similarity in culture between two firms
Pace of shutdowns is slowing, but one in 10 firms open in 2007 are now gone
