Independent Broker Dealers

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INDEPENDENT BROKER DEALERS APR 30, 2007
High-profile adviser loses 314G arbitration claim

A high-profile financial adviser who hosts a weekly financial-advice radio show has lost a $314,000 arbitration claim that focused on his failure to deliver promised investment management.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 24, 2007
NPH posts record revenues

National Planning Holdings Inc., the nation’s seventh largest independent-contractor broker-dealer network, today posted record revenues of more than $135 million during the first quarter, an increase of 13.5% from the same time last year.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 23, 2007
Instinet opens BrokerShare to non B-Ds

Instinet Group Inc., a global agency broker, has announced the expansion of its BrokerShare commission sharing arrangement program to include non broker-dealers.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 23, 2007
Gross revenue for top 25 indie firms crosses $10B mark

For the second consecutive year, the largest 25 independent-contractor broker-dealers saw top-line growth slow, even though it still was up by double digits.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 20, 2007
Pacific Life executive jumps ship

Another top executive has walked away from the Pacific Select Group LLC, the soon-to-be-dismantled broker-dealer network of Pacific Life Insurance Co. of Newport Beach, Calif.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 09, 2007
United Securities sticks former brokers with tail E&O bill

Brokers who left United Securities Alliance Inc. before its March 1 acquisition by Royal Alliance Associates Inc. received a letter from United’s lawyers last month that contained a surprise: They owe United $5,000.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 09, 2007
Raymond James & Associates lands bigger producers

NEW YORK — Raymond James & Associates Inc. recruited 36 registered representatives during the first quarter, compared with the 43 reps hired during the year-earlier period.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 02, 2007
Court rejects broker-dealer exemption rule

The U.S. Court of Appeals for the District of Columbia Circuit on Friday overturned the Securities and Exchange Commission’s broker-dealer exemption rule in a 2-1 decision.

By Bloomberg
INDEPENDENT BROKER DEALERS APR 02, 2007
NASD to emphasize regulation ‘principles’

NASD will put increasing emphasis on “principles based” regulation rather than “one size fits all” rulemaking, even as it concedes that such a move could confuse many in the brokerage industry.

By Bloomberg
FINTECH APR 02, 2007
IT spending on rise at financial services firms, survey shows

In an effort to connect better with customers, financial services companies of all stripes are spending more on information technology, according to one analyst.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 26, 2007
NFP to continue acquisition strategy

NEW YORK — National Financial Partners Corp. will continue to pour money into acquisitions this year. At a recent conference for analysts and investors, company officials disclosed that they have earmarked $20 million to spend on acquisitions this year, a $5 million increase over 2006’s allocation.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 26, 2007
Brokers lower VA commissions

Worried about giving clients a fair deal and keeping regulators at bay, some brokerage firms are tamping down the commissions on variable annuities that registered representatives and financial advisers sell.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 19, 2007
Indies are too tempting to be ignored

Intrigued wirehouse executives who are looking for a change are beginning to check out independent-contractor broker-dealers, and what they see interests them more and more, industry executives, consultants and recruiters say.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 19, 2007
Royal indulges its appetite for acquisitions

Continuing its focus on buying small to midsize firms, Royal Alliance Associates Inc. late last month completed a deal to acquire United Securities Alliance Inc.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 12, 2007
LPL deal raises questions

LPL Financial Services Inc.’s plan to acquire three broker-dealers owned by Pacific Life Insurance Co. came as little surprise to many in the industry, though the deal has raised a few key questions, industry observers and advisers say.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 12, 2007
FSI hopes to state case to SEC consultants

The Financial Services Institute Inc. hopes to bend the ear of the consulting firm chosen by the Securities and Exchange Commission to consider the effect on investors of applying differing regulatory standards to broker-dealers and investment advisers.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 12, 2007
Commonwealth plans to open its payout purse

NEW YORK — Commonwealth Financial Network of Waltham, Mass., said it is giving pay raises to 400 of its advisers effective April 1, increasing the payout for advisers once they reach $25 million in assets on the firm’s proprietary managed money system.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 05, 2007
Former Wachovia manager charged in Ponzi-type scam

A former Wachovia Securities LLC branch manager in Toledo, Ohio, has been charged with stealing between $17 million and $40 million from about 45 investors by using a Ponzi-type scheme, according to the Department of Justice.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 05, 2007
Big indie deal finally comes off

After eight months of negotiations, LPL Financial Services Inc. last Thursday finalized the details of its acquisition of three broker-dealers owned by Pacific Life Insurance Co. of Newport Beach, Calif.

By Bloomberg
INDEPENDENT BROKER DEALERS MAR 02, 2007
LPL buys most B-Ds of Pacific Life

After eight months of negotiations, LPL Financial Services Inc. this morning finalized the details of its acquisition of the majority of the broker-dealers owned by Pacific Life Co. of Newport Beach, Calif.

By InvestmentNews