A mediation session to resolve hundreds of millions of dollars of investor claims against Securities America Inc. failed to yield a settlement last week, as the firm's 1,800 reps and advisers continue to speculate on whether the firm will survive.
Service providers have an additional six months to prepare for plan fee disclosure regulations, and from the looks of it, broker-dealers are going to need all that time to make sure they're up to snuff.
Southwest Securities Inc. will pay $500,000 to resolve Financial Industry Regulatory Authority claims that the firm violated Municipal Securities Rulemaking Board rules by using paid consultants to solicit business.
Alan Harter's clients started suggesting more than two years ago that he should cut his Wall Street ties and become their independent investment adviser
Seek out advice from others who have gone out on their own
Broker-dealers without big corporate parents or the ability to tap public markets are making an all-out effort to raise capital, in some cases turning to their own clients for financing.
In what's become an all-too-familiar scene, another small, indie brokerage is closing up shop. Ensemble Financial Services Inc., located in Pittsford, N.Y. will soon be shuttering its B-D operation -- and its 85 registered reps will be moving on.
Two broker-dealers have emerged as early winners in the fight over the 400 representatives affiliated with QA3 Financial Corp., which officially shut down Friday
Securities Service Network Inc. is the latest broker-dealer to pull the plum out of the pie of the defunct <a href= http://www.investmentnews.com/section/broker-dealer-data-profile&R=290006&Y=2009 >QA3 Financial Corp.</b>
Independent broker-dealers depend on hiring new advisers to keep their businesses growing -- and in 2011 they're likely to ramp up recruiting in the first half before the onset of new Dodd-Frank rules, according to an <i>InvestmentNews</i> analysis.
Among the largest independent broker-dealers, Commonwealth Financial Network has the highest concentration of financial advisers who produce more than $500,000 annually, according to InvestmentNews <a href=http://www.investmentnews.com/section/broker-dealer-data>data. And it's reached the top by getting people out the door: Namely, its advisers.
Brokerage firm Edward Jones this week announced that it plans to add up to 20 branch offices to the more than 60 it has in the state of Utah.
Mark Casady, chief executive of LPL Investment Holdings Inc., has reiterated aggressive growth targets for the country's largest independent broker-dealer
Branding trumps performance in the fund world, according to the results of the latest <i>InvestmentNews</i> broker-dealer survey. Advisers prefer American Funds, despite spotty performance, while Vanguard emerges strong. <a href=http://www.investmentnews.com/article/20110123/REG/301239996&issuedate=20110121&sid=BD0121) More on the mutual fund results here,</a> and more on the <a href=http://www.investmentnews.com/section/specialreporttemplate?sid=BD0121&issuedate=20110121>B-D special report here.</a>
The ranks of independent broker-dealers grew 4.7 percent in 2010 and in an industry dependent on high-touch financial advice, bigger means better in terms of bringing in new business.
To avoid future panics in money market funds, the mutual fund industry is calling on federal regulators to force broker-dealers to disclose information about their money fund clients.
Some of the broker-dealers that sold allegedly fraudulent private placements appear to have allowed their net-capital positions to fall dangerously low, a situation that could threaten their existence if they have to pay large legal claims.
Edward Jones is tops and Morgan Stanley Smith Barney LLC the worst in terms of financial adviser satisfaction at six national broker-dealers, according to a J.D. Power and Associates Survey released last Friday
