Independent Broker Dealers

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Analyst: LPL may spend up to $800 million annually to buy advisors' businesses
INDEPENDENT BROKER DEALERS JUN 06, 2025
Analyst: LPL may spend up to $800 million annually to buy advisors' businesses

LPL has closed 56 deals in its succession program, using $690 million of capital, according to William Blair analyst Jeff Schmitt.

By Bruce Kelly
Advisor moves: LPL adds father-son duo in Virginia as Raymond James goes on recruitment spree
INDEPENDENT BROKER DEALERS JUN 05, 2025
Advisor moves: LPL adds father-son duo in Virginia as Raymond James goes on recruitment spree

Meanwhile, Wells Fargo reels in a veteran from JPMorgan in Las Vegas, Nevada.

By Leo Almazora
Advisors pivot as wealthy families rush to beat tax reform
INDEPENDENT BROKER DEALERS JUN 05, 2025
Advisors pivot as wealthy families rush to beat tax reform

Gautam Muthusamy helps families exhaust estate tax credits now before the $14M exemption vanishes.

By Chris Davis
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
INDEPENDENT BROKER DEALERS JUN 04, 2025
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

By Leo Almazora
Arizona seeks to strip advisor of license over GPB private placement sales
ALTERNATIVES JUN 03, 2025
Arizona seeks to strip advisor of license over GPB private placement sales

Michael Bradley faces allegations of "improper recommendation to clients" who bought GPB securities.

By Bruce Kelly
Morgan Stanley, Atria job cut details emerge
INDEPENDENT BROKER DEALERS JUN 03, 2025
Morgan Stanley, Atria job cut details emerge

Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.

By Bruce Kelly
LPL, Evercore welcome West Coast breakaways
INDEPENDENT BROKER DEALERS JUN 02, 2025
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

By Leo Almazora
Supreme Court slaps down brokerage's appeal vs. FINRA expulsion case
INDEPENDENT BROKER DEALERS JUN 02, 2025
Supreme Court slaps down brokerage's appeal vs. FINRA expulsion case

The high court's decision rebuffing Alpine Securities marks a setback for a broader challenge to Wall Street's reliance on self-regulatory organizations.

By Bloomberg
Advisor moves: Equitable and Raymond James nab veterans from rival BDs
INDEPENDENT BROKER DEALERS MAY 30, 2025
Advisor moves: Equitable and Raymond James nab veterans from rival BDs

The defectors from Cetera, Lincoln Investments, and DA Davidson strengthen the firms' presence across the Eastern and Western US.

By Leo Almazora
Are you one of the promising wealth management talents under 40?
INDEPENDENT BROKER DEALERS MAY 30, 2025
Are you one of the promising wealth management talents under 40?

InvestmentNews is searching for the country's emerging young talents.

By InvestmentNews
Cetera taps Envestnet alum to head RIA growth platform
INDEPENDENT BROKER DEALERS MAY 29, 2025
Cetera taps Envestnet alum to head RIA growth platform

A veteran with more than two decades of experience, Andina Andreson represents the latest in a string of recent leadership changes at the firm.

By Leo Almazora
FINRA penalizes another broker dealer for social media miscues
INDEPENDENT BROKER DEALERS MAY 28, 2025
FINRA penalizes another broker dealer for social media miscues

FINRA has been focused on firms and their use of social media for several years.

By Bruce Kelly
Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney
INDEPENDENT BROKER DEALERS MAY 28, 2025
Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney

RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.

By Leo Almazora
Blackstone, Wellington Management, and Vanguard Group to run new interval fund; face big questions
ALTERNATIVES MAY 27, 2025
Blackstone, Wellington Management, and Vanguard Group to run new interval fund; face big questions

In regards to the new fund, called WVB All Markets Fund, Morningstar analysts wrote that, "despite the brand-name pedigree of the asset managers involved, most of these strategies are untested."

By Bruce Kelly
Advisor moves: Ex-Focus wealth manager hops to Stratos affiliate, LPL welcomes former RBC advisor
INDEPENDENT BROKER DEALERS MAY 27, 2025
Advisor moves: Ex-Focus wealth manager hops to Stratos affiliate, LPL welcomes former RBC advisor

A veteran with global roots strengthens Twenty Four Wealth's presence in Connecticut, while LPL's newest employee advisor comes with experience from the sports industry.

By Leo Almazora
As Stifel fights one giant claim involving star Miami broker, it quietly settles others
INDEPENDENT BROKER DEALERS MAY 23, 2025
As Stifel fights one giant claim involving star Miami broker, it quietly settles others

The competing legal strategies appear contrary to Stifel's public statements about defending its structured notes' tactics.

By Bruce Kelly
FINRA puts kibosh on David Lerner's sales of proprietary products
ALTERNATIVES MAY 22, 2025
FINRA puts kibosh on David Lerner's sales of proprietary products

For decades, the bulk of the retail brokerage industry has moved away from selling expensive, proprietary funds.

By Bruce Kelly
Raymond James lands $2.7B institutional business from Trustmark
INDEPENDENT BROKER DEALERS MAY 22, 2025
Raymond James lands $2.7B institutional business from Trustmark

The IBD has also added a new advisor from Morgan Stanley in Utah, while LPL welcomes an $850 million team from Cetera.

By Leo Almazora
Cetera taps former TD Ameritrade exec to lead data strategy
RIA NEWS MAY 22, 2025
Cetera taps former TD Ameritrade exec to lead data strategy

Appointment signals the hybrid RIA's commitment to data-driven decision-making across its five-channel ecosystem.

By Leo Almazora
LPL cuts staff at Atria as it pitches stability to Commonwealth advisors
INDEPENDENT BROKER DEALERS MAY 21, 2025
LPL cuts staff at Atria as it pitches stability to Commonwealth advisors

LPL is an acquisition machine, but the two deals are designed differently.

By Bruce Kelly