The broker-dealer giant’s latest addition in Connecticut, which includes two brothers, is aligning with one of its existing firms.
Impact of litigation will affect some business models going forward, source says.
The independent broker-dealer has bolstered its employee advisor unit with the latest addition in New York.
Jury finds Gentile and Schneider guilty on a total of eight counts after seven-week trial.
"This was not a systemic issue for us," says LifeMark Securities' CEO James Prisco.
GPB executives Gentile and Schneider "are guilty as charged," says federal prosecutor.
Firm dinged for flaccid response to red flags across 100 accounts, with nine accounts incurring more than $2.5M in excessive trading costs.
The broker-dealer giant’s latest addition brings 31 years of industry experience and reportedly managed $250M in assets.
All IBDs, not just LPL, have a love/hate relationship with OSJs, industry sources said.
Meanwhile, senior execs at both firms are keeping an eye on increases of yields on cash at competitors.
The changes in yields on cash pose a big problem for future profits at large wealth management and brokerage firms.
Star hire expected to significantly enhance ETF and SMA offerings.
"This would effectively be a reset in earnings," the analyst wrote.
"With a big name like Blackstone, it's easier for a broker-dealer or RIA to get behind that brand," says industry executive.
The broker-dealer giant has unveiled plans to launch an ETF product platform next year, led by a former NYSE leader.
"No one has ever gone hungry working for Finra," said one compliance executive.
"The impact of these intended changes will be largely offset with the expected gains from the repricing of our investment portfolio," says Morgan Stanley executive.
App is playing an outsized role in advisor communications and it’s not just the hefty fines that have firms worried
From bringing in quality producers to focusing on the advisor experience, InvestmentNews’ 5-Star IBDs for 2024 are doing what it takes to succeed their way.
"Do these disclosure issues and conflicts at Wells Fargo also exist at peers," one industry executive asked.
