Independent Broker Dealers

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Finra moves to boot Alpine Securities, same firm that claims the regulator can’t
INDEPENDENT BROKER DEALERS MAR 27, 2025
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

'If I were on the side of Alpine Securities, I’d put all my eggs in the federal court,' one attorney said.

By Bruce Kelly
LPL Financial’s new CEO Steinmeier gets pay bump but lags Wall Street rivals
RIA NEWS MAR 26, 2025
LPL Financial’s new CEO Steinmeier gets pay bump but lags Wall Street rivals

But one industry executive believes his pay could catch up over time.

By Bruce Kelly
Finra hits RIA buyer NewEdge with $1 million penalty over Muni bond trades
RIA NEWS MAR 24, 2025
Finra hits RIA buyer NewEdge with $1 million penalty over Muni bond trades

The market for municipal bonds is notorious for being opaque and filled with difficult to price securities.

By Bruce Kelly
Northwestern Mutual hangs giant 'help wanted' sign, targets 5,000 new financial pros in 2025
INDEPENDENT BROKER DEALERS MAR 24, 2025
Northwestern Mutual hangs giant 'help wanted' sign, targets 5,000 new financial pros in 2025

The top-ranked IBD giant is looking to bolster its workforce with thousands of new independent advisors, representatives, and interns.

By Leo Almazora
Raymond James taps Franklin Templeton vet for independent contractor division
INDEPENDENT BROKER DEALERS MAR 24, 2025
Raymond James taps Franklin Templeton vet for independent contractor division

With 30 years of industry experience, Ronice Barlow is set to help steer the ICD as the unit's first-ever COO.

By Leo Almazora
BNY Pershing’s new cash sweep charge to hit RIAs first
INDEPENDENT BROKER DEALERS MAR 23, 2025
BNY Pershing’s new cash sweep charge to hit RIAs first

Cash sweep programs have turned into a bit of a viper’s nest for the financial advice industry, particularly large broker-dealers.

By Bruce Kelly
Raymond James, RBC reel in UBS advisors managing over $690M in assets
INDEPENDENT BROKER DEALERS MAR 21, 2025
Raymond James, RBC reel in UBS advisors managing over $690M in assets

The firms' latest additions in Florida and Nevada come as a strategic change at UBS raises risk of advisor defections.

By Leo Almazora
Is LPL gearing up for another major acquisition?
INDEPENDENT BROKER DEALERS MAR 19, 2025
Is LPL gearing up for another major acquisition?

"LPL's salespeople are all over the place," said one senior industry executive.

By Bruce Kelly
More senior executives leave rebranded SoCal B-D, Realta
INDEPENDENT BROKER DEALERS MAR 18, 2025
More senior executives leave rebranded SoCal B-D, Realta

The firm’s CFO, head of recruiting, and head of advisor relations have followed its CEO out the door.

By Bruce Kelly
Stifel loses another hefty arbitration case – this time to ex-advisors
INDEPENDENT BROKER DEALERS MAR 17, 2025
Stifel loses another hefty arbitration case – this time to ex-advisors

This dispute centered on a group of Stifel Financial advisors who left the firm two years ago to an RIA.

By Bruce Kelly
'We have something special here'
INDEPENDENT BROKER DEALERS MAR 17, 2025
'We have something special here'

Janney Montgomery Scott's president and CEO tells IN about the firm's acquisition by KKR, the equity ownership arrangement for all its advisor employees, and how it plans to continue for another 200 years.

By Leo Almazora
No new trial for convicted GPB Capital executives
ALTERNATIVES MAR 14, 2025
No new trial for convicted GPB Capital executives

"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.

By Bruce Kelly
Edward Jones hit with lawsuit claiming discrimination against white advisors
INDEPENDENT BROKER DEALERS MAR 14, 2025
Edward Jones hit with lawsuit claiming discrimination against white advisors

Former advisor alleges an incentive for veteran advisors to give business to women and nonwhite rookies disadvantages straight white male advisors.

By Leo Almazora
B. Riley spins off investment bank.
INDEPENDENT BROKER DEALERS MAR 12, 2025
B. Riley spins off investment bank.

The share price of B. Riley financial has plummeted 78.5% over the past year.

By Bruce Kelly
Edward Jones is going upmarket with new high-net-worth service
INDEPENDENT BROKER DEALERS MAR 12, 2025
Edward Jones is going upmarket with new high-net-worth service

The firm's new offering, targeted toward investors with at least $10 million, will put it head-to-head against some of Wall Street's biggest names.

By Leo Almazora
GWG bankruptcy settlement leaves investors with next to nothing
ALTERNATIVES MAR 11, 2025
GWG bankruptcy settlement leaves investors with next to nothing

Beneficient, an alternative investment company and formerly a part of GWG, has offered $50.5 million to settle claims related to federal lawsuits.

By Bruce Kelly
Finra not folding its tent any time soon: attorney
INDEPENDENT BROKER DEALERS MAR 11, 2025
Finra not folding its tent any time soon: attorney

Meanwhile, Finra’s fines against the brokerage industry declined in 2024.

By Bruce Kelly
Commonwealth loses $3.5 million fight over top advisors from Edward Jones
INDEPENDENT BROKER DEALERS MAR 06, 2025
Commonwealth loses $3.5 million fight over top advisors from Edward Jones

The large award comes at a time when the wealth management industry is seeing leading firms sue each other over recruiting each other’s financial advisors.

By Bruce Kelly
GPB paid convicted top executives legal fees of $75M
ALTERNATIVES MAR 05, 2025
GPB paid convicted top executives legal fees of $75M

And GPB founder David Gentile and ex-broker-dealer chief Jeff Schneider want the company to continue paying legal expenses.

By Bruce Kelly
Broker-dealer and bank stocks fall after first day of tariffs
INDEPENDENT BROKER DEALERS MAR 04, 2025
Broker-dealer and bank stocks fall after first day of tariffs

Ameriprise, LPL and Morgan Stanley were among those impacted as firms suffer more than the broader market.

By Emile Hallez