New report shows financial adviser conference attendees are less impressed with sponsor status than they are with solid content from those sponsors.
Three advisers who operate as West End Advisory in St. Louis make the move.
The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.
Four reps from Merrill Lynch join Janney, along with six advisers in two groups from Wells Fargo.
For the increasingly fee-based advisers at independent broker-dealers, the transition to the RIA model is likely to pick up speed in the years to come.
Gregg Johnson, the firm's executive vice president of recruiting and revenue acquisition, has been replaced by Kristen Kimmell from RBC Wealth Management.
Orlando Garcia and Miguel Viyella join the firm's employee unit in Coral Gables, Florida.
Four-adviser Pacstar Financial Group is based in Honolulu and has three other offices in Hawaii.
Joseph Myer has formed Veritas Capital Management in Ashburn, Virginia, and is affiliating with LPL through Gladstone Wealth.
The SEC alleges the firm failed to safeguard clients from Hector May, who pleaded guilty to stealing $8 million from clients and was sentenced to 13 years in prison.
Eight Kansas reps will affiliate with the independent unit of Raymond James through Beyond Wealth Advisors.
Finra also censured the firm in connection with privacy breaches that occurred during transfers of new clients.
Steven Carlsen and Sathya Chey are forming a firm, Arise Private Wealth, in Rolling Hills Estates, California.
Bill Wade and Reid Berry are opening an office in Brentwood, Tennessee.
The four advisers in Salt Lake City, who operate as Williams & Townsend Wealth Management Partners, are joining the firm's employee unit.
The lack of a spotlight on individual brokers who sold GPB may be passing, as at least one former adviser, Jeffrey Dixson, has a BrokerCheck profile that is studded with investor complaints involving sales of GPB private placements.
The six-adviser group led by Larry Boggs is forming Boggs & Co. Wealth Management in Cumberland, Maryland.
Revenues have dropped sharply, by as much as 40%, at the broker-dealer over the past seven years as the industry moved away from commissions on alternative investments to recurring revenue from managed money products.
The sum, received by The Leaders Group Inc., appears to be in the middle range of government loans received by privately held broker-dealers who obtained Covid-19 business relief.
The Ann Arbor, Mich.-based independent broker-dealer, which has close to 600 reps and advisers, reported $124.3 million in total revenue in 2019.
