Kovack Securities Inc. said on Wednesday it had purchased the brokerage assets of Capital Guardian, a wealth management firm with 35 financial advisers that shut down its broker-dealer in July, according to its BrokerCheck report.
It was Kovack Securities' second such asset purchase in the past sev
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'Our department’s Reg BI-related disciplinary actions have been increasing,' noted a senior Finra executive.
'The wealth managers have been unbelievably supportive through all of this,' said Bryant Riley, the firm's chair and co-CEO.
The use of unmonitored messaging apps by financial advisors has been on the rise in the wake of the Covid-19 pandemic.
'Does Osaic really need these redundancies in management,' asked one industry executive.
'The advisor wants to get out of the business at 65 or 70 but clients will live to be around till 90,' says one banker.
