Geller, Erlich exiting Geller Group

MAR 28, 2010
The managing partners of Geller Group, LLC, an RIA specializing in corporate retirement plan administration that's controlled by Focus Financial Partners, are stepping down next week. Sheldon Geller and Manny Erlich announced the move internally amid an investigation of the company's practices by the U.S. Department of Labor. The DOL last year imposed a lifetime ban on an accountant who audited Geller's activities for pension plans without informing plan sponsors that he had close ties to the company. Alan Pfeffer, a sales executive and chief compliance officer at the New York City firm, has assumed the pair's duties. Rajini Kodialam, a senior vice president of Focus Financial, said in a prepared statement that Mr. Geller and Mr. Erlich are retiring. "The changing of the guard at The Geller Group is a great testament to the fact that partnerships with Focus ensures partner firms will continue to thrive beyond their founders' retirement," she wrote in an e-mail. Messrs. Geller, Erlich and Pfeffer did not return calls for comment.

Latest News

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

Wells Fargo names COO Scott Powell as its next chief risk officer
Wells Fargo names COO Scott Powell as its next chief risk officer

Derek Flowers, a nearly 30-year veteran, is set to retire in mid-January, handing the reins to the executive who helped lead the bank's regulatory turnaround.

Ameriprise runs advisor ads on ESPN, Golf Channel, CBS
Ameriprise runs advisor ads on ESPN, Golf Channel, CBS

The campaign spans broadcast TV and streaming, as the brokerage faces slowing client net flows and an $8.1 billion advisor team that left to launch an RIA this month.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains