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Cetera loses $185 million firm to LPL, gains $180 million team from Ameriprise

December 12, 2018

Cetera announced its loss of an $185 million firm to LPL Financial the same day it gained a $180 million husband-wife team from Ameriprise. Cetera Advisor Networks lost John Marshall & Associates Investment Center to LPL Financial's broker-dealer...

Questions abound as Ohio National stops commission payments this week

December 11, 2018

Ohio National Financial Services Inc. is ceasing payment of advisers' variable annuity trail commissions Thursday, and advisers are left wondering how they're going to deal with the fallout. The insurer stunned the brokerage and insurance industries...

LPL Financial recruits five advisers from PNC Investments

December 6, 2018

LPL Financial has recruited a five advisers managing $225 million in client assets from PNC Investments. The advisers will align with Bedminster, N.J.-based Gladstone Advisors, and LPL's broker-dealer and corporate registered investment adviser...

Anger over Ohio National's attack on VA contracts

November 30, 2018

I am angry and appalled by Ohio National Financial Services' announcement that it will terminate the trailing commissions on existing variable annuity contracts with guaranteed income benefits. Talk about changing the rules in the middle of...

LPL recruits $300 million Founders Federal Credit Union group from Cetera

November 28, 2018

LPL Financial has recruited a team managing $300 million from Cetera Advisor Networks, one of six independent broker-dealers under Cetera Financial Group. Founders Investment Services, an advisory unit of Founders Federal Credit Union in Lancaster,...

Independent broker-dealers fastest-growing brokerage group

November 28, 2018

Independent broker-dealers saw the greatest asset growth over the past five years compared with other types of broker-dealers, according to new research from industry consultant Cerulli. IBDs posted a compound annual growth rate in assets of...

Large broker-dealers expand how they work with small 401(k) plans

November 28, 2018

Large brokerage firms are giving more attention to how their financial advisers do business with small 401(k) plans. Firms such as UBS Wealth Management Americas, Raymond James, LPL Financial, Morgan Stanley Wealth Management, Merrill Lynch...

Cetera broker-dealers latest to file legal claim against Ohio National

November 21, 2018

This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates,...

Finra bars ex-LPL broker who controlled customer accounts

November 20, 2018

The Financial Industry Regulatory Authority Inc. barred a former LPL Financial broker Monday who controlled two customers' bank accounts, bypassed LPL's supervision by not disclosing she was named as power of attorney for a firm customer, and...

Ohio National lays off chief distribution officer; president retires after three months on the job

November 20, 2018

Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive...

HUB International in talks to buy Sheridan Road, a $14 billion hybrid retirement plan group

November 16, 2018

Sheridan Road Financial, an advisory firm overseeing about $14 billion in retirement plan assets, is in talks to be acquired by insurance brokerage Hub International, according to two sources with knowledge of the discussions. The deal hasn't...

Commonwealth files Finra arbitration, lawsuit against Ohio National for 'unlawful' VA scheme

November 15, 2018

Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged "unlawful scheme" orchestrated by the insurer involving variable annuity compensation. Ohio National shocked...

Quick change in plans has Bob Oros headed to HighTower

November 14, 2018

Two weeks ago, it was announced that Bob Oros was leaving HD Vest Financial Services after less than two years as its CEO. The company seemed OK with the decision and pleased that he was going to stay on until March as a consultant. How quickly...

LPL providing credit monitoring, identity protection to investors exposed by data breach

November 14, 2018

LPL Financial is taking steps to safeguard financial advisers and their clients whose names, addresses, account numbers and Social Security numbers were exposed in a recent data breach. According to LPL spokesman Jeff Mochal, the broker-dealer...

Waddell & Reed will no longer lease office space for many of its brokers

November 14, 2018

Waddell & Reed Inc. will no longer lease office space for most of its 1,074 independent contractor brokers and advisers, requiring them to find and relocate to their own offices by the end of 2020. Most of the firm's brokers and advisers currently...

Ohio National sued by broker-dealer Veritas over annuity trail commissions

November 8, 2018

Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer's recent termination of trail commissions on some variable annuities. In September, Ohio...

LPL broker sues Ohio National for 'unlawful' move on variable annuity compensation

November 6, 2018

A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Ohio National stunned...

Former LPL broker sentenced to 20 years for stealing from clients

November 2, 2018

Former LPL Financial broker Sonya Camarco was sentenced on Oct. 31 to 20 years in prison for stealing $1.8 million from her clients. Ms. Camarco, 46, received 10 years for one count of securities fraud and 10 years for one count of theft over...

Finra fines LPL $2.75 million for reporting failures

October 30, 2018

The Financial Industry Regulatory Authority Inc. fined LPL Financial $2.75 million Tuesday for failing to list dozens of customer complaints against its brokers and for not filing hundreds of suspicious activity reports in its anti-money laundering...

LPL recruits $800 million advisory business from Signator

October 30, 2018

LPL Financial has recruited Seattle First Asset Management from Signator Investors. Seattle First, which has $800 million worth of brokerage and advisory assets, was founded in 2012 by Steven Jones, who stated that the transition to LPL is designed...

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