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Wells Fargo reps managing $587 million go indie with Raymond James

June 14, 2019

A four-adviser team that managed $587 million in assets at Wells Fargo and had $385 million in institutional assets under advisement, have gone independent and affiliated with Raymond James. David A. McBee Jr., Michael M. Mikeska, Michael Peschel...

Reps managing $319 million move to Raymond James

June 12, 2019

Daniel Nickow and Brett Salzer, who managed $319 million at Mesirow Financial in Deerfield, Ill., have joined the employee unit of Raymond James. They will open a new office for the firm in the Chicago suburb. (More:​ See more adviser moves...

Adviser duo managing $181 million at Raymond James joins B. Riley

June 3, 2019

Michael P. McCall and Michael J. Connelly, who managed $181 million at Raymond James in Devon, Pa., have joined B. Riley Wealth Management, marking the firm's first foray into Pennsylvania. Mr. McCall is a 25-year veteran of the securities industry....

One adviser from UBS and two from Merrill Lynch move to Raymond James

May 31, 2019

Dominick DiBona, who managed $190 million at UBS in Garden City, N.Y., has joined the employee unit of Raymond James in that Long Island suburb. Mr. DiBona began his career at Prudential Securities in 1987, and later worked at Smith Barney and...

Dynasty Financial boosts M&A tools for RIAs using its platform

May 30, 2019

Dynasty Financial Partners said Thursday that it is amplifying its support for registered investment advisers who use Dynasty's platform so they can better compete in the hot RIA mergers and acquisitions market. The new business line and suite...

Morgan Stanley team managing $520 million goes indie with Raymond James

May 23, 2019

Three advisers who managed $520 million in assets at Morgan Stanley in Basking Ridge, N.J., have created an independent firm and affiliated with Raymond James. Giovanni Duran, Joseph Cataldo and Nick Penna have formed IronRidge Wealth Management...

LPL expanding platform to include employee brokers

May 22, 2019

LPL Financial, which has grown into one of the largest brokerage firms in the country by hiring advisers who act as independent contractors, is creating a new model which would employ brokers working directly for the firm. In a presentation...

Wells Fargo team managing $600 million moves to Raymond James

May 21, 2019

Geoffrey P. Sisk, Hynson H. Marvel and Jason Statuta, who managed $600 million at Wells Fargo in Richmond, Va., have joined the employee division of Raymond James. Mr. Sisk began his financial services career in 1984 with Branch Cabell. In 1987...

Advisers on the Move: Latest trends in recruiting

May 20, 2019

Daily adviser move activity Net gains/losses in adviser headcount by channel, 2019 year-to-date Top 5 moves of the week Name of adviser(s) AUM Firm leaving Firm joining Transition Date Taylor Browman, Tyler Weaver $240,000,000 Wells Fargo Clearing...

Merrill Lynch duo managing $1 billion moves to Raymond James

May 16, 2019

A two-person team managing $1 billion at Merrill Lynch in Allentown, Pa., have moved to Raymond James. William Seyle and Tim Hickey have joined the firm's employee unit, along with three staff members. (More:​ See more adviser moves in InvestmentNews'...

Retirement investors win $1.8 million arbitration against Raymond James for penny-stock sales

May 7, 2019

Retirement investors won a $1.8 million Finra arbitration award against Raymond James in a case involving penny stock investments in energy companies. A three-person, all-public Financial Industry Regulatory Authority Inc. arbitration panel...

Edward Jones doesn't sell indexed annuities, bucking broker-dealer trend

May 6, 2019

Edward Jones has taken a contrarian stance on indexed annuities, declining to allow its brokers to sell the annuity products even though its peers are doing so and the products are increasingly popular industrywide. The St. Louis-based brokerage,...

UBS adviser team managing $300 million goes indie with Raymond James

May 1, 2019

Lori Siegel and Robert Russo, who managed $300 million in assets at UBS in Houston, have formed Centrix Wealth Partners and affiliated with the independent unit of Raymond James. Their three associates at UBS are joining them at the new firm....

Raymond James adds advisers in first quarter, but warns of possible slowdown

April 25, 2019

Raymond James Financial Inc. continues to attract advisers to its various private client group channels, reporting a net gain of 47, or less than 1%, in the first quarter and 258, or 3.4%, in the past 12 months. The firm has 7,862 advisers....

Pilot killed in plane crash was Raymond James adviser

April 25, 2019

A Raymond James adviser, Jeffrey Weiss, was the pilot who was killed along with five passengers when the plane they were in crashed Monday in southern Texas. The plane went down in Kerrville, Texas, some 70 miles northwest of San Antonio during...

TD Ameritrade cut marketing because 'fish weren't biting,' CEO says

April 24, 2019

TD Ameritrade Holding Corp. trimmed digital advertising spending because of a lack of interest from retail investors, according to chief executive Tim Hockey. The online broker and wealth manager keeps a base level of spending and needs to see...

2019 top independent broker-dealers ranked by revenue

April 24, 2019

Firm 2018 revenue ($M) % change vs. 2017 2018 commission revenue ($M) % change vs. 2017 2018 fee revenue ($M) % change vs. 2017 2018 other revenue ($M) % change vs. 2017 1 LPL Financial LLC 5188.4 21.2 1919.7 14.9 1793.5 27.3 1475.2 22.8 2 Ameriprise...

Merrill Lynch team managing $400 million moves to Raymond James

April 23, 2019

A three-adviser team managing $400 million in assets at Merrill Lynch have moved to the employee unit of Raymond James in Auburn Hills, Mich. Gus Panos, Jason Firek and John Gaynor operate at Panos Firek Wealth Management, along with three staff...

IBD report: Another impressive year

April 20, 2019

Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. The...

Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

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