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Private equity loves IBDs, but will that last?

May 14, 2019

A few years ago, the independent broker-dealer industry was supposed to be in its death throes. Margins were in sharp decline. Costs from technology and regulation, in particular the Department of Labor's dreaded fiduciary rule, were eroding...

Is time running out for advisers who sold GPB private placements?

May 2, 2019

Financial advisers and broker-dealers that sold $1.5 billion of high-risk private placements offered by GPB Capital Holdings should brace for the worst. A year ago, GPB Capital was supposed to file registration forms with the Securities and...

Air Force veteran-turned-adviser clashes with First Command

April 4, 2019

First Command Financial Planning Inc. is an independent broker-dealer that recruits retired military personnel. But one of the firm's former advisers — a disabled Air Force veteran — is unhappy with how he was treated and last month filed...

Wells Fargo could be putting more of its focus on wealth management

March 20, 2019

Wells Fargo & Co. appears to be paring back on its businesses, and that could be a good thing for the 14,000 financial advisers and registered reps who work under the roof of its brokerage and advisory subsidiary, Wells Fargo Advisors. After...

Merrill Lynch cross-selling hits the market

March 7, 2019

Merrill Lynch's push for advisers to cross-sell financial services products has the potential to be a formidable competitive advantage. Merrill Lynch and its parent, Bank of America Corp., right now are offering to shave off up to half a percent...

Cross-selling can be lucrative — and dangerous — for big brokerages

February 21, 2019

Merrill Lynch and Wells Fargo Advisors currently stand at opposite ends of the spectrum when it comes to advisers selling or recommending banking products to clients. Owned by Bank of America Corp., Merrill Lynch is embracing the practice and...

Will big recruiting bonuses move reps to these firms in 2019?

February 5, 2019

Seeking either to build on or create momentum with potential recruits, three large brokerage networks — Wells Fargo Advisors, LPL Financial and Cetera Financial Group — are beginning 2019 with substantial offers to lure brokers and financial...

Will LPL's new emphasis on recruiting from wirehouses pay off?

December 21, 2018

Recent moves in the recruiting group at LPL Financial make it clear that the firm is trying to target more registered reps and financial advisers who currently work at wirehouses and convince them to leap to a broker-dealer where they labor...

UBS buckles under uproar from brokers over non-solicit agreements

December 5, 2018

After causing an uproar earlier this year with its advisers and brokers, management at UBS Financial Services Inc. should be commended for coming to its senses, paying attention to its field force and reversing an unpopular policy that potentially...

As it works to pull off a merger, FS Investments admits shortcomings

November 20, 2018

In a highly unusual move for an investment company, FS Investments is currently performing a "mea culpa" for investors and financial advisers. Any expression of weakness or regret in the kill or be killed world of the asset management and brokerage...

Merrill Lynch to focus team pay on digital, online areas

November 6, 2018

It's autumn, the time for leafy trees to turn spectacular colors, the time to pick out your Thanksgiving turkey and the time for financial advisers to fret and worry about how they will be paid next year. The four large wirehouses, Merrill Lynch,...

In cases that could tarnish a broker's reputation, Finra must do better

October 9, 2018

In a court of law, the accused has the right to face the witnesses testifying against him. The details of a recent Financial Industry Regulatory Authority Inc. enforcement action show how far removed from a court of law such actions are taken,...

LPL video about private equity looks like a swipe at Cetera

September 21, 2018

LPL Financial appears to be dissing its rivals, including Cetera Financial Group, in a video that is making the rounds of social media sites such as LinkedIn with the title, "How Financial Advisers Can Be Impacted by Private Equity Ownership."...

Chairman should leave Ladenburg Thalmann

September 20, 2018

It's time for Dr. Phillip Frost to resign as non-executive chairman of Ladenburg Thalmann Financial Services Inc., the home of 4,300 retail brokers and financial advisers. The risk to Ladenburg Thalmann's reputation, as well as to the four independent...

Morgan Stanley's new comp plan could pinch pay for some brokers

August 15, 2018

When Morgan Stanley released its 2019 compensation plan for its 15,632 financial advisers and brokers late last month, it made a point of saying that any changes to the grid, as it is known in the industry, would all be positive. But the new...

REIT management gives no answers about disastrous share price

August 9, 2018

The listing of American Finance Trust Inc., the $1.6 billion real estate investment trust advised and managed by Nicholas Schorsch's AR Global, has erased almost $1 billion of the company's equity value, according to a report last month by an...

Schorsch REIT listing a billion-dollar disaster for investors

July 30, 2018

The history of nontraded real estate investment trusts is littered with stories of companies that appear to have value and promise one day only to reveal a hideous portrait the next. Several REITs that raised money in the years before the 2008...

Will Wells Fargo Advisors force brokers to become salesmen only?

July 19, 2018

Some of Wells Fargo Advisors 14,000 reps and advisers were buzzing Thursday, a day after Yahoo Finance published a story that reported that 200 private bankers who work with the firm's richest clients have been pushed by management to work more...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

With Signator in the bag, will Advisor Group and Lightyear still chase Cetera?

June 27, 2018

Last week's announcement that John Hancock Financial Services was selling independent broker-dealer Signator Investors Inc., with 1,800 advisers and about $50 billion in assets, to Advisor Group did not come as much of a surprise. Industry rumors...

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