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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,...

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...

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."...

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...

Sanctioned Ponzi scheme salesmen keep shilling planning, advice

May 3, 2018

Recent sanctions by state securities regulators against unlicensed brokers who sold pieces of an alleged billion-dollar real estate Ponzi scheme highlight a perennial problem the financial advice industry continues to ignore: insurance agents,...

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...

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...

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...

Broker protocol for recruiting a boon for clients

November 20, 2017

Turns out the broker protocol for recruiting among securities firms not only helps advisers more easily relocate where they work, it also has unexpected benefits for clients. The protocol, first agreed to by a handful of large firms more than...

LPL broker in battle with IRS over how he structures his business

October 30, 2016

An LPL Financial adviser is in a thorny tax battle with the IRS, and its outcome could have wide implications for financial advisers who own their practices and use a flow-through tax structure known as an “S corporation” to pay themselves....

What to make of Morgan Stanley's new robo

March 22, 2018

Morgan Stanley is testing how an old-school gang of brokers and advisers and a newfangled, algorithm-driven robo-adviser can work together. When Morgan Stanley said last May that it was cutting back on recruiting and would focus on building...

LPL's new CEO intent on moving beyond problems

August 3, 2017

It's obvious that Dan Arnold, LPL Financial's new CEO, is trying to move beyond problems that have dogged the firm over the last several years, strike a positive tone and, as he emphasized repeatedly, delight the more than 14,000 advisers who...

Finra arb panel sends reps a message

March 2, 2014

A Finra arbitration panel last month hit a former registered representative with a stinging order to pay a client $250,000 in punitive damages, an almost unheard-of award for a client. The steep punitive damages ordered by the Financial Industry...

A novel idea

September 15, 2013

Many financial advisers spent the last week of August savoring the final days of summer vacation, hanging out with their families on the beach or by a lake. One veteran adviser and registered representative, Frank Congemi, chose to spend his...

Morgan Stanley sales contests among advisers didn't help clients

October 11, 2016

Everyone's a winner at Morgan Stanley when the largest retail brokerage in the United States starts a contest to boost lending products, including “portfolio loan accounts,” known as PLAs at the firm. Everyone but the client, that is. The...

Nick Schorsch's presence at Brian Block's trial unseen, but keenly felt

June 25, 2017

Nicholas Schorsch has been physically absent from the courtroom of the U.S. District Court for the Southern District of New York for the securities fraud trial of his longtime business associate Brian Block, which started June 12. But for the...

How confusing are the fees brokers charge?

November 9, 2017

Financial advisers get itchy when talking about fees they charge clients. They tend to sweat a bit, looking down at the ground like it was littered with hundred dollar bills. In other words, fee chat makes some advisers uncomfortable. It's no...

Massive investment fraud fueled by slick marketing, hot dinners

January 5, 2018

For almost five years, the SEC said the Woodbridge Group of Companies operated a billion-dollar Ponzi scheme, taking advantage of 8,400 investors, many of them elderly. What is striking about the alleged fraud is that it operated in plain sight....

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

Dawn Bennett's alleged Ponzi a sign of dark times

September 7, 2017

"Double, double, toil and trouble, fire burn and cauldron bubble," are lines recited famously by the Three Witches in Shakespeare's "Macbeth," but notorious financial adviser Dawn Bennett has allegedly been calling on similar dark forces to...

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