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As Ladenburg Thalmann explores sale, one of its B-Ds is hit with GPB investor complaints

November 8, 2019

Ladenburg Thalmann Financial Services Inc. has been hit with fallout from GPB Capital Holdings. Ladenburg reported Friday morning that since July, one of its broker-dealers has been named in six customer arbitration complaints seeking $1.65...

Controversial adviser Ed Butowsky launches broker-dealer aimed at smaller breakaways

November 7, 2019

While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed...

Merrill Lynch to sweeten the pot for retiring advisers who stick around

November 6, 2019

As the financial advice industry intensifies its fight for client assets, Merrill Lynch said Wednesday that it will sweeten the pot for financial advisers who commit in 2021 to retiring from the firm and handing their clients over to colleagues....

Lawsuit claims GPB a Ponzi, riven with conflicts and self-dealing

November 6, 2019

Self-dealing, conflicts of interest and operating a Ponzi scheme were at the heart of GPB Capital Holdings and its ability to raise $1.8 billion from investors over the last six years, according to a class action lawsuit filed Wednesday in federal...

Unexpected ripples in Schwab aftershock

November 4, 2019

It was a tough week for discount brokers after Charles Schwab Corp. announced on Oct. 1 that it was eliminating commissions on trades of stocks, exchange-traded funds and options. By that Friday, the share prices of Schwab and TD Ameritrade...

What zero commissions mean for B-Ds

November 2, 2019

Discount broker Charles Schwab Corp., the biggest adviser custodian, has been shaking up the securities and financial advice industries for decades. Its move last month to eliminate commissions for most online trades is only the latest in the...

Advisor Group, Cetera Financial seen as potential buyers of Ladenburg Thalmann

November 1, 2019

Advisor Group and Cetera Financial Group, along with a private-equity investor, are the likely buyers of Ladenburg Thalmann Financial Services Inc., according to several industry sources, with the value of the brokerage network and its 4,400...

North Carolina-based firm acquires $600M RIA founded by Arthur Laffer

November 1, 2019

ButcherJoseph Financial Holdings, an affiliate of the Charlotte, N.C.-based investment banking firm ButcherJoseph & Co., has acquired Laffer Investments Inc., a Nashville, Tenn.-based RIA managing $600 million. [Recommended video: Financial...

Finra slaps $20,000 fine on former JMP Securities analyst

October 31, 2019

The Financial Industry Regulatory Authority Inc. has suspended former JMP Securities analyst Michael King Jr. for 14 months and fined him $20,000 for writing research reports on a company with which he was engaged in employment discussions....

Hybrid firm managing $1 billion switches to Commonwealth from Securian

October 31, 2019

Legacy Planning Partners, which manages $1 billion in assets, has moved its broker-dealer and registered investment adviser affiliations to Commonwealth Financial Network from Securian Financial Services. [More:​ See more adviser moves in...

UBS looking to deploy fintech to reach mass affluent

October 31, 2019

Like many firms, UBS Global Wealth Management is looking to improve its digital financial planning capabilities, eliminate paper, and make it easier for more investors to access financial advice, the firm's technology executives said on Wednesday...

Is this the moment when financial planning becomes a profession?

October 31, 2019

Fifty years​ ago, a small group of 13 financial professionals came together and put forth the concept of financial planning, a way of delivering financial advice and guidance to the public in a comprehensive manner across multiple financial...

Florida's Broward Health pulls $93 million from Ken Fisher

October 31, 2019

The Broward Health system in South Florida, responding to lewd comments made by money manager Ken Fisher, pulled the $93 million it has invested with his firm. The board voted Wednesday to terminate its association with Mr. Fisher's company...

Ladenburg Thalmann looking for a buyer

October 30, 2019

Ladenburg Thalmann Financial Services Inc. is exploring a sale, but the company is not releasing any details to the 4,400 financial advisers in its network. Bloomberg News reported on Tuesday that Ladenburg is working with an adviser to weigh...

Lower bond yields leave advisers pursuing controversial income strategy

October 30, 2019

As the Federal Reserve announces its third interest-rate cut of the year, after more than a decade spent trying to push rates higher, financial advisers are being forced to get creative when searching for income-producing investments for their...

Colorado charges broker-dealer with failing to supervise reps working in South Carolina

October 30, 2019

Centaurus Financial Inc., an independent broker-dealer, faces losing its license in Colorado because of allegations it failed to supervise adequately the sales of structured certificates of deposit by two of its brokers. The brokers at the center...

Finra bars former NY Life Securities rep over expense cheating

October 30, 2019

The Financial Industry Regulatory Authority Inc. has barred Ronald J. Knight, formerly a broker with NY Life Securities in Timonium, Md., for falsifying 31 expense reports and submitting them to the firm to obtain reimbursement to which he was...

Senators introduce bill to ease audit requirements for small brokerages

October 30, 2019

A bipartisan group of senators introduced legislation Wednesday that would ease annual audit requirements for small brokerages. The bill, the Small Business Audit Correction Act, would exempt small, privately held broker-dealers that do not...

T3 Enterprise conference: Race to zero a popular topic

October 29, 2019

One of the biggest themes of the 2019 T3 Enterprise conference, which caters to technology decision makers at banks, broker-dealers and adviser networks, wasn't even about technology. An undercurrent at many of the panel discussions was the...

LPL, Raymond James led gains in adviser headcount last quarter

October 29, 2019

Two large independent broker-dealers racked up strong recruiting gains in the third quarter, while all four wirehouses lost advisers on a net basis in the period. LPL Financial, the nation's largest IBD, had a net gain of 94 advisers, while...

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