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Ex-Securities America broker suspended for hidden options trades that hurt client

December 11, 2018

A Securities America broker who was fired has been suspended from the industry for six months in the wake of allegations that he traded options in a client's account without notifying his firm. The broker, Michael D. Jackson, recommended that...

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...

Ex-broker pleads guilty to 18-year Ponzi scheme, costing elderly investors $9 million

December 10, 2018

A former broker from Long Island, N.Y., pleaded guilty Monday in federal court to conspiracy to commit mail and wire fraud for running a Ponzi scheme over 18 years. In all, the victims of the ex-broker, Steven Pagartanis, invested over $13 million...

Finra panel awards adviser $1.2 million from defunct broker-dealer

December 10, 2018

A Finra arbitration panel has ruled in favor of adviser Brian Taylor Kirkpatrick in a share-ownership dispute with his former employer Capital Guardian Wealth Management, a now defunct broker-dealer. According to the dispute resolution from...

UBS names new head of US wealth unit, seeks to capture more American billionaires

December 10, 2018

UBS Group AG is promoting a long-time executive in the U.S. as it seeks to expand in the region and offer ultra-rich clients more bespoke investments. Jason Chandler will become head of wealth management in the U.S. after more than two decades...

Wells Fargo says it's cleaning up its mess. Regulators demand more

December 7, 2018

Wells Fargo & Co. says it's a different bank today than it was two years ago — but it may not be different enough for regulators. CEO Tim Sloan told investors at a conference Tuesday that the bank aims "not only to meet but exceed regulatory...

Wentworth Management Services buys World Equity Group

December 7, 2018

Broker-dealer M&A activity continues as 2018 draws to a close, with Wentworth Management Services on Friday announcing its acquisition of World Equity Group, a midsized independent broker-dealer outside Chicago with close to 180 brokers and...

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...

Best the SEC can do or huge step backward? Industry leaders tussle over advice reform

December 5, 2018

The Securities and Exchange Commission's proposal to raise investment advice standards for brokers doesn't represent a big change from current regulations but is about as far as the agency can go right now, the leader of an brokerage trade association...

Are you serious, Wall Street? A response to the #MeToo 'advice' of men

December 5, 2018

This open letter is a response to a Bloomberg article​ InvestmentNews ran Tuesday about some male Wall Street executives whose concerns about #MeToo accusations have led them to limit the ways in which they work with female colleagues, for...

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...

Resilience, Not Reliance

December 5, 2018

For the Month Ending October 31, 2018 The Morningstar® Wide Moat Focus IndexSM (MWMFTR, or “U.S. Moat Index”) displayed strength in October relative to U.S. large cap stocks as represented by the Morningstar® US Large Cap IndexSM. The...

Baird lands $228 million team from Oppenheimer

December 5, 2018

Baird has landed a five-person team from Oppenheimer, to join its new wealth management office in St. Louis, Mo. The team includes two veteran financial advisers who oversee $228 million in assets and generate more than $1 million in annual...

UBS Global Wealth Management will give ESG scores to funds

December 3, 2018

UBS Global Wealth Management will score the environmental, social and governance strategies of investment funds available to its advisers and clients starting next year. The scores will be placed on all long-only equity and bond mutual funds...

LPL buys AdvisoryWorld for $28 million in cash

December 3, 2018

LPL Financial has acquired AdvisoryWorld, a 31-year-old adviser technology firm, for $28 million in cash. AdvisoryWorld produces a suite of digital tools for investment analytics, portfolio construction and proposal generation. More than 30,000...

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,...

Finra arbitrators award $1 million to client in churning case

November 28, 2018

Arbitrators with the Financial Industry Regulatory Authority Inc. awarded more than $1 million to a client who claimed that his accounts were churned at the now-defunct brokerage Legend Securities Inc. The three-person all-public arbitration...

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...

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...

Finra bars another broker who sold $10.8 million of Woodbridge Ponzi

November 27, 2018

The Financial Industry Regulatory Authority Inc. has barred another broker who sold notes to clients in what turned out to be a real estate Ponzi scheme. The broker, Frank Dietrich, sold investors $10.8 million worth of promissory notes issued...

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