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Schorsch: RCS Capital is the next Merrill or Raymond James

January 16, 2014

Fresh off the announcement Thursday of his intention to purchase Cetera Financial Group Inc., Nicholas Schorsch compared his new broker-dealer network, when the deals are completed, to two of the biggest names in the retail-securities industry:...

Largest recent IBD mergers and acquisitions - The decade's biggest M&A deals

January 16, 2014

RCS Capital announced its intention to buy Cetera Financial Group and its leading network of four broker-dealers and 6,600 registered representatives and financial advisers from Lightyear Capital for $1.15B in cash. The company almost immediately...

Schorsch snaps up Cetera for $1.15B

January 16, 2014

In a head-turning move, newcomer to the independent broker-dealer industry Nicholas Schorsch is pulling off the largest independent-broker-dealer acquisition in years. His broker-dealer holding company, RCS Capital Corp., announced Thursday...

Marron scores big on Cetera deal

January 16, 2014

Donald Marron is batting a thousand. The Lightyear Capital and former PaineWebber Group Inc. chief executive is two-for-two after handing over the keys in his second deal to sell a major broker-dealer. In a deal announced Thursday, Nicholas...

Galvin moves to boot ex-Stratton Oakmont broker from business in Mass.

January 15, 2014

The infamous Wolf of Wall Street Jordan Belfort is long gone from the securities industry, but some of his disciples continue to capture the attention of regulators. One such broker, Christopher Veale, was charged Wednesday by Massachusetts...

Merrill Lynch ends 2013 on a high note

January 15, 2014

A strong fourth quarter capped off a big year at Merrill Lynch as Bank of America's brokerage business reaped the rewards of a rising stock market and some big investments in financial planning. The Global Wealth and Investment Management division,...

Edward Jones has record year, helped by boost in advisers

January 15, 2014

If a rising tide lifts all boats, Edward Jones was no exception last year. On the heels of Bank of America Merrill Lynch and Wells Fargo & Co., which announced positive fourth quarter earnings this week, Edward Jones reported that it saw a big...

Wells Fargo brokerage unit delivers in 4Q

January 14, 2014

Coming off a slower third quarter, Wells Fargo's wealth, brokerage and retirement units closed out the year with a strong showing. Profit among the three divisions rose 40% year-over-year, jumping to $491 million for the quarter with help from...

LPL upgrades mobile application

January 14, 2014

LPL Financial on Tuesday announced a number of upgrades to its mobile application, including secure messaging, based on adviser feedback it has received since the app's initial launch last year. The nation's largest independent broker-dealer...

Former Wells Fargo broker embroiled in insider beef

January 14, 2014

A former broker with Wells Fargo Advisors has been ordered to pay $5.6 million to settle charges of insider trading in shares of Burger King Holdings Inc., according to the Securities and Exchange Commission. The SEC said that Waldyr Da Silva...

SEC eases, clarifies muni adviser registration requirements for RIAs, BDs

January 14, 2014

Investment advisers who provide state and local governments with advice on using municipal derivatives in their investment portfolios won't have to register with the Securities and Exchange Commission as muni advisers. The SEC made a distinction...

AssetMark names CEO, who comes with aggressive plan

January 13, 2014

AssetMark Inc. is hoping some new leadership and an aggressive growth strategy will provide a necessary shot in the arm to drive an increase in assets under management. On Monday, the turnkey asset management provider said that Charles Goldman,...

AIG resurrects brand in financial advice industry

January 13, 2014

American International Group Inc. is once again embracing its three-letter moniker — AIG — as it looks to expand in the financial advice industry. The giant insurer said Monday that it is once again anointing a broker-dealer and registered...

Merrill Lynch's John Thiel leads charge toward goals-based planning

January 12, 2014

"Simple: Conquering the Crisis of Complexity" has made it to the top of Merrill Lynch Wealth Management head John Thiel's favorite book list, and it's easy to see why. As the man in charge of keeping Bank of America's broker-dealer unit profitable,...

Southwest Securities could be sold to big shareholder

January 10, 2014

SWS Group Inc., the parent company of Southwest Securities Inc., on Friday confirmed that its board had received a takeover bid from one of its biggest investors, Hilltop Holdings Inc. Hilltop, which owns a bank, a mortgage lender and another...

Top RBC exec exits

January 9, 2014

Craig Gordon, the No. 2 executive at RBC Correspondent Services since 2008, has left the clearing firm, according to RBC spokeswoman Jonell Lundquist. Mr. Gordon, who also was a senior executive at RBC Advisor Services, the custodian for independent...

Finra fines Stifel, Century Securities $1M on complex ETFs

January 9, 2014

Broker-dealer Stifel Nicolaus & Co. and its subsidiary, Century Securities Inc., have agreed to pay more than $1 million in fines and restitution related to the sale of nontraditional exchange-traded funds. The Financial Industry Regulatory...

Chet Helck, CEO of Raymond James private-client group, to retire

January 9, 2014

Chester “Chet” Helck, a veteran leader of brokers and financial advisers as Raymond James Financial Inc.'s global private-client group chief executive, said Thursday that he will retire after more than 25 years with the firm and its antecedents....

Dallas B-D to close; 'There's no joy in the business,' CEO says

January 9, 2014

The shutdown season for broker-dealers continues to roll along, with a small firm in Dallas that is part of a wider asset management business about to exit the business. Argentus Securities soon will file a "broker-dealer withdraw," or Form...

Top executive to depart Wells Fargo Financial Network

January 9, 2014

Wells Fargo Advisors Financial Network, the bank's independent channel with more than 1,150 advisers, is shaking up its top management. The firm, which is known as FiNet, plans to consolidate its two regional director positions into one, according...

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