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Let's keep perspective on high-frequency trading

April 27, 2014

Michael Lewis' book “Flash Boys: A Wall Street Revolt” (W.W. Norton & Co., 2014) has provoked a wave of media coverage regarding high-frequency trading. This public dialogue has the potential to shed light on important issues facing our...

Is Nicholas Schorsch's RCS Capital the new LPL?

April 27, 2014

Nicholas Schorsch relishes mentioning his hard-charging and fast-changing broker-dealer, RCS Capital Corp., in the same breath with industry powerhouse LPL Financial. At an investor presentation in January for RCS Capital, commonly referred...

Independent broker-dealers poised to keep roaring in 2014

April 27, 2014

These are heady times for the independent-broker-dealer industry, which came roaring back to life in 2013 and is poised for another strong year, despite the broad market's recent volatility. Overall, 2013 saw a return to double-digit revenue...

Be prepared to justify your fees

April 27, 2014

A financial adviser should never get caught off guard — or show surprise or resentment — when a client raises a question about fees. After all, surveys have shown that financial advisory fees are widely misunderstood. A 2011 study by Cerulli...

Merrill Lynch dodges high-profile gender bias suit

April 25, 2014

In an industry that has racked up its share of highly publicized discrimination claims, Bank of America Merrill Lynch managed to dodge at least one bullet this week after a Supreme Court judge in New York dismissed a complaint brought by three...

Fee disclosures vary widely; report raises questions over charges and markups

April 24, 2014

Brokers are burying fee disclosures in complicated customer documents and sometimes levying unreasonable charges, according to a report released Thursday by state securities regulators. In a survey of 34 broker-dealers from across the country,...

4 reasons you keep losing your best employees

April 24, 2014

At some point, we have all experienced that sinking feeling when a valued employee walks in to let us know that they are leaving the firm. After the shock come the questions, the finger-pointing and the blame. Working in a service business means...

Finra approves background checks for brokers

April 24, 2014

Brokerage firms would have to perform background checks on new employees under regulatory changes Finra set last Thursday, but some industry groups are prepared to push back. The board of the Financial Industry Regulatory Authority Inc. approved...

Brokerages toss around ideas about salary for Next Gen advisers

April 24, 2014

As the brokerage industry considers replenishing its ranks, some firms are testing new pay models that emphasize salary more than commissions. “We're trying some things in pilots going on with a lot of success in certain models that look different...

Financial industry groups oppose adding exam scores to BrokerCheck

April 23, 2014

As Finra considers ways to improve BrokerCheck, two industry groups said they will oppose efforts to expand the database by adding brokers' scores on securities licensing exams. The Financial Industry Regulatory Authority Inc. board will take...

Raymond James reports strong quarter in private-client group

April 23, 2014

Raymond James Financial Inc. reported record revenue and pretax income in its private-client group for its fiscal second quarter that ended in March. Net revenue for the quarter reached $812.2 million, up 12% from the prior year's second quarter,...

The 10 fastest-growing independent broker-dealers - Indie broker-dealers on the rise

April 23, 2014

In advance of the upcoming InvestmentNews Special Report on independent broker-dealers, here's a sneak peek of the latest IBD data. We've ranked the 10 fastest-growing indie B-Ds based on the percentage the revenues jumped in 2013 compared to...

LPL weathers flat quarter on higher revenue

April 23, 2014

Updated Thursday, 12:45 p.m. LPL Financial posted strong revenue growth, but profit declined slightly, as the firm encountered higher expenses in the first quarter. The firm remained above the $1 billion revenue mark, bringing in $1.08 billion...

Finra sees uptick in arbitration cases filed in first quarter

April 22, 2014

The number of arbitration cases brought before the Financial Industry Regulatory Authority Inc. is on pace to exceed the total from last year, according to statistics compiled by the broker-dealer regulator. Finra said that during the first...

Larry Roth's doing a lot more than selling nontraded REITs

April 22, 2014

Larry Roth surprised some people last summer when he jumped ship as chief executive of leading independent broker-dealer network Advisor Group to become chief executive at Realty Capital Securities. The move struck some as odd, because Realty...

Brokerage industry sounds off about Finra broker compensation proposal

April 18, 2014

More than a dozen broker-dealer and other concerned parties filed comments on a controversial Finra rule proposal requiring additional disclosure on recruitment compensation. The Securities and Exchange Commission received a flood of comments...

Quantity does not equal quality: Expanding 'disclosure events' on BrokerCheck a bad idea

April 16, 2014

The Financial Industry Regulatory Authority Inc.'s Central Registration Depository makes publicly available brokers' “disclosure events” — including descriptions of most investment-related customer complaints — through its free, Web-based...

Head count falls but fee revenue boosts Merrill Lynch in 1Q

April 16, 2014

Bank of America Merrill Lynch reported record revenue and double-digit increases in fee-based revenue for the first quarter as the firm says that it is already seeing the benefits of the Merrill One platform it began rolling out last September....

Ketchum calls controversial automatic data collection key to catching rogue brokers

April 15, 2014

A top priority for Finra is to remove rogue brokers from the financial industry — and a key element in doing so is a proposed automatic data collection system that has caused controversy among member firms — according to the head of the...

LPL Financial names William Morrissey to replace Derek Bruton

April 14, 2014

William Morrissey has been appointed managing director of LPL Financial's Independent Advisor Services unit, replacing Derek Bruton, who was allowed to resign earlier this month. Mr. Morrissey, 49, has spent the past 10 years at LPL, most recently...

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