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RCAP sales slow, but Schorsch confident nontraded REIT 'freight train' will roll

May 1, 2014

RCS Capital Corp. on Thursday reported a drop in revenue for the first quarter due to a slowdown in the sale of nontraded real estate investment trusts but executive chairman Nicholas Schorsch isn't worried. The wholesaling and investment banking...

10 best paying independent broker-dealers

April 30, 2014

Where do the top advisers make the most in annual production at independent broker-dealer firms? Find out which firms came out on top this year, according to our latest IBD special report.

Chief compliance officer for Raymond James Financial Services resigns

April 30, 2014

Raymond James Financial Services Inc. has lost its longtime chief compliance officer, Donald Runkle, who resigned at the end of last week. Mr. Runkle had been with Raymond James Financial Services — and its prior incarnations — since 1993....

Schorsch's RCS Capital closes Cetera Financial Group acquisition

April 30, 2014

RCS Capital Corp. on Tuesday said it had closed its previously announced $1.15 billion acquisition of Cetera Financial Group, which contains four distinct broker-dealers that house about 6,600 registered reps and investment advisers. RCS Capital,...

Wirehouses warm to bank channel recruits

April 29, 2014

In the heated competition to bring on new client assets, some of the wirehouses are broadening their search to include bank advisers, a group once thought of as not worth their effort, according to recruiters and branch managers. "The major...

Morgan Stanley breakaways double size of SoCal practice

April 28, 2014

A team of seven Morgan Stanley brokers in Southern California who previously managed $740 million are breaking away, according to a statement by the firm they've joined. The brokers — who will do business as the Cypress Group — will more...

10 independent broker-dealers with the most revenue from alternatives - IBDs with the most revenue from alts

April 28, 2014

The overwhelming majority of independent broker-dealers saw both total revenue and the percent of firm revenue from alternative investments increase in 2013. The lion’s share of that revenue comes from IBD sales of nontraded REITs. Overall,...

Record keeper DST getting into the clearing business

April 28, 2014

DST Systems Inc., a leading financial services technology company, is getting into the clearing business for independent broker-dealers, and has tapped an experienced industry executive to lead the effort. The company announced Monday it hired...

Volatility chiller

April 28, 2014

Investors could (finally) get some clarity on when the Federal Reserve might start to tweak interest rates higher. And that could settle financial markets. Fed may offer clues on rate timing conundrum Guess who doesn't like small caps? Hedge...

What's in store for independent broker-dealers in 2014

April 28, 2014

InvestmentNews' latest special report on independent broker-dealers breaks down which firms fared best financially in 2013. Here, senior columnist Bruce Kelly talks with series/features editor Christina Nelson about whether these firms can continue...

Ameriprise delivers strong 1Q results

April 28, 2014

Armed with strong performance from its advisory and asset management businesses, Ameriprise Financial Inc. delivered on the upside for the first quarter. The company reported first quarter earnings of $2.04 per share. The asset management and...

BofA shares drop after stress-test error halts dividend increase

April 28, 2014

Bank of America Corp. stock fell the most since November 2012 after suspending plans for a dividend increase and $4 billion of share repurchases because of an error in its stress-test submission to the Federal Reserve. Bank of America will resubmit...

Schorsch's RCS Capital gets regulatory clearance for Cetera Financial deal

April 28, 2014

RCS Capital Corp. said Monday that regulators had approved its $1.15 billion acquisition of Cetera Financial Holdings Inc., clearing a major hurdle in the pending deal. The Financial Industry Regulatory Authority Inc. last week gave its OK for...

Adviser tech: Big data, gameification are next

April 27, 2014

Everett James (E.J.) Sutherland, Commonwealth Financial Network's chief information officer, is no stranger to the world of technology, but he's a relative newcomer to the broker-dealer universe. After beginning his information technology career...

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...

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...

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...

Nontraded REIT returns: Where to put cash now?

April 27, 2014

The independent broker-dealer industry fattened up last year on the sale of nontraded real estate investment trusts. The question hanging over IBDs now is whether advisers are prudently reallocating the money of clients who are invested in nontraded...

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...

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