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Fund managers warned that wirehouse outreach may not pay off

July 10, 2014

An influential consulting firm has warned money managers that wirehouses, long the chief target of their marketing outreach, will deliver a negligible share of new money into products like mutual funds. McKinsey & Co. said Wednesday it expects...

As economy improves, veteran advisers stay put

July 10, 2014

Even industry recruiters are starting to admit that there's a lull in the war for top adviser talent. “I don't see that much movement,” said Michael King, a recruiter and president of Michael King Associates Inc. “I would have thought...

Investors Capital shareholders back Schorsch's RCS Capital merger

July 9, 2014

Investors Capital Holdings Ltd. said Tuesday its shareholders had approved the terms of the merger with RCS Capital Corp., best known by its ticker symbol RCAP. Announced last October, the deal is scheduled to close on Friday, Investors Capital...

Sterne Agee confirms CEO was fired after investigation report

July 8, 2014

Sterne Agee Group Inc. on Monday confirmed that the decision to fire its former chief executive, James S. Holbrook, came after the firm was notified by federal investigators that he was the target of an investigation. “The firm was notified...

Morgan fined $1 million in retired-broker snafu

July 8, 2014

Finra has hit Morgan Stanley with a $1 million fine for allegedly failing to supervise a number of retired advisers who continued to receive commissions as part of the firm's succession program. From mid-2009 to December 2011, Morgan Stanley...

Securities America buying Dalton Strategic Investment Services

July 8, 2014

The market for broker-dealer mergers and acquisitions continues to heat up as Securities America Inc. said Tuesday it was acquiring Dalton Strategic Investment Services Inc., a small firm with 60 representatives and advisers. Located in Knightstown,...

LPL acquiring retirement plan broker-dealer

July 7, 2014

LPL Financial is back in the acquisition business. Last Monday, LPL announced an agreement to buy the assets of independent broker-dealer Financial Telesis Inc., which focuses on retirement planning and wealth management. LPL has an exclusive...

Wells Fargo hires UBS team in Texas

July 3, 2014

Wells Fargo Advisors has hired Robert “Bob” Higley and Robert “Bob” Gardner III from UBS Financial. They managed a combined $300 million in assets and had $2.5 million in production. More: See all of Wells Fargo's 2014 adviser additions...

Why some brokers stand by commissions

July 2, 2014

LPL adviser Sharon Joseph of Joseph Financial Partners knows she could make more money if she moved her clients onto a fee-based platform with a recurring annual charge of around 1%, but after three decades in the industry, she said that the...

Morgan Stanley lets advisers write what they tweet

July 1, 2014

Morgan Stanley Wealth Management has given financial advisers the go-ahead to write their own Twitter content. The wirehouse announced Monday that it is expanding its Twitter program so advisers can post self-authored tweets on firm-approved...

Indie reps happier at work than employee advisers: J.D. Power

June 30, 2014

Independent advisers continue to be happier at work than their colleagues who are employees of broker-dealers but the gap in job satisfaction between the two groups is narrowing. The 2014 job satisfaction score of independent advisers dropped...

Ex-Credit Suisse brokers sued over alleged theft of client data

June 30, 2014

A lawsuit brought by Credit Suisse Securities against two of its former financial advisers highlights the legal hurdles brokers continue to face when moving to a new firm, even when they think they have followed the right steps. Judge Carol...

Don't get stuck with a B-D lemon

June 29, 2014

When it's time to buy a new car, most people follow similar steps. We read Consumer Reports, perform research online, take test drives and negotiate the best price. No one wants to buy a lemon. No one wants to have issues with a car they drive...

Former rep indicted in $2.5 million investment fraud

June 27, 2014

A former representative for an independent broker-dealer was indicted in Massachusetts Thursday on charges she orchestrated a $2.5 million investment fraud that promised clients high yields if they put their money in exclusive “investment...

Sterne Agee wants to remove Holbrooks from board

June 25, 2014

Sterne Agee Group Inc. wants to remove its former chief executive, James Holbrook Jr., and his son, Billy, the firm's former chief operating officer, from its board of directors. In a letter on Monday to its shareholders, the company's executive...

Sterne Agee's ousted CEO Holbrook said to face investigation

June 23, 2014

Sterne Agee Group Inc.'s former chief executive faces a probe into whether he misused company assets such as airplanes, boats, hunting clubs and condominiums, a person with knowledge of the matter said. The Treasury and Justice departments are...

Frothy markets have investors turning to short-term bets

June 23, 2014

As the equity market gets increasingly frothy and the Fed sits on its hands, investors are turning to special situation alternative strategies to secure short-term gains. 'You have to go for factors which are direction-agnostic.' Yes, the Fed...

The rewards of engaging with Congress

June 20, 2014

Over the last several weeks, the Financial Services Institute Inc. has been privileged to witness several vivid demonstrations of the power that independent financial advisers can wield in the legislative and regulatory worlds when they come...

Betterment for advisers on its way as firm adds trust, tax-loss harvesting products

June 20, 2014

As online investment manager Betterment gears up to introduce an institutional-level platform designed for financial advisers by early 2015, it launched trust and tax-loss-harvesting products for retail customers. Betterment Institutional, the...

Ex-UBS broker facing probe into loan advice

June 20, 2014

U.S. authorities in Puerto Rico are investigating allegations that a former UBS AG (UBSN) broker improperly advised clients to borrow money to make investments, a person briefed on the probe said. Investigators are examining what UBS employees...

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