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Ladenburg Thalmann acquires KMS Financial Services

August 11, 2014

Ladenburg Thalmann Financial Services Inc. continued to expand in size and geography on Monday by purchasing independent broker-dealer KMS Financial Services Inc. in a $24 million deal. The acquisition, which consists of cash, notes and stocks,...

LPL cranks up oversight in response to regulators

August 11, 2014

Echoing recent comments from other brokerage executives, LPL Financial CEO Mark Casady told an audience of 3,500 advisers on Monday that securities regulators have ratcheted up oversight to new levels. “We are asking more from you in documentation...

Brokers' own accounts tip off firms to a move

August 11, 2014

Brokerage firms may be monitoring their brokers' investment accounts for signs that a broker is about to jump ship. Firms have long monitored brokers' personal trading accounts for signs of suspicious trading activity. But certain behaviors...

HighTower picks up Merrill advisers with $800 million

August 11, 2014

HighTower has added the 44th team to its partnership as it continues to boost recruiting following the announcement it received a $100 million line of credit in July. After adding a $400 million independent firm in Seattle, Wash., last month,...

RCAP, Pershing locked in negotiations over clearing agreement

August 10, 2014

Clearing giant Pershing and RCS Capital Corp., with a brand-new network of 9,000 registered representatives and advisers, are locked in negotiations with millions of dollars on the line. RCS Capital's network of broker-dealers, which it built...

REITs, RIA regulation, retirement planning and risk grab advisers' attention

August 8, 2014

Four R-words drew advisers' attention this week: risk, regulation, retirement planning and REITs. Specifically, the CEO of a real estate investment firm broke down the hidden duration risks in nontraded REITs. An RIA got hammered with a $15...

Dilbert creator cracks wise on financial advisers

August 7, 2014

Goldman forecasts a divergence for stocks and bonds, assuming the Fed starts to do its job, hopefully sometime next year. Stocks will see 4% annualized gains, bonds see 1% annualized losses Dilbert creator, Scott Adams, calls out financial advisers,...

Schorsch strikes again

August 7, 2014

Nicholas Schorsch has returned to wheeling and dealing, with the broker-dealer he controls, RCS Capital Corp., announcing Thursday that it had agreed to buy an independent firm known for selling alternative investments, VSR Financial Services...

Advisers with combined $300M AUM join Wells Fargo

August 6, 2014

Two advisers and a senior client associate have made the move from Morgan Stanley to Wells Fargo Advisors in Denver. The team, called The Denver Group of Wells Fargo Advisors, includes Chris O'Neil, managing director of investments, Joe Jaensen,...

W.P. Carey sets fundraising record in first half

August 5, 2014

W.P. Carey Inc. is well on its way to a record-breaking year in raising funds for its stable of nontraded real estate investment trusts. Over the first half of the year, the publicly listed REIT reported $909 million raised on behalf of its...

For fund managers, high-yield pullback comes with liquidity risks

August 4, 2014

Last Thursday, Jon Sablowsky's three-headed Hydra of computer monitors lit up with offers from big Wall Street traders for him to buy millions of dollars in bonds. By the end of the day, tens of millions of dollars would move out of exchange-traded...

Ladenburg Thalmann acquires insurance brokerage

August 1, 2014

Ladenburg Thalmann Financial Services Inc. on Friday acquired insurance broker Highland Capital for $42 million. Ladenburg, which owns such independent broker-dealer and advisory firms as Securities America Inc., Triad Advisors Inc. and Investacorp....

Broker comp puts pressure on wirehouse profit margins

August 1, 2014

Executives at the four largest brokerage houses have set their sights on higher profit margins. But even as they trim expenses, streamline branch offices and reduce back office staff, they're struggling with compensation costs for brokers. At...

Citibank knocks LPL Financial down a peg

July 31, 2014

Wall Street analysts took a swipe at LPL Financial Holdings Inc. after the leading independent broker-dealer on Wednesday reported flat earnings. While the company is benefitting from strong industry trends such as attracting new advisers, a...

Former N.Y. governor joins broker-dealer IFS Securities

July 31, 2014

Former New York Governor David Paterson has joined broker-dealer IFS Securities in Atlanta, where he will be chief strategist of U.S. affairs and chairman of the IFS Advisory Board. As part of his role, Mr. Paterson will help guide and assist...

Ex-UBS broker accused of defrauding elderly in Ponzi scheme

July 31, 2014

The Securities and Exchange Commission charged a former UBS Wealth Management Americas broker for allegedly defrauding several elderly clients, including a blind couple, as part of a five-year Ponzi scheme. The SEC claims Donna Tucker misappropriated...

Former LPL exec Bruton lands

July 31, 2014

Derek Bruton, the managing director of Independent Advisor Services with LPL Financial until four months ago, has been named chief executive of the Lucia Capital Group, a small group of investment companies that includes a registered investment...

Broker-dealer sales practices to seniors focus of Massachusetts sweep

July 30, 2014

Senior investors are the focus of a new broker-dealer survey in Massachusetts aimed at learning more about sales practices to the elderly, according to a news release Wednesday from Secretary of the Commonwealth William F. Galvin. The survey,...

LPL Financial hit with $2M fine, ordered to pay $820K in restitution

July 30, 2014

LPL Financial last month was hit with a $2 million fine, and ordered to pay $820,000 in restitution, for failing to maintain adequate books and records documenting variable annuity exchanges, known as 1035 exchanges, according to the firm's...

Puerto Rico debt depresses UBS Wealth earnings

July 29, 2014

Despite record revenue at UBS Wealth Management Americas, profits fell as the firm reported that it had to set aside $44 million for litigation expenses last quarter. The charge was mostly related to a rash of investor complaints stemming from...

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