Results for "broker-dealers"

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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...

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...

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...

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...

Are nontraded REIT commissions headed for a fall?

June 19, 2014

Registered representatives who sell nontraded real estate investment trusts should brace themselves for upfront commissions that will likely be lower than in the past. Reps and their broker-dealers saw a bonanza last year from nontraded REIT...

New inflation data could drive the Fed into hawkish mode

June 18, 2014

Suddenly higher inflation data has Fed watchers looking for any sign of a hawkish move by chief Janet Yellen. The risk of a move on interest rates put European stocks into a defensive mode. Sending ripples all over the world Taking Iraqi oil...

LPL Financial plans move out of Charlotte, N.C., to new regional HQ in South Carolina

June 17, 2014

LPL Financial announced plans to construct a new regional headquarters, relocating more than 1,000 employees less than 20 miles to Fort Mill, S.C., from Charlotte, N.C., with plans to add 2,000 new jobs. The Charlotte area has been designated...

Clintons jump through financial planning loopholes to dodge estate taxes they support

June 17, 2014

Bill and Hillary Clinton write the book on how to shrink the size of an estate for tax-saving purposes. These are the same Clintons who support estate taxes for everyone else. Awkward. Financial planning strategies benefitting the top 1% Commission-hungry...

Do Merrill Lynch's new business cards diss the brand?

June 17, 2014

It's been more than five years since Bank of America Corp. acquired Merrill Lynch & Co. Inc., but some of the firm's “thundering herd” of brokers still jump at the threat of any changes to the Merrill Lynch name. A new tweak to Merrill Lynch...

Finra tags Merrill Lynch with $8 million fine for mutual fund sales charges

June 16, 2014

Finra slapped Bank of America Merrill Lynch with an $8 million fine and ordered the wirehouse to pay a total of $89 million in restitution for failing to waive mutual fund sales charges for certain charities and retirement accounts. Most of...

RCS Capital closes J.P. Turner, Summit Financial deals

June 13, 2014

RCS Capital Corp. said Friday it had completed its acquisition of independent broker-dealer J.P. Turner & Co., two days after announcing it had completed its acquisition of Summit Financial Group Inc., another independent broker-dealer. Combined,...

Ex-Wells broker ordered to repay firm $1.2 million

June 12, 2014

A former Wells Fargo Advisors broker who sparred with his old firm over an upfront loan has lost the fight and must repay his firm nearly $1.3 million, according to an arbitration panel. In one of the largest promissory note cases this year,...

Morgan Stanley's Gorman seeks to tame broker compensation

June 11, 2014

This story was updated June 12. Morgan Stanley chief executive James Gorman said that he's looking to lower brokers' payout relative to revenue as the firm focuses on hitting its stated goal of raising profit margins from 19% to as high as 22%...

Ex-John Thomas hedge fund manager loses bid to toss SEC case

June 11, 2014

Houston hedge-fund manager George Jarkesy Jr. must face a Securities and Exchange Commission case in which he was accused of steering bloated fees to the John Thomas Financial Inc. brokerage. Mr. Jarkesy lost a bid to throw out the case, an...

AIG promotes Peter Hancock to CEO, replacing Benmosche

June 10, 2014

American International Group Inc. (AIG), the largest commercial insurer in the U.S. and Canada, promoted Peter Hancock to be the next chief executive officer, replacing Robert Benmosche, who repaid a U.S. bailout. Mr. Hancock, 55, who oversaw...

Morgan Stanley case spotlights legal hurdles for indie recruits

June 10, 2014

A former Morgan Stanley broker who took client information when he went independent with LPL Financial can begin serving his clients again after a federal judge dissolved a restraining order against him. At the end of May, Judge Ronald B. Leighton...

At LPL, recruiting is warming up but nontraded REIT sales are cooling

June 10, 2014

After severe weather crimped its recruiting efforts over the winter, LPL Financial reported Tuesday that it is seeing a return to normal levels of adviser movement. A recruiting slowdown in the first quarter extended into the second, but activity...

Wirehouses, banks, RIAs under cost pressure even as assets rise

June 9, 2014

The wealthiest Americans grew even richer as stocks rallied last year, alleviating, for now, the cost pressures faced by the banks, wirehouses and registered investment advisers that manage their money, according to a consultancy that tracks...

Why did Sterne Agee fire its CEO?

June 8, 2014

Sterne Agee Group Inc., a private holding company with a number of broker-dealer subsidiaries, two weeks ago gave the heave-ho to its longtime chairman and chief executive, James Holbrook Jr., and replaced him with company veteran Eric Needleman....

Merrill Lynch hires Barclays adviser duo

June 6, 2014

Merrill Lynch has hired James Clarke and Philip Weyhe from Barclays Capital, a team who managed a combined $285 million in assets and had more than $2.5 million in production. The two joined the Park Avenue's Bank of America Merrill Lynch office...

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