Results for "broker-dealers"

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Six-adviser firm managing $240 million switches to LPL

August 14, 2019

Highlander Financial Group, a six-adviser hybrid managing $240 million in Rockville, Md., has switched its broker-dealer and RIA affiliations to LPL Financial from MML Investors Services. (More:​ See more adviser moves in InvestmentNews' Advisers...

Cetera Financial Group adds 1,000 advisers, $19 billion in assets so far in 2019

August 14, 2019

Cetera Financial Group is having a banner year in attracting new advisers to its platform, with recruits ranging in experience and production from sophisticated wealth managers to those relatively new to the financial advice industry. Cetera,...

Ladenburg Thalmann invests in impact investing startup

August 13, 2019

Ladenburg Thalmann's latest technology investment is going to Newday Financial Technologies, a startup focused on providing millennials with low-cost impact investing strategies. Newday is an asset management firm that develops investment funds...

Brokerage customers winning more Finra arbitration cases

August 13, 2019

The number of Finra arbitration cases has declined through the first half of the year, but customer victories have increased. Financial Industry Regulatory Authority Inc. arbitration statistics posted on the regulator's website show there were...

The fight over who owns the client comes to RIAs

August 13, 2019

The persistent war between who controls clients and their assets is typically fought between wirehouses and their advisers. And that fight can get ugly, with these major brokerage firms taking advisers to court when the advisers leave one firm...

FSC Securities facing arbitration claim over REIT and VA sales

August 12, 2019

FSC Securities Corp., a broker-dealer in the Advisor Group network, is facing a potential multi-million dollar arbitration claim by 13 investors alleging that three brokers at the firm made unsuitable recommendations by loading up their portfolios...

Stifel to acquire assets of Kansas City-based B-D

August 12, 2019

Stifel Financial Corp. has agreed to acquire certain assets of George K. Baum & Company, a Kansas City, Mo.-based broker-dealer specializing in municipal securities. (More:​ Calif.-based RIA acquires firm managing $250 million) The transaction,...

Finra fines former broker $5,000 for trading in deceased clients' accounts

August 9, 2019

The Financial Industry Regulatory Authority Inc. has fined former broker Steve Baptist $5,000 and suspended him for 30 days for making six unauthorized trades in the accounts of two customers who were deceased at the time of the trades. (More:...

Finra widens window on exam cycle for some small firms

August 8, 2019

Finra will widen the examination cycle for some small brokerage firms, according to one of the regulator's board members. Robert A. Muh, chief executive of Sutter Securities, said in an interview that small firms with a "clean record" — those...

Dually registered advisers found to have conflicts and higher fees

August 8, 2019

Investment advisers who also are registered as brokers are rife with conflicts of interest and charge their clients more than independent RIAs, according to a new academic study. In a paper released on Wednesday, Nicole Boyson, professor of...

GPB adds class action lawsuit to list of woes

August 6, 2019

GPB Capital Holdings, the private placement manager already mired in investigations and lawsuits, is now facing a potential class action lawsuit from disgruntled investors seeking financial information about its funds. Filed by two investors...

Former Morgan Stanley rep fined for concealing athlete management business

August 6, 2019

The Financial Industry Regulatory Authority Inc. has fined former Morgan Stanley broker Ken Kavanagh $25,000 and suspended him for 18 months for running a business managing the personal affairs of professional athletes and concealing the business...

$700 million firm founded during Depression joins Pennsylvania-based B-D

August 5, 2019

Sweney Cartwright, a Columbus, Ohio-based broker-dealer founded in 1933 when Huntington National Bank spun off its securities operations as a result of the Glass-Steagall Act, is shutting down. The firm's nine employees and the $700 million...

Hybrid managing $180 million switches from Ameriprise to LPL

August 1, 2019

Signet Strategic Wealth Management, a hybrid firm managing $180 million in Westlake Village, Calif., has switched its broker-dealer and registered investment adviser platforms from Ameriprise Financial to LPL Financial. (More: See more adviser...

Leveraged and inverse ETFs may be too risky to sell, says state regulator group

July 31, 2019

The North American Securities Administrators Association is alerting broker-dealers that they should carefully consider whether to permit purchases of leverage and/or inverse exchange-traded funds in retail customer accounts. (More:​ Vanguard...

Super OSJ or small firm? What small and midsize practices should consider

July 31, 2019

Many small and midsize practices are leery of affiliating with a large firm because they fear that may result in getting lost in the shuffle. Indeed, when you are just a number in a sea of advisers, it can be challenging to get the type of support...

Former Morgan Stanley broker fined $5,000 over client settlement

July 31, 2019

The Financial Industry Regulatory Authority Inc. has fined former Morgan Stanley broker Eric Nichols $5,000 and suspended him for 15 days over his settlement of a customer complaint. In September and October 2018, Mr. Nichols wrote two checks...

Morgan Stanley arms reps with ESG analysis tool

July 29, 2019

Morgan Stanley Wealth Management on Monday armed its more than 15,600 reps with a tool to help investors align their portfolios with their socially and environmentally conscious beliefs. The Morgan Stanley Impact Quotient, colloquiallydubbed...

Insurgent candidate vies for large-firm seat on Finra board

July 26, 2019

An insurgent candidate for the Finra board of governors said the body needs more input from large firms that provide financial advice and investment products. Chris W. Flint, president and chief executive of ProEquities Inc., has been nominated...

Mom-and-pop investors tilt bearish despite all-time high stock prices

July 26, 2019

U.S. equities at a record? Volatility near historic lows? Retail investors are in no rush to celebrate. At least that's the sentiment of mom-and-pop investors who took part in the latest survey from the American Association of Individual Investors....

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