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Taking a lump-sum pension payment? Watch out for bad boy brokers

October 8, 2019

The 100,000 former employees of General Electric who are being offered a pension buyout in the form of a lump-sum payment should keep a tight grip on their wallets if they decide to shop around for a financial adviser for guidance and help....

Working to get Reg BI implemented

October 8, 2019

We were very pleased when the SEC's new common standard of care for all advisers, Reg BI, was passed as a formal rule. While we approved of the rule's approach to protecting investors, improving disclosure and mitigating potential conflicts...

ARCP class action investors get 50 cents on the dollar: Attorneys

October 7, 2019

The $1 billion settlement last month between investors and the real estate investment trust formerly known as American Realty Capital Properties Inc. included an unusually large recovery for the claimants of close to fifty cents on the dollar,...

Riskalyze growing into much more than a risk assessment tool

October 7, 2019

Eight years ago, Riskalyze was created to provide a digital, mathematical approach to client risk assessment. In 2019, the technology startup is so much more than that. At its annual Fearless Investing Summit last week in Boston, Riskalyze introduced...

LPL, Triad brokers lose Ohio National lawsuit over variable annuity commissions

October 4, 2019

Brokers affiliated with LPL Financial and Triad Advisors have lost separate lawsuits against Ohio National Life Insurance Co. that sought to overturn the insurer's decision to stop paying variable annuity commissions. Concurrently, however,...

LPL reels in three teams from Advisor Group broker-dealers

October 3, 2019

LPL Financial is starting the final quarter of the year with a recruiting bang, having recently snagging three teams with close to $1.5 billion in client assets from rival Advisor Group broker-dealers. Earlier this week, Financial Solutions...

Schwab's next target? Financial advisers

October 3, 2019

There's a showdown looming between financial advisers and the custodians that safeguard their clients' money. It's been brewing for some time, and the move by Charles Schwab Corp. on Tuesday to offer commission-free trading makes the clash all...

Nashville hybrid managing $150 million switches to SA Stone

October 3, 2019

Legacy Investment Planning, a Nashville-based hybrid managing more than $150 million, has switched its broker-dealer and registered investment adviser affiliations from MML Investor Services to SA Stone Wealth Management Inc. [More:​ See more...

Finra approves plan for specialized arbitrators to decide broker expungements

October 3, 2019

The Finra board has advanced proposals to reform the process by which brokers can clear their record of customer disputes and to curb the ability of brokers to become the beneficiary or executor of a customer's will. The Financial Industry Regulatory...

We'll just keep the wolf; hold the sheep's clothing

October 3, 2019

A recent InvestmentNews editorial stated that "[w]hile Reg BI falls short of making sure brokers put their clients' interests first, it is far better than the status quo and should be allowed to move forward." It's this "well, it's better than...

Mixing fiduciary and nonfiduciary standards can be counterproductive

October 3, 2019

In the wake of finalizing the Regulation Best Interest regulatory package, the SEC issued a series of informational videos for investors that purport to explain the differences between brokerage and advisory services. As is true of the regulatory...

Hybrid team managing $210 million switches to LPL ​

October 2, 2019

SecondHalf Coach Wealth Management, a hybrid firm managing $210 million in Latrobe, Pa., has switched its broker-dealer and corporate registered investment adviser platforms to LPL Financial from SagePoint Financial. [Recommended video: Financial...

Boston advisory firm acquires $160 million hybrid

October 2, 2019

Integrated Partners, a Boston, Mass.-based advisory firm, has acquired Lake Avenue Financial, a hybrid firm managing $160 million in Pasadena, Calif. Both firms use LPL Financial as their broker-dealer. [Recommended video: Next generation clients...

Number of brokerages, reps registered with Finra falls again

October 2, 2019

The number of brokerage firms and their representatives regulated by Finra fell again last year, but industry revenues and income increased. The second annual Finra Industry Snapshot shows that the number of Finra-registered representatives...

ETrade follows Schwab, TD, and cuts commissions to zero

October 2, 2019

Jumping on this week's brokerage industry trend, ETrade Financial Corp. has announced plans to eliminate online trading commissions for U.S. stocks, exchange-traded funds and options starting Monday. The announcement after the stock market closed...

ETrade hints at commission cuts on social media

October 2, 2019

In the wake of Tuesday's news that both Charles Schwab Corp. and TD Ameritrade Holding Corp. are eliminating brokerage commissions for U.S. stocks, ETFs and options, ETrade Financial Corp. has become a target of inquiry on social media. Viewed...

TD Ameritrade fires back at Schwab by cutting commissions to zero

October 1, 2019

Just 10 hours after Charles Schwab announced it was eliminating trading commissions on U.S. stocks, exchange traded funds and options starting Oct. 7, rival TD Ameritrade Holding Corp. upped the ante by cutting the same commissions starting...

Traders punish Schwab, TD, ETrade for move away from commissions

October 1, 2019

While investors and financial advisers using the Charles Schwab brokerage platform might be celebrating Tuesday's announcement of commission-free trading, the stock market had a different take on the news. Schwab, which expects to lose about...

Schwab cuts online brokerage fees to zero

October 1, 2019

Charles Schwab & Co. pushed the fee war to the next level Tuesday morning by announcing that it will eliminate commissions for online trading of U.S. stocks, exchange-traded funds and options starting next Monday. The brokerage platform currently...

Hybrid broker managing $130 million switches to LPL from Amerprise

October 1, 2019

Joshua Lambert, who managed $130 million as a hybrid broker at Amerprise Financial in Mount Vernon, Ohio, has affiliated with LPL Financial's broker-dealer and corporate registered investment adviser platforms. [More:​ See more adviser moves...

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