Results for "broker-dealers"

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Wells Fargo names BNY Mellon's Charles Scharf CEO

September 27, 2019

Wells Fargo & Co. named Charles Scharf chief executive officer, marking a new era in the bank's efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years. Scharf, the CEO of Bank of New York Mellon...

Voya Financial Advisors settles with more than a dozen clients of former broker

September 27, 2019

Voya Financial Advisors Inc. is cleaning up the mess a former broker created by investing clients heavily in nontraded real estate investment trusts and variable annuities. The ex-broker, James T. Flynn, was registered with Voya Financial Advisors...

Raymond James doubles down on digital with advisers in control

September 26, 2019

Raymond James Financial Inc. is "doubling down" on its investment in technology to give its more than 7,000 advisers digital financial advice tools, a top executive at the company said. But that doesn't mean that Raymond James intends to push...

Finra bars IFS Securities executive linked to reported $10 million trading loss

September 26, 2019

The IFS Securities Inc. executive at the center of a bond trade that resulted in a reported $10 million loss for the firm has been barred from the securities industry by the Financial Industry Regulatory Authority Inc. Keith Wakefield, the former...

Finra bars former Wells Fargo broker for insider trading

September 26, 2019

The Financial Industry Regulatory Authority Inc. has barred Joseph Pratt, who most recently was a broker at Stifel Nicolaus in Conshohocken, Pa., for trading insider information dealing with biopharmaceutical clinical trials in 2013 and 2014....

John Rogers: Industry has 'gone backwards' on diversity and inclusion

September 24, 2019

John W. Rogers Jr., chairman of Ariel Investments and a pioneer of diversity and inclusion in the financial services profession, issued a reality check for industry participants Tuesday, saying the industry has backtracked rather than improved...

What's driving growth in the fixed indexed annuity market?

September 23, 2019

The U.S. annuity market underwent a significant shift following the Great Recession. Prior to the economic crash, variable annuity sales propelled growth in the annuity market, accounting for over 70% of the $265 billion in annuity sales in...

Efforts to block Reg BI likely to lead to delay, confusion

September 21, 2019

If the recent lawsuit filed by seven states and the District of Columbia attempting to put the kibosh on the Securities and Exchange Commission's controversial broker-conduct rule feels familiar, it's because we've been down this road before....

After trading loss, employees at Atlanta B-D are looking for work elsewhere

September 20, 2019

Brokers and managers of IFS Securities Inc. are looking for employment elsewhere in the wake of trading losses that could potentially cost the mid-size broker-dealer $10 million. At the time, the Atlanta firm said it had suffered substantial...

Michigan RIA to pay $2.5 million for mutual fund conflicts

September 20, 2019

Sigma Planning Corp., the RIA arm of a Michigan independent broker-dealer, has reached a settlement with the Securities and Exchange Commission in which the firm will pay $2.5 million in fines and restitution to clients after it faced charges...

Morgan Stanley fined $225,000 over questionable muni bond trades

September 19, 2019

The Securities and Exchange Commission on Tuesday said it was fining Morgan Stanley $225,000 for allegedly recommending unsuitable municipal bond transactions to its customers. Morgan Stanley, from June 2013 through December 2017, recommended...

Robert Moore is back. And he's focused on REITs

September 18, 2019

After leaving as the CEO of Cetera Financial Group earlier this year for undisclosed health reasons, Robert "R.J." Moore has returned to the financial services industry. In his latest venture, Mr. Moore has launched an investment management...

Raymond James to pay $15 million over improper charges to clients

September 17, 2019

Three different business groups under the Raymond James umbrella will pay $15 million as part of a settlement with the Securities and Exchange Commission, which found that the businesses had improperly charged advisory fees on inactive retail...

Vanguard offers new framework for financial advice

September 16, 2019

Vanguard Group issued a new framework for financial advice Monday that's meant to assess the overall value of advice by looking more holistically at the end result for clients beyond what Vanguard considers to be the industry norm. The framework...

Finra fines J.P. Morgan $1.1 million for failing to disclose broker misconduct in timely manner

September 16, 2019

The Financial Industry Regulatory Authority Inc. has fined J.P. Morgan Securities $1.1 million for not reporting internal reviews or allegations of broker misconduct in a timely manner. From January 2012 to April 2018, Finra found 89 instances...

Finra bars veteran broker for creating false account statements

September 12, 2019

A multiyear scheme of creating false account statements has resulted in veteran broker Clayton Wertz being permanently barred from the industry by the Financial Industry Regulatory Authority Inc. According to Finra, Mr. Wertz, who worked in...

Once again, GPB delays release of audited financial statements

September 12, 2019

GPB Capital has recently been telling the 60 or so broker-dealers that sold $1.8 billion of high-risk private placement to wealthy clients that it would deliver audited financial statements for its funds by the end of September. Now, the beleaguered...

$1 billion team becomes part of fast-growing Atria

September 11, 2019

Schorn Wealth Management, a $1 billion Pennsylvania-based advisory firm, announced today it is joining Sorrento Pacific Financial, a wholly-owned subsidiary of Atria Wealth Solutions. [More:​ See more adviser moves in InvestmentNews' Advisers...

The SEC botched title reform. New York got it right

September 11, 2019

Imagine you want to go skydiving. Jumping from a plane is a high-risk activity. You, as a novice, seek out professional advice to ensure you use the proper technique. After all, how could you possibly know how and when to deploy a parachute,...

Finra bars ex-Janney broker for stealing $411,000 of client's cash

September 10, 2019

A former broker for Janney Montgomery Scott has been barred from the brokerage industry for stealing $411,000 in cash from a client's account. The broker, Apostolos Pitsironis, electronically transmitted the cash from a client's securities account...

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