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Transamerica entities to pay $97 million to investors over model portfolio snafus

August 27, 2018

Four Transamerica Corp. related businesses were ordered to pay $97.6 million in penalties and disgorgement to retail investors on Monday by the Securities and Exchange Commission for misconduct related to faulty investment models. According...

Top private placement manager GPB to restate financial statements of certain funds

August 24, 2018

GPB Capital Holdings will overhaul and restate the 2015 and 2016 financial statements of certain funds as part of its accounting review, according to letters sent to broker-dealers. Last week, InvestmentNews reported that GPB Capital Holdings,...

Galvin dings North Carolina brokerage $400,000 for 'shutting its eyes' to violations

August 23, 2018

Massachusetts Secretary of the Commonwealth William Galvin has ordered North Carolina-based brokerage Capital Investment Group Inc. to pay full financial restitution to a Massachusetts woman. The woman lost $400,000 to a CIG agent who allegedly...

The new knights of the roundtable

August 23, 2018

Earlier this spring, we hosted a recruiters roundtable at our offices in Boston for a discussion on the evolution of adviser recruiting. Throughout the event, I thought back to Arthurian legend, which introduced the idea of the roundtable was...

Fund industry limits C-share investing, cutting 12b-1 fee income for advisers

August 23, 2018

The great share-class migration that has been building this year is starting to unfold, representing a significant pay cut for advisers relying on beefy 12b-1 fees for predictable income streams. Over the next few months, several fund companies...

Top Waddell & Reed team bolts to form RIA

August 22, 2018

Waddell & Reed continues to lose reps and advisers. Most recently, a veteran, award-winning team in Northern California that produced $1.6 million in annual revenues bolted to start their own RIA. Elaine and Scott Manley both left Waddell &...

Acquisition of Cetera being financed through $1 billion junk bond sale

August 21, 2018

Genstar Capital plans to finance the majority of its acquisition of Cetera Financial Group through the sale of $1 billion worth of junk bonds. According to a source close to investment bankers who did not want to be identified, the total price...

Merrill team managing $235 million goes indie with Raymond James

August 20, 2018

A three-adviser team managing $235 million at Merrill Lynch in the Toledo, Ohio, area have created Patton Wealth Management and affiliated the firm with the independent unit of Raymond James. The firm, headed by David Patton, Miles O'Mailia...

Merrill pays $8.9 million SEC penalty over undisclosed conflict of interest

August 20, 2018

Merrill Lynch Pierce Fenner & Smith agreed Monday to pay an approximately $8.9 million settlement to the Securities and Exchange Commission for failing to disclose to investors a conflict of interest the brokerage had in offering products from...

Merrill team managing $325 million moves to Janney

August 20, 2018

A team consisting of a father and his two sons, who managed $325 million at Merrill Lynch in Media, Pa., have joined Janney Montgomery Scott. The Kernicky Group consists of Michael Kernicky, who had been with Merrill Lynch since 1986; son Michael...

Proposed SEC advice rule obscures distinctions between two business models

August 20, 2018

These days, owners of RIA firms are asking me why they should be concerned about the Securities and Exchange Commission's recent attempt to change the rules and standards for broker-dealers. While there are many ways the proposed Regulation...

HighTower on prowl for new CEO, Weissbluth to become chairman

August 20, 2018

Elliot Weissbluth is stepping down as CEO of HighTower Advisors and moving into the role of chairman as soon as the Chicago-based RIA consolidator hires a replacement. The leadership change comes less than a year after HighTower sold a majority...

Cambridge Investment Research bags mid-sized broker-dealer

August 20, 2018

The consolidation of the brokerage industry continues, and in the latest deal Cambridge Investment Research Inc., one of the largest independent contractor firms, said on Monday it had acquired Broker Dealer Financial Services Corp., a mid-sized...

DOL fiduciary rule might be dead, but its ghost hovers over the financial advice industry

August 18, 2018

The early bird doesn't always get the worm. Financial firms that moved quickly to prepare for full implementation of the Department of Labor's fiduciary rule and now want to reverse those policies must move cautiously to unwind the changes on...

LPL recruiters jump to Ameriprise bank broker

August 17, 2018

Ameriprise Financial Inc. is bolstering its presence in the bank broker market, this week snagging two recruiters from rival LPL Financial. The two, Justin Quillen and Iain Balfour, moved their securities registration to Investment Professionals...

Top private placement manager GPB Capital halts sales to review accounting

August 17, 2018

A leading seller of high-risk, high-commission private placements, GPB Capital Holdings, with $1.8 billion in investor money, will take a break from raising new money to focus on straightening out the accounting and financial statements of its...

Broker fined, barred by SEC for cherry-picking

August 17, 2018

The Securities and Exchange Commission is barring and fining Roger Denha, an investment adviser with BKS Advisors, for allegedly engaging in "cherry-picking." According to an SEC cease-and-desist order, Mr. Denha bought securities in an omnibus...

Are 401(k) adviser aggregators the new 'wirehouses' for elite retirement plan advisers?

August 16, 2018

The death of traditional wirehouses that's predicted periodically by industry experts is greatly exaggerated. Wirehouse advisers — those housed in the wealth management divisions of Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — stay...

Former Wells Fargo broker could face 15 years in prison for embezzlement

August 16, 2018

A former Wells Fargo adviser, who was barred from the industry in 2015, is facing felony embezzlement charges for allegedly stealing more than $500,000 from a trust fund he was overseeing. David Homan of Saginaw, Mich., could face up to 15 years...

Ladenburg platform to help IBDs with succession planning, acquisitions

August 16, 2018

Ladenburg Thalmann Financial Services has a new suite of services and digital tools to help advisers across its subsidiary broker-dealers with succession, continuity and acquisition planning. The platform is part of an ongoing effort by the...

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