Results for "broker-dealers"

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Ohio advisory firm managing $206 million moves to Kestra

July 10, 2019

Merkel Financial, a Columbus, Ohio-based independent firm managing $206 million, has switched affiliations. After 26 years with Principal Securities, Merkel has affiliated with Kestra Financial Inc. The firm is led by Michelle M. Merkel. (More:...

SEC head defends Reg BI, but only succeeds in igniting more criticism

July 9, 2019

Securities and Exchange Commission Chairman Jay Clayton took on critics of the agency's recently approved investment advice reform package in a lengthy defense Monday, but his remarks didn't calm the fierce debate. In a speech Monday in Boston...

Finra bars ex-Raymond James compliance executive for data tampering

July 8, 2019

The Financial Industry Regulatory Authority Inc. last Wednesday barred a former Raymond James & Associates Inc. compliance executive who in 2016 fiddled with and falsified branch audit data, therefore avoiding performing follow-up work. In January,...

Independence means different things to different people in wealth management

July 8, 2019

With the July 4 holiday fresh in our minds, it strikes me that the word "independence" by itself no longer accurately describes the phenomenon that is changing the wealth management industry today. Back in the 1980s and 1990s, it seemed that...

Finra rogue broker proposal raises concerns among investor, industry advocates

July 8, 2019

Investor advocates say a Finra proposal to crack down on rogue brokerages doesn't go far enough to solve the problem of unpaid arbitration awards, while industry groups are expressing concerns that it gives Finra too much power to determine...

Finra arbitrators award $1.8 million to former USAA brokers for wrongful termination

July 8, 2019

Finra arbitrators awarded $1.8 million to brokers who claimed they were wrongfully fired by USAA Financial Advisors. Christopher R. Johnson and Lee Anne Przybyla were dismissed by USAA in April 2017 for allegedly seeking compensation to which...

SEC bars ex-Transamerica broker who took $583,000 from clients

July 8, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker,...

Finra slaps Summit Brokerage with fines, restitution over broker churning

July 2, 2019

Summit Brokerage Services Inc. on Tuesday was hit with $880,000 in sanctions for a variety of supervisory failures, including not keeping tabs on a broker who for three years churned client accounts. In fact, compliance employees at Summit failed...

Former brokers say breaking away to be RIA went better than they feared

July 2, 2019

An appetite for control, independence and an opportunity to build equity in a sustainable business continue to fuel the migration by wirehouse brokers toward the independent registered investment adviser ranks. A new report from TD Ameritrade...

Wall Street is going RIA-ish

July 1, 2019

The purpose of Wall Street is to chase, create and sniff out profits. By its nature, the Street will always move to where the money goes. In the financial advice industry, money and margins are moving slowly and inexorably away from the bank-owned...

Deutsche Bank to add 300 employees to wealth management ranks

July 1, 2019

Deutsche Bank Wealth Management plans to add 300 client-facing relationship and investment managers over the next two years, the company announced Monday. The additional representatives will increase the ranks of such managers at the bank by...

Finra suspends broker over Woodbridge-related sales

June 27, 2019

The Financial Industry Regulatory Authority Inc. has suspended Jeffrey P. Schwebach, a former Independent Financial Group broker, for selling promissory notes without the permission of his firm and despite a firm prohibition of their sale. (More:...

Finra suffers net $68.7 million loss despite increased revenue, decreased expenses

June 27, 2019

Finra suffered a net loss of $68.7 million in 2018 despite increasing revenue and declining expenses, according to the regulator's annual report released Thursday. The primary culprit was a 2.3% decline in its investment portfolio. The Financial...

Envestnet Tamarac expanding into wirehouses with Merrill partnership

June 27, 2019

Envestnet Tamarac is already immensely popular among registered investment advisers, but now the technology platform is going after bigger game in the wirehouse market. Bank of America Merrill Lynch is bringing Tamarac's performance reporting...

Broker-dealer pays $9.5 million to settle alternative investment claims by Native American tribe

June 26, 2019

Purshe Kaplan Sterling Investments will have to pay $9.5 million related to the sale of alternative investments to a Native American tribe in Michigan, according to a recent filing with the Securities and Exchange Commission. The independent...

LPL Financial push for employee model attempt to tap into $11 trillion market

June 25, 2019

At a time when broker-dealers are increasingly trying to come up with business models for advisers who want to act as registered investment advisers, recent moves by LPL Financial left some wondering if the firm was taking a step back in time....

GPB paid B-Ds and reps steep commissions to sell troubled private placements

June 24, 2019

Broker-dealers and their reps who sold private placements for GPB Capital were paid tens of millions of dollars in commissions, but now must face clients whose investments have dropped in value dramatically. According to a GPB document sent...

Technology can help turn client conversations toward planning in next bear market

June 24, 2019

Unless you've been living under a trading desk since the early 2000s, you've heard all about the shift in wealth management away from investments toward comprehensive financial planning.​ Investment management is commoditized. Advisers today...

GPB Capital reports decline in value of two biggest funds

June 21, 2019

In a blow to investors, GPB Capital on Friday reported significant losses in the value of its investment funds, which are in the form of private partnerships that invest primarily in auto dealerships and waste management businesses. The two...

SEC wins churning case against Long Island broker

June 21, 2019

Donald Fowler, a Long Island broker charged by the Securities and Exchange Commission with excessive trading of customer accounts, has lost his day in court. New York jurors have found Mr. Fowler liable on all counts of the SEC's charges, finding...

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