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GPB Capital Holdings now focus of FBI investigation

March 4, 2019

Already the focus of inquiries by the SEC and Finra, GPB Capital Holdings said on Monday that the FBI made an unannounced visit last week to the investment firm's office in New York. GPB Capital has raised $1.8 billion from accredited investors...

Cetera Financial Group to offer fee-for-service business model

March 4, 2019

Cetera Financial Group is embracing the fee-for-service business model. The network of six independent broker-dealers is adding AdvicePay, a payment processing tool launched by XY Planning Network founders Alan Moore and Michael Kitces, to its...

Cetera Financial Group reels in $5 billion in assets to start 2019

February 28, 2019

As it deals with turnover at the top of its management ranks, Cetera Financial Group is on pace to recruit advisers with $5 billion in client assets over the first two months of the year, according to senior Cetera executives. Cetera Financial's...

Wells Fargo sees 'possible' legal losses rising by $500 million

February 27, 2019

Wells Fargo & Co., beset by a wave of government probes into suspected customer abuses, boosted an estimate for its potential legal losses by $500 million. The company said it might have to spend as much as $2.7 billion more than what it already...

Chicago-area 'adviser' convicted in $10 million swindle

February 27, 2019

Shawn Baldwin, a Chicago area financial adviser who was barred by the Financial Industry Regulatory Authority Inc. in 2012, has been convicted by a federal court of swindling investors out of $10 million over more than a decade. Mr. Baldwin...

Warburg Pincus to buy majority stake in Kestra Financial

February 25, 2019

Kestra Financial Inc. has agreed to sell a majority stake in the firm to private-equity shop Warburg Pincus, the independent broker-dealer announced Monday morning. Stone Point Capital, the private-equity firm that currently holds a majority...

Bank of America said to drop Merrill Lynch name from investment bank

February 25, 2019

Bank of America Corp. is planning to drop Merrill Lynch from the branding of its investment bank, while it will use the name Merrill for its wealth management unit. The Charlotte, N.C.-based lender will refer to its investment bank as BofA Securities...

Wells Fargo CEO Tim Sloan could be hard to oust — here's why

February 22, 2019

Wells Fargo & Co.'s top critic makes it sound so easy. Sen. Elizabeth Warren has made her view clear — again and again — that the bank can't resolve its scandals until it names an untainted replacement for Chief Executive Officer Tim Sloan....

Ex-broker stole $100,000 from client, Galvin says

February 21, 2019

A former Massachusetts investment adviser rep, Bruce Worthington, was charged with fraudulently misappropriating or taking close to $100,000 from a client's accounts starting in 2006, according to a complaint filed Thursday by the Secretary...

UBS ordered to pay more than $5.1 billion in French tax case

February 20, 2019

UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of having helped wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 3.1%. The Paris...

Piper Jaffray executive joins Hilltop Securities as CEO

February 20, 2019

M. Bradley Winges, formerly a senior executive managing director at Piper Jaffray, has joined Hilltop Securities Inc. as president and chief executive officer. He succeeds Hill A. Feinberg who remains chairman. (More: Two Morgan Stanley brokers...

Look for more changes at Cetera Financial Group

February 20, 2019

Robert Moore's resignation from Cetera Financial Group likely signals other changes to come at the giant broker-dealer network, according to advisers and industry observers. Those could range from the firm's owner, Genstar Capital, winnowing...

Wirehouse culture driving the move to independence

February 20, 2019

As a professional headhunter, I always discuss the culture of my client firms with the financial advisers with whom I work. Quite often, instead of inspiring curiosity, I get an eye roll, as if I had told my teenage daughter to clean her room....

Advisory fees push commissions further into the background

February 19, 2019

When there's a financial professional in the picture, investors mostly prefer paying fees based on assets under management. The latest research from Cerulli Associates found that clients seeking investment advice from financial professionals...

Robert Moore, Cetera CEO, stepping down for health reasons

February 19, 2019

Cetera Financial Group said on Tuesday that Robert Moore will step down as its CEO, effective March 31, due to health reasons. Mr. Moore will continue to serve as an adviser to the board and executive management team. Ben Brigeman, board chairman,...

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

February 15, 2019

Warburg Pincus is among the private equity managers interested in acquiring Kestra Financial Inc., according to two industry sources. Bids were due this week for the independent broker-dealer, and a sale could be announced within the next few...

Ron Carson's firm sued by former client for $500,000

February 14, 2019

Carson Wealth Management, one of the most recognizable names in the financial advisory business, is being sued by a former client for $500,000 for charging fees the client claims were excessive. The arbitration claim, which was filed on Dec....

Finra bars ex-MML broker who sold $3.5 million of Woodbridge Ponzi

February 14, 2019

The Financial Industry Regulatory Authority Inc. said Wednesday that it had barred a broker who sold close to $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned...

Finra catches Kestra Financial overcharging customers

February 14, 2019

Kestra Financial has been fined $225,000 and required to pay $1.9 million in restitution for overcharging more than 3,200 mutual fund investors over a nine-year period, Finra announced. The Financial Industry Regulatory Authority Inc. reached...

Q4 revenue strong at IBDs, online brokers despite market declines

February 13, 2019

Independent broker-dealers and retail brokerages were able to generate good revenue during the final quarter of 2018 despite the significant drops in the market, according to Moody's Investors Service. The market turbulence in December played...

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