Results for "broker-dealers"

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Finra bars ex-Morgan Stanley broker for refusing to hand over requested documents

September 10, 2019

Finra barred a former Morgan Stanley broker from the brokerage industry for refusing to furnish documents and information around his alleged theft of client money. Morgan Stanley had fired the broker, Michael Barry Carter, July 30 for allegedly...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

Edward Jones wants TRO against broker in Indiana who jumped ship last month

September 9, 2019

In a dispute over clients, Edward Jones on Friday filed a complaint against a broker who bolted the firm last month and is seeking a temporary restraining order from a federal judge. The adviser, John Kerr, who managed $113 million and left...

Finra arbitrators award more than $3 million to three former Credit Suisse brokers

September 6, 2019

Finra arbitrators ordered Credit Suisse to pay three former brokers more than $3 million in a case involving disputed deferred compensation. In an award posted Friday, the three-person, majority-public Financial Industry Regulatory Authority...

UBS considering mergers to cope with European banking market malaise

September 5, 2019

UBS Group is considering mergers as well as cooperation with other banks to help cope with Europe's challenging banking market. "We are looking at those issues about consolidation as one part of the equation," CEO Sergio Ermotti said at a conference...

Massachusetts fines broker $225,000 over UIT trades

September 5, 2019

The Massachusetts Securities Division has fined StockCross Financial Services and broker Peter Cunningham $225,000 over trading practices involving unit investment trusts. [More: Galvin to propose fiduciary rule for Massachusetts brokers] According...

Trizic rebrand shows difficult route for robo-advisers

September 5, 2019

Trizic is officially pivoting away from providing a white-label digital advice platform for independent advisers in favor of providing "integrated savings and wealth solutions for banks and credit unions." The company is rebranding as Harvest...

Testing the breakaway waters

September 4, 2019

Breakaway, transition, "going indie" — no matter how you characterize it, a wave of financial advisers is moving away from traditional wirehouses and big-name brokerage firms in favor of launching or joining more independent-minded businesses....

Jackson National suspends fee-based annuity sales in New York due to best-interest rule

September 3, 2019

Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. The insurer, which...

Independent contractor status for brokers and advisers safe in California

September 3, 2019

Brokers and advisers in California who work as independent contractors and are registered with a broker-dealer have sidestepped the fight over employment status currently playing out in the California statehouse. Assembly Bill 5, which writes...

Cetera Advisors charged with defrauding clients

August 30, 2019

The Securities and Exchange Commission charged Cetera Advisors Thursday with breaching its fiduciary duty and defrauding its retail advisory clients in connection with the sales of mutual funds, earning more than $10 million to which it was...

UBS reshuffles execs atop wealth management unit

August 29, 2019

UBS Group CEO Sergio Ermotti moved to quell concerns surrounding the bank's long-term succession plan with a radical overhaul of the top ranks, hiring a star banker from a rival and ousting some of its most senior executives. After a year marred...

Reg BI creates certainty and provides investors with a choice

August 28, 2019

On June 5, the Securities and Exchange Commission adopted a package of rule-makings and interpretations designed to enhance the quality and transparency of retail investors' relationships with investment advisers and broker-dealers. These actions...

New York IBD to acquire $2.5B Boston hybrid

August 27, 2019

National Holdings Corp., a New York-based independent brokerage, investment banking and asset management firm, is acquiring Winslow Evans & Crocker Inc., a Boston-based employee-owned hybrid firm managing $2.5 billion in assets. The transaction...

Finra bars former Securities America rep in private-securities sale query

August 27, 2019

The Financial Industry Regulatory Authority Inc. has barred former Securities America rep Bobby Wayne Coburn for failing to appear at a hearing looking into his sales practices. [More: Finra bars no-show former Cetera rep] In March, Securities...

SEC upholds Finra bar despite recent Supreme Court ruling

August 27, 2019

A unanimous Securities and Exchange Commission decision upheld a Finra industry bar against a former broker who argued that a recent U.S. Supreme Court case prohibits such sanctions. The former broker, John M.E. Saad, said the high court's decision...

Team managing $100 million at Morgan Stanley leaves to form hybrid

August 26, 2019

A Morgan Stanley team led by Matt Meline, who managed $100 million in Des Moines, Iowa, has formed a hybrid firm, PrairieFire Wealth Planning, and affiliated with the broker-dealer and registered investment adviser platforms of Sanctuary Wealth....

Advisor Group acquisition financed by debt rated 'junk' by S&P

August 23, 2019

The $1.6 billion in debt issued to finance the recent acquisition of Advisor Group has been rated below investment grade — commonly known as junk bonds — in a report this month by S&P Global Ratings. Reverence Capital Partners, a private...

Annuity yield in short supply as interest rates falter

August 23, 2019

Attractive annuity yields are in increasingly short supply as long-term interest rates have faltered and there is a likelihood of even more downward pressure. Let's look at multiyear guarantee annuities as an example. Some MYGAs, a type of fixed...

How a Venezuelan immigrant built a flourishing financial advisory firm

August 22, 2019

Bellaria Jimenez was just 7 years old when her family left Venezuela for North Bergen, a New Jersey township just across the Hudson River from New York. Ms. Jimenez, who heads three MassMutual brokerage branches in New Jersey, remembers her...

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