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New Jersey fiduciary rule could be first of many among states post-DOL

September 26, 2018

New Jersey's push for a fiduciary rule governing brokerage firms in the state could be the first of many similar rules issued by other states following the death of the Department of Labor's fiduciary regulation earlier this year. New Jersey...

LPL offers generous recruiting package to rivals at PE-owned broker-dealers

September 26, 2018

LPL Financial continues to take aim at rival broker-dealers owned by private-equity firms and this month reintroduced a special recruiting deal that could be particularly lucrative to recruits from those firms. Among the firms LPL is targeting:...

Trump said 'you're fired' to this adviser on TV in 2005, then LPL fired him for real in 2018

September 25, 2018

Thirteen years ago, financial adviser Mark Lamkin was "fired" by Donald J. Trump on the hit reality television show, The Apprentice. Last month, he was fired — for real — by LPL Financial, his broker-dealer. "In this boardroom, we've never...

Finra educates examiners on broker business models to improve oversight

September 25, 2018

One frequent complaint brokerages have about Finra exams is that the examiners don't understand the business. The regulator is addressing that lack of knowledge, said Bari Havlik, Finra executive vice president for membership supervision. "Finra...

TD Ameritrade fined $500,000 for failing to report advisers' suspicious activities

September 24, 2018

The Securities and Exchange Commission fined TD Ameritrade Inc. $500,000 on Monday for failing to file certain required suspicious activity reports after the firm halted business with 111 independent investment advisers. Broker-dealers such...

What advisers get wrong about investors

September 24, 2018

Investors are a diverse group — much more so than standard tropes might suggest — and this diversity has big implications for financial advisers, ranging from how they search for clients to the financial recommendations they make, according...

Ladenburg chairman Phillip Frost steps down

September 21, 2018

Dr. Phillip Frost, who was charged this month with fraud, said Thursday evening that he was retiring as non-executive chairman of Ladenburg Thalmann Financial Services Inc. Dr. Frost and nine other individuals were charged Sept. 7 in a Securities...

LPL video about private equity looks like a swipe at Cetera

September 21, 2018

LPL Financial appears to be dissing its rivals, including Cetera Financial Group, in a video that is making the rounds of social media sites such as LinkedIn with the title, "How Financial Advisers Can Be Impacted by Private Equity Ownership."...

Wells Fargo chair denies rumors bank is seeking to replace CEO

September 20, 2018

Wells Fargo & Co. Chair Betsy Duke took the rare step of denying the bank is looking to replace its chief executive officer, saying the entire board backs him, following weeks of whispering on Wall Street that it had contacted former Goldman...

Wells Fargo plans to cut staff up to 10% within next three years

September 20, 2018

Wells Fargo & Co. plans to trim its workforce by about 5% to 10% within the next three years as CEO Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price. The bank had 265,000 employees...

Indexed annuity sales grow among wirehouses, independent broker-dealers

September 20, 2018

Wirehouses and independent broker-dealers have upped their sales of indexed annuities over the past few years, with a greater share of product sales coming through registered representatives at brokerage firms. There are a number of reasons...

SEC charges Michigan-based adviser in $2.7 million investment scam

September 19, 2018

The Securities and Exchange Commission charged a Michigan-based financial adviser with defrauding elderly retirees and other unsophisticated investors out of $2.7 million. ​ According to the SEC, Ernest J. Romer III persuaded at least 30 of...

Another veteran recruiter walks away from LPL

September 18, 2018

Another veteran recruiter has walked out the door at LPL Financial, with veteran David Symecko last week moving to Fidelity Clearing and Custody Solutions. LPL has long been considered an industry powerhouse when it comes to recruiting and has...

LPL nabs $300 million firm from Cetera Financial

September 17, 2018

LPL Financial has recruited a $300 million advisory firm from Cetera Financial Group. Multop Financial, based in Bellingham, Wash., was founded in 1976 by Air Force veteran Phillip Multop. Today, the firm includes three financial advisers, three...

House committee approves bill to ease audit requirements for small broker-dealers

September 13, 2018

The House Financial Services Committee approved legislation Thursday that would ease audit requirements for small broker-dealers. But the measure heads to the House floor on a 36-16 vote with the panel's top-ranking Democrat, Rep. Maxine Waters,...

No changes to compensation plan for UBS advisers in 2019

September 12, 2018

UBS Wealth Management's 6,936 financial advisers in the United States will see little to no changes next year in how they are paid by the firm, according to an internal document obtained Wednesday afternoon by InvestmentNews. The status quo...

Raymond James nabs $203 million team from Morgan Stanley

September 11, 2018

O'Neill Wealth Management, a Mount Laurel, N.J.-based advisory firm with $203 million in client assets, has left Morgan Stanley to join Raymond James & Associates, the firm's employee broker-dealer. The advisory firm is comprised of a team of...

SEC charges two brokers for churning that lost clients $3.6 million

September 10, 2018

The Securities and Exchange Commission charged two brokers with excessive trading in client accounts, also known as "churning," which the agency claims resulted in an aggregate $3.6 million in losses for clients and generated $4.6 million in...

Ladenburg chairman charged with fraud by SEC in penny stock scheme

September 10, 2018

Dr. Phillip Frost, the non-executive chairman and largest shareholder of Ladenburg Thalmann Financial Services Inc. has been charged with fraud by the Securities and Exchange Commission for his involvement in a pump-and-dump, penny stock scheme....

Galvin orders SII to pay restitution on nontraded REIT sales

September 7, 2018

Massachusetts Secretary of the Commonwealth William Galvin banged away Friday on another independent broker-dealer for sales of nontraded real estate investment trusts, this time ordering SII Investments Inc. to pay money back to clients who...

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