Results for "broker-dealers"

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Morgan Stanley fined $225,000 over questionable muni bond trades

September 19, 2019

The Securities and Exchange Commission on Tuesday said it was fining Morgan Stanley $225,000 for allegedly recommending unsuitable municipal bond transactions to its customers. Morgan Stanley, from June 2013 through December 2017, recommended...

Robert Moore is back. And he's focused on REITs

September 18, 2019

After leaving as the CEO of Cetera Financial Group earlier this year for undisclosed health reasons, Robert "R.J." Moore has returned to the financial services industry. In his latest venture, Mr. Moore has launched an investment management...

Raymond James to pay $15 million over improper charges to clients

September 17, 2019

Three different business groups under the Raymond James umbrella will pay $15 million as part of a settlement with the Securities and Exchange Commission, which found that the businesses had improperly charged advisory fees on inactive retail...

Vanguard offers new framework for financial advice

September 16, 2019

Vanguard Group issued a new framework for financial advice Monday that's meant to assess the overall value of advice by looking more holistically at the end result for clients beyond what Vanguard considers to be the industry norm. The framework...

The SEC botched title reform. New York got it right

September 11, 2019

Imagine you want to go skydiving. Jumping from a plane is a high-risk activity. You, as a novice, seek out professional advice to ensure you use the proper technique. After all, how could you possibly know how and when to deploy a parachute,...

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...

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...

Advisor Group new bonus program falls short for some advisers

September 6, 2019

Some of Advisor Group's more than 7,000 brokers and financial advisers are underwhelmed by the broker-dealer network's offer of various cash awards and bonuses designed to keep them happy and in their seats as the firm adjusts to new ownership....

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....

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...

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...

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...

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