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Industry to face fresh wave of unpaid arbitration claims

November 20, 2019

The Financial Industry Regulatory Authority Inc., along with the rest of the securities industry, is staring at a fresh wave of unpaid — and embarrassing — arbitration awards. Arb awards go unpaid when investors win lawsuits against broker-dealers...

CEO transition at First Command Financial Services

November 19, 2019

First Command Financial Services, a $29 billion hybrid firm with 500 advisers, is transitioning its executive-level leadership, with a new CEO starting Jan. 1. Mark Steffe, 50, the current president and chief operating officer, will take over...

Finra bars former Merrill assistant for tapping broker's account

November 18, 2019

The Financial Industry Regulatory Authority Inc. has barred Julie Ann Mineard, a former registered assistant at Merrill Lynch in Seattle, for keeping $24,044 from the account of the rep she worked for, instead of paying his personal bills as...

Finra bars former Raymond James rep discharged over loans

November 14, 2019

The Financial Industry Regulatory Authority Inc. has barred Lance Roman Armstrong, formerly a broker with Raymond James, for failing to take part in an investigation looking into allegations that he borrowed money from customers. [More: No bonuses...

RetireOne insurance platform buys EF Legacy Securities

November 14, 2019

RetireOne, a San Francisco-based platform for fee-based insurance products owned by Aria Retirement Solutions, has purchased EF Legacy Securities, a broker-dealer, from Edelman Financial Engines. [More: Guiding clients through the Medicare maze]...

Finra bars former First Standard rep being investigated for churning

November 12, 2019

The Financial Industry Regulatory Authority Inc. has barred former First Standard broker Philip Sparacino for failing to take part in a hearing looking into allegations of churning. [More:​ New Jersey revokes registration of First Standard...

Advisor Group buying Ladenburg Thalmann, creating giant IBD

November 11, 2019

Advisor Group is acquiring Ladenburg Thalmann Financial Services Inc., creating one of the largest independent broker-dealers in the country, the companies announced Monday. With more than 4,000 advisers across five broker-dealers, Ladenburg...

Technology systems challenged to be all things to all advice firms

November 7, 2019

As investment management becomes increasingly commoditized, executives across the financial advice industry see technology playing a critical role in the expanding value advisers can offer clients. But successfully implementing new technology...

Controversial adviser Ed Butowsky launches broker-dealer aimed at smaller breakaways

November 7, 2019

While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed...

Merrill Lynch to sweeten the pot for retiring advisers who stick around

November 6, 2019

As the financial advice industry intensifies its fight for client assets, Merrill Lynch said Wednesday that it will sweeten the pot for financial advisers who commit in 2021 to retiring from the firm and handing their clients over to colleagues....

Lawsuit claims GPB a Ponzi, riven with conflicts and self-dealing

November 6, 2019

Self-dealing, conflicts of interest and operating a Ponzi scheme were at the heart of GPB Capital Holdings and its ability to raise $1.8 billion from investors over the last six years, according to a class action lawsuit filed Wednesday in federal...

North Carolina-based firm acquires $600M RIA founded by Arthur Laffer

November 1, 2019

ButcherJoseph Financial Holdings, an affiliate of the Charlotte, N.C.-based investment banking firm ButcherJoseph & Co., has acquired Laffer Investments Inc., a Nashville, Tenn.-based RIA managing $600 million. [Recommended video: Financial...

Hybrid firm managing $1 billion switches to Commonwealth from Securian

October 31, 2019

Legacy Planning Partners, which manages $1 billion in assets, has moved its broker-dealer and registered investment adviser affiliations to Commonwealth Financial Network from Securian Financial Services. [More:​ See more adviser moves in...

Finra slaps $20,000 fine on former JMP Securities analyst

October 31, 2019

The Financial Industry Regulatory Authority Inc. has suspended former JMP Securities analyst Michael King Jr. for 14 months and fined him $20,000 for writing research reports on a company with which he was engaged in employment discussions....

Florida's Broward Health pulls $93 million from Ken Fisher

October 31, 2019

The Broward Health system in South Florida, responding to lewd comments made by money manager Ken Fisher, pulled the $93 million it has invested with his firm. The board voted Wednesday to terminate its association with Mr. Fisher's company...

Lower bond yields leave advisers pursuing controversial income strategy

October 30, 2019

As the Federal Reserve announces its third interest-rate cut of the year, after more than a decade spent trying to push rates higher, financial advisers are being forced to get creative when searching for income-producing investments for their...

Ladenburg Thalmann looking for a buyer

October 30, 2019

Ladenburg Thalmann Financial Services Inc. is exploring a sale, but the company is not releasing any details to the 4,400 financial advisers in its network. Bloomberg News reported on Tuesday that Ladenburg is working with an adviser to weigh...

Finra bars former NY Life Securities rep over expense cheating

October 30, 2019

The Financial Industry Regulatory Authority Inc. has barred Ronald J. Knight, formerly a broker with NY Life Securities in Timonium, Md., for falsifying 31 expense reports and submitting them to the firm to obtain reimbursement to which he was...

LPL, Raymond James led gains in adviser headcount last quarter

October 29, 2019

Two large independent broker-dealers racked up strong recruiting gains in the third quarter, while all four wirehouses lost advisers on a net basis in the period. LPL Financial, the nation's largest IBD, had a net gain of 94 advisers, while...

T3 Enterprise conference: Race to zero a popular topic

October 29, 2019

One of the biggest themes of the 2019 T3 Enterprise conference, which caters to technology decision makers at banks, broker-dealers and adviser networks, wasn't even about technology. An undercurrent at many of the panel discussions was the...

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