Results for "broker-dealers"

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Finra reaches settlements with 56 firms for overcharging customers on mutual funds

July 17, 2019

Finra reached settlements with 56 brokerages and obtained $89 million in customer restitution as the result of a crackdown on firms overcharging for mutual funds, the agency announced Wednesday. The Financial Industry Regulatory Authority Inc....

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

Wells Fargo Advisors slows down outflow of advisers

July 16, 2019

After almost three years of bleeding brokers, Wells Fargo Advisors appears to have stanched the flow of advisers leaving the firm. Its parent bank, Wells Fargo & Co. has struggled with myriad problems and scandals since September 2016, resulting...

National Holdings facing lawsuit for allegedly retaliating against whistleblower

July 16, 2019

A fired chief compliance officer is suing National Holdings Corp., claiming her 16-year career with the brokerage firm was terminated when she started investigating alleged insider trading by executives of the firm. A lawsuit filed last week...

LPL partners with Nationwide on 401(k) training for bank channel advisers

July 12, 2019

LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients....

Cetera Financial Group eliminating Summit as a separate broker-dealer

July 12, 2019

One of Cetera Financial Group's six broker-dealers, Summit Brokerage Services Inc., is being absorbed into another of the firm's B-Ds. Summit has $17.5 billion in client assets. Its 450 advisers and its branch offices will continue to operate...

UBS hires advisers with $2 billion in client assets

July 12, 2019

UBS Global Wealth Management is continuing to selectively hire financial advisers, with brokers recently joining the firm in San Francisco and New York. In June, UBS hired Mariia Eroshin in San Francisco. She had most recently worked at Citigroup...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

Finra provides detail on enforcement breaks for cooperation

July 11, 2019

Finra gave more detail Thursday on how brokerage firms and registered representatives can reduce enforcement penalties by cooperating with the agency. In a regulatory notice, the Financial Industry Regulatory Authority Inc. reiterated that credit...

David Lerner Associates' financial condition deteriorates

July 10, 2019

David Lerner Associates Inc., once known for its radio ads selling municipal bonds, reported in a recent regulatory filing that its financial condition had deteriorated in 2018. The filing with the Securities and Exchange Commission, an annual...

SEC's Blass rebuts assertion Reg BI is tougher than fiduciary standard

July 10, 2019

Even before the Securities and Exchange Commission approved new investment advice reform rules in June, there was debate about whether the broker requirement would be tougher than the standard for investment advisers. One of the authors of the...

Ohio advisory firm managing $206 million moves to Kestra

July 10, 2019

Merkel Financial, a Columbus, Ohio-based independent firm managing $206 million, has switched affiliations. After 26 years with Principal Securities, Merkel has affiliated with Kestra Financial Inc. The firm is led by Michelle M. Merkel. (More:...

SEC head defends Reg BI, but only succeeds in igniting more criticism

July 9, 2019

Securities and Exchange Commission Chairman Jay Clayton took on critics of the agency's recently approved investment advice reform package in a lengthy defense Monday, but his remarks didn't calm the fierce debate. In a speech Monday in Boston...

Finra rogue broker proposal raises concerns among investor, industry advocates

July 8, 2019

Investor advocates say a Finra proposal to crack down on rogue brokerages doesn't go far enough to solve the problem of unpaid arbitration awards, while industry groups are expressing concerns that it gives Finra too much power to determine...

Independence means different things to different people in wealth management

July 8, 2019

With the July 4 holiday fresh in our minds, it strikes me that the word "independence" by itself no longer accurately describes the phenomenon that is changing the wealth management industry today. Back in the 1980s and 1990s, it seemed that...

Finra bars ex-Raymond James compliance executive for data tampering

July 8, 2019

The Financial Industry Regulatory Authority Inc. last Wednesday barred a former Raymond James & Associates Inc. compliance executive who in 2016 fiddled with and falsified branch audit data, therefore avoiding performing follow-up work. In January,...

SEC bars ex-Transamerica broker who took $583,000 from clients

July 8, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker,...

Finra arbitrators award $1.8 million to former USAA brokers for wrongful termination

July 8, 2019

Finra arbitrators awarded $1.8 million to brokers who claimed they were wrongfully fired by USAA Financial Advisors. Christopher R. Johnson and Lee Anne Przybyla were dismissed by USAA in April 2017 for allegedly seeking compensation to which...

Finra slaps Summit Brokerage with fines, restitution over broker churning

July 2, 2019

Summit Brokerage Services Inc. on Tuesday was hit with $880,000 in sanctions for a variety of supervisory failures, including not keeping tabs on a broker who for three years churned client accounts. In fact, compliance employees at Summit failed...

Former brokers say breaking away to be RIA went better than they feared

July 2, 2019

An appetite for control, independence and an opportunity to build equity in a sustainable business continue to fuel the migration by wirehouse brokers toward the independent registered investment adviser ranks. A new report from TD Ameritrade...

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