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Cetera purges board after being bought by Genstar Capital

October 11, 2018

Cetera Financial Group said on Thursday morning that it had overhauled its board of directors, with its new board reflecting the recent sale of the large brokerage network to Genstar Capital for $1.7 billion. Gone are Bob Dineen, the former...

What's at stake with a branch audit?

October 1, 2018

Each year, or every couple of years at offices on a lighter schedule, your home office (or branch manager/office of supervisory jurisdiction) sends out an auditor to go over all of your files. Typically, the auditor is friendly and seems quite...

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...

Registered reps, firms in brokerage industry decline: new Finra report

August 9, 2018

The number of brokers and brokerage firms have declined for the last several years, according to statistics released Thursday by Finra. The Financial Industry Regulatory Authority Inc. report shows that 630,132 people were registered representatives...

Waddell & Reed continues to shed brokers, though productivity rises

July 31, 2018

Waddell & Reed Financial Advisors continued to lose brokers and advisers in the second quarter, although at a much slower pace than in the past. The broker-dealer reported that it lost 40 advisers in the most recent quarter compared with the...

Fidelity asks Arizona court for injunction against two brokers

July 20, 2018

Fidelity Brokerage Services has asked an Arizona court for an injunction against two former brokers whom they have charged with taking proprietary customer information to start their own business. According to the Fidelity complaint, former...

Fidelity sues former broker's RIA firm for misuse of trade secrets

May 3, 2018

Fidelity Brokerage Services has filed suit against Provident Financial Planning, a registered investment advisory firm owned by Paul Michel, a former broker in the firm's Southlake, Texas, office. Fidelity charges that Provident is using proprietary...

Broker accused of churning barred by Finra

July 13, 2018

The Financial Industry Regulatory Authority Inc. has barred Paul Soll, who recently resigned from Western International Securities, for failing to provide the regulator with information about his trading activity when he was employed by Financial...

What's new in today's move to independence

July 10, 2018

The following is a new white paper produced by Sigma Financial Corporation & Parkland Securities, LLC and the InvestmentNews Content Strategy Studio, “How to Determine if a Broker-Dealer is Right for You: Six questions advisors must ask about...

Insurance group advising on $222 million consolidates at Securities America

June 28, 2018

Futurity First Insurance Group, a nationwide insurance distribution firm advising on $222 million, has affiliated with Securities America, consolidating its broker-dealer relationships. The firm's 20 advisers had been affiliated with Mutual...

Vermont hybrid managing $330 million moves from Lincoln to LPL

June 14, 2018

Flood Financial services, a hybrid firm managing $330 million in assets in South Burlington, Vt., has switched its broker-dealer and registered investment adviser platforms from Lincoln Financial Services to LPL Financial Services. Richard Flood,...

Not yet a broker, yet barred by Finra

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Holly Arbuckle, who was in the process of becoming a broker at Merrill Lynch, for not appearing at a hearing investigating the circumstances of her dismissal from the firm. On Sept....

Former Merrill Lynch rep barred by Finra for failure to appear at hearing

June 20, 2018

The Financial Industry Regulatory Authority Inc. has barred former Merrill Lynch broker Joseph Clottey for failure to provide information it requested and for failing to take part in a Finra hearing. Mr. Clottey, who is not now associated with...

Head of Securities America gunning for Finra board seat

June 13, 2018

James Nagengast, CEO of Securities America Inc., is challening the Financial Industry Regulatory Authority Inc.'s hand-picked nominee for a seat on the regulatory body's board of governors. Both Mr. Nagengast and Finra's choice for the seat,...

Finra orders broker to pay First Command $105,000 in damages

June 5, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has ordered Tucson, Ariz.-area broker John Velez to pay First Command Financial Planning $105,000 in damages. The firm alleged that Mr. Velez used its confidential and trade-secret...

Olympics advice from champion advisers

February 6, 2018

As the world turns its eyes to the XXIII Winter Olympic Games, it's worth noting that the U.S. financial adviser community boasts a fair share of former Olympians. See who they are — and their advice to those vying for the gold in PyeongChang,...

Former Transamerica broker assistant barred for forging customer signature

May 31, 2018

The Financial Industry Regulatory Authority Inc. has barred a brokerage assistant formerly employed by Transamerica Financial Advisors for signing a customer's name on forms and documents in connection with an account transfer. The assistant,...

Former AXA broker in Arizona charged with $475,000 client theft

May 30, 2018

A former AXA Advisors broker in Scottsdale, Ariz., has been indicted on charges that he stole $475,000 from three of his clients' retirement accounts, according to a statement by the state attorney general's office reported by

Utah moves to fine Cetera, LPL and CUSO over credit union violations

May 7, 2018

The Utah division of securities last month moved to fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for industry rule violations stemming from how broker-dealers...

Arthur Grant looks back on 33 years at the helm of Cadaret Grant

May 9, 2018

Arthur Grant is used to making his own way in the world and calling his own shots. In a move the independent broker-dealer market has been anticipating for years, Mr. Grant, 75, last month agreed to sell the IBD he founded 33 years ago, Cadaret...

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