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LPL providing credit monitoring, identity protection to investors exposed by data breach

November 14, 2018

LPL Financial is taking steps to safeguard financial advisers and their clients whose names, addresses, account numbers and Social Security numbers were exposed in a recent data breach. According to LPL spokesman Jeff Mochal, the broker-dealer...

Auditor walks away from private placement firm GPB Capital

November 14, 2018

Investors in private placement funds of GPB Capital Holdings who have been waiting for financial statements for its two largest funds will have to keep on waiting. GPB said in August it was overhauling and restating the 2015 and 2016 financial...

Waddell & Reed will no longer lease office space for many of its brokers

November 14, 2018

Waddell & Reed Inc. will no longer lease office space for most of its 1,074 independent contractor brokers and advisers, requiring them to find and relocate to their own offices by the end of 2020. Most of the firm's brokers and advisers currently...

Commonwealth Financial Network to launch parallel business for RIAs

November 13, 2018

Commonwealth Financial Network, already a major independent broker-dealer, intends to broaden its business by setting up a parallel business for registered investment advisers. Commonwealth has already seen at least 75 of its 1,800 reps shift...

Advisor Group launching new paperless onboarding technology

November 13, 2018

Advisor Group has new technology to equip the independent firms in its network — FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial — with digital client onboarding and account management. The...

Finra finds Commonwealth Financial overcharged these investors

November 12, 2018

Commonwealth Financial Network becomes the latest firm caught up in Finra's focus on overcharging retirement plan investors via mutual fund share classes. The Financial Industry Regulatory Authority Inc. found that over eight years through July...

Commonwealth advisers turning to private equity

November 8, 2018

An earlier version of this story incorrectly reported the total that Commonwealth advisers have invested in private equity. As the number of publicly listed companies continues to shrink, brokers and advisers who work with Commonwealth Financial...

Former Next Financial broker settles charges he ran $3.9 million fraud

November 5, 2018

The Securities and Exchange Commission said Friday that a former Next Financial Group Inc. broker has agreed to settle charges that he operated a $3.9 million fraud. The SEC had charged the broker, Douglas Simanski, with operating a long-running...

LPL recruits $800 million advisory business from Signator

October 30, 2018

LPL Financial has recruited Seattle First Asset Management from Signator Investors. Seattle First, which has $800 million worth of brokerage and advisory assets, was founded in 2012 by Steven Jones, who stated that the transition to LPL is designed...

Top lessons learned during a breakaway transition

October 30, 2018

More than two years ago, our team began to explore whether the registered investment adviser platform was better for us than the independent broker-dealer world we were in. Although business was good, we felt it would be beneficial to learn...

LPL adds 125 advisers in third quarter

October 26, 2018

LPL Financial added 125 advisers in the quarter that ended Sept. 30, compared with a net loss of 18 advisers in the prior quarter and a loss of three advisers in the same quarter a year ago. In its earnings report, the company reported combined...

LPL and Independent Financial Partners lose $10 billion retirement group

October 18, 2018

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which...

Allianz dumps its IBD

October 11, 2018

Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Advisers with Allianz's Questar Capital...

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...

LPL reels in $275 million team from Securities America

October 9, 2018

LPL Financial said on Tuesday that it recently snagged a team of eight advisers based in Colorado with close to $275 million in brokerage and advisory assets from rival Securities America Inc., one of the broker-dealers in the Ladenburg Thalmann...

Cetera Financial Group selling stock to its advisers

October 5, 2018

As part of a broad plan to bolster its 8,000 financial advisers, the recently sold Cetera Financial Group is offering its advisers loans to invest in their practices and an opportunity to buy stock in the company. In a press release Thursday,...

How Ohio National's move may lead to 'unscrupulous' broker behavior with annuities

October 4, 2018

Ohio National Financial Services Inc. recently told broker-dealers it would be terminating trailing commissions on some of its variable annuities, which has led experts to fear that the insurer's action will cause unscrupulous behavior among...

Stifel subsidiary acquires $1.3 billion San Francisco-based RIA

October 2, 2018

1919 Investment Counsel, a subsidiary of Stifel Financial Corp., has acquired San Francisco-based independent registered investment adviser Rand & Associates, which manages approximately $1.3 billion in client assets. "The Rand acquisition gives...

Ohio National to end brokerage arrangements, eliminate adviser compensation on variable annuities

October 2, 2018

In what is believed to be a first-of-its-kind move among insurers, Ohio National Financial Services Inc. has informed broker-dealers that sell its variable annuities that it will terminate servicing agreements and cut off trail commissions by...

Sanctuary Wealth Partners rolls out red carpet for breakaway brokers

October 1, 2018

Sanctuary Wealth Partners has signed its fifth advisory team in as many months, bringing its total assets under to management to $5.5 billion. The Indianapolis-based hybrid RIA announced Monday the addition of RiceBarrett Family Wealth, a $240...

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