Results for "independent broker-dealers"

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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...

Advisor Group acquisition financed by debt rated 'junk' by S&P

August 23, 2019

The $1.6 billion in debt issued to finance the recent acquisition of Advisor Group has been rated below investment grade — commonly known as junk bonds — in a report this month by S&P Global Ratings. Reverence Capital Partners, a private...

Kestra Financial's new rollup lands its first RIA

August 20, 2019

Bluespring Wealth Partners, an RIA rollup firm launched by independent broker-dealer Kestra Financial Inc. just last month, has acquired its first firm. Hickory Asset Management Inc. of Concord, Ohio, which has $152.6 million in client assets,...

IFS Securities hit with $10 million trading loss: reports

August 15, 2019

A midsize broker-dealer in Atlanta is facing a potential loss of at least $10 million after its head municipal securities trader made unauthorized trades and shorted Treasury bonds, according to published reports. Keith Wakefield, the former...

Cetera Financial Group adds 1,000 advisers, $19 billion in assets so far in 2019

August 14, 2019

Cetera Financial Group is having a banner year in attracting new advisers to its platform, with recruits ranging in experience and production from sophisticated wealth managers to those relatively new to the financial advice industry. Cetera,...

Ladenburg Thalmann invests in impact investing startup

August 13, 2019

Ladenburg Thalmann's latest technology investment is going to Newday Financial Technologies, a startup focused on providing millennials with low-cost impact investing strategies. Newday is an asset management firm that develops investment funds...

Insurgent candidate vies for large-firm seat on Finra board

July 26, 2019

An insurgent candidate for the Finra board of governors said the body needs more input from large firms that provide financial advice and investment products. Chris W. Flint, president and chief executive of ProEquities Inc., has been nominated...

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...

Voya Financial launching robo-advice platform for brokers

July 11, 2019

Voya Financial is the latest independent broker-dealer to embrace digital advice. The company plans to launch a hybrid robo-advice product called Voya Digital Adviser that combines human advisers with automated investing for accounts as small...

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:...

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 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...

Broker-dealer pays $9.5 million to settle alternative investment claims by Native American tribe

June 26, 2019

Purshe Kaplan Sterling Investments will have to pay $9.5 million related to the sale of alternative investments to a Native American tribe in Michigan, according to a recent filing with the Securities and Exchange Commission. The independent...

LPL Financial push for employee model attempt to tap into $11 trillion market

June 25, 2019

At a time when broker-dealers are increasingly trying to come up with business models for advisers who want to act as registered investment advisers, recent moves by LPL Financial left some wondering if the firm was taking a step back in time....

GPB paid B-Ds and reps steep commissions to sell troubled private placements

June 24, 2019

Broker-dealers and their reps who sold private placements for GPB Capital were paid tens of millions of dollars in commissions, but now must face clients whose investments have dropped in value dramatically. According to a GPB document sent...

Fidelity's National Financial raises more questions about GPB private placements

June 17, 2019

National Financial Services, the clearing and custody unit of Fidelity Investments, is telling broker-dealer clients they have 90 days to move private placements issued by beleaguered GPB Capital off its platform or work with the custodian as...

Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

June 7, 2019

Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission's investment advice reforms approved this week. But some firms are also gearing up for more changes promulgated by the organization...

Advisor Group executives to hit the road this summer

June 5, 2019

Now that the sale of Advisor Group is in the bag, the management of the broker-dealer network will hit the road this summer, visiting to financial advisers in 20 cities to provide an update from CEO Jamie Price. Last month, Advisor Group said...

FS Investments and KKR merging more BDCs

June 4, 2019

FS Investments and KKR Credit Advisors are once again working on merging various business development companies, this time combining four nontraded BDCs into one publicly traded one. Plans call for the merged BDC, with $9 billion worth of assets,...

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