Results for "independent broker-dealers"

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Is time running out for advisers who sold GPB private placements?

May 2, 2019

Financial advisers and broker-dealers that sold $1.5 billion of high-risk private placements offered by GPB Capital Holdings should brace for the worst. A year ago, GPB Capital was supposed to file registration forms with the Securities and...

Small Broker-Dealers Enjoy Big Benefits as Branch Offices

May 1, 2019

Small Broker-Dealers Enjoy Big Benefits as Branch Offices Growing regulatory risks, shrinking margins and increasing litigation have the owners of many small and mid-sized broker-dealers in search of an exit plan. One increasingly popular option...

2019 top independent broker-dealers ranked by revenue

April 24, 2019

Firm 2018 revenue ($M) % change vs. 2017 2018 commission revenue ($M) % change vs. 2017 2018 fee revenue ($M) % change vs. 2017 2018 other revenue ($M) % change vs. 2017 1 LPL Financial LLC 5188.4 21.2 1919.7 14.9 1793.5 27.3 1475.2 22.8 2 Ameriprise...

Centerbridge said to be in talks to buy Advisor Group

April 23, 2019

Centerbridge Partners is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor...

IBD report: Another impressive year

April 20, 2019

Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. The...

Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

InvestmentNews announces 2019 Innovation Awards winners

April 17, 2019

Six firms received InvestmentNews Innovation Awards Wednesday night for their creative and effective approaches to helping advisers run better businesses, improve client outcomes and tackle other planning industry challenges. The winners were...

Air Force veteran-turned-adviser clashes with First Command

April 4, 2019

First Command Financial Planning Inc. is an independent broker-dealer that recruits retired military personnel. But one of the firm's former advisers — a disabled Air Force veteran — is unhappy with how he was treated and last month filed...

Voya Financial Advisors exposes more sensitive adviser information on its website

March 22, 2019

Weeks after a computer glitch risked exposing the Social Security numbers of its 1,800 registered reps and financial advisers, Voya Financial Advisors Inc. again revealed sensitive information about its advisers. This time, a list on the Voya...

Blucora to buy another broker-dealer with tax-focused advisers

March 19, 2019

Tax preparation software company Blucora Inc. said on Tuesday it intends to continue to add to its wealth management and tax preparation business and will pay $180 million in stock for 1st Global Inc., an independent broker-dealer that focuses...

LPL's record recruiting year came with a cost — signing bonuses skyrocketed in 2018

March 15, 2019

LPL Financial last month reported a record amount of assets recruited to its platform last year. In a recent filing with the Securities and Exchange Commission, the firm revealed that those assets came with a cost — recruiting bonuses on its...

Concerns about GPB Capital trash hauling business come to the fore

March 12, 2019

The FBI's investigation of GPB Capital Holdings made headlines in InvestmentNews last week. But it is the investigation by New York City regulators that oversee the city's private trash industry that got the attention of news website ProPublica....

GPB Capital Holdings now focus of FBI investigation

March 4, 2019

Already the focus of inquiries by the SEC and Finra, GPB Capital Holdings said on Monday that the FBI made an unannounced visit last week to the investment firm's office in New York. GPB Capital has raised $1.8 billion from accredited investors...

Warburg Pincus to buy majority stake in Kestra Financial

February 25, 2019

Kestra Financial Inc. has agreed to sell a majority stake in the firm to private-equity shop Warburg Pincus, the independent broker-dealer announced Monday morning. Stone Point Capital, the private-equity firm that currently holds a majority...

Wirehouse culture driving the move to independence

February 20, 2019

As a professional headhunter, I always discuss the culture of my client firms with the financial advisers with whom I work. Quite often, instead of inspiring curiosity, I get an eye roll, as if I had told my teenage daughter to clean her room....

Look for more changes at Cetera Financial Group

February 20, 2019

Robert Moore's resignation from Cetera Financial Group likely signals other changes to come at the giant broker-dealer network, according to advisers and industry observers. Those could range from the firm's owner, Genstar Capital, winnowing...

Robert Moore, Cetera CEO, stepping down for health reasons

February 19, 2019

Cetera Financial Group said on Tuesday that Robert Moore will step down as its CEO, effective March 31, due to health reasons. Mr. Moore will continue to serve as an adviser to the board and executive management team. Ben Brigeman, board chairman,...

Ron Carson's firm sued by former client for $500,000

February 14, 2019

Carson Wealth Management, one of the most recognizable names in the financial advisory business, is being sued by a former client for $500,000 for charging fees the client claims were excessive. The arbitration claim, which was filed on Dec....

Finra bars ex-MML broker who sold $3.5 million of Woodbridge Ponzi

February 14, 2019

The Financial Industry Regulatory Authority Inc. said Wednesday that it had barred a broker who sold close to $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned...

Finra catches Kestra Financial overcharging customers

February 14, 2019

Kestra Financial has been fined $225,000 and required to pay $1.9 million in restitution for overcharging more than 3,200 mutual fund investors over a nine-year period, Finra announced. The Financial Industry Regulatory Authority Inc. reached...

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