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LPL Financial recruits five advisers from PNC Investments

December 6, 2018

LPL Financial has recruited a five advisers managing $225 million in client assets from PNC Investments. The advisers will align with Bedminster, N.J.-based Gladstone Advisors, and LPL's broker-dealer and corporate registered investment adviser...

LPL buys AdvisoryWorld for $28 million in cash

December 3, 2018

LPL Financial has acquired AdvisoryWorld, a 31-year-old adviser technology firm, for $28 million in cash. AdvisoryWorld produces a suite of digital tools for investment analytics, portfolio construction and proposal generation. More than 30,000...

LPL recruits $300 million Founders Federal Credit Union group from Cetera

November 28, 2018

LPL Financial has recruited a team managing $300 million from Cetera Advisor Networks, one of six independent broker-dealers under Cetera Financial Group. Founders Investment Services, an advisory unit of Founders Federal Credit Union in Lancaster,...

Finra fines H. Beck $400,000 for unsuitable sale of variable annuities

November 21, 2018

The Financial Industry and Regulatory Authority Inc. fined H. Beck $400,000 Tuesday for failing to mandate and enforce its own written supervisory procedures, resulting in the unsuitable sale of L-share variable annuities tied to long-term riders....

Ohio National lays off chief distribution officer; president retires after three months on the job

November 20, 2018

Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive...

As it works to pull off a merger, FS Investments admits shortcomings

November 20, 2018

In a highly unusual move for an investment company, FS Investments is currently performing a "mea culpa" for investors and financial advisers. Any expression of weakness or regret in the kill or be killed world of the asset management and brokerage...

Fortress Biotech selling its majority stake in National Holdings

November 19, 2018

National Holdings Corp., home to about 700 independent registered reps and advisers, said Monday that B. Riley Financial is buying a 49% stake in the broker-dealer. B. Riley Financial, which owns a variety of financial services businesses, bought...

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...

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...

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...

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...

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...

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