Results for "independent broker-dealers"

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Rogue brokers still pose danger to investors

February 6, 2017

The Financial Industry Regulatory Authority Inc. is making a lot of noise about keeping tabs on what it perceives to be high-risk or recidivist brokers, commonly called rogues in the industry. At the start of the year, Finra placed the monitoring...

Raymond James to deliver robo service for advisers by year end

January 30, 2017

Raymond James Financial will introduce a digital advice platform for advisers to use with clients by year end, though it still has no intention of providing direct robo advice to clients. Through its affiliated advisers' websites, clients will...

Galvin orders LPL to pay $3.7 million in restitution, fines over unsuitable VA sales

January 30, 2017

LPL Financial was ordered Monday by Massachusetts regulators to pay up to $3.7 million in restitution and fines to investors as a result of an investigation into sales of unsuitable variable annuities by a former top-producing adviser based...

2017 to be year of independent broker-dealer mergers

January 22, 2017

If past is prologue, 2017 should see a steady pace of independent broker-dealer consolidation and mergers and acquisitions. Last year saw transactions involving firms that house thousands of registered reps and financial advisers as the industry...

Ron Carson reveals friction with LPL led to move to Cetera

January 22, 2017

In his first interview after officially moving his firm to Cetera Financial Group last week, Ron Carson acknowledged there was friction between him and his old broker-dealer, LPL Financial, and said he ultimately lost faith in the ability of...

Top independent broker-dealers reveal their payout tables

January 22, 2017

The 2017 InvestmentNews independent-broker-dealer directory is based on information provided by 90 eligible firms. To be considered for future listings, contact INResearch@investmentnews.com. Visit InvestmentNews.com/bddata for more-complete...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

Broker-dealers have different views on recruiting over next six months

January 12, 2017

Senior executives at leading independent broker-dealers are split in their assessment of recruiting over the first half of this year, with some expecting a strong start to 2017, while others are not as sanguine. Confusion in the recruiting market...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

With DOL fiduciary looming, Advisor Group reduces fees on its brokerage and advisory platform

January 10, 2017

With the Department of Labor's new fiduciary rule for retirement accounts looming, the Advisor Group said on Tuesday it has made broad changes to its investment platform for its 5,000 advisers. The firm, which has four broker-dealers in its...

TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms

January 6, 2017

A relative newcomer to the general concept of rollups and strategic acquirers, TruClarity is making a deliberate push for midsize wirehouse brokers looking to breakaway as registered investment advisers. Just 18 months old, TruClarity, based...

Tim Murphy, former head of a closed Cetera Financial Group broker-dealer, now with LPL affiliate

January 5, 2017

Tim Murphy, the one-time CEO of a closed Cetera Financial Group broker-dealer, is now registered with an LPL Financial affiliate, Integrated Financial Partners. Formerly the head of the now shuttered Investors Capital Corp., Mr. Murphy registered...

Raymond James recruits Oregon adviser from Morgan Stanley

January 4, 2017

Raymond James & Associates has recruited Portland, Ore.-based brokerage representative Katherine Fisher-Schultz from Morgan Stanley. Ms. Fisher-Schultz, who managed more than $170 million in client assets at Morgan Stanley, has joined Raymond...

Amy Webber to replace Eric Schwartz as CEO of Cambridge Investment Research

January 3, 2017

Eric Schwartz, the founder of independent broker-dealer Cambridge Investment Research Inc., has stepped down as the firm's CEO and has been replaced by longtime executive Amy Webber, who will also remain the firm's president. Mr. Schwartz, who...

Steward Partners nears $5B as it continues to recruit wirehouse reps

January 3, 2017

The first hurdle for any wirehouse rep hoping to join Steward Partners Global Advisory is the “no-jerk policy,” which company founders say is more important than experience or assets under management. “We want great people, first, who...

Cambridge's Eric Schwartz looks into the future of independent broker-dealer industry

December 29, 2016

Eric Schwartz, founder, chairman and CEO of Cambridge Investment Research Inc., is one of the brightest guys in the securities business. One of the most unassuming, too. He started a predecessor to Cambridge in the 1980s but struggled with it...

LPL Financial's new CEO Dan Arnold to receive big pay hike in 2017

December 27, 2016

Dan Arnold, the newly appointed chief executive of LPL Financial Holdings Inc., is staring at a big pay day in 2017. Replacing Mark Casady as chief executive, Mr. Arnold is slated to receive $5.4 million in total compensation next year, according...

Private equity's future in the independent retail financial advice industry

December 20, 2016

On the surface, the independent retail financial advice space hardly seems like fertile ground for private equity activity. Between escalating regulatory costs, combined with demographic and technology shifts redefining how consumers receive...

Finra slaps Allstate Financial with $1 million fine for array of fumbles

December 16, 2016

Citing a broad breakdown with the firm's failures to supervise client and adviser information, the Financial Industry Regulatory Authority Inc. on Thursday slapped a $1 million fine on Allstate Financial Services, the broker-dealer arm of insurance...

Wells Fargo's FiNet snags two Morgan Stanley advisers with $243 million in client assets

December 14, 2016

Wells Fargo Advisors Financial Network, or FiNet, snagged two former Morgan Stanley advisers who opened an independent practice. Tom Fautrel and Paul Carlson joined FiNet this month to open an independent practice, Seventy2 Capital, according...

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