Results for "independent broker-dealers"

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Fidelity adds compliance layer for reps

September 20, 2004

NEW YORK - Preliminary moves by two leading mutual fund companies to reduce potential late trading and market timing have forced some registered representatives and financial advisers to face hard questions over their clients' retirement accounts....

M Financial teams up to create money management platform

September 13, 2004

NEW YORK - One of the fastest-growing independent broker-dealers in the industry is teaming up with a top Wall Street firm to create a proprietary money management platform. In a move that mimics its relationships with top insurance companies,...

NASD draws the ire of brokers

September 6, 2004

NEW YORK - NASD, in its effort to discover information about fee-based accounts, has taken a highly uncommon and aggressive step against a number of broker-dealers, according to some brokerage executives. Last month, regulators began cold-calling...

Proposed rule changes on VA sales win few fans

August 30, 2004

NEW YORK - As independent broker-dealers continue to generate more revenue from variable annuities, the brokerage industry is in a heated discussion over how best to sell the hybrid investment product. Last week, NASD of Washington made public...

SEC reopens Merrill rule debate

August 30, 2004

SAN FRANCISCO - The Financial Planning Association last week aimed a second legal barrage at the Securities and Exchange Commission over the so-called Merrill Lynch rule but then held its fire. In a follow-up to its July 27 lawsuit against the...

CEOs of insurer-owned brokers out-earned peers

August 30, 2004

NEW YORK - Although many insurer-owned independent broker-dealers are swimming in red ink, chief executives of such firms typically out-earned their peers at non-insurer-owned independents by one-third last year, according to a new study. The...

Broker targets small-bank asset wannabes

August 30, 2004

NEW YORK - It used to be that banks relied on deposits and loans to make money. These days, though, banks realize that they can make significantly more money by managing assets for their clients. A new broker-dealer, San Diego-based Advanced...

A gap between independents and insurance-owned brokers

August 23, 2004

NEW YORK - Independent broker-dealers began to recover last year, but the contrast in results between independent firms and insurance-owned broker-dealers remained stark, according to this year's survey of independent firms by Moss Adams LLP...

At broker-dealer firms owned by insurers, the cracks are showing

August 16, 2004

NEW YORK - The deep cracks in many of the insurance-company-owned independent-broker-dealer networks are showing, according to a recent report by UBS Investment Research, a unit of UBS Financial Services Inc. in New York. According to the report,...

LPL improves adviser access to alternatives

August 9, 2004

NEW YORK - Linsco/Private Ledger Corp., the industry's leading independent broker-dealer, is adding alternative investments for brokers and advisers, putting them on a greater par with wirehouse broker-dealers. Linsco, based in San Diego and...

Schwab rolling dice on keynoter Clinton

August 9, 2004

SAN FRANCISCO - Charles Schwab & Co. Inc. dropped more than 5,000 invitations in the mail late last week to financial advisers officially proclaiming that former President Bill Clinton will serve as keynote speaker at the firm's annual adviser...

Commonwealth to edge up its payout for some brokers

July 26, 2004

NEW YORK - In a move that may help with recruiting, Commonwealth Financial Network of Waltham, Mass., this month said that it is bumping up its payout to some of its registered representatives. The move increases the payout to 87%, a rise of...

A top indie to do E&O on its own

July 12, 2004

NEW YORK - In a highly unusual move, a leading independent broker-dealer has severed ties with the insurance carrier for its brokers, and set up its own independent insurance company. Commonwealth Financial Network made the move because it believes...

Next for Lincoln: Pay overhaul

June 28, 2004

NEW YORK - Lincoln Financial Advisors Corp. of Fort Wayne, Ind., has spent the past year going through a reorganization of its top executives and network of registered representatives. Now it is preparing to change how it pays its brokers and...

Smith Barney broker group takes bull by the horns

June 21, 2004

SAN FRANCISCO - A group of the most powerful stockbrokers at Smith Barney Inc. is creating guidelines that could push the firm across the final frontier from product pusher to financial counselor. Drafting the guidelines, however, could cause...

Wachovia breaks down a wall

June 14, 2004

SAN FRANCISCO - Wachovia Securities Financial Network LLC feasted on wirehouse brokers last year, but now it is preparing to cannibalize its own. The Richmond, Va.-based independent-broker-dealer arm of Wachovia Securities LLC is developing...

Advocate for independent firms aims high

May 24, 2004

Only four months old, the Financial Services Institute of Atlanta is setting its sights high to fulfill its mission as an advocate for independent-contractor broker-dealers. "Ultimately, we'd like to see an independent-broker-dealer voice on...

2 top Griffith affiliates leave Linsco in lurch

May 24, 2004

One of the nation's largest fee-based financial planning firms and the planning arm of the Southeast's largest certified public accounting firm have aligned with a new broker in the wake of Linsco/Private Ledger Corp.'s recent acquisition of...

Sore loser: NASD calls broker bully

May 3, 2004

NASD last week charged that an independent broker-dealer and its chief executive harassed an elderly couple after they won $318,000 in damages and legal fees against the firm. The NASD complaint charges Sigma Financial Corp and Jerome S. Rydell,...

AmEx unit, looking upscale, undergoes makeover

May 3, 2004

As it attempts to refocus its brokerage operations to concentrate on wealthier regions and investors with more assets, American Express Financial Advisors Inc. of Minneapolis has recently made changes at the top. The changes follow the unit's...

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