Results for "independent broker-dealers"

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Wentworth Management Services buys World Equity Group

December 7, 2018

Broker-dealer M&A activity continues as 2018 draws to a close, with Wentworth Management Services on Friday announcing its acquisition of World Equity Group, a midsized independent broker-dealer outside Chicago with close to 180 brokers and...

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....

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...

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...

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...

Allianz dumps its IBD

October 11, 2018

Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Advisers with Allianz's Questar Capital...

LPL reels in $275 million team from Securities America

October 9, 2018

LPL Financial said on Tuesday that it recently snagged a team of eight advisers based in Colorado with close to $275 million in brokerage and advisory assets from rival Securities America Inc., one of the broker-dealers in the Ladenburg Thalmann...

Cetera Financial Group selling stock to its advisers

October 5, 2018

As part of a broad plan to bolster its 8,000 financial advisers, the recently sold Cetera Financial Group is offering its advisers loans to invest in their practices and an opportunity to buy stock in the company. In a press release Thursday,...

Vermont hybrid managing $330 million moves from Lincoln to LPL

June 14, 2018

Flood Financial services, a hybrid firm managing $330 million in assets in South Burlington, Vt., has switched its broker-dealer and registered investment adviser platforms from Lincoln Financial Services to LPL Financial Services. Richard Flood,...

Merrill team managing $325 million moves to Janney

August 20, 2018

A team consisting of a father and his two sons, who managed $325 million at Merrill Lynch in Media, Pa., have joined Janney Montgomery Scott. The Kernicky Group consists of Michael Kernicky, who had been with Merrill Lynch since 1986; son Michael...

Utah moves to fine Cetera, LPL and CUSO over credit union violations

May 7, 2018

The Utah division of securities last month moved to fine three large independent broker-dealers, Cetera Advisor Networks, LPL Financial and CUSO Financial Services, a combined $2.25 million for industry rule violations stemming from how broker-dealers...

Four Wells Fargo reps managing $550 million go indie with Raymond James

July 31, 2018

Four advisers collectively managing $550 million at Wells Fargo Advisors in suburban Atlanta have formed their own independent businesses and affiliated with Raymond James. The four, most of whom had spent decades with A.G. Edwards, a Wells...

LPL brokers can now use SS&C Advent's Black Diamond

July 26, 2018

LPL Financial continues to deepen the bench of third-party technology available to its financial advisers this week. The nation's largest independent broker-dealer announced Thursday that SS&C Advent's Black Diamond Wealth Platform, a portfolio...

Finra censures Cetera for lax supervision of brokers' outside activities

July 10, 2018

The Financial Industry Regulatory Authority Inc. has censured Cetera Financial Specialists and fined the firm $200,000 for supervisory failures in connection with its brokers' outside business activities. Finra said that between January 2012...

Independent broker-dealer revenue on the decline

April 22, 2017

InvestmentNews' research team examined how 57 independent broker-dealers, who have participated in our in-depth survey every year since 2011, have fared through a shifting financial advisory landscape. In 2016, independent broker-dealers saw...

Merrill loses $350 million team to Raymond James

March 22, 2017

A five-person team that managed $350 million in client assets at Merrill Lynch has joined the employee unit of Raymond James. Led by Brian Pick and Terri Fought, who operate as Pick Fought Wealth Advisors in Williamsport, Pa., the team includes...

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...

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