Results for "regional brokerages"
Displaying 181 results
Top Waddell & Reed team bolts to form RIA
August 22, 2018
Waddell & Reed continues to lose reps and advisers. Most recently, a veteran, award-winning team in Northern California that produced $1.6 million in annual revenues bolted to start their own RIA. Elaine and Scott Manley both left Waddell &...
Back office should be top of mind for growing advisory firms
July 24, 2018
Recently, a colleague of mine suggested that "back office" should be considered a bad word, because it's where things go wrong without accountability. I respectfully disagree. The back office plays a major role in delivering a client service...
D.A. Davidson expands with hires from Merrill Lynch
June 25, 2018
D.A. Davidson & Co., a broker-dealer headquartered in Great Falls, Mont., has recruited eight financial advisers in the past two months, including four from Merrill Lynch. "Our recruiting from wirehouses has picked up," said Michael Purpura,...
Finra to overhaul broker information system, cut compliance costs for broker-dealers
June 14, 2018
The Financial Industry Regulatory Authority Inc. said Thursday it is going to overhaul its registration and disclosure programs, starting with a new web-based system for the data that provides the backbone for BrokerCheck, a database of hundreds...
Top independent broker-dealers ranked by revenue
April 21, 2018
Firm 2017 % revenue ($M) % change vs. 2016 2017 commission revenue ($M) % change vs. 2016 2017 fee revenue ($M) % change vs. 2016 2017 other revenue ($M) % change vs. 2016 1 LPL Financial $4,281.50 5.70% $1,670.80 -3.80% $1,409.20 9.30% $1,201.40...
SEC advice rule: Here's what you need to know
April 19, 2018
The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...
Fifth generation rides Edwards brands toward RIA market
March 23, 2018
Ten years after launching his own brokerage business and riding the breakaway broker wave to more than $23 billion under management, Benjamin F. "Tad" Edwards IV sees a fresh opportunity in the registered investment adviser channel. Mr. Edwards...
Eight brokerage firms urge CFP Board to delay new fiduciary standards
February 5, 2018
Eight major brokerage firms are calling on the Certified Financial Planner Board of Standards Inc. to halt its effort to raise the investment-advice requirement attached to the designation until the Securities and Exchange Commission proposes...
UBS team managing $440 million moves to Raymond James
December 14, 2017
A team with three advisers and two associates managing $440 million at UBS has joined the employee channel of Raymond James Financial in Winter Park, Fla. Michael Zizmer, one of the lead advisers on the team, began his financial services career...
Financial Focus takes $446 million in assets from NPC to Securities America
November 16, 2017
Financial Focus, a hybrid RIA managing $446 million in assets in Carlsbad, Calif., has switched affiliations from National Planning Corp. to Securities America. The all-female advisory firm, founded in 1984, specializes in serving women investors....
Finra bars former broker over unauthorized use of discretion
October 11, 2017
The Financial Industry Regulatory Authority has barred former broker Kenneth Neuner after he failed to appear at a hearing looking into his unauthorized use of discretion. Mr. Neuner had been employed by Summit Brokerage Services until March,...
Dan Arnold's big gamble at LPL Financial
October 7, 2017
DAN ARNOLD, THE NEW CEO of LPL Financial Holdings Inc., is making bold moves to increase profitability at the nation's largest independent broker-dealer, and while he's pleasing Wall Street, some LPL affiliates and advisers are questioning how...
SEC charges ex-Connecticut rep with $1 million fraud
September 1, 2017
The SEC has charged Leon Vaccarelli, a former broker who had been affiliated with The Investment Center in Waterbury, Conn., with persuading several elderly customers to invest with him and then spending their money on his own living and business...
Cetera loses bank brokers managing $750 million
July 27, 2017
Great Western Investments & Insurance, the brokerage business of Great Western Bank in Sioux Falls, S.D., has changed affiliation from the Cetera Financial Group to Raymond James. The bank brokerage employs 17 financial advisers, who collectively...
Pennsylvania slams midsize broker-dealer with $500,000 fine
July 20, 2017
The Pennsylvania Department of Banking and Securities this week slammed Newbridge Securities Corp. with a $499,000 fine for failing to supervise a broker in connection with sales of structured products to his clients in the state. "From in or...
Brokerage firms hunt for fintech in early-stage development
May 26, 2017
While financial advisers find it challenging enough to stay on top of new financial technologies, some firms are dedicating resources to ensure they have a heads-up on the latest fintech innovations coming down the pike. Edward Jones is investing...
Top independent broker-dealers by revenue and payout
April 23, 2017
Top 50 IBDs ranked by 2016 revenue Bubble view By group Table view Firm 2016 revenue ($M) % change vs. 2015 2016 commission revenue ($M) % change vs. 2015 2016 fee revenue ($M) % change vs. 2015 2016 other revenue ($M) % change vs. 2015 1 LPL...
Raymond James loses $762,000 penny stock arbitration claim
March 1, 2017
Raymond James & Associates Inc. was tagged last week to pay $762,000 in an arbitration case stemming from penny stocks a legacy Morgan Keegan financial adviser bought for clients from 2007 to 2010. Raymond James & Associates is the employee...
DOL fiduciary rule class-actions costs could top $150M a year
February 9, 2017
Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...
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...
