Results for "regional brokerages"

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Former LPL executive Derek Bruton resurfaces at Oppenheimer

November 14, 2016

Derek Bruton, a senior executive formerly with LPL Financial who abruptly resigned under a cloud in 2014, is now registered with Oppenheimer & Co. Inc., a New York brokerage that recently cut ties with some brokers who posed compliance risks....

Mary Jo White: 3 areas of oversight for the Treasury market

November 13, 2016

This is an edited speech given Oct. 24 by Mary Jo White, chairwoman of the Securities and Exchange Commission, at a conference in New York on The Evolving Structure of the U.S. Treasury Market, the second annual conference on this topic. It...

Stifel will retain commissions in retirement accounts under DOL rule

November 3, 2016

Put Stifel Financial Corp. in the column of brokerage firms that will continue to pay both commissions and fees to advisers who work with client retirement accounts. The past month has seen a steady roll call of major firms revealing their plans...

Broker-dealers split on commissions in wake of DOL fiduciary rule

October 30, 2016

After months of silence, large brokerage firms are beginning to announce their strategies to comply with the Labor Department's fiduciary rule. Morgan Stanley, Ameriprise Financial Inc., Raymond James Financial Inc. and Commonwealth Financial...

Raymond James will continue to allow commissions for IRAs under DOL fiduciary rule

October 27, 2016

Raymond James Financial Inc. on Thursday said it would continue to allow advisers to collect commissions for IRAs after the Department of Labor's fiduciary rule takes effect next year. During an earnings call, CEO Paul Reilly said that the firm...

Advisers managing $220 million in assets join Raymond James from UBS

October 25, 2016

Financial advisers managing $220 million in client assets joined Raymond James from UBS Financial Services. Harold 'Mac' MacFarland and Tadd Hicks earned in excess of $1.6 million in annual fees and commission, according to the statement released...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Stifel to acquire Indiana underwriter, wealth manager

September 13, 2016

Stifel Financial Corp. has scored another wealth management and investment banking acquisition, announcing Tuesday it had agreed to buy City Financial Corp. Indianapolis, Ind.-based City Financial is the parent of City Securities Corp., an independent...

RIA moving $300M in client assets to Raymond James

August 8, 2016

A registered independent adviser with more than $500 million in client assets is joining Raymond James Investment Advisors Division. WealthSource Partners, based in San Luis Obispo, Calif., is bringing over $300 million in assets that had been...

Raymond James adds $400M bank team to its financial institutions division

August 2, 2016

A team of advisers providing financial advice through a Texas bank has moved from Cetera Investment Services to Raymond James' financial institutions division. The group of seven advisers and seven assistants at First Financial Bank in Abilene,...

The SEC's case against Dawn J. Bennett

July 10, 2016

By all outward appearances, Dawn J. Bennett was a success. Barron's magazine named her three times to its lists of top financial advisers, showing her managing more than $1 billion in client assets. She often was quoted in the media and had...

Royal Alliance lawyers capitalize on Finra's broken BrokerCheck

June 22, 2016

The wacky world of Wall Street's homegrown justice system was on full display last week when Royal Alliance attorneys fought to scrub the tarnished record of former broker Kathleen Tarr, who is saddled with 44 customer disputes. Have lawyers,...

Broker-dealers face rising compliance costs from DOL rule, pricing competition from robo-advisers

June 8, 2016

At the same time they are facing increased costs to comply with the Department of Labor fiduciary rule, brokers-dealers are facing increased pressure on their fees from robo-advisers, according to executives at clearing and custody firm Pershing....

IRS says Finra fines not tax-deductible for broker-dealers

June 7, 2016

The Internal Revenue Service has indicated fines and penalties levied by the brokerage industry's primary regulator are not tax-deductible, which could end up costing those firms hit with such financial damages. In a memo published Friday, the...

Raymond James involved in $350 million development fraud: SEC-appointed receiver

May 27, 2016

Legal problems for Raymond James Financial Inc. are mounting in the fallout over the financing of a failed ski resort and real estate project in Vermont. Last month, the Securities and Exchange Commission filed a complaint claiming fraud against...

How brokers can navigate consolidation in the B-D industry

February 4, 2016

Financial advisers today face more uncertainty and potential headwinds than ever before — the Department of Labor's pending fiduciary ruling, rising technology and compliance costs, and increased regulatory scrutiny are just a few of the significant...

IBDs trumped by Obama on DOL fiduciary, but vow to fight on

January 26, 2016

Thousands of motivated independent broker-dealers are an opposing force to the Labor Department's fiduciary rule, but they have met an immovable object: President Barack Obama.  That doesn't mean they're giving up on last-ditch efforts to upend...

Oppenheimer & Co. team jumps to Jefferies wealth management unit

November 19, 2015

Jefferies Group, the investment bank owned by Leucadia National Corp., hired a team from Oppenheimer & Co. led by Greg Fisher to run a custody and emerging-market bond business for its wealth-management unit, a person with knowledge of the matter...

Merrill team with $2.9 billion joins Raymond James

November 17, 2015

A team of New York financial advisers with $2.9 billion in client assets left Merrill Lynch to join Raymond James & Associates on Monday, marking the brokerage's greatest recruiting coup to date. The five partners include Chris and Kevin Mahoney,...

Inside the death of the regional broker-dealer

November 1, 2015

A.G. Edwards & Sons Inc., Advest Inc., McDonald & Co. Twenty years ago, all were respected names in the securities industry — highly competitive regional broker-dealers whose advisers were employees, not independent contractors. Smaller than...

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