Results for "regional brokerages"

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Stifel in talks to acquire Sterne Agee

February 20, 2015

Stifel Financial Corp. is in discussions to acquire Sterne Agee Group Inc., combining two of the biggest U.S. brokerages outside of New York, according to a person with direct knowledge of the matter. A deal may be announced within days, said...

Cetera president blasts White House memo defending DOL fiduciary

January 27, 2015

An independent broker-dealer executive Monday sharply criticized a leaked White House memo that purports to show that sales incentives for financial advisers cost retirement savers billions of dollars annually, calling it “offensive” and...

Fidelity fined $350,000 in billing snafu

January 20, 2015

The Financial Industry Regulatory Authority Inc. has ordered Fidelity Investments to pay a $350,000 fine after the firm allegedly overcharged more than 20,000 clients a total of $2.4 million. From January 2006 to September 2013, Fidelity inappropriately...

Merrill to pay $400,000 over telemarketing compliance shortfall

December 30, 2014

Who says cold calling is dead? Bank of America Merrill Lynch has agreed to pay $400,000 to as part of a settlement with the New Hampshire Bureau of Securities Regulation over allegations it improperly solicited business by phoning residents...

2014 big for indexed annuities: Broker-dealer execs

December 23, 2014

The year isn't over yet, but executives at broker-dealers say they've had a major rise in the indexed-annuity business — to the point that it may be cannibalizing sales of variable annuities. At Raymond James Financial Inc., the annualized...

Sterne Agee sues former CEO Holbrook

December 11, 2014

Sterne Agee Group Inc. fired its former chairman and CEO, James Holbrook Jr., in May for allegedly misusing company assets. Now, the firm is suing him for the same reason: allegedly using company assets and resources that were not in Sterne...

SEC investigating top Oppenheimer executive

December 10, 2014

The head of retail brokerage at Oppenheimer & Co., who resigned on Friday, is facing an investigation by the Securities and Exchange Commission. Robert Okin resigned from Oppenheimer to pursue other interests, according to a report from Reuters....

Top independent adviser manages $3.5 billion in new ranking

December 6, 2014

When Debra Wetherby started her investment advisory firm in 1990, she was 32, just married and had less than $50,000 of capital. She plunged into an emerging industry of advisers who run their own businesses rather than operating inside big...

Regional broker-dealers need creativity to keep up in the recruiting arms race

October 13, 2014

It's approaching silly season again, also known as recruiting season. It's typically the time of year that the independent broker-dealer community introduces new incentives to tantalize wayward reps and advisers considering a new affiliation...

Ex-Raymond James adviser barred over $1 million theft

October 3, 2014

Finra has barred an independent financial adviser with Raymond James Financial Services Inc. who allegedly pocketed nearly $1 million in client funds last year, according to a settlement offer posted on the regulator's website. From July to...

Schorsch adds industry veteran Dwyer to RCAP's team

September 23, 2014

RCS Capital Corp. continues to shake up its senior leadership and add top industry talent to its already deep management team. On Tuesday, RCAP said it had hired a former top LPL Financial executive, Bill Dwyer, as chief executive of Realty...

Baird snatches Wells Fargo adviser with $350M in AUM

July 23, 2014

Robert W. Baird & Co. Inc. has added a top broker from Wells Fargo and a new director to its Houston market. Gary Foose Jr. joins the firm as a director and financial adviser in Houston with $350 million in client assets and $1 million in annual...

Private client group gains drive Raymond James to record quarterly profit

July 23, 2014

Raymond James Financial Inc. continued to build on momentum as pretax profit in the private client group hit a record $81.5 million in the firm's third fiscal quarter, a 39% increase over the same period last year. Strong growth in recurring...

Ex-Sterne Agee broker faces expulsion over $6 million hedge fund

July 11, 2014

A former Sterne Agee Financial Services Inc. broker could be expelled for allegedly running a $6 million hedge fund on the side. The Financial Industry Regulatory Authority Inc. charged Dean Mustaphalli for founding and receiving commissions...

Opinions on bull market split following most recent run-up

July 10, 2014

Financial advisers are facing a schism in the current perception of the stock market. After the S&P 500 closed at an all-time high of 1,985.44 on July 3, the question now facing advisers is whether the bull market in stocks that began in March...

As economy improves, veteran advisers stay put

July 10, 2014

Even industry recruiters are starting to admit that there's a lull in the war for top adviser talent. “I don't see that much movement,” said Michael King, a recruiter and president of Michael King Associates Inc. “I would have thought...

Indie reps happier at work than employee advisers: J.D. Power

June 30, 2014

Independent advisers continue to be happier at work than their colleagues who are employees of broker-dealers but the gap in job satisfaction between the two groups is narrowing. The 2014 job satisfaction score of independent advisers dropped...

Sterne Agee wants to remove Holbrooks from board

June 25, 2014

Sterne Agee Group Inc. wants to remove its former chief executive, James Holbrook Jr., and his son, Billy, the firm's former chief operating officer, from its board of directors. In a letter on Monday to its shareholders, the company's executive...

Sterne Agee's ousted CEO Holbrook said to face investigation

June 23, 2014

Sterne Agee Group Inc.'s former chief executive faces a probe into whether he misused company assets such as airplanes, boats, hunting clubs and condominiums, a person with knowledge of the matter said. The Treasury and Justice departments are...

Are nontraded REIT commissions headed for a fall?

June 19, 2014

Registered representatives who sell nontraded real estate investment trusts should brace themselves for upfront commissions that will likely be lower than in the past. Reps and their broker-dealers saw a bonanza last year from nontraded REIT...

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