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Edward Jones settles cold-calling case for $750,000

February 26, 2014

Cold calling – a once-popular method of prospecting clients – was dealt another blow in a settlement with the New Hampshire Bureau of Securities Regulation. Edward Jones has agreed to pay $750,000 to resolve claims that it unlawfully solicited...

A whirlwind week of conferences

February 2, 2014

I definitely earned my frequent flyer miles last week. On Monday, I made my way down to our nation's icy capital to attend the Financial Services Institute Inc.'s big gathering of independent broker-dealers and financial advisers. As usual,...

Edward Jones revamps recruiting to focus on wirehouses

January 21, 2014

Edward Jones has been fighting back against wirehouses with some new moves of its own. The fourth-largest broker-dealer firm with about 13,000 financial advisers has spent the past two years trying to shift its focus and market itself as an...

Southwest Securities could be sold to big shareholder

January 10, 2014

SWS Group Inc., the parent company of Southwest Securities Inc., on Friday confirmed that its board had received a takeover bid from one of its biggest investors, Hilltop Holdings Inc. Hilltop, which owns a bank, a mortgage lender and another...

Finra fines Stifel, Century Securities $1M on complex ETFs

January 9, 2014

Broker-dealer Stifel Nicolaus & Co. and its subsidiary, Century Securities Inc., have agreed to pay more than $1 million in fines and restitution related to the sale of nontraditional exchange-traded funds. The Financial Industry Regulatory...

The 10 biggest adviser moves of 2013 - The year's biggest adviser moves

December 22, 2013

2013 featured over 330 adviser moves reported and added to the InvestmentNews Advisers on the Move database. The year in adviser moves featured 17 teams with previous client assets exceeding $1 billion changing firms. We’ve pulled together...

J.P. Turner must pay more than $700,000 in restitution to clients

December 5, 2013

Finra on Wednesday ordered midsize independent broker-dealer J.P Turner & Co. to pay more than $700,000 in restitution to clients who complained about unsuitable sales of leveraged and inverse exchange-traded funds and excessive mutual fund...

Finra board eyes raising arb fees to increase arbitrator pay

December 4, 2013

Finra is considering raising the fees related to pursuing an arbitration claim against a brokerage firm in order to increase the pay for people who hear the cases. Arbitrators' honoraria is one of eight items on the agenda for Thursday's meeting...

Prepping Janet Yellen for the hot seat

November 13, 2013

Five questions Janet Yellen needs to prep for as she faces the Senate Banking Committee on Thursday. What's your Plan B, if stimulus fails? And at least two Fed officials support more quantitative easing. ”Monetary policy should remain very...

Raymond James reports record net income, profit for fiscal year

October 23, 2013

On the back of its acquisition of Morgan Keegan & Co. Inc., Raymond James Financial Inc. on Wednesday reported record net revenue of $4.5 billion for its fiscal year ended in Sept. 30, up 18% from the prior year. The firm, home to 5,700 registered...

Three biggies add $1B teams to ranks

October 6, 2013

Last week was a busy one for broker-dealer moves. Wells Fargo Advisors LLC, Bank of America Merrill Lynch and LPL Financial LLC each announced adding teams that managed $1 billion in client assets. Wells Fargo Advisors LLC last month landed...

Janney lands Merrill team with more than $900 million

October 4, 2013

Janney Montgomery Scott LLC has landed a group of former Bank of America Merrill Lynch advisers who manage over $900 million in assets for clients, the regional brokerage announced on Friday. The team, which joins Janney's West Harford, Conn.,...

The inexorable shift away from the wirehouses

September 12, 2013

The last decade has been marked by a steady but sure shift by clients away from the wirehouses to independent advisers. In 2011 alone, some $90.3 billion in client assets left the wirehouses with clients who took their assets with them when...

Jones moves to capitalize on fee business

August 18, 2013

Edward Jones' decision to start selling proprietary investment products is a sharp departure from its past practice but makes perfect sense when you look at where the company's revenue increasingly is being generated. After launching a fee-based...

Edward Jones makes unexpected leap into proprietary products

August 13, 2013

Contrary to its long-stated message to its financial advisers, Edward Jones is getting into the proprietary-investment-product business. The firm, known for its one-man shops and mass of trainees, is launching a line of affiliated mutual funds...

RIAs vs. wirehouses: who will gather more share?

August 13, 2013

Independent registered investment advisors and discount brokers are expected to continue picking up market share from traditional brokerage firms this year, according to Aite Group LLC. RIA firms expect to grow their client numbers 12% this...

The Takeaway: Keep an eye on that sales assistant!

August 2, 2013

Portfolio US economy adds 162,000 jobs in July. Here are some reactions from economists:  (MarketWatch) Hope you didn't try to do the right thing and diversify clients' portfolios this year.  (The Reformed Broker) The August issue of Mutual...

RIAs are losing competitive edge

July 28, 2013

Imitation is supposed to be the sincerest form of flattery, but with wirehouses and regional broker-dealers starting to look more like registered investment advisers, the trouble could just be getting started for independents. Wirehouses and...

Cogent: Two-thirds of industry compensation to be fee-based by 2015

July 23, 2013

The glacial shift toward fee-based compensation is expected to accelerate over the next two years, according to Cogent Research LLC. It is a bad omen for the mutual fund industry, which already is under pressure. "I'm not surprised given it's...

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