Results for "registered investment advisers (RIA)"

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SEC charges Beverly Hills RIA with keeping $131,000 in unearned fees

July 23, 2018

The Securities and Exchange Commission said it has settled with a Beverly Hills, Calif., RIA firm and its majority owner, Margaret Mulligan Black, who it claims improperly refused to refund $131,000 in unearned advisory fees to 63 departing...

Carson Group takes equity stake in $1.1 billion Pinnacle Financial Group

July 20, 2018

Carson Group announced Friday that it has brought $1.1 billion Pinnacle Financial Group into the fold through an equity partnership option program introduced earlier this year. Michael David, founder and chief executive of Amarillo, Texas,-based...

Fiduciary Network posts a 'for sale' sign

July 19, 2018

Fiduciary Network, a Dallas-based consolidator of advisory firms, has become the latest organization in the space to test its value on the open market. A report this week by Financial Planning confirmed what had been rumored for months: The...

SEC charges RIA and CEO with putting $19 million of client money into risky investments

July 18, 2018

The SEC on Wednesday charged an investment advisory firm based in Litchfield, Conn., and its CEO with putting $19 million of investor money, including elderly clients' retirement savings, in unsuitable, illiquid investments and secretly pocketing...

Pershing draws inspiration from consumer apps to drive RIA tech strategy

July 18, 2018

Technology's impact on everyday behavior has already forced advisers to rethink how they serve clients. Now it's forcing custodians to reconsider how they're serving advisers. At an RIA Symposium in New York Tuesday, Evan LaHuta, managing director...

Focus Financial raises goal for IPO to $600 million

July 17, 2018

Focus Financial Partners' announcement Monday that it plans on raising six times as much money — $600 million instead of its original $100 million — in an initial public stock offering is another endorsement of the registered investment...

Record 48 RIA mergers and acquisitions took place in Q2

July 17, 2018

A record 48 mergers and acquisitions took place among registered investment advisory firms in the second quarter, according to Echelon Partners. This was only the second time in five years that second-quarter M&A activity topped the usually...

$1 billion in assets? For some RIAs, it's not as good as it sounds

July 16, 2018

Be careful what you ask for. New research shows that once advisory firms reach $1 billion in assets, they face new challenges they may not have anticipated. A new study from Cerulli Associates claims that once a firm reaches that milestone,...

Alphabet soup is hot, and clients will pay more for those letters

July 16, 2018

Say what you will about the expansive alphabet soup of financial-planning credentials and designations, but new research shows consumers are migrating toward those advisers with letters listed after their names. "We found that consumers value...

TD Ameritrade launches fintech competition with $100,000 in prizes

July 16, 2018

TD Ameritrade Institutional is looking outside the industry for help keeping pace in the accelerating adviser technology race. On Monday, the firm kicked off Innovation Quest, a crowdsourced fintech competition distributing $100,000 in prizes...

LPL loses custody business of RIA managing $1.3 billion

July 13, 2018

Fragasso Financial Advisors, a Pittsburgh, Pa.-based RIA managing $1.3 billion, is moving its custodial relationship from LPL Financial to TD Ameritrade. The firm also said it will move its small, legacy brokerage business to Private Client...

Average client assets top $2 million for first time

July 12, 2018

The average client assets topped $2 million for the first time at independent advisory firms with over $250 million in AUM, according to Charles Schwab's latest RIA Benchmarking Study. That's the most per-client asset under management since...

What the fastest growing RIAs have in common

July 12, 2018

Business is booming for registered investment advisers. Regardless of firm size, independent firms are experiencing strong five-year compound annual growth in key metrics like assets under management, revenue and number of clients, according...

Fidelity offering model portfolios

July 12, 2018

Fidelity Investments is jumping on the model portfolio bandwagon. The Boston-based custodian with $7 trillion in assets under advisement launched on Thursday the Fidelity Target Allocation Model Portfolios, which offers five different asset...

Eight advisers managing $616 million join Benjamin Edwards

July 11, 2018

Eight advisers managing $616 million have joined St. Louis-based Benjamin F. Edwards & Co. Five of the advisers — the father-and-son team of David and Tyler Herr in Chandler, Ariz.; Bill Raymon in Birmingham, Ala.; James Garner in Atlanta;...

House panel approves bills to adjust regulations for small RIAs, protect senior investors

July 11, 2018

The House Financial Services Committee approved a bill Wednesday that could adjust regulations to better fit small investment advisory firms The panel also approved a measure that would require the Securities and Exchange Commission to establish...

SEC censures, fines advisers for Yelp endorsements

July 11, 2018

The Securities and Exchange Commission has charged three advisers for violating the testimonial rule by promoting their business on Yelp. According to separate SEC filings, Jaime Biel, William Greenfield and Brian Eyster hired Leonard Schwartz,...

Fired Merrill Lynch star broker Bruce Lee starts own RIA

July 11, 2018

A former star Merrill Lynch adviser in Chicago who was fired in April has opened his own RIA. The adviser, Bruce K. Lee, opened Keebeck Wealth Management and has been registered there since Monday, according to his BrokerCheck report. A perennial...

Michael Duffy and Happiness Wealth Management join LPL Financial

July 9, 2018

Michael Duffy and his firm, Happiness Wealth Management, have joined LPL Financial. The firm, which is based in San Carlos, Calif., joined LPL's broker-dealer and hybrid registered investment adviser platforms. Mr. Duffy has authored five books,...

Adviser serves Hispanic clientèle in Puerto Rico and the mainland

July 7, 2018

The day after Hurricane Maria hit Puerto Rico, Eduardo J. Ramos returned to business as usual at Freedom Advisory, the registered investment advisory firm he started 10 years ago in San Juan. The firm is one of just a handful of independent...

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