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PRO Act opponents target new bill that could curtail independent advisers
The bill, drafted by Senate Finance Committee Chair Ron Wyden, D-Ore., is aimed at reforming the unemployment compensation system, and could restrict use of the independent contractor classification. However, the proposed legislation lacks bipartisan support.
Adviser recruitment on track for record-breaking year
More than 4,000 advisers and brokers switched firms during the first quarter, up 11% from the first quarter of 2020. RIAs and IDBs continue to set the pace.
Edward Jones eases back into hiring financial advisers
The firm is cautiously increasing hiring at the moment, essentially new advisers, but at a lower rate than in the past. Training financial advisers takes time and is also expensive, with a high percentage of trainees typically not making the cut.
Bill that could make independent advisers employees faces Senate stall
The measure has drawn strong opposition from financial industry trade associations. In a March 4 letter to House leaders, 14 groups warned that the bill 'would cause significant disruption to the independent financial services and property casualty insurance industries and the customers we serve.'
Cetera pegs $4.2 million to cover SEC mutual fund investigation
The agency charged two Cetera broker-dealers with breaching fiduciary duty and defrauding retail advisory clients in connection with the sales of mutual funds.
Team managing $1.35 billion at Merrill Lynch moves to Stifel
The practice in Dallas includes four advisers and three support staff.
Atria acquires another indie B-D, SCF Securities
Fresno, California-based SCF has 150 affiliated reps; once the deal closes, Atria will have more than 2,500 reps and nearly $95 billion in assets.
B. Riley to acquire remaining 55% of National Holdings
The combination of Los Angeles-based B. Riley and New York-based National Holdings will result in a firm with roughly 900 registered representatives and $29 billion in client assets.
Florida indie managing $400 million hops to LPL from Kestra
Six-adviser FDR Financial has offices in Boca Raton and Hollywood
Robert Moore returns to advice business to lead giant LPL branch
The shift in management is not a sign that New Jersey-based Private Advisor Group is for sale, owner says
LPL to pay top dollar for employee reps and advisers
The independent broker-dealer's new employee offer has a payout for the million dollar adviser of 60%
Securities America warns of service slowdown as consolidation begins
Advisers are experiencing "longer than usual wait times," according to a memo
GPB Capital reports nearly $200 million drop in AUM
The alternative asset manager parts ways with an auditor and its valuation company
Abandoning alts is shortsighted
The decision by some IBDs to move away from REITs amid the pandemic leaves their advisers with one less tool to use to help clients
Berthel Fisher facing up to $2.5 million in legal, regulatory costs
The broker-dealer says it has more than $1 million in insurance to offset the expense
Some new Advisor Group reps staring at reduced pay grid
Any cuts to payout will be offset by tools and technology, according to the broker-dealer
Cetera Financial tightens its belt on staff compensation: Sources
The network of broker-dealers is said to have frozen merit pay bumps for staff until 2022
5 challenges facing successful independents
When they begin thinking about their endgame, the largest firms may not be able to find a buyer within their own broker-dealer network
Fat fees, conflicts made sales of GPB private placements ‘illegal’: investor complaint
GPB’s strategy was destined to fail, according to the lawsuit
Advisor Group to consolidate three former Ladenburg broker-dealers
The broker-dealers will be rolled into Securities America
