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The rule requires firms with a history of misconduct or that employ a high number of reps with disciplinary records to deposit cash into an account controlled by the Financial Industry Regulatory Authority Inc.
The former AdvisorEngine exec will oversee FiNet, First Clearing and the wirehouse's RIA business.
Chad Bester is joining Mount Yale Capital Group in Minneapolis.
Nashville, Tennessee-based GenXFinancial is acquiring Boston Partners Financial Group to form a $9 billion firm.
Kyle Smith and Michael Sandlin are leaving Truist Investment Services in Raleigh, North Carolina.
Tim Devlin and Michael Jeremiah are joining the firm in Spokane, Washington.
'As we went through the quarter, we didn’t expect it to slow down as much,' CEO James Cracchiolo said in an earnings call. The company reported 10,047 financial advisers across its platform at the end of June, compared to 9,894 a year earlier.
Members of the partnership, which is affiliated with Raymond James, will be able to tap capital from Merchant Investment Management.
Rock-bottom interest rates have fueled the biggest borrowing binge on record, and even billionaires with enough cash to fill a swimming pool are loathe to sit it out.
Whether they're inclined to stay or to go, advisers owe it to their clients and themselves to pay attention to the subtle, but important, changes happening at the company.
The bank is planning to hire more than 500 advisers in its traditional brokerage business in coming years, bringing the total in that unit to 1,000.
The seed round also featured other prominent participants like founder of Barstool Sports Dave Portnoy and New Enterprise Associates managing general partner Tony Florence.
Temporary relief from onsite examinations, which began at the start of the pandemic, is set to expire in December.
New report shows financial adviser conference attendees are less impressed with sponsor status than they are with solid content from those sponsors.
Three advisers who operate as West End Advisory in St. Louis make the move.
The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.
Miami-based Green Grove Wealth Management is affiliating with Insigneo.
Cash spreads are certainly nothing new, but with almost $64 billion in assets, Schwab is likely the largest robo-adviser to hold significant chunks of client assets in cash.
Two of the advisers came from VCB Financial Group and one joined from Merrill Lynch.
The $3 billion Baltimore-area firm says it will use the funds to invest in its platform, expand its team and develop a national footprint through M&A.
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