Broker-Dealers

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Topic

FINRA sweep scrutinizing withdrawals

Intensifying its recent focus on protecting retirees, the Financial Industry Regulatory Authority began last month a sweep of broker-dealers focusing on the use of exemptions in the tax code to withdraw money from retirement accounts for clients before they reach 59½.

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Midsize brokers take on big guns with new, creative pay packages

In order to take on the big boys of the independent broker-dealer market, some growing middle-tier firms are offering souped-up compensation packages in place of or along with big upfront checks.

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FINRA eyes IRA withdrawal abuses

FINRA is sweeping B-Ds looking for improper early withdrawals from client retirement accounts.

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LPL experiences systems failure

A massive snafu is stopping 10,000 advisers affiliated with Linsco/Private Ledger Corp. from doing business online.

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B-D firms get merger payout

Firms are receiving the $35,000 that was promised upon the completion of the NASD-NYSE Reg merger.

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Waddell promises platform for top reps

Waddell & Reed will offer its advisers updated technology and a new outside platform for its top 300 reps.

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Star reps to divvy $28M in bonuses

For the second consecutive year, LPL Financial Services is giving a bump to its bigger-producing registered reps.

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Bear B-D takes on sales execs

Bear Stearns Broker-Dealer Services has expanded its sales and account officer teams with four new hires.

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SEC releases order routing report

Payment for order flow and internalization of retail options orders to affiliated dealers by brokerage firms has become more pervasive, the Securities and Exchange Commission found in a study

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LPL buys most B-Ds of Pacific Life

After eight months of negotiations, LPL Financial Services Inc. this morning finalized the details of its acquisition of the majority of the broker-dealers owned by Pacific Life Co. of Newport Beach, Calif.

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Up-and-coming execs

Three executives of National Planning Corp., Sean Haley, Bryan Jacobsen and Austin Moon, have received promotions.