Independent Broker-Dealers

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UBS team managing $245 million goes indie with LPL

Brendan Biruk and Dan Rattigan form Washington Crossing Financial Group in Washington Crossing, Pennsylvania.

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National Securities received $5.5 million PPP loan last year

The loan program was aimed at buoying businesses with less than 500 employees; while National Securities surpassed that number of reps and advisers, those were not employees, but rather independent contractors.

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Tennessee bank program moves to Raymond James

FirstBank’s investment unit, with 17 advisers, had been affiliated with LPL Financial.

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Trio managing $500 million at BB&T joins Raymond James

Chuck Crist, Chuck Gillingham and Ryan H. Jones are joining the firm's employee channel in St. Augustine, Florida.

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IBDs saw decent year in 2020 wirehouse recruiting

Independent broker-dealers saw gains in recruiting coveted wirehouse advisers despite the massive disruptions caused by COVID-19. Firms are also building out registered investment advisory platforms to lure advisers.

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Broker-dealers brace for cyberthreats

2020 was the year that independent broker-dealers needed to rely on technology more than ever, with home-office staff and a large number of advisers working from home or in remote offices. What if criminals breach a broker-dealer's cyber wall?

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Texas trio managing $175 million exits Avantax for LPL

West Texas WealthCare will use JFC Financial as its office of supervisory jurisdiction.

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Raymond James cut executive pay in 2020

The second half of fiscal 2020 was tough, the firm reported in its annual proxy statement; CEO Paul Reilly's total compensation fell almost 17% from the prior year and other top executives also saw their pay decline.

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Father-son duo managing $150 million join LPL

John and Evan McCoy run Integrity Financial Services in Lancaster, Pennsylvania, and were previously affiliated with Securities America

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Morgan Stanley rep managing $138 million bolts to Commonwealth

Dale Kramer opens an indie shop, Kramer Wealth Strategies, in upstate New York