Results for "broker-dealers"

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Riskiest ETFs get a green light

December 5, 2019

A plan to greenlight some of the ETF industry's most controversial products comes with a caveat that could doom them to irrelevance. Asset managers will soon have free rein to create leveraged and inverse exchange-traded funds under a recent...

UBS joins Credit Suisse in focus on lowest ranks of wealthy

December 2, 2019

UBS Group plans to offer scaled-back services to a broader group of wealthy clients, joining Credit Suisse Group in changing how it targets the lowest ranks of the rich. Starting early next year, clients in Switzerland who have between $500,000...

Commending Finra on its efforts to improve its exam program

December 2, 2019

Assisting the Financial Industry Regulatory Authority Inc. in its ongoing effort to enhance the effectiveness of its examination program has been one of our long-standing priorities. In 2017, we submitted a comment letter containing several...

GPB announces another delay in release of audited financials

November 27, 2019

Investors in private funds sold by troubled investment firm GPB Capital Holdings, who have been waiting for audited financial results for more than a year, have been told yet again that the company will not meet its latest deadline of Dec. 31....

Does a Schwab-TD combo create a Walmart of financial planning?

November 25, 2019

With Charles Schwab Corp.'s $26 billion acquisition of rival TD Ameritrade Holding Corp. officially confirmed, custodian firm competitors are coming out with their own spins on how a combined entity representing at least​ half​ of the industry's...

Court orders $12 million disgorgement in stock manipulation case

November 22, 2019

As part of a final judgment in a case brought by the Securities and Exchange Commission, a federal court in New Jersey has ordered Samuel DelPresto and the firm he owned, MLF Group, to pay disgorgement of $12.12 million and interest of $1.8...

Atria Wealth to acquire Western International Securities

November 21, 2019

Atria Wealth Solutions, a New York-based broker-dealer holding company, will acquire Western International Securities, a Pasadena, Calif.-based broker-dealer founded in 1995 that serves more than 400 independent brokers and administers $13 billion...

Finra bars former Pruco rep fired for taking client's money

November 21, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco Securities representative Joseph Viet Duy Phan for failing to appear at a hearing looking into his conduct at the firm. In October 2018, Pruco discharged Mr. Phan because...

TD Ameritrade shares spike 25% as market anticipates deal

November 21, 2019

Shares of TD Ameritrade Holding Corp. were up nearly 25% in premarket trading Thursday morning in anticipation a blockbuster announcement that Charles Schwab Corp. will buy the rival discount brokerage operation for a reported $26 billion. Schwab...

What a Schwab-TD combo could mean for advisers and the custody business

November 21, 2019

The custodian business could get a lot more interesting with the reported acquisition of TD Ameritrade Holding Corp. by rival Charles Schwab Corp. The $26 billion deal, which as of midday Thursday had yet to be confirmed by either company, would...

Finra bars former Merrill assistant for tapping broker's account

November 18, 2019

The Financial Industry Regulatory Authority Inc. has barred Julie Ann Mineard, a former registered assistant at Merrill Lynch in Seattle, for keeping $24,044 from the account of the rep she worked for, instead of paying his personal bills as...

Finra bars former Raymond James rep discharged over loans

November 14, 2019

The Financial Industry Regulatory Authority Inc. has barred Lance Roman Armstrong, formerly a broker with Raymond James, for failing to take part in an investigation looking into allegations that he borrowed money from customers. [More: No bonuses...

How new fintech solutions can assist with Reg BI

November 14, 2019

Financial services organizations have been tasked with showing that their broker-dealers and registered investment advisers are working in clients' best interest under the Securities and Exchange Commission's new Regulation Best Interest rule,...

RetireOne insurance platform buys EF Legacy Securities

November 14, 2019

RetireOne, a San Francisco-based platform for fee-based insurance products owned by Aria Retirement Solutions, has purchased EF Legacy Securities, a broker-dealer, from Edelman Financial Engines. [More: Guiding clients through the Medicare maze]...

Finra bars former First Standard rep being investigated for churning

November 12, 2019

The Financial Industry Regulatory Authority Inc. has barred former First Standard broker Philip Sparacino for failing to take part in a hearing looking into allegations of churning. [More:​ New Jersey revokes registration of First Standard...

No bonuses to advisers in Ladenburg Thalmann, Advisor Group deal

November 12, 2019

The 4,400 financial advisers working for Ladenburg Thalmann Financial Services Inc., soon to be bought by the Advisor Group, are not likely to see retention bonuses in their immediate future,. Advisor Group said Monday night that it was buying...

Advisor Group buying Ladenburg Thalmann, creating giant IBD

November 11, 2019

Advisor Group is acquiring Ladenburg Thalmann Financial Services Inc., creating one of the largest independent broker-dealers in the country, the companies announced Monday. With more than 4,000 advisers across five broker-dealers, Ladenburg...

Hybrid managing $220 million switches to Commonwealth from MML ​

November 11, 2019

Center for Wealth Management, a hybrid managing $220 million in Troy, Mich., has changed its broker-dealer and registered investment advisory affiliations to Commonwealth Financial Network from MML Investors Services. [More: See more adviser...

As Ladenburg Thalmann explores sale, one of its B-Ds is hit with GPB investor complaints

November 8, 2019

Ladenburg Thalmann Financial Services Inc. has been hit with fallout from GPB Capital Holdings. Ladenburg reported Friday morning that since July, one of its broker-dealers has been named in six customer arbitration complaints seeking $1.65...

Controversial adviser Ed Butowsky launches broker-dealer aimed at smaller breakaways

November 7, 2019

While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed...

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