Results for "broker-dealers"

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Ron Carson's firm sued by former client for $500,000

February 14, 2019

Carson Wealth Management, one of the most recognizable names in the financial advisory business, is being sued by a former client for $500,000 for charging fees the client claims were excessive. The arbitration claim, which was filed on Dec....

Finra catches Kestra Financial overcharging customers

February 14, 2019

Kestra Financial has been fined $225,000 and required to pay $1.9 million in restitution for overcharging more than 3,200 mutual fund investors over a nine-year period, Finra announced. The Financial Industry Regulatory Authority Inc. reached...

Finra bars ex-MML broker who sold $3.5 million of Woodbridge Ponzi

February 14, 2019

The Financial Industry Regulatory Authority Inc. said Wednesday that it had barred a broker who sold close to $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned...

Q4 revenue strong at IBDs, online brokers despite market declines

February 13, 2019

Independent broker-dealers and retail brokerages were able to generate good revenue during the final quarter of 2018 despite the significant drops in the market, according to Moody's Investors Service. The market turbulence in December played...

SEC commissioner Peirce wants to move ahead on advice reform quickly

February 12, 2019

Securities and Exchange Commission member Hester Peirce said Tuesday she wants the agency to complete investment advice reform soon, an indication that a rule could be coming by summer. Ms. Peirce did not offer a specific time line for a final...

Ramped up tech spending has helped LPL recruit advisers

February 12, 2019

LPL Financial expects to spend $135 million on technology in 2019, more than double the $60 million it spent four years ago, according to a presentation Tuesday at a Credit Suisse financial services conference in Miami. The company has recorded...

Schwab, Fidelity expand commission-free ETF trading

February 12, 2019

Brokerage platform giants Charles Schwab Corp. and Fidelity Investments issued near-simultaneous announcements Tuesday morning that they are each expanding to more than 500 the number of commission-free ETFs on their respective platforms. The...

For Wells Fargo Advisors, finding new clients becoming difficult

February 12, 2019

Wells Fargo Advisors is having a tougher time finding new clients, according to a senior executive at Wells Fargo & Co., despite the fact that the bank is sending $10 billion in client asset referrals annually to its wealth management group....

MeToo: Even in the financial advice industry, sexual harassment is a serious problem

February 9, 2019

The #MeToo movement catapulted the issues of sexual harassment and assault into Americans' collective consciousness and forced the public to reckon with the sexual power dynamics that have long permeated certain industries and personal interactions....

UBS dinged by Virginia after broker recommended gold and precious metals securities

February 8, 2019

UBS Financial Services Inc. last month agreed to pay Virginia's State Corporation Commission $319,000 to settle charges that a former broker in a branch in Roanoke made unsuitable recommendations of certain gold and precious metals securities...

Don't be afraid to raise advisory firm fees

February 7, 2019

It's time for financial advisers to get over their fear of raising their fees, and a good place to start would be introducing a minimum annual fee for clients. Eliza De Pardo, a management consultant for TD Ameritrade Institutional, said her...

LPL adds new reporting tool to ClientWorks

February 7, 2019

The latest addition to LPL Financial's ClientWorks technology platform is Client Goals, a tool that lets advisers create personalized reports for clients and prospects. The new technology, developed in partnership with Fiserv, examines the funding...

Finra sues broker who failed to report sexual conduct charge

February 7, 2019

The Financial Industry Regulatory Authority Inc. sued a former registered representative Wednesday for failing in May 2016 to report to his broker-dealer a felony criminal sexual conduct charge by South Carolina. The broker, James Paquette,...

Wells Fargo system outage takes website, app, ATMs offline

February 7, 2019

Wells Fargo is experiencing a system outage that is disrupting access to the firm's website, mobile apps, ATMs and debit and credit cards. Wells Fargo customers took to Twitter Thursday morning to report their frustration about their transactions...

Hundreds of advisers with tens of billions in assets left Wall Street in 2018

February 6, 2019

Last year was another banner year for brokers and advisers leaving the Wall Street wirehouses and moving to financial advice platforms, where they typically receive higher pay and deal with fewer conflicts of interest when it comes to selling...

Will big recruiting bonuses move reps to these firms in 2019?

February 5, 2019

Seeking either to build on or create momentum with potential recruits, three large brokerage networks — Wells Fargo Advisors, LPL Financial and Cetera Financial Group — are beginning 2019 with substantial offers to lure brokers and financial...

Finra exams to probe compliance with elder abuse rules

February 5, 2019

Finra examinations will soon start probing broker-dealers' compliance with new rules issued a year ago that are meant to protect elderly clients from financial abuse and exploitation. "I think the next round of exams, we'll be looking a little...

Voya Financial webpage glitch exposes Social Security numbers of reps

February 4, 2019

Voya Financial Advisors Inc. on Friday told its brokers and financial advisers that a glitch on a biography webpage for its brokers put their Social Security numbers at risk of exposure. According to a memo, Voya Financial Advisors' information...

Cetera new facial recognition technology to improve risk questionnaires

February 4, 2019

Financial planning technology took center stage at this year's T3 Adviser Conference, but it was Cetera Financial Group's demonstration of new facial recognition technology that really stood out in terms of a "wow" factor." For my money, Cetera's...

'Selling away' doesn't mean the B-D is not ultimately responsible

February 2, 2019

It looked like a routine arbitration award and in many ways it was. A small broker-dealer was found liable for the actions of one of its brokers for selling away. It was ordered to pay the client $276,226. The problem is that the broker, who...

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