Results for "independent broker-dealers"

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Two small broker-dealers are down — and out

October 10, 2019

Two small broker-dealers with different business models, one for retail reps and the other a wholesaler of alternative and real estate funds, are closing their doors. The former B-D, Taylor Capital Management, is potentially facing dozens if...

ARCP class action investors get 50 cents on the dollar: Attorneys

October 7, 2019

The $1 billion settlement last month between investors and the real estate investment trust formerly known as American Realty Capital Properties Inc. included an unusually large recovery for the claimants of close to fifty cents on the dollar,...

Finra approves plan for specialized arbitrators to decide broker expungements

October 3, 2019

The Finra board has advanced proposals to reform the process by which brokers can clear their record of customer disputes and to curb the ability of brokers to become the beneficiary or executor of a customer's will. The Financial Industry Regulatory...

Finra bars IFS Securities executive linked to reported $10 million trading loss

September 26, 2019

The IFS Securities Inc. executive at the center of a bond trade that resulted in a reported $10 million loss for the firm has been barred from the securities industry by the Financial Industry Regulatory Authority Inc. Keith Wakefield, the former...

Robert Moore is back. And he's focused on REITs

September 18, 2019

After leaving as the CEO of Cetera Financial Group earlier this year for undisclosed health reasons, Robert "R.J." Moore has returned to the financial services industry. In his latest venture, Mr. Moore has launched an investment management...

Once again, GPB delays release of audited financial statements

September 12, 2019

GPB Capital has recently been telling the 60 or so broker-dealers that sold $1.8 billion of high-risk private placement to wealthy clients that it would deliver audited financial statements for its funds by the end of September. Now, the beleaguered...

Advisor Group new bonus program falls short for some advisers

September 6, 2019

Some of Advisor Group's more than 7,000 brokers and financial advisers are underwhelmed by the broker-dealer network's offer of various cash awards and bonuses designed to keep them happy and in their seats as the firm adjusts to new ownership....

Trizic rebrand shows difficult route for robo-advisers

September 5, 2019

Trizic is officially pivoting away from providing a white-label digital advice platform for independent advisers in favor of providing "integrated savings and wealth solutions for banks and credit unions." The company is rebranding as Harvest...

Independent contractor status for brokers and advisers safe in California

September 3, 2019

Brokers and advisers in California who work as independent contractors and are registered with a broker-dealer have sidestepped the fight over employment status currently playing out in the California statehouse. Assembly Bill 5, which writes...

New York IBD to acquire $2.5B Boston hybrid

August 27, 2019

National Holdings Corp., a New York-based independent brokerage, investment banking and asset management firm, is acquiring Winslow Evans & Crocker Inc., a Boston-based employee-owned hybrid firm managing $2.5 billion in assets. The transaction...

Advisor Group acquisition financed by debt rated 'junk' by S&P

August 23, 2019

The $1.6 billion in debt issued to finance the recent acquisition of Advisor Group has been rated below investment grade — commonly known as junk bonds — in a report this month by S&P Global Ratings. Reverence Capital Partners, a private...

Cetera Financial Group adds 1,000 advisers, $19 billion in assets so far in 2019

August 14, 2019

Cetera Financial Group is having a banner year in attracting new advisers to its platform, with recruits ranging in experience and production from sophisticated wealth managers to those relatively new to the financial advice industry. Cetera,...

Ladenburg Thalmann invests in impact investing startup

August 13, 2019

Ladenburg Thalmann's latest technology investment is going to Newday Financial Technologies, a startup focused on providing millennials with low-cost impact investing strategies. Newday is an asset management firm that develops investment funds...

GPB adds class action lawsuit to list of woes

August 6, 2019

GPB Capital Holdings, the private placement manager already mired in investigations and lawsuits, is now facing a potential class action lawsuit from disgruntled investors seeking financial information about its funds. Filed by two investors...

Insurgent candidate vies for large-firm seat on Finra board

July 26, 2019

An insurgent candidate for the Finra board of governors said the body needs more input from large firms that provide financial advice and investment products. Chris W. Flint, president and chief executive of ProEquities Inc., has been nominated...

Cetera Financial Group eliminating Summit as a separate broker-dealer

July 12, 2019

One of Cetera Financial Group's six broker-dealers, Summit Brokerage Services Inc., is being absorbed into another of the firm's B-Ds. Summit has $17.5 billion in client assets. Its 450 advisers and its branch offices will continue to operate...

LPL partners with Nationwide on 401(k) training for bank channel advisers

July 12, 2019

LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients....

Voya Financial launching robo-advice platform for brokers

July 11, 2019

Voya Financial is the latest independent broker-dealer to embrace digital advice. The company plans to launch a hybrid robo-advice product called Voya Digital Adviser that combines human advisers with automated investing for accounts as small...

Ohio advisory firm managing $206 million moves to Kestra

July 10, 2019

Merkel Financial, a Columbus, Ohio-based independent firm managing $206 million, has switched affiliations. After 26 years with Principal Securities, Merkel has affiliated with Kestra Financial Inc. The firm is led by Michelle M. Merkel. (More:...

Independence means different things to different people in wealth management

July 8, 2019

With the July 4 holiday fresh in our minds, it strikes me that the word "independence" by itself no longer accurately describes the phenomenon that is changing the wealth management industry today. Back in the 1980s and 1990s, it seemed that...

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