Results for "regional brokerages"

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Former California RIA barred, slapped for $1.2 million by SEC

September 25, 2019

A U.S. District Court in California has entered a settled final judgment against the defunct Strong Investment Management and its owner, Joseph B. Bronson, both of whom the SEC charged previously with securities fraud for their involvement in...

Mom-and-pop investors tilt bearish despite all-time high stock prices

July 26, 2019

U.S. equities at a record? Volatility near historic lows? Retail investors are in no rush to celebrate. At least that's the sentiment of mom-and-pop investors who took part in the latest survey from the American Association of Individual Investors....

Raymond James, Ameriprise add advisers in Q2, as two wirehouses shed them

July 25, 2019

As the large wirehouses continue to watch a steady drip of advisers move to other employers or switch to other ways of doing business, large brokerage operations, including Raymond James Financial Inc. and Ameriprise Financial Inc., appear to...

Finra reminds brokerages of a client's right to a straight answer

April 20, 2019

A regulatory notice issued earlier this month by the Financial Industry Regulatory Authority Inc. told member firms that they must "communicate clearly, and without obfuscation," when the brokerage firms or its managers are asked questions by...

Regional firms provide an alternative to wirehouses

March 27, 2019

"Independence is not for everyone." So said my friend, a senior brokerage firm executive, after reading my last column on corporate culture. And, of course, he is right. While going independent with a registered investment adviser or an independent...

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...

Cleaning up tainted broker records becomes a cottage industry for one law firm

January 3, 2019

Critics may take Dochtor Kennedy to task for helping brokers clean up their disciplinary records, but no one can argue with his success. The 39-year-old president and founder of AdvisorLaw, which specializes in removing customer complaints from...

Finra makes it harder for brokers to expunge tainted records

December 24, 2018

The Financial Industry Regulatory Authority Inc. has taken another step toward making it more difficult for brokers to have customer complaints expunged from their public records. The Finra Board of Governors announced Dec. 21 the approval of...

Baird lands $228 million team from Oppenheimer

December 5, 2018

Baird has landed a five-person team from Oppenheimer, to join its new wealth management office in St. Louis, Mo. The team includes two veteran financial advisers who oversee $228 million in assets and generate more than $1 million in annual...

Baird and Hilliard Lyons, two established regional firms, to merge

November 27, 2018

In a merger of two established regional brokerage firms, Baird late Tuesday said it agreed to acquire Hilliard Lyons. Combined, the two will have 1,270 financial advisers. The terms of the deal, which is subject to the approval of regulators,...

More reps bolt from Waddell & Reed, including some it would have liked to have kept

October 31, 2018

Waddell & Reed Financial Inc. lost another 56 brokers in the third quarter, as senior management continued to stress its strategy of shedding low-producing talent and building the firm around its most productive advisers. For the 12 months ended...

Stifel, First Republic post top recruiting gains in Q3, as wirehouses continue to lose brokers

October 23, 2018

Two distinctly different firms posted the strongest gains of advisers during the third quarter, with registered reps and financial advisers continuing to leave large Wall Street firms. Stifel Nicolaus & Co. Inc., a retail wealth management shop,...

Top Waddell & Reed team bolts to form RIA

August 22, 2018

Waddell & Reed continues to lose reps and advisers. Most recently, a veteran, award-winning team in Northern California that produced $1.6 million in annual revenues bolted to start their own RIA. Elaine and Scott Manley both left Waddell &...

Back office should be top of mind for growing advisory firms

July 24, 2018

Recently, a colleague of mine suggested that "back office" should be considered a bad word, because it's where things go wrong without accountability. I respectfully disagree. The back office plays a major role in delivering a client service...

D.A. Davidson expands with hires from Merrill Lynch

June 25, 2018

D.A. Davidson & Co., a broker-dealer headquartered in Great Falls, Mont., has recruited eight financial advisers in the past two months, including four from Merrill Lynch. "Our recruiting from wirehouses has picked up," said Michael Purpura,...

Finra to overhaul broker information system, cut compliance costs for broker-dealers

June 14, 2018

The Financial Industry Regulatory Authority Inc. said Thursday it is going to overhaul its registration and disclosure programs, starting with a new web-based system for the data that provides the backbone for BrokerCheck, a database of hundreds...

Top independent broker-dealers ranked by revenue

April 21, 2018

Firm 2017 % revenue ($M) % change vs. 2016 2017 commission revenue ($M) % change vs. 2016 2017 fee revenue ($M) % change vs. 2016 2017 other revenue ($M) % change vs. 2016 1 LPL Financial $4,281.50 5.70% $1,670.80 -3.80% $1,409.20 9.30% $1,201.40...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

Fifth generation rides Edwards brands toward RIA market

March 23, 2018

Ten years after launching his own brokerage business and riding the breakaway broker wave to more than $23 billion under management, Benjamin F. "Tad" Edwards IV sees a fresh opportunity in the registered investment adviser channel. Mr. Edwards...

Eight brokerage firms urge CFP Board to delay new fiduciary standards

February 5, 2018

Eight major brokerage firms are calling on the Certified Financial Planner Board of Standards Inc. to halt its effort to raise the investment-advice requirement attached to the designation until the Securities and Exchange Commission proposes...

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