A former middle school and high school English teacher, Bruce Kelly started at InvestmentNews in 2000 as the brokerage reporter after a two-year stint at sister publication Pensions & Investments. He writes a bi-weekly, award winning column, On Advice, and covers the independent broker-dealer industry.
"We have a handful of open cases against Arete Wealth, and some involve Center Street, as well," says a plaintiff's attorney.
'We’re back to more normal, or maybe slightly below normal, attrition levels across the [financial advisor] business, which is good,' says CEO Charles Scharf.
'The problem is, when an NAV gets shaved, advisors and investors get pissed off,' one executive says.
Atria's financial advisors might be getting M&A 'whiplash,' one recruiter notes.
'It looks like Blackstone is value-investing and hunting,' a senior industry executive says.
Broker-dealers are increasingly chasing registered investment advisor assets.
‘One broker sitting in a strip mall in a rural town is history,’ one executive says.
Targeting a group who could turn into financial advisors' clients is a dubious marketing strategy, executives said.
MML Investors Services reps can earn an "advisor growth bonus" this year that rewards net new assets.
The firm is paying up to recruits if they move client assets to its in-house money management system.
