Brookstreet exec makes move

Scott Brooks has jumped from Brookstreet to Wedbush Morgan and has asked Brookstreet's reps to join him.
JUN 22, 2007
By  Bloomberg
In an attempt to save a semblance of his family's broker-dealer, Scott Brooks, son of the founder of Brookstreet Securities Corp., yesterday jumped to Wedbush Morgan Securities Inc. and immediately invited Brookstreet's 500 affiliated reps to join him. Hammered by exposure to a risky type of mortgage backed security, Brookstreet Securities of Irvine, Calif., a day earlier on Wednesday told reps and advisers that "disaster" had struck, igniting speculation that the firm would be acquired. Wedbush Morgan of Los Angeles does not have an independent-contractor brokerage arm, and Mr. Brooks, formerly executive vice president of Brookstreet, will "substantially build and staff" that part of the business, he told advisers in an e-mail message. "I understand that you have options," he told the reps. "I believe this is an optimal solution for you." He stands to face some stiff competition from other independent-contractor broker-dealers for those reps. Securities America Inc. of Omaha, Neb., is making particularly aggressive offers, said one industry source, who asked not to be named. On Wednesday, Brookstreet Securities told its advisers that it could be forced to close if it didn't come up with lat least $5 million, according to an internal e-mail message.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.