NEW YORK — Another independent broker-dealer has shut its doors, months after one of its brokers got in trouble with regulators.
Regulators continue to leave independent- contractor broker-dealers in the lurch over the tricky issue of how brokers can use clients’ private information when moving accounts to a new firm.
NEW YORK — After completing an overhaul of its top management late last year, Bear Stearns’ clearing and custody unit continues to hire new executives — some of whom are being recruited from top rivals.
NEW YORK — With assets increasing, the Raymond James Bank is beginning to have an effect on the results of parent company Raymond James Financial Inc.
Independent-contractor broker-dealers and their registered representatives face pressure on all fronts, from recruiting and proper practice management to compliance and the best way to build up their businesses.
NEW YORK — In a break with its past, Waddell & Reed Inc. will offer its advisers updated technology and next year will introduce a new outside platform for its top 300 or so registered representatives, company executives said last week.
Armed with a series of fee cuts and reimbursements to its advisers, LPL Financial Services thinks that it can take on the giants of the custody business that provide platforms for fee-only registered investment advisers.
NEW YORK — FSC Securities Corp. last month was taken to task in an NASD arbitration panel decision.
FSC Securities of Atlanta was taken to task in a recent NASD arbitration panel decision.
The recent fallout in the market for subprime mortgages caused one prominent hedge fund index to revise some of its performance returns last week. Last Monday, the Credit Suisse/Tremont Hedge Fund Index reported that its index for fixed-income arbitrage gained 0.21% in June and 3.7% year-to-date.
NEW YORK — Despite continued consolidation, the clearing industry in some ways is becoming more crowded, with increased competition for the clearing business of top independent-contractor broker-dealers.
NEW YORK — An increasing number of independent-contractor broker-dealers are doing business with more than one clearing partner, adding to the stiff competition among some clearing firms.
The largest B-D network will fold American General Securities of Houston into AIG Financial Advisors of Phoenix.
Wedbush Morgan may land 100-plus reps from Brookstreet now that the son's founder has signed on with the firm.
Woodbury Financial Services, a top twenty independent-contractor broker-dealer, has promoted Walter White to president of the firm.
Looking toward an initial public offering, Kohlberg Kravis Roberts is seeking a securities broker-dealer license, TheDeal.com said.
In a comfortable Colonial-era tavern in Rhode Island last Tuesday, David L. Ullom dished out generous portions of retirement advice — along with a free meal of chicken, mashed potatoes and summer squash.
NEW YORK — Recent changes in management at independent-contractor broker-dealer National Planning Corp. and National Planning Holdings Inc., its broker-dealer network, have some of its affiliated advisers concerned, while others accept the changes as part of the business.
Scott Brooks has jumped from Brookstreet to Wedbush Morgan and has asked Brookstreet's reps to join him.
Brookstreet Securities told its 500 or so affiliated reps and advisers that "disaster" had struck.
