Top managers from First Allied and J.P. Turner have left the sprawling Cetera Financial Group broker-dealer network, with 9,600 registered reps and financial advisers. Whether the exits are part of a broader reorganization is unclear.
Chief executive Mark Casady says the firm has "couple things left to go" before enforcement actions resolved.
Voya Financial Advisors has restricted sales of variable annuities for the second time in two months, as the brokerage firm faces increased pressure from regulators questioning the suitability of the products for retirement savers.
Long treated with kid gloves, big producers now face questions about alleged violations.
Set the reset button on upfront money expectations.
Company bucks industry trend toward forming broker teams.
Brokerage giant is expanding its lineup of proprietary mutual funds for its 12,000 brokers and financial advisers a year and a half after the firm launched its first fund.
The regulator is fighting a decision by its administrative judge to dismiss charges accusing two financial advisers of <a href="http://www.investmentnews.com/article/20140902/FREE/140909990/sec-charges-investment-adviser-with-fraud-for-not-telling-clients-of" target="_blank">not informing clients</a> they were paid by Fidelity Investments to sell certain mutual funds.
<i>Breakfast with Benjamin</i>: The nation's biggest banks, like JPMorgan Chase, are lumping their broker-dealer units in with other 'non-essential' operations.
Broker-dealer also agreed to pay $950,000 as part of a settlement with Finra over allegations of improper sales of unregistered penny stocks and anti-money-laundering supervisory lapses.
Award is tied to string of cases brought by retirees who said a broker placed them in unsuitable investments.
More than 20,000 independent RIAs in the U.S. increased assets 82% to $2.3 trillion from 2007 to 2013 while assets at largest retail brokerages rose 8.2% to $6.2 trillion.
Most Fintegra brokers move to Securities America after their former firm is ordered to pay $1.5 million arbitration award.
Ron DeCicco expects the RIA channel to continue growing while regulatory pressures and higher expenses weigh down broker-dealers.
The ongoing woes of Cetera's parent company, RCS Capital and inflated sale prices expected to deter deals among independent broker-dealers. </br><b><i>(Plus: <a href="//www.investmentnews.com/section/specialreport/20150118/IBDREPORT2015"" target=""_blank"" rel="noopener noreferrer">Don't miss our full 2015 Top IBD special report</a>)</b></i>
Managed accounts sold by advisers deflect trend toward lower-fee money management as brokers work to maintain profits: Cerulli.
$150 million acquisition adds about 730 advisers and independent reps managing more than $20 billion in client assets to the St. Louis firm run by Ron Kruszewski.
Proponents of a fiduciary standard are ganging up on commission-based advisers through public shaming regarding the Suitability standard.
With new presence in the ETF strategist game, Vanguard wins Envestnet, Cambridge and more retirement-plan business.
Deal with insurance marketer Producers Choice is expected to give the broker-dealer greater control over the way annuities are wholesaled to its advisers.
