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Reg BI turns 2, but not everyone is celebrating
Over the years, some have become convinced Reg BI is a significant step up from brokers’ previous suitability standard. Others remain skeptical that it’s tough enough to curb broker conflicts.
Fee revenue surged at the largest IBDs last year
For more than two decades, the brokerage industry has touted its plans to shift to a fee-based business model, which is less volatile than the up-and-down cycles of sales of high-commission products.
Cetera B-D on hook for $2.66 million arbitration claim stemming from REITs, annuities
In an unusual aspect of the investors' claim and subsequent award against First Allied Securities, the $2.66 million in damages requested matched the amount the three arbitrators awarded.
Cetera wins $59 million program at Kentucky credit union
Abound Credit Union was formerly affiliated with CUNA Brokerage Services.
Hancock Whitney Bank moves brokerage clients to Cetera
The bank’s existing broker-dealer will remain in place for corporate and municipal underwriting.
Kestra, Cetera report solid recruiting in third quarter
Kestra Financial added advisers with $2.3 billion in assets under management during the third quarter, while Cetera Financial Group recruited advisers with $2.4 billion in assets.
LPL snags $350 million Cetera team
Ohio-based River Cities Financial Services is led by Michael Anthony.
Avantax practices managing $350 million move to Cetera
Veteran advisers in Oklahoma and Utah affiliate with Cetera through Texas-based Farpointe Wealth Partners.
LPL grabs former Voya team with $400 million in assets
LPL made clear it was eyeing Voya financial advisers after Cetera Financial Group Inc. said it was buying the firm in February.
SEC fines multiple firms for cybersecurity lapses that exposed client data
The agency fined 8 firms, including Cetera and Cambridge, a total of $750,000 for inadequate policies and procedures to protect customer information.
Practice managing $300 million at Lincoln Financial joins Cetera
Exton, Pennsylvania-based Brumbaugh Wealth Management is affiliating with Cetera through super OSJ AdvisorNet
Cetera team managing $170 million switches to LPL
Three advisers who operate as West End Advisory in St. Louis make the move.
Ex-Cetera broker sentenced to 5 years in prison for fraud
The broker David A. Rockwell defrauded a bank when he applied for lines of credit in the names of two clients
Cetera snags $2.4 billion team from MassMutual
Called Totus Wealth Management, the group had been registered until the end of last month with MML Investors Services, the broker-dealer arm of MassMutual, the insurance company, according to BrokerCheck.
Cetera forms diversity and inclusion council
A 12-member group at the independent broker-dealer will work on company and industrywide initiatives.
Hybrid team managing $340 million joins Cetera from LPL
The Advisors, a five-adviser group, is based in Murraysville, Pennsylvania, and headed by Bryan Davis.
Broker-dealer M&A shows signs of life in 2021
The acquisition market for broker-dealers looks like it is perking up as broker-dealer networks owned by private equity managers continue to hunt for assets. Year-to-date there have been four broker-dealer transactions totaling $65 billion in assets.
Cetera pegs $4.2 million to cover SEC mutual fund investigation
The agency charged two Cetera broker-dealers with breaching fiduciary duty and defrauding retail advisory clients in connection with the sales of mutual funds.
LPL recruiting loans jump again in 2020
The largest independent broker-dealer reported forgivable loans to recruits of $419.2 million at the end of last year. Forgivable loans are one of the most common ways broker-dealers use to attract recruits.
LPL, Cetera gear up for fight over Voya advisers
Cetera is offering a standard range of transition money to Voya's 900 advisers while LPL is flexing its muscle, according to several market sources.
