Updated Saturday, May 30, 2015 as of 2:37 PM ET
FINRA Banishes Former Wells Fargo Advisor
Alejandro Ariel Torres allegedly cheated a customer out of nearly $60,000 in a start-up scheme that purportedly made the client a 50/50 partner. Torres was ordered to make the customer whole.
More in Independent BDs
Richard Ketchum voices support for SEC to move on a uniform fiduciary standard for brokers and advisors, while warning of unintended consequences from DoL's proposal. more »
Summit Financial, based in Westlake Village, Calif., is a primarily fee-based RIA offering clients investment management, insurance and retirement planning, says Triad, which offers advisory firms both a broker-dealer and a fee-based RIA multi-custodial platform. more »
While the wirehouse picked up a team producing $4 million, it also lost advisors who oversaw a combined $165 million in AUM to Steward Partners, an independent firm affiliated with Raymond James Financial Services. more »
Three bank breakaways join two former colleagues who started the independent firm Standard Investment Advisors last year. more »
A former H. Beck advisor joins Securities America after 27 years with the firm to explore some of the industry's latest technological advances. more »
King Financial Network president says the team went private for better accessibility and technology. more »
The job offer from a commercial landscaper came "out of left field," says Dan Krems. more »
Independent advisors are bucking the broader trend and going to work for wirehouses and regional firms, ditching managerial tasks for simplicity and payoff. more »
Impressed by LPL's size and scale, Faubourg Private Wealth Advisors also liked the idea of working with super-OSJ Level Four for additional flexibility, the firms' investment models and multi-custodian platform. more »
The wirehouse pulled in a group from Barclays, while rival Merrill Lynch picked up another that managed $425 million from J.P. Morgan. more »
Two advisors left the wirehouse where they generated more than $1.1 million in annual revenues. more »
An upcoming forum for regulators and industry professionals will discuss the SEC’s compliance oversight, cybersecurity, anti-money laundering, and approaches to supervision and sales practices. more »
Cetera's assets under management climbed to $46 billion for the first quarter, up 32% from $35 billion for the same period last year. Adjusted EBITDA soared 50% to $36 million. more »
Advisors on the Move: Wells Fargo Nabs $650M Team
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