The firm agreed to pay $225,000 for failing to adequately supervise its registered representatives, one of whom allegedly bilked elderly clients of over $300,000.
Also, Raymond James added two $2.6 million producers advisors who last worked at RBC. However, Raymond James wasnt the only winner. See these and all the latest advisor moves in our latest recruiting roundup.
Advisors Patti Brennan and Judy Rubin offered tips on communicating value to new clients.
Advisors must do a better job nurturing new women advisors and engaging female clients. Even so, AIG Advisor Group CEO Erica McGinnis has high hopes for women in the industry moving forward.
CFO moves up as departing exec heads to asset management shop.
After 18 years with LPL, veteran advisor Edward Metz leaves for more personalized service at the smaller BD.
In a rare independent-to-employee move, four independent advisors joined the employee channel of Raymond James.
After the company combines its custodian and clearing businesses and launches a new tech division, advisors should be alert to any service changes.
Just after a $150 million deal to acquire rival Sterne Agee was announced, quarterly profits in the firm's wealth management division were up 6.5% year-over-year.
Retail advice revenue accounted for roughly two-thirds of RCS's total full-year revenue of $2.8 billion, but the company's 2014 loss was almost 100 times greater than in 2013.
The deal boosts Stifel's advisor force by one-third to about 2,800 advisors -- and readies the firm to grow its business in the independent channel.
Stifel CEO Ronald Kruszewski wants to be an advice leader, and acquiring Sterne Agee may get him there, potentially lifting the firm's total advisor headcount to 2,800.
A former executive at the REIT giant co-founded by Nicholas Schorsch has dropped a suit accusing the company of firing her for blowing the whistle on financial improprieties.
While regulatory costs pulled-down full-year profits, the giant IBD seemed to turn a page at year end with a 9.8% spike in fourth-quarter earnings.
A wealth manager, with $65 million in client assets before he left the regional broker-dealer, joined an independent firm affiliated with SagePoint Financial.
Two former UBS advisors with over $120 million in client assets have signed on with Aegis Capital Group, an independent broker-dealer and RIA.
Advisor Billy Belcher joined the firm's independent broker-dealer.
No clarity on how regulators will decide to handle fiduciary standard proposed for broker-dealers, Schapiro said.
The industry regulator says increasing oversight of RIAs is a "top priority" as it appeals to Congress for a funding increase to hire more examiners.
Matt Lynch, a former B-D CEO, says his new boutique consulting startup will work alongside client firms through their most risky transitions.
Though the mutual fund provider will have a majority ownership in eMoney, the company will remain independent.
Wells Fargo enticed away a $700 million team from Morgan Stanley. But Wells Fargo wasn't the only winner in the battle for top talent. See these and all the latest recruiting moves in our latest recruiting roundup.
A Morgan Stanley advisor left the firm to join HighTower.
Large data pulls required in stepped-up SEC exam are not related to ongoing troubles at Girard parent RCS Capital or American Realty Capital, CEO says.
Latest setback for Schorsch's financial empire as accounting firm steps aside.
Ameriprise Financial reported 33% year-over-year growth in wealth management profits.
A pair of sessions at the FSI OneVoice conference focused on recruiting and retention challenges facing IBDs, many of which center on hybrid or dually registered RIAs who are edging toward greater independence.
But while quarterly earnings at the company's wealth management unit dropped 7% from the previous quarter, they were up 30% year-over-year.
A wealth manager with 30 years of experience left Citigroup Global Markets to join the year-old Lebenthal Wealth Advisors as a producing branch manager.
A former BNY Mellon advisor that managed $850 million in client assets has formed an RIA affiliated with Raymond James' independent RIA channel.
Changes to the RIA Leaders rankings illustrate a hard truth about the industry.
Cerulli predicts that market share gains in the RIA and dually registered channels will likely come at the expense of wirehouses and independent broker-dealers.
Three of the four formed a team with $218 million in assets under management.
The latest Schorsch bombshell "makes quality advisors super uncomfortable," says executive recruiter Mindy Diamond.
Nicholas Schorsch has resigned from RCS Capital, New York REIT and 11 other non-traded real estate investment trusts and direct investment programs sponsored by AR Capital.
A complaint that Schorsch instructed ARCP executives to shift numbers in the companys second-quarter results to cover up errors from the first quarter is part of a defamation suit against ARCP, Schorsch and former ARCP Chief Executive David Kay, according to The Wall Street Journal.
Regulators penalized both the independent and employee channels of Wells Fargo for failing to properly screen over 200,000 customer accounts.
"He clearly wouldn't be walking way [from American Realty Capital] if things were business as usual, says Aite Group analyst Alois Pirker. The optics are just not very good."
RCS Executive Chairman Nicholas Schorsch and two other top executives resigned from American Realty Capital Properties.
Big producers continued to strike out on their own in 2014. See the year's biggest breakaways.
The three founders of Concord Equity Group Advisors, a firm LPL bought in 2011 after the RIA allegedly hid commissions from its institutional clients, settled with the SEC.
The firm beefs up its Salt Lake City presence toward the end of a year that's seen a doubling of both advisors and assets.
The industry regulator closes the comment period for its controversial data-reporting initiative as brokerage trade groups warn of privacy concerns and compliance costs.
As the rate of change accelerates, advisors face big shifts in automated tools, portfolio management and rebalancing. Our annual report shows where the action is.
FINRA hands out 18-month suspension, $10,000 fine and $233,000 in 'disgorgement' for selling away and nondisclosure issues, documents say.
Point72 Asset Management said it took a 5.1% passive stake in RCS in a Nov. 14 regulatory filing.
Advisors need to face a hard truth: Independent RIAs have lost this round. Fortunately, there are other, better ways to set yourself apart.
J.P. Morgan has lost advisors to its rivals, including a team with nearly $1 billion in AUM. Meanwhile, RBC Wealth Management has recruited several advisor teams managing more than $350 million in assets.
RCS Capital said it was contacted by FINRA and the SEC after accounting errors were disclosed at American Realty Capital Properties.
Nicholas Schorsch's expanded financial advisory business reported adjusted net third-quarter income of $35.5 million on Thursday, but revenue was driven by higher retail and investment management results.
Janet Robinson is the first woman to join the 8-member board of the independent firm founded by wirehouse managers and affiliated with Raymond James Financial Services.
Worries about a tidal wave of retiring advisors may be overblown, say some wealth management executives.
RCS executive says it will take some time to restore normalcy to his embattled firms.
LPL says it has indefinitely suspended sales of investment products sponsored by American Realty Capital and RCS Capital.
Lebenthal Wealth Advisors has recruited a former wirehouse branch manager and two independent advisors to fulfill its growth plans.
An independent advisor managing $165 million has joined Ameriprise's employee channel.
The Denver-based association announced Friday that it has grown in 2014 to more than 10,000 members and certificates worldwide.
Raymond James Financial's private client group contributed to record profits for the company on strong performance.
Ameriprise CEO Jim Cracchiolo credited growth in the firm's fee-based businesses and wealth management unit for the company's robust overall performance.
"This is a head-on counterattack and is definitely making the [digital] space a lot more competitive," says William Trout, a senior analyst for Celent.
Ex-LPL advisor Jeb Bashaw's new job falls through; trial lawyer says problems stemmed from private placement sales.
Former insurance company advisor's 30 victims included friends he had grown up with, according to prosecutors.
How do the services you offer compare to what clients of advisors across the industry are receiving? A new study of 4,000 advisors by Cerulli Associates tracks the planning services clients receive across all advisor channels.
Looking at the range of services received by clients in all advisory channels, traditional wirehouses take the lead in catering to high-end client needs, according to research from Cerulli Associates.
Agency secures $4 billion in penalties; expert says: make sure that you have a robust and dynamic compliance program.
Around 80% of KMS' advisors, who are about equally divided between fee and commission-based business models, are based in Washington, Oregon and Idaho.
In tapping a discharged LPL broker, broker-dealer Wunderlich Securities could face 'reputational risk' and legal headaches, observers say.
Female advisors from Raymond James' Private Client Group got a mix of planning tips, technology tricks, strategic advice and female empowerment.
Two wirehouse advisor teams, each managing $400 million in AUM, went independent. But wirehouse and regional broker-dealers did not remain idle: Morgan Stanley recruited advisors managing over $600 million in assets, while Raymond James grabbed a million-dollar producer from Merrill Lynch.
An advisor team with $400 million in client assets has left Wells Fargo to go independent with the help of Dynasty Financial Partners.
FINRA has issued a long-awaited regulatory notice outlining the proposal for a controversial data-sharing system known as CARDS, asking for comments from the industry and other stakeholders.
At an advisor summit, the industry group urges members to reach out individually to lawmakers to fight regulatory plans.
The SEC has initiated an administrative proceeding against an advisor who allegedly misappropriated around $2 million of investors' funds in a scheme dating to 2008.
Female executives from U.S. Trust and Goldman Sachs join New York-based Dynasty Financial Partners.
Morgan Stanley lures highly lucrative talent from Merrill Lynch while Washington Wealth Management grabs advisors from RBC and Wells Fargo plucks four from UBS. Here are the most recent moves among wirehouse advisors.
Schorsch makes big changes to the firm's executive team with a new CEO as well as the hiring of longtime LPL exec Bill Dwyer.
In which the author takes a pair of popular assessments and finds hes not as daring as he thought he was.
Brad Bueermann of FP Transitions says you should go with the right fit when buying or selling an advisory business.
"One thing we can tell you is our opposition was there before us," says FPA's director of advocacy. "We heard over and over again the argument that if a fiduciary standard were extended to broker-dealers the middle market would be hurt."
The broker-dealer giant has acquired a 51% interest in electronic services firm Docupace Technologies.
"Any effort to put broker-dealers and advisors into the same box is probably not going to work," says a former deputy director of the SEC's Division of Investment Management.
Sales and advice should be separated by law, because theres a clear difference between true "fiduciary" practices and those of the brokerage industry, Fiduciary Institute says.
These firms have the highest percentage of female reps. What are they doing differently?
Morgan Stanley grabbed an advisor team managing $1.1 billion in assets. But the wirehouse isn't the only firm recruiting top talent. See these and all the latest hires, moves and promotions among wirehouse advisors.
FINRA has promoted one of its own to head the regulator's disciplinary unit, but still has no replacement for Linda Fienberg's other role as head of arbitrations.
The financial services sector as a whole is chasing short-term gains and in the process saddling investors with the costs of higher trading volumes and often not acting in their best interests, says Vanguard founder John Bogle.
Regulators have been clamping down on auditors of broker-dealers in recent years in response to the lack of meaningful audits of Bernard Madoffs investment firm and other scandals uncovered during the financial crisis.
Wirehouse advisors managing more than $1.1 billion in assets have moved over to Wells Fargo.
In a two-week period, Ameriprise has recruited five advisors managing more than $600 million.
HighTower recruited a Merrill Lynch advisor team managing $440 million in assets.
If you're not focusing your time and attention on the people who add the most value to your firm, you're getting it wrong.
Firm switches to LPL to help it attract "overlooked" wirehouse advisors with $250,000 or more in revenues.
The St. Petersburg, Fla.-based firm's independent broker/dealer has recruited veteran advisors James L. Switzer and Eric M. Cobb from Morgan Stanley.
A set of mid-1990s recommendations aimed to reform Wall Street's culture. They didn't, however -- and the real losers were investors.
Several factors are pressuring margins for everyone in planning, says LPL Financial's Bill Morrissey.
Federal Reserve Bank of Boston President Eric Rosengren said brokerage regulation needs a major re-examination to prevent funding shortfalls during a crisis and that brokers should have higher capital requirements.
A Merrill Lynch team managing $800 million in assets went over to HighTower, RBC recruited an advisor managing $245 million in assets and Wells Fargo scooped up advisors managing more than $700 million in assets. See the latest hires, moves and promotions among wirehouse advisors.
'Our main objective is organic growth,' says Larry Roth, chief executive of Cetera Financial Group.
HighTower recruited a Merrill Lynch advisor team managing $800 million in assets.
The CEO of one of the largest planning firms makes his own estate planning move.
Walk into any wealth management firm, and chances are there won't be any African-American advisors at all. What's causing the diversity gap - and how can the industry fix it?
Derek Bruton takes the top job at a firm with historical ties to an advisor that the SEC has barred from the industry.
Increased operating expenses and higher than anticipated regulatory costs and fines contributed to a 4.4% drop in second-quarter net income at LPL Financial.
Entrepreneurial advisors are leaving the wirehouses and constructing new business models the industry hasn't seen. But before joining these trailblazers, other advisors should think about what it is they want to change.
After leaving LPL for NFP, Washington Wealth brings its breakaway advisor total to seven for the year thus far.
HighTower has expanded its West Coast market by picking up an independent team with $400 million in assets in Bellevue, Wash.
Record quarterly profits of $122.7 million were boosted in part by the performance of the regional firm's private client group.
Optimism abounds in an increasingly crowded market for servicing breakaway advisors.
Securities America will acquire assets of a Missouri-based full-service broker-dealer with 368 advisors and $2.4 billion in client assets.
Two financial advisors have left Wells Fargo to join Raymond James Financial Services, the regional's independent broker/dealer.
Despite their smaller size, these boutique IBDs outperform on several desirable metrics.
Founders of IHT Management hope to create a wirehouse-like alternative to lure other advisors.
Many independent advisors say they consider themselves fiduciaries, even if they arent legally obligated to adhere to that standard of care. So why are so many opposed to the DoL's expected proposal?
Dalton Strategic Investment Services, a smaller broker-dealer firm with almost $1 billion in client assets, has joined Securities America as a super-OSJ.
With the acquisition of broker-dealer McAdams Wright Ragen complete, Baird has grown to more than 800 advisors and $125 billion in assets.
Opponents argue that the long time horizon and heated controversy could convince the White House to back away from the retirement plan proposal.
Here are the smartest tips and tricks weve heard recently.
For clients, is one type of firm, business model or fee structure better than another?
Clarity in strategic vision and compensation boosts advisor satisfaction, according to a new J.D. Power & Associates study.
Lebenthal & Co. said it will exit the municipal public finance underwriting and institutional sales business and shift those resources to its wealth management division.
Wells Fargo enticed away an advisor duo managing a combined $1.5 billion from J.P. Morgan. While the grab was a major coup for the wirehouse, several large advisor teams left Wells Fargo and other wirehouse firms to try their turn at independence. Read more about these and other moves in our latest slideshow.
A fee-based practice is worth more when larger firms are looking to make an acquisition.
Regional wealth manager D.A. Davidson is launching a new training program aimed at bringing recent college graduates into the financial advisor profession.
As growth has surged at the nation's biggest independent broker-dealers, a new player has rocked the rankings and raised questions for the industry.
With new regulations on the horizon, a top FINRA official highlights the agency's efforts to establish a more flexible oversight regime that will be less of a drain on a practice's resources.
Allison Couch's newly created role focuses on sales and distribution strategies across one of the industry's largest broker-dealer networks.
Every firm needs to determine the unique compensation plan that will work best for executives, staff and clients. These guidelines should help you get started.
Most of the new arrivals are employees of larger financial service companies, said president Scott Curtis, and about 25% are already independents.
FINRA CEO Richard Ketchum praised one SEC commissioner for floating a new proposal to beef up examinations of the RIA industry independently of Congress.
The 'very, very conservative' company is looking for niche deals, not major acquisitions, said CEO Paul Reilly.
The contentious issue of harmonizing fiduciary responsibilities remains high on the agency's to-do list, though a timeframe for when a proposal might materialize is far from certain.
When financial planners launch a firm, success hinges on knowing how to run a business.
In cases heard by an SEC administrative law judge or a FINRA hearing panel, a study finds, 46.7% of broker-dealers, advisors and registered reps succeeded in getting charges dismissed or lowering the sanctions imposed.
Kevin Keefe replaces Adam Antoniades as RCS boss shuffles executives for the first time since buying five IBDs.
Ex-commanders take new jobs as load-pushing 'advisors.' No wonder service members get victimized.
Donald Runkle, who spent nearly 11 years as Raymond James Financial Services' chief compliance officer, resigned; the firm provided no explanation for the departure.
As his biggest IBD acquisition closes, Nicholas Schorsch predicts more big-ticket M&A deals during a Milken Institute session; another panelist warns of inflated price tags and bad behavior.
Deal adds over 6,600 financial advisors, giving RCS the country's second-largest independent network by advisors.
Ameriprise Financial posted the biggest gain in the Standard & Poor's 500 Index after reporting profit that beat analysts' estimates and announcing increased share buybacks.
Revenue growth combined with high expenses and a challenging recruiting environment; CFO calls advisor pipeline 'solid' despite defection of 40 bank advisors.
Revenue climbs and assets grow, but net income slips at the country's biggest independent broker-dealer.
Raymond James Financial reported that net income was up 33%, boosted by record private client group revenue.
Independent planners can not win a battle against Wall Street unless they find a way to defeat well-funded lobbyists in the industry.
April has been a busy month for advisors on the move, as regional and wirehouse firms have scrambled to keep up with each other in the battle for top advisor talent. See all the latest moves and promotions.
Fortress is the fifth firm to join Omaha-based Arbor Point, which provides an open architecture platform aimed at dually registered advisors, since it launched early last year.
RIAs are gaining market share of assets, although wirehouses will still control nearly $6 trillion by 2016, the research firm predicts.
Longtime LPL executive Bill Morrissey has been tapped to take over the company's independent advisor services unit following the sudden departure of Derek Bruton.
If the integration process takes longer or is more costly than expected, RCS says it may 'fail to realize' some or all of the anticipated benefits of the pending acquisitions.
Washington Wealth Management has recruited two advisors from UBS and Wells Fargo, where they collectively managed approximately $150 million in assets.
After announcing growth plans earlier in the year, Advisor Group has taken the next step: hiring a new executive vice president of recruiting and acquisition strategy.