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.
Transamerica Financial Advisors, one of the nation's largest independent broker-dealers, is reimbursing more than 2,300 accounts in a settlement with the SEC after being charged by the regulator with improperly calculating advisory fees and overcharging clients.
Wells Fargo Advisors Financial Network has picked up advisors with more than $424 million in assets under management.
Revenue rises 15% but product sales jump even higher, as a shift in compensation model holds back short-term revenue, the company says.
For investment advisors with a small pool of clients, the threat of a cyber attack that could compromise investors' personal identifying information is especially acute, says one IT expert.
The program pairs newer women advisors with more experienced ones
Securities America and Triad, both divisions of Ladenburg Thalmann, slapped for "failing to supervise the use of consolidated reporting systems resulting in statements with inaccurate valuations being sent to customers."
Compliance experts are recommending that firms take a flexible, risk-based approach as they respond to the SEC's red flag rules, a new set of regulations for protecting clients against identity theft.
Advisors will be expected to keep records about the content they post on social sites just as they do with other materials on traditional channels, according to a senior commission attorney.
The once fast-growing firm leaves LPL after a year and a half, hoping NFP's deep pockets will help it attract other advisors.
Advisors and clients are gravitating toward the RIA model -- a trend that experts expect to continue.
RCS Capital is following through on its promise to launch a research division with the hiring of two non-traded investments analysts.
The commission is committed to moving forward on a uniform fiduciary standard for advisors and broker-dealers and also expects to finalize money market reforms by the end of the year.
LPL Financial says the pace of new advisors affiliating with the firm has slowed from the levels of late 2013 "in part due to disruptive weather."
The advisor groups advocating for SEC vs. FINRA oversight of the RIA sector are turning their lobbying efforts away from the House.
The focus on dual registrants grows out of concern that the different compensation structures of the two business lines can create conflicts of interest and potentially harm investors, according to an SEC director.
AdvisorGroup announced Monday that Rick Fergesen has been named as president and CEO of one of its four independent broker-dealers.
Esther Stearns is working with financial software maker Guide Financial in its quest to "carry the NestWise torch."
As four officials begin terms as volunteer chairmen of CFP Board councils, a former panel chairman highlights the challenges they may face.
'There will be absolutely no pressure to sell any of our products,' says RCS chairman Nicholas Schorsch, who built a fortune on nontraded REITs but has recently been acquiring several big independent B-Ds.
A survey of 500 mass affluent investors by an industry association finds -- conveniently -- high awareness and use of nontraded REITs.
For RCS advisors and brokers, the sweet spot will be individuals and families with $300,000 to $3 million in investable assets, Schorsch says.
RCS Capital wants to buy an investment research firm, an RIA and a family office -- and hold a major industry event modeled on Charles Schwab's annual Impact conference.
Royal Securities to pay $175,000 in FINRA fines over non-traditional ETF sales, church bonds and other violations.
An advisor team with nearly half a billion dollars under management has left AXA frustrations with how the firm structures its compensation plan.
The company reports asset and revenue growth but "regrettable" advisor attrition.
Cambridge's Amy Webber says promotion is next step in complex internal succession plan.
John Lindsey, who left Edward Jones in 2012 and won a FINRA arbitration case against his former firm last summer, has launched The Bold Advisor to provide support, guidance and information to breakaway advisors.
Hot on the heels of record revenues for 2013, LPL plans to repurchase nearly 2 million shares from one its largest shareholders.
LPL Financial is positioning itself as a simplifying agent for advisors facing a stream of new technological innovation.
The country's largest independent broker-dealer attracts 110 net new advisors in the fourth quarter.
Retiree-focused Cherrington Brotsky left Morgan Stanley to join broker-dealer FSC, a member of Advisor Group.
Securities America and United Advisors have recruited Kevin Hughes, a top former Morgan Stanley branch manager, to head up their new hybrid independent wealth advisory business.
If an advisor is offered 360% of trailing-12, this app will break down the details: how much is upfront and how much is doled out for various thresholds along the way. Plus, annual payout bonuses will be revealed.
Commonwealth scores $500M former LPL firm, while LPL takes $270M practice from Commonwealth.
As waves of baby boomers head into retirement, state and federal regulators expect to take a hard look at the programs firms have in place to ensure they are selling elderly investors appropriate financial instruments.
RCS Capital has made the right moves thus far, the Pershing Advisor Solutions chief says, and the spending spree will likely continue.
If the graying financial services industry is to replenish the ranks of retiring advisors and brokers, firms and trade groups must take a more active role in promoting the field to millennials, says Pershing's Mark Tibergien.
As the Financial Services Institute marks its tenth anniversary, the trade group is focused on expanding its advisor membership and ramping up its advocacy on legislation and regulation at the state level.
Dynasty Financial Partners has hired Ronald Sallet as senior vice president of network development, making good on its promise to boost business development in 2014.
Assets managed by dually registered advisors are growing faster than any other channel -- underscoring the industry's "slow but steady migration" toward independent models, according to new research from Cerulli.
The principles that served him well in selling Paine Webber to UBS, Donald Marron says, helped him pull the trigger to sell Cetera.
RCAP buys J.P. Turner for $27 million; Schorsch is calling IBDs, large and small, in search of deals, says Cambridge's Schwartz.
Northwestern Mutual is fishing for talent -- and it's using 6,400 hooks.
On the heels of a companywide rebrand, some advisors think 'Here we go again'; others are happy with the change.
RCS Capital moved to become the nation's second-largest independent broker-dealer by advisor count on Thursday by agreeing to purchase Cetera Financial Group for $1.15 billion in cash.
As the cost of recruiting new advisors has soared, says CEO Erica McGinnis, such small-scale growth has become more difficult -- and more expensive.
An advisory group in Winter Park, Fla. with $550 million in client assets leaves Morgan Stanley to go independent.
Granite Financial says it hopes moving to the IBD will power growth.
The pair, who managed more than $146 million in client assets, joined Raymond James with a practice named Stonegate Financial.
The portfolio management tool has been a key selling point as the rapidly growing tax-focused independent broker-dealer continues to attract tax specialists to its network of nearly 5,000 advisors.
LPL Financial is promoting one of its own. Bill Chetney is slated to become president of LPL Retirement Partners, where he currently serves as executive vice president.
The New York-based platform outsourcer and service provider for large wealth management firms is beefing up its business development team, vowing to become much more aggressive in going after new clients.
A big LPL practice with $3.7 billion in assets under management is picking up a $300 million Chicago-area firm.
The independent broker-dealer got into hot water over unsuitable fund sales, according to FINRA.
A group of former Morgan Stanley directors is hoping their new start-up will let them capitalize on the industrys aging demographics.
Activities unfolding within 3 separate industry rulemakers -- the SEC, FINRA and the Labor Department -- suggest changes ahead for both brokers and advisors.
LPL Financial broke out of its recruiting slump in the third quarter, adding 154 net new advisors, nearly five times as many as the previous quarter.
Lawmakers are set to begin debate today on a bill that would delay, perhaps indefinitely, a proposal by the Department of Labor to impose a fiduciary standard on advisors to retirement plans.