Two veteran advisors went independent with Dynasty, dwarfing the firm's previous recruits.
"LPL is a different place than when we started there 11 years ago," says CBD Wealth Management partner Robert Comeaux, Jr.
A Morgan Stanley exec and other industry experts urge financial planners to embrace this approach to making investments, popular with both millennials and women.
Advisors play a crucial role in keeping clients accountable to their retirement savings plans, according to experts at the Morningstar conference.
Compliance experts Brian Hamburger and Robert Molinari offer up best practices for preparing for SEC and FINRA audits.
Bad retirement advice forced a woman to take a job earning little more than minimum wage to make ends meet, her lawyer says.
The commission ups its scrutiny of retirement-focused advisors and broker-dealers as elder fraud skyrockets, securities lawyer says.
Two former National Planning Corporation brokers "are just normal dudes and they just screwed up," says a lawyer for one of the men.
Pershing CIO Ram Nagappan offers a framework to help advisors think about how to transform their businesses to digital.
More than two-thirds of brokerage and RIA executives say there aren't enough young advisors to go around, according to a Fidelity survey.
Big producers are increasingly breaking recruitment records. Here's the latest, so far.
Roll-up firm adds six advisors from the insurer and one more from Hutchinson Financial.
The community bank says that LPL's compliance resources and technology were major factors in its decision.
There are some regulatory red flags that all advisors must pay attention to. But RIAs and brokers also face hurdles specific to their businesses when it comes to staying out of hot water.
The Braddock Group left the independent broker-dealer for the regional.
A federal grand jury has indicted a former broker with Securities America and Investors Security Company on 16 criminal counts ranging from wire fraud to money laundering.
Incomplete BrokerCheck reports give investors a false sense of security, critics say; Some Google searches do better.
A team formerly with Lincoln Financial Advisors will join an LPL-affiliated hybrid RIA.
Newly appointed CFO has 18 years of industry experience; replaces Dan Arnold.
A new set of players have shaken up the independent broker-dealer landscape, showing that there's more than one way to throw your weight around. See this year's top players.
While the biggest independent B-Ds have been fairly quiet, the deal-making has shifted to other players. See who's in focus now.
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.
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.
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.
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.
Three bank breakaways join two former colleagues who started the independent firm Standard Investment Advisors last year.
A former H. Beck advisor joins Securities America after 27 years with the firm to explore some of the industry's latest technological advances.
King Financial Network president says the team went private for better accessibility and technology.
The job offer from a commercial landscaper came "out of left field," says Dan Krems.
Independent advisors are bucking the broader trend and going to work for wirehouses and regional firms, ditching managerial tasks for simplicity and payoff.
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.
The wirehouse pulled in a group from Barclays, while rival Merrill Lynch picked up another that managed $425 million from J.P. Morgan.
Two advisors left the wirehouse where they generated more than $1.1 million in annual revenues.
An upcoming forum for regulators and industry professionals will discuss the SECs compliance oversight, cybersecurity, anti-money laundering, and approaches to supervision and sales practices.
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.
Envestnet's acquisition of Finance Logix marks the latest in a string of big firms snapping up advisor-focused technology providers.
Two advisors that produced $2.15 million in annual revenue joined Raymond James Financial Services, the firm's independent broker-dealer.
Sage Private Wealth recruits an advisor with about $1.3 million in annual revenue -- and a family resemblance.
LPL's net income dropped 4.6%, as the firm recorded $11 million in regulatory and legal bill for the first quarter.
The U.S. Senator says she is, "concerned that these incentives present a conflict of interest for agents and financial advisors."
"The bar of expectations among advisors has been raised by their experience with a best-in-class website," says the author of a new report in which advisors ranked fund managers.
After several annual losses and FINRA fines, call center magnate John Sykes to sell JHS Capital to the country's second-largest IBD.
A recent coaching seminar has me recalibrating my understanding of practice management. You may need to adjust yours, too.
Three advisors were stripped of their CFP designations, 13 were suspended and seven were publicly admonished for technical infractions.
An advisor's move to HighTower sheds light on an issue that bedevils those making the transition: Whether to risk losing partners -- and possibly clients.
CEOs, when questioned in recent earnings calls, offered first impressions of the impacts the proposal may have on the industry.
The company's Private Client Group reported a 2% decline in quarterly profits as the firm continued to ramp up its advisor recruiting.
The firm's wealth management division also reported that pretax operating earnings rose 16% from a year ago.
"We're betting on financial advisors and personalized financial advice delivered by people," says RJFS President Scott Curtis.
After selling Cetera for a rich $1.15 billion, Donald Marron's Lightyear Capital picks up a $4.7 billion hybrid RIA.
Three advisors left the wirehouse to join the independent brokerage network at Wells Fargo.
Behind the accounting errors that knocked $4 billion off American Realty Capital Properties' market value was a hidden scheme that generated more than $900 million in managers fees and bonuses, investors said in a lawsuit against the company.
An arbitration panel granted the wirehouse's request for damages for breach of contract, but the award fell short of the original $1.4 million the firm sought.
Quartet of advisors with $175M in AUM joins Raymond James' independent operation.
The wirehouse lost the team to HighTower, and a former Wedbush executive jumped to a $2.6 billion RIA. See these and other moves in our latest recruiting roundup.
The proposed consolidated database would bring together BrokerCheck and IAPD and include data on unregistered financial professionals across the industry.
The fast evolution of technology has many industry leaders trying to figure out whether robo advisors are a threat, a tool or something else entirely.
Once known just for CRM, the company has since built out a broader cloud-based suite of tools. Joel Bruckenstein checks out the new offering.
Stifel's CEO says his firm is enlarging its footprint in the independent space because clients are migrating there.
New Hampshire wants LPL to pay $3.6 million in a fine, other costs and restitution, following millions LPL already has paid to FINRA and Massachusetts.
The firm recruited three advisors to its employee and independent channels from rivals Edward Jones, Wells Fargo and MetLife Securities.
Advisors face a shifting landscape on both competitive and economic fronts. Many argue that it's time to scrap the AUM fee altogether.
The advisor, now barred from FINRA, allegedly violated his firm's policies and FINRA rules when he borrowed money to build a oceanfront vacation rental.
The partnership will help the bank expand the financial advisory services available to business owners in the New York metro area.
Traditional firms must boost their digital wealth management tools or risk being overrun by those that already do.
Northwestern Mutual, the nation's second-largest life insurance company, is buying LearnVest, an online financial planning start-up founded in 2009.
Affiliated Advisors Group, which manages approximately $600 million in assets, will operate as an OSJ branch within Royal Alliance, part of the AIG Advisor Group network.
John Lipari and Richard Ribek say they chose Raymond James' "client-first culture."
Two wirehouse advisors generating almost $1.7 million jumped to Steward Partners, an independent firm affiliated with Raymond James Financial Services.
If regulators can't tell the cultural differences between wirehouses and independent RIAs, Bob Veres has put together a few survey questions they can use.
LPL's "lagging earning results" led the company's compensation committee to cut Mark Casady's bonus by 40%. But Casady also got $6 million in stock options.
A FINRA arbitration panel also orders the expungement of the advisor's termination records.
The heads of the employee and independent advisory channels will report to Ameriprise CEO Jim Cracchiolo when Don Froude steps down as president of the firm's Personal Advisor Group.
Behind the scenes, tension was building in the executive suite, according to insiders. And Moore's departure appears to have been the result of an internal rivalry with the man who replaced him as president.
A wealth manager has been hit with 14 customer disputes since entering the industry in 2005, FINRA records show.
It's 'not what I would consider to be planning,' said RCS Capital CEO Michael Weil during a Citi Asset Management Investors Conference in New York.
Yes and no, experts say. But it's a thorny issue given that many IBD advisors consider themselves fiduciaries and do most of their business through RIAs.
The review is likely to start with broker-dealers and their platforms; It will coincide with a second, more targeted phase of the commission's cybersecurity sweep.
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.