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.
The board voted Thursday to adopt two attestation standards pertaining to audits of brokers and dealers, along with an auditing standard for broker-dealer audits.
Advisor network Northstar Wealth Partners added two new advisors managing a combined $800 million in client assets with the help of its independent broker-dealer.
The tax-focused independent broker-dealer has added two new executives to its management ranks.
A pair of the countrys largest independent broker-dealers are the first firms to get the new recognition.
VisionPoint Advisory Group is looking to use the giant independent broker-dealer as a base to expand by recruiting more advisors.
The independent broker-dealer network, which would be the nation's fourth-largest IBD if all its component businesses were consolidated, has named a 42-year-old internal candidate.
Sometimes changing broker-dealers doesn't work out the way you expect. Just ask Wayne Maier, a financial advisor in Bay City, Mich.
Larry Roth, former president and chief executive officer of Advisor Group, one of the countrys largest networks of independent broker-dealers, is joining Realty Capital Securities, a major broker-dealer and wholesaler of real estate investment trusts, as chief executive officer.
LPL is shuttering NestWise, the once-hyped unit that was launched just last year to serve less affluent customers, and has laid off 40 NestWise employees.
To do so, the countrys largest independent broker dealer expects to have a portal up and running, probably under the name AdvisorHarmony, as early as next year that will allow advisors to sift through potential partners on their own.
John Hancock Financial Network has rebranded under the name Signator Investors, as a sign to advisors of its commitment to grow the advisory side of its business.
Raymond James is ramping up its pitch to attract independent advisors by opening up access to alternative investments.
The 15th largest independent broker-dealer in the country, National Planning Holdings, continues to grow in size.
Brokers who hold investors assets will have to file quarterly reports attesting to compliance with measures toprotect customer money and securities under rules adopted by the U.S. Securities and Exchange Commission.
LPL Financial Holdings reported the strongest quarter in the companys nearly three years as a public company, with net revenues topping $1 billion for the first time. LPLs board of directors also announced the companys quarterly dividend would be raised 40% to 19 cents per share.
Washington Wealth Management is continuing its rapid growth -- albeit at a slighter slower pace than its own CEO had forecast.
With three more even larger deals expected to be completed by September, Carson Institutional could become a serious alternative to some of the leading roll-up firms in the nation.
Independent broker-dealer Securities America is pressing ahead with its aggressive recruitment campaign, hiring three regional directors to help attract prospective independent advisors, the firm announced Tuesday.
Its a tricky act, being both big and personal. But organizers of LPLs 23rd annual conference are aiming to strike this balance, according to one of its organizers.
Founder Eric Schwartz is making big plans to preserve the firms independence and viability for the long term -- by giving away control now.
Northstar Wealth Partners, the largest LPL Financial-affiliated wealth management firm in Connecticut, has nearly doubled its assets under management to just under $2 billion -- by recruiting two advisors formerly with Essex Financial Services in Essex, Conn.
Securities America has ramped up the fierce competition for independent advisors, launching a new RIA targeting advisors with between $50 million and $250 million assets under management.
The division, created in 2001 and made up of affiliated RIA firms who custody their assets with Raymond James, now includes about 100 firms, approximately 250 advisors, and more than $8 billion in assets.
Raymond James lured six advisors with over $350 million in client assets to its independent channel, the company announced Thursday.
The acquisition comes just nine days after United Capital acquired an Atlanta wealth manager and is the latest example of the firms aggressive, Starbucks-inspired expansion strategy.
Sanctuary Wealth Services, a San Francisco-based platform provider and services support firm for wealth managers, has snagged a Morgan Stanley breakaway team specializing in proprietary asset management.
The Boston company said it is realigning to better serve advisors in the independent, bank, broker-dealer and family office channels.
St. Louis-based Buckingham Asset Management has added JWA Financial Group of Dallas in its latest acquisition.
To continue its expansion in Atlanta, United Capital announced Monday it bought the majority of the assets of Atlanta-based PPA Advisors.
The nations largest independent broker-dealer is partnering up to enhance its recently launched online retirement planning services platform.
Industry veteran Steve Dunlap, who previously held two top jobs at Bank of New York Mellon, is joining Cetera Financial Group as executive vice president, wealth management.
FINRA has censured Securities America and fined it $100,000 for making inaccurate and misleading statements to clients via emails.
LPL Financial hired an ex-SEC official as its new general counsel as the firm continues to restructure its management team.
After seven years with another independent broker-dealer, an Omaha, Neb,. team has returned to Securities America.
LPL Financial, the nations largest independent broker-dealer, has reached $50 billion in total RIA assets under custody, doubling its year-ago total.
Less than a week after landing another Morgan Stanley advisor, Raymond James has lured a Midwestern group with over $240 million in assets under management from Morgan Stanley to its independent-broker dealer.
RCAP CEO Nick Schorsch says the deal could be a "tipping point" in a new wave of private equity investment in independent broker-dealers.
First Allied Holdings, an independent broker-dealer, is set to be acquired by RCAP Holdings.
John Hancock Financial Network is picking up another 280 registered representatives?with the acquisition of Symetra Investment Services.
Industry leaders will gather in Palm Beach, Fla., for TD Ameritrade's advisor conference to discuss wealth management trends and the future of financial advice regulation.
A National Financial Partners Corp. shareholder sued to block the firms $1.3 billion sale to Madison Dearborn Partners LLCs, a Chicago-based private equity firm.
Commonwealth Financial Network, the nations largest privately held independent broker-dealer, named Rich Hunter president and chief operating officer on Friday and also announced new affiliation models for its nearly 1,500 financial advisors.
Payden & Rygel is looking to tap into the broker dealer channel with a new partnership.
LPL hired Michelle Oroschakoff as chief risk officer and managing director.
Art Tambaro, president and CEO of Royal Alliance Associates, (left) one of four independent broker-dealers owned by AIGs Advisor Group, will retire at the end of the year. He will be replaced by Dmitry Goldin, a member of Royals senior leadership team for the last decade.
After more than four years with LPL, veteran independent broker-dealer marketing executive Marissa Fox Foley has joined First Allied Securities in a newly created role as senior managing director of marketing.
U.S. Wealth Management, an independent network of wealth managers, has added two financial advisory practices to its platform, expanding its total recruited advisory and brokerage client assets.
In a deal that could almost double its total revenue, J.W. Cole Financial, a Tampa, Fla., independent broker-dealer, announced Wednesday that it completed its acquisition of Financial Advisers of America.
The damage from Massachusetts latest action against sales of non-traded REITS by independent broker-dealers may not be fatal, but it should cause firms to reconsider their sales strategies, say industry observers.
The firm completed a round of financing and added two new directors to focus on recruitment.
The Securities America move underscored the intensity with which advisory firms are competing for talent, executive search experts said.
Independent broker-dealers and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight.
LPL Financial added Ingham Retirement Group to its broker-dealer and RIA custodial platforms.
Dynasty Financial Partners is crossing the border and headed north.
The practices, in Mercer Island, Wash., and Lynnwood, Wash., have a combined $549 million in assets under management.
For the first time in the fast-growing companys history, LPL has posted nearly $1 billion dollars in net quarterly revenue.
Revenue and assets increased year-over-year as the firm began to streamline operations after the Morgan Keegan integration in February.
The president of Ameriprise Financials Personal Advisor Group lays out his firms plan to attract and retain advisors.
In 2011, 44% of brokers who left wirehouses landed at independent firms, but every broker has an array of options when it comes to independence.
Previewing an address Thursday that he's set to deliver to the 1,600 advisors attending the firm's annual conference, CEO Paul Reilly said that Raymond James Financial will continue to have a big focus on technology and training going forward. He also discusses how acquisition may (or may not) factor into the company's agenda.