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."
In particular, the commission is looking for cases when advisors trade on behalf of clients without written disclosure and consent, or fail to process a trade on the most favorable terms for their clients, says an enforcement division co-chief.
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.
'The average deal was a $1 billion or more RIA buying a mid- or smaller-size firm, a classic tuck-in,' says Jonathan Beatty of Schwab Advisor Services.
Bank executives expect to boost revenue from their wealth management practices 25% or more in the next five years, with some anticipating a 35% contribution to total bank revenue.
"We're seeing more inquiries like this," says Dynasty president and CEO Shirl Penney. "As the opportunity presents itself, we think more teams will see the advantage of joining to achieve scale, size and get more bang for their buck."
Lack of scale and the heavy investment wealth platforms require may have prompted the bank holding company to sell its RIA business, says one industry consultant.
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.
The husband-and-wife team is the eighth team to join HighTowers New York headquarters.
The agency plans a deeper focus on the role and duties of financial advisors this year, says chairwoman Mary Jo White.
Firm's partners say they wanted 'control of our destiny -- we wanted to own our own equity.'
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.
A Laserfiche study finds better content management can improve firms' sale valuations by between $242K and $3.6M.
The censure decisions are the result of reviews by the Board's Disciplinary and Ethics Commission, which meets three times a year.
Retiree-focused Cherrington Brotsky left Morgan Stanley to join broker-dealer FSC, a member of Advisor Group.
The highest-performing firms identified in Fidelity's RIA benchmarking study focused on 'smart technology and adoption versus chasing the latest and greatest tech products.'
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.
The board's plans focus on aggressive growth, increased awareness of mark and regulatory impact.
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.
The CFP Board now has two big industry players backing its effort to increase the number of female financial advisors.
Execution for prospecting events is critical, advisors heard during a session that included both tactical tips and specific ideas at the TD Ameritrade Institutional national conference.
The CFP Board plans to show off new ads for its extended Let's Make a Plan publicity campaign.
Advisors who don't enhance the client experience are doomed to become "the travel agents of the future," according to Ron Carson, founder and CEO of Omaha-based Carson Wealth Management.
At the group's national conference in Orlando, president Tom Nally announces several new initiatives aimed at helping advisors expand their businesses.
Advisors can no longer expect to hire only seasoned, mid-career professionals with an established book of business, industry experts say.
A UBS team of advisors with a billion dollars under management has left the Swiss bank to form IFM Capital Advisors, an independent registered investment advisor, with the aid of Focus Financial Partners.
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.
The stage may be set for a settlement after a judge denies the board's attempt to quash discovery & allows the Camardas' request to seek monetary damages.
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.
RCAP buys J.P. Turner for $27 million; Schorsch is calling IBDs, large and small, in search of deals, says Cambridge's Schwartz.
On the heels of a companywide rebrand, some advisors think 'Here we go again'; others are happy with the change.
Edelman Financial Group announced Thursday that Tiburon Strategic Advisors managing partner Charles "Chip" Roame has been added to its board of directors.
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.
Two Florida planners have asked the court to sanction the CFP Board. The organization calls the suit "without merit" and declined to answer dozens of questions in the first deposition.
The $1.3 billion Rockville, Md., advisory firm has added two prominent advisors to its team, adding roughly $50 million to Highline's assets under management.
The FPA and other organizations calling for stricter regulatory oversight of investment advisors reacted with dismay to the omnibus federal spending bill unveiled this week, which they say will leave the SEC unable to effectively police the industry and protect investors.
As the cost of recruiting new advisors has soared, says CEO Erica McGinnis, such small-scale growth has become more difficult -- and more expensive.
Granite Financial says it hopes moving to the IBD will power growth.
The SEC is putting advisors on notice that its examiners will cast a wide net in their reviews of investment advisors over the coming year.
The well-financed venture promised big hiring in 2013, but a November ADV form shows them well short of goal.
As the stock market has soared, firms face new competition for both talent and clients.
Focus Financial Partners, one of the most aggressive aggregators, has added $400 million in capital funding, with another $150 million waiting in the wings, scoring one of the industry's largest lending deals from a consortium of large banks.
The pair, who managed more than $146 million in client assets, joined Raymond James with a practice named Stonegate Financial.
The number of mergers and acquisitions of financial advisors is set to increase substantially in 2014 and beyond, according to research released by Tiburon Strategic Advisors.
A pair of longtime Suntrust financial advisors have hooked up with LPL Financial to form their own practice.
Many of the methods commonly used to tell if someone is lying don't actually work, says Jason Voss of the CFA Institute. Here are some techniques to help financial professionals improve their ability to detect deception.
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.
Seeking to avoid the "embarrassment," "annoyance" and "expense" of a lawsuit, the CFP Board is asking a federal judge to quash most requests for documents and depositions from two planners who are suing the organization.
Schade replaces the San Francisco firm's co-founder and chief executive, Brodie Cobb, who suffered serious injuries in a bicycle accident last year.
Almost half of the advisors in a new FPA study say they don't have a retirement plan; even more fail on business and succession plans.
The enhanced site allows advisors to alter certain components of their profiles at will -- though not their disciplinary history.
Expansion-minded Savant Capital Management has bolstered its presence in the vibrant Chicago metropolitan market, acquiring Paragon Advisors, a $150 million firm in Naperville, Ill.
A big LPL practice with $3.7 billion in assets under management is picking up a $300 million Chicago-area firm.
Even as the SEC is contemplating an expansion of fiduciary rules to include broker-dealers who operate in the retail space, some advocates argue that the regulatory interpretation of the responsibilities under a fiduciary standard has strayed from common-law precedent and become dangerously diluted.
NetVEST, which is returning to LPL, has approximately $200 million in client assets and specializes in establishing revocable and irrevocable trusts. The firm had been affiliated with Ameriprise for the past year; but had been with LPL for almost 20 years before that, however.
For Jeffrey Thomasson, founder of Oxford Financial -- the largest firm on Financial Planning's 2013 RIA Leaders list -- smooth waters means its time to rock the boat.
The independent broker-dealer got into hot water over unsuitable fund sales, according to FINRA.
Exclusive: In the wake of its CEO's bike crash, a series of changes at San Francisco's Presidio Group has put expansion plans on hold and left the firm working to rechart its course.
For United Capital's newest advisor, it was the tools that closed the deal.
The overall advisor population has been sliding -- and a new study finds that only one category of advisors is expanding to fill the gap.
Are smaller firms getting squeezed by competition and consolidation or are new technologies and resources changing the game? Peter McGratty of Pinnacle Advisor Solutions sees opportunities ahead for small RIAs.
The fast-growing Kansas-based advisory firm with national ambitions has planted its flag in New York City, signing on RR Advisory Group.
Although many in the industry consider Dynasty and HighTower rivals for the allegiance of breakaway teams and independent RIAs, CEO Shirl Penney says Dynasty doesnt run into [HighTower] as much as you may think.
Northwest Savings Bank in Warren, Pa., has agreed to acquire a financial advisory firm and an employee benefits and consulting insurance company.
A growing number of firms are bringing on COOs & CFOs -- and looking outside the industry for help.
HighTower has picked off $320 million New York-based Merrill Lynch team LCK Wealth Management for the partnerships third addition in as many weeks.
An SEC advisory committee on Friday recommended that the commission appeal to Congress for authority to collect user fees from advisors to enhance its oversight of the RIA sector and enact rules to tighten regulation of broker-dealers.
The Financial Services Institute, a trade group representing independent broker-dealers and advisors, has elected two new IBD execs to its 2014 board.
Two Florida advisors have been charged with defrauding their clients, including many retirees, in an offshore fraud scam.
G. Moffett Cochran, co-founder and chief executive officer of Silvercrest Asset Management Group Inc., a New York-based firm catering to wealthy families, which went public in June, has died. He was 63.
Spurred by the brisk stream of breakaway brokers, HighTower has doubled its recruiting team and lured two new partnership teams: Andriole Group and Klein Wealth Management.
Three deal-tested wealth management firms offered advice to planners at Schwab Advisor Services' annual Impact conference.
It looks like the CFP Board of Standards isnt getting into the business of becoming a continuing education program provider -- at least for now.
Activities unfolding within 3 separate industry rulemakers -- the SEC, FINRA and the Labor Department -- suggest changes ahead for both brokers and advisors.
New registrants with the SEC or veteran advisors who haven't been examined in many years can expect to hear from regulators in short order, a prominent securities lawyer told attendees at Schwab Impact conference.
In a business update to CFP holders, the board presents research on its Let's Make a Plan campaign, clarifies its fee-only position -- and skips a discussion of recent controversy.
The new model has to be able to serve clients "any time, any place and anyhow," said Bernie Clark, the head of Schwab Advisor Services at the financial service giant's annual Impact conference in Washington, D.C.
Demand is high for experienced executives across all channels. While advisor migration to independent RIAs remains the dominant trend, large wirehouse and bank players are also very much in the game for talent.
State securities regulators have been ramping up examinations of investment advisors in the aftermath of the Dodd-Frank Act, which required more than 2,000 midsized advisors who had been overseen by the feds to register with state authorities.
Newly formed Orgel Wealth Management, with $4 billion in assets under management, is redefining the process of going independent.
Banyan Partners,the $4.3 billion Palm Beach Gardens, Fla.-based RIA, wants to hit $10 billion in assets in the next three years, establish a national brand and secure significant wallet share in both the high-net-worth and multifamily office markets.
Genworth Wealth Management, with $20 billion in assets under management, on Wednesday announced a long-anticipated name change.
After spending 13 months conducting extensive due diligence research on the top 50 independent broker-dealers, Householder Group decided that LPL, the nations largest independent broker-dealer, was best suited to support the firms next chapter of growth.
The company has a new deal with a Texas firm targeting ultrahigh-net-worth clients.
Heres a look at ten of the most influential executives in the business and their insights, concerns and predictions for the future of the advisory industry.
Chat Reynders, chairman and CEO of Reynders, McVeigh Capital Management, an RIA with about $900 million in assets under management, speaks about why socially responsible investing is essential for advisors to better connect with younger generations, avoid liability and improve transparency with clients.
Merrill Lynch's John Thiel predicts that in the not-too-distant future, RIAs will grow up to look just like their wirehouse competitors.
Bob McCann, CEO of UBS Group Americas, says while independent channels are making in-roads and can't be ignored, the threat doesn't keep him awake at night.
A husband-and-wife planning firm and the CFP Board have traded jabs in court over whether the planners can seek damages in their lawsuit against the board.
A measure that would put the brakes on the Department of Labor's proposal to establish a fiduciary standard for advisors to retirement plans was approved by the U.S. House of Representatives in a largely party-line vote on Tuesday.
The CFP Boards highly publicized $36 million 'Let's Make a Plan' campaign may have misled consumers.
The firms have been sanctioned by the SEC for violating the custody rule that requires them to meet certain standards when maintaining custody of their clients funds or securities.
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 Opsahl Group, led by senior advisor Joseph Opsahl and advisor Chris Hatfield, is leaving Merrill Lynchs Private Client Group to work with True, a key Dynasty Financial Partners firm in the Pacific Northwest.
Stacy Francis of Francis Financial speaks about how she cultivates relationships with divorce attorneys to expand her divorce financial planning practice.
Saying the new cash will be used to fund growth, CEO Joe Duran targets $200 million to $250 million in annual revenue.
In seven years, Focus Financial has grown to $65 billion in AUM from $3 billion. CEO Rudy Adolf shares the companys growth strategy.
The CFP Board cannot justifiably act as both a regulator for continuing education providers and as a CE provider themselves, FPA president Michael Branham said to a burst of applause Sunday at the general session of the associations annual conference.
Financial planning is still a relatively young profession with a lot of growing pains, according to the incoming president of the FPA.
Large firms are targeting smaller lifestyle advisors who want to remain independent but need resources, guidance and business support from the substantial ecosystem of solutions that are now available.
Mariner Wealth has jumped into the burgeoning space recently abandoned by LPLs NestWise.
With $1.4 billion in assets already, firm aims to become a Southern California giant.
Three big industry names are joining forces to form a new wealth management firm, Lebenthal Wealth Advisors.
Educators say they expect full explanation and transparency.
NAPFAs new leaders are stressing new initiatives to expand the organizations education programs and its membership.
In the latest deal for Focus Financial Firm, Boston-based RIA expands footprint, sees more acquisitions ahead.
Amid a surge in consumer assets, firms that cater to high-net-worth clients have a particular advantage, Chip Roame told an audience at the Tiburon CEO Summit.
The turnkey asset management platform taps executives with experience at Fidelity, Schwab and Russell Investments.
The SEC says it has reached a settlement with a Nebraska investment advisory firm charged with breach of fiduciary duty involving three funds it managed over the course of the previous decade.
Firm founded by ex-PayPal & Intuit CEO opens Denver office as digital upstarts jockey for tech-savvy clients.
Independent RIAs in the increasingly competitive -- and lucrative -- San Francisco Bay Area market may have to raise their game, according to a leading investment banker.
Atlanta Capital and PFM say they will offer more concierge services to families with less than $20 million in AUM.
Two planners who are suing the CFP Board amended their complaint to seek unspecified damages in addition to earlier claims seeking an admission of fault from the board as well as the quashing of a public sanction for calling their practice fee-only.
Two prominent industry experts offer some spirited discussions on a few of the most contentious M&A issues.
Expect powerful regional RIAs to emerge from the current round of financial advisory deal-making.
Beverly Hills Wealth Management has launched an internal asset management division with the addition of the emerging McComsey Asset Management, with $30 million in assets under management, to help attract a greater number of breakaway brokers.
Significantly altered results now appear when users search for fee-only advisors.
While the coming fiscal debate looms in the background -- along with probable accompanying market volatility -- there are a number of other possible legislative and regulatory items that also affect the insurance and advisory industry.
Sometimes changing broker-dealers doesn't work out the way you expect. Just ask Wayne Maier, a financial advisor in Bay City, Mich.
New hires bolster the firm's recruiting and succession planning units.
Exclusive: Without any notice, fee-only is replaced with none provided on CFP holders profiles.
Exclusive: Widespread abuse of the term raises question of a disciplinary double-standard.
New York, California and Texas will be ground zero for Fiera Capital, the $71 billion Canadian investment manager that is hoping to crack the top tier of the U.S. private wealth market.
To have a national brand, you have to have a client experience that can be duplicated in every location, like Starbucks," says Rudy Adolf, CEO of Focus Financial Partners. "No advisory firm has the ability to deliver this kind of promise," he says.
The expansion-focused $6 billion wealth manager has added Santa Barbara-based Pacific Pointe to its roster, making it the fifth firm in Beacon Pointes growing stable, and the fourth in California.
Senior executives with leadership experience and strong sales skills in high demand as current advisors look to retire.
Amid growing industry debate over compensation disclosure, the FPA has changed the compensation disclosure options on its website.
Now that profits are at record highs, financial advisors' next priority should be better people management, according to the 2013 FA Insight Study of Advisory Firms: People and Pay. Cost control, solid productivity and soaring client profitability helped the typical advisory firm reach a profit margin in excess of 20% in 2012, the highest margin in the survey's five-year history.
Huntington announced today that Gregory A. Smith was named president of Cincinnati-based Haberer Registered Investment Advisor, a wholly-owned subsidiary of the Huntington National Bank.
Beginning next month, a number of tech firms that are also RIAs are poised to enter the red-hot online advisory space, offering consumers not only financial guidance but specific buy/sell/hold recommendations for mutual funds and ETFs, based on algorithms and aggregation of clients accounts.
The advisory industry is already locked in fierce competition to recruit new advisors. Now TD Ameritrade Institutional is ratcheting up its efforts to attract talent.
A spike in the proportion of RIA-to-RIA deals in the first half of this year may signify that the advisory field is starting to come into its own.
In an effort to help attract a new generation of financial advisors, TD Ameritrade has awarded $50,000 in scholarships to 10 financial planning undergraduate students from around the country. Scholarship winner Kelsey Brooks, a college senior at the University of Georgia, says that the industry must do a better job of incorporating technology and face-to-face interaction, and must work hard to earn back trust and loyalty, which was hurt following the financial crisis. (The Museum of American Finance, New York City, August 21).
Edward Gjertsen II, vice president of Mack Investment Securities in Glenview, Ill,. has been named FPA president-elect by the organizations board of directors. Gjertsens one-year term as president-elect begins on January 1, 2014.
Independent wealth management firm Banyan Partners is nearly doubling its assets under management to $4 billion by acquiring two firms simultaneously.
AMG Wealth Partners has taken a minority stake in Tarrytown, N.Y.-based Clarfeld Financial Advisors, a $4 billion firm with a London office that specializes in serving wealthy U. S. citizens living abroad. The investment is the second since the division was formed two years ago as a subsidiary of AMG, which has more than $470 billion in assets.
LPL wants its advisors to know that it has heard their complaints and is doing something about them.
Carson's coaching firm, Peak Advisor Alliance and digital content firm, Faulkner Media Group have joined forces to create a new digital content service for advisors.
While the nation's largest independent broker-dealer says it has no imminent plans to own a bank, it now can if it wants to -- thanks to the announcement of a stock distribution by two of the firms original private-equity investors.