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Schorsch's RCS Capital hires due-diligence analysts for alternatives, nontraded REITs
RCS Capital continues to expand its reach into financial services, hiring Todd Snyder and John Kearney, widely considered the top due-diligence analysts for alternative investments and nontraded REITs.
Finra's BrokerCheck comes under fire
Database omits bankruptcies, tax liens, and other vital information, lawyers group claims
Closed doors at Finra hide the whole industry's shame
Finra's second diversity conference in New York on Tuesday featured a number of key industry speakers who touted the importance of recruiting, retaining and promoting more women and minorities in the industry. “Diversity is strength — even a group of best point guards cannot win a basketball game,”
Woodbury Financial Services promotes Rick Fergesen to president and CEO
Broker-dealer had sought a new chief since Pat McEvoy resigned in December.
Finra fines, complaints drop as market improves
Finra reports that suitability fines and customer complaints have dropped as the financial crisis has faded further into the rearview. It's not all smooth sailing, however, as new regulatory priorities have emerged.
Finra fines Berthel Fisher $775,000 for compliance failures
Regulator said IBD didn't adequately train or supervise brokers selling alternative investments and nontraditional ETFs .
Schwab aims to help breakaways skip IBDs on path to independence
Broker-dealers are no longer considered a necessary step on the road to RIA, says Bernard Clark, head of the adviser services division at Charles Schwab.
Finra seeks to beef up use of BrokerCheck
Revives proposal that would require brokerages to link to regulator's database, including disciplinary background info.
With business booming, Schorsch's RCS Capital eyes further growth
Nick Schorsch's RCS Capital is building the second-largest independent broker-dealer network — 9,000 registered reps and financial advisers — through several acquisitions it announced last year.
LPL recorded record revenue of $4.1 billion in 2013
Last year's roaring stock market helped IBD bellwether LPL Financial post record results. The company expects commission revenue from sales of alternative investments such as nontraded REITs to dip from the elevated levels of 2013 but remain solid.
Nontraded REIT Inland Diversified Real Estate Trust to merge with Kite Realty Group Trust
Inland Diversified Real Estate Trust has agreed to merge with a publicly traded REIT in a $2.1 billion all-stock deal. The transaction represents average annualized return of 8% for investors. Bruce Kelly reports.
WJB Capital executives charged in scheme to prop up firm
Three former WJB Capital Group Inc. executives were charged with defrauding investors of more than $11 million in a bid to prop up the now-defunct broker-dealer. The trio pleaded not guilty.
Merger of Nicholas Schorsch's American Realty Capital Properties and Cole Real Estate Investments closes
Combined company is the largest publicly traded net-lease REIT, with value of $21.5B
Regulators have an uphill battle to bring transparency to illiquid investments
Bringing light and due diligence should be a priority for the investment advice industry.
HighTower nears launch of new channel for independent advisers
HighTower Alliance to offer independence, access to firm's investment platform, BD services.
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February 27, 2014