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What grabbed InvestmentNews readers this week
A big arbitration award, a story about recruiting bonuses and how Vanguard grabbed Pimco's bond crown were among the most read stories this week on InvestmentNews.com. Plus: Lessons from Robin Williams' estate and another investment team loss at LPL.
NFP scores big with Financial Telesis recruits who forgo signing on with LPL
NFP Advisor Services chief James Poer says firm is adding 53 advisers and roughly $30 million in revenue, mostly from Financial Telesis.
$450 million hybrid RIA network launches with LPL
Financial Advocacy Network, a collective of 13 advisers with $450 million in assets, is hoping to grow to $1 billion in five years
LPL losing another top member of investment management team
LPL Financial is losing another key member of its investment management roster. Scott Welch, co-founder and chief investment officer of high-net-worth adviser and consultant Fortigent, will leave the firm. Fortigent is a wholly owned subsidiary of LPL Investment Holdings Inc.Word of Mr. Welch's
Finra accuses indie B-D of falling down on anti-money laundering supervision requirements
Aegis Capital is accused of facilitating an alleged penny stock scheme that generated $24.5 million in profits for clients and $1.1 million in commissions for the firm.
LPL's chief investment officer reads market tea leaves
Burt White is sticking to his previous call that stocks will produce 10% gains in 2014, with room potentially to move slightly higher.
Adviser movement heats up the dog days of summer
This week's top InvestmentNews stories feature an LPL exec's exit, potential pitfalls for brokers changing jobs, a flurry of adviser moves and a high-profile lesson in trust planning.
Financial Telesis adviser with $700M bolts to Commonwealth
A Financial Telesis Inc. adviser with $700 million in assets under management has bucked LPL Financial's recruiting and signed on with Commonwealth Financial Network.Benjamin W. Wong, who runs an eponymous financial planning firm in Pleasanton, Calif., has joined the custody and clearing firm with
Schorsch picks up yet another midsize IBD
Nicholas Schorsch continues to add midsize independent broker-dealers to the Cetera Financial Group Network, and on Wednesday night announced plans to acquire Girard Securities Inc.
Clearing firms ranked by broker-dealers served
FirmAddressCity, State ZipPhoneWebsite# of clients% changePrimary contact for B-DsPhone/ e-mailPershing LLC1 Pershing PlazaJersey City, NJ 07399(201) 413-2000pershing.com811-3.3%Michael B. Row (Managing director)email@example.comNational Financial Services LLC200 Seaport Blvd.Boston, MA
LPL's chief market strategist resigns
The indie B-D behemoth is facing more turnover at the top, this time among its team of investment management professionals.
How will LPL's new tech platform measure up against the competition?
Questions remain about whether ClientWorks will be on par with other third-party open architecture platforms for advisers.
Integration of Schorsch BD empire gets underway
RCS Capital Corp. is beginning to tie together its nine disparate retail broker-dealers, and on Tuesday morning said it will offer services from one broker-dealer across the various platforms of the others. Included in those changes will be combining due diligence and research groups at the start
Larry Roth: Defining the next 10 years for independent broker-dealers
Larry Roth, CEO of Cetera Financial Group, warns against consolidation at the expense of client and adviser relationships.
LPL cranks up oversight in response to regulators
LPL Focus 2014: Firm CEO Mark Casady tells 3,500 advisers to be ready for more requests for documentation and background.