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Woodbury Financial Services promotes Rick Fergesen to president and CEO
Broker-dealer had sought a new chief since Pat McEvoy resigned in December.
Edward Jones settles cold-calling case for $750,000
The New Hampshire Bureau of Securities Regulation accused the firm of unlawfully soliciting clients on do-not-call lists
A whirlwind week of conferences
I definitely earned my frequent flyer miles last week. On Monday, I made my way down to our nation's icy capital to attend the Financial Services Institute Inc.'s big gathering of independent broker-dealers and financial advisers. As usual, the annual conference, dubbed OneVoice 2014, was a ...
Edward Jones revamps recruiting to focus on wirehouses
Almost 20% of the 695 advisers who joined the firm last year came from big Wall Street firms. How long will this strategy work?
Southwest Securities could be sold to big shareholder
The parent company of Southwest Securities, SWS Group, received $7-a-share offer from Hilltop Holdings. The offer was a 16% premium to the stock's closing price on Thursday. Bruce Kelly has the story.
Finra fines Stifel, Century Securities $1M on complex ETFs
Stifel, subsidiary broker-dealer agree to pay fines and restitution for sales of nontraditional funds.
J.P. Turner must pay more than $700,000 in restitution to clients
Finra on Wednesday ordered midsize independent broker-dealer J.P Turner & Co. to pay more than $700,000 in restitution to clients who complained about unsuitable sales of leveraged and inverse exchange-traded funds and excessive mutual fund switching by one registered representative.
Finra board eyes raising arb fees to increase arbitrator pay
Finra is considering raising the fees related to pursuing an arbitration claim against a brokerage firm in order to increase the pay for people who hear the cases.
Prepping Janet Yellen for the hot seat
Plus: Elizabeth Warren vs. Wall Street, emerging markets see downside of credit boom, and the realities of alternative energy investments. All in Breakfast with Benjamin.
Adviser channel migration trends
A look at the top B-Ds by percentage of advisers that rate a 'strong likelihood' to consider joining, plus net change in AUM at each B-D.
Raymond James reports record net income, profit for fiscal year
On the back of its acquisition of Morgan Keegan, Raymond James Financial Inc. on Wednesday reported record net revenues for its fiscal year ended in Sept. 30 of $4.5 billion, up 18% from the prior year. The firm, home to 5,700 registered reps and advisers in the United States, also reported record
Three biggies add $1B teams to ranks
Last week was a busy one for broker-dealer moves. Wells Fargo Advisors LLC, Bank of America Merrill Lynch and LPL Financial LLC each announced adding teams that managed $1 billion in client assets. Wells Fargo Advisors LLC last month landed The Alpert Group, a Woodbury, N.Y., team of four financial
Janney lands Merrill team with more than $900 million
Janney Montgomery Scott LLC has landed a group of former Bank of America Merrill Lynch advisers who manage over $900 million in assets for clients, the regional brokerage announced on Friday. The team, which joins Janney's West Harford, Conn., branch office, has annual production of $3.7 million,
The inexorable shift away from the wirehouses
Rudy Adolf of Focus Financial says strong wealth management relationships are about trust, and the bond of trust with the client has been broken
Jones moves to capitalize on fee business
With more than half of its revenue coming from fees, Edward Jones plans to start selling proprietary investment products in a sharp break from the past.
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February 27, 2014