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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.
RIAs vs. wirehouses: who will gather more share?
Independent registered investment advisors and discount brokers are expected to continue picking up market share from traditional brokerage firms this year, according to Aite Group LLC. RIA firms expect to grow their client numbers 12% this year, while wirehouse advisers expect 7% growth, according
Edward Jones makes unexpected leap into proprietary products
Contrary to its long-stated message to its financial advisers, Edward Jones is getting into the proprietary-investment-product business. The firm, known for its one-man shops and mass of trainees, is launching a line of affiliated mutual funds that will be used in Jones' recently introduced
The Takeaway: Keep an eye on that sales assistant!
Portfolio US economy adds 162,000 jobs in July. Here are some reactions from economists: ( MarketWatch ) Hope you didn't try to do the right thing and diversify clients' portfolios this year. ( The Reformed Broker ) The August issue of Mutual Fund Observer just came out, always a great read. (
Broadridge offers automated cost-basis application
A new partnership between Broadridge Financial Solutions and Scivantage will provide Broadridge clients with access to Scivantage Maxit, an automated cost-basis application.
RIAs are losing competitive edge
RIAs appear to be losing their competitive edge. Why? Wirehouses and regional firms are adopting some of their practices.
Cogent: Two-thirds of industry compensation to be fee-based by 2015
In a bad omen for the mutual fund industry, the shift toward fee-based compensation is expected to accelerate over the next two years, a new report finds. Who's pushing the trend?
- Facebook's five-star ratings: The end of business pages for advisers?
- Pimco's El-Erian to step in to shore up $3B multi-asset fund
- Rebound in gold suits big guns Paulson, Soros
- New 3.8% surtax means new tax strategies for business owners
- Mountain of money in nontraded REITs continues to hold Wall Street's attention
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Blaine Aikin CEO, fi360
Timothy Welsh, CFP President and Founder, Nexus Strategy, LLC
Justin Wisz Co-Founder & CEO, Vestorly