Minority investors are more likely to engage in risky investments such as meme stocks, cryptocurrencies, and options, according to a report from the Finra Investor Education Foundation.
'A lawyer may tell an advisor like this, there's no upside in responding to Finra, just leave the industry,' says a senior brokerage executive.
The acquisition of Atria will transform LPL 'from a leading player in the space into a category killer,' analyst says.
‘When I got here in 2016, I had no idea who the alternative investment sponsors were,’ says Jamie Price of Osaic.
LPL's equity purchase of Atria will cost the firm at least $805 million.
'This appears to be more of a reflection on Stifel,' one industry recruiter says.
Text messaging issues at broker-dealers and RIAs could have been avoided with some regulatory guidance, compliance expert says.
'Somewhere in the firm's systems, a big, flashing red light should have gone off,' one attorney says.
'Mass affluent individual investors historically have not had an easy way to access these types of products and strategies,' senior KKR executive says.
Change is afoot at the brokerage firm, which reportedly is reimbursing its advisors for the cost of certifications offered by the Investments & Wealth Institute.
