The second half of January saw RIA mergers and acquisitions slow down sharply from the first half, according to a report from Fidelity.
Last month, the California financier agreed to a $10.2 million penalty related to his alleged role in a scheme to steal money meant to be invested in Native American tribal bonds.
Finra's action against Long Island Financial Group is yet another indication of its dissatisfaction with the industry's implementation of Reg BI.
But the deal raises the possibility other firms may go after the Securian advisors; Cetera and LPL have faced off in the past over recruiting advisors amid an acquisition.
Giant financial services companies are starting 2023 with more moves to control and own the assets of financial advisors, rather than servicing them for a modest fee.
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
As a consultant, Duran will focus on Goldman’s effort to become a leading custodian to RIAs, working with the head of Goldman’s RIA offering, Padi Raphael.
But CEO Dan Arnold is optimistic about the start of 2023, noting that the fourth quarter was the best period for recruiting last year and predicting that momentum will carry over into the first quarter.
The firm declined to comment about Jim Dickson's sudden departure from Sanctuary Wealth, which he had led since 2018.
With the deal for Portfolio Advisors, FS Investments also gets its hands on a private equity fund that targets both wealth management and institutional clients.
