"This was not a systemic issue for us," says LifeMark Securities' CEO James Prisco.
GPB executives Gentile and Schneider "are guilty as charged," says federal prosecutor.
All IBDs, not just LPL, have a love/hate relationship with OSJs, industry sources said.
Meanwhile, senior execs at both firms are keeping an eye on increases of yields on cash at competitors.
The changes in yields on cash pose a big problem for future profits at large wealth management and brokerage firms.
"If the salesperson doesn't have a license, my advice is simple: hang onto your wallet," one former state regulator says.
"The big theme is that the industry is still in fourth inning of the consolidation ball game," says one executive.
"This would effectively be a reset in earnings," the analyst wrote.
"With a big name like Blackstone, it's easier for a broker-dealer or RIA to get behind that brand," says industry executive.
"No one has ever gone hungry working for Finra," said one compliance executive.
