Jacob Cooper, founder of San Diego-based RIA Total Wealth Management, built his business to over $100 million in assets and more than 600 clients. Last week, a court-appointed receiver in a case brought by the SEC determined that more than $44 million of those assets are likely lost.
Fine related to two actions from the SEC and Finra over sales of closed-end bond funds and a former broker's fraud.
The regulator's Board of Governors authorized amendments to the code of arbitration and also approved a separate item to protect senior investors.
In a surprise move, the president of Morgan Stanley's wealth management and investment management divisions now will oversee only wealth management.
Executives at the hybrid advisory run by Elliot Weissbluth made a presentation last week on a potential IPO, according to sources.
New platform will let the firm offer affiliation options like those at larger broker-dealers such as LPL and Raymond James.
Proposal would clarify brokers' and advisers' responsibilities in cases of suspected elder abuse
Competition from custodians and good market performance are keeping more brokers at their firms
Claim is tied to so-called “Whopper” broker Jose Gabriel Ramirez Jr., who faces raft of claims related to closed-end funds.
As headcount <a href="http://www.investmentnews.com/article/20150517/REG/150519983/attrition-and-breakaways-have-shrunk-head-counts-at-wirehouses" target="_blank">continues to decline</a> and competition for assets of veteran advisers grows, wirehouses are more comfortable extending bonuses and employment offers to what was once considered an off-limits group: advisers who had left the firm to join a competitor.
