Former brokerage executive Sallie Krawcheck downplayed the rise of wirehouse breakaways, telling a conference of advisers that wirehouses have more important things to worry about.
Most brokers will likely see a rise of a couple of percentage points in how much of their pay is deferred. The impact will vary depending on how much the broker is bringing in and the length of service.
Agency alleged that he misrepresented the value of a private-equity fund of funds.
In a strange combo, the 'Shark Tank' entrepreneur joined former chairman Christopher Cox in criticizing the agency for the way it handles enforcement actions.
Finra said the firm overbilled more than 20,000 fee-based accounts in its RIA unit by $2.4 million over seven years and ordered it to pay a $350,000 fine.
Decision by advisers, including an executive director of the ultrahigh-net-worth group, to leave the firm and join Presidio comes amid management changes.
Steven Lockshin, the firm's founder, is stepping down from his role as chairman and will be replaced by Richard Gershen, the executive vice president of wealth management at City National, Convergent's parent company.
Former Convergent CEO David Zier took out a life insurance policy that later reimbursed investors in his outside fund, sources say.
Two companies in Nicholas Schorsch's REIT empire have settled their dispute as RCS Capital Corp. agrees to pay American Realty Capital Properties to back out of its deal to buy Cole Capital.
Wirehouse settles class action claim the firm wrongly withheld incentive compensation from two former advisers who changed firms.
