Broker Dealers

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Architect of Osaic's million dollar rebrand jumps back to LPL
NEWS BROKER DEALERS AUG 08, 2024
Architect of Osaic's million dollar rebrand jumps back to LPL

It's not clear why Jen Roche left Osaic.

Osaic hybrid adds Fidelity's National Financial as custodian
NEWS BROKER DEALERS AUG 07, 2024
Osaic hybrid adds Fidelity's National Financial as custodian

The activity at Osaic comes as the wealth management market waits to see if an IPO is in the firm's future.

SEC looks at Morgan Stanley's cash in advisory accounts
NEWS BROKER DEALERS AUG 06, 2024
SEC looks at Morgan Stanley's cash in advisory accounts

Meanwhile, Wells Fargo is attempting to close the books on the SEC's investigation.

GPB's 8% yield as real as the Easter Bunny
NEWS ALTERNATIVES AUG 05, 2024
GPB's 8% yield as real as the Easter Bunny

GPB clients needed "that 8% to live and buy medicine," says one industry executive.

LPL bags $180M advisor team from Cetera
NEWS BROKER DEALERS AUG 05, 2024
LPL bags $180M advisor team from Cetera

The broker-dealer giant’s latest addition in Connecticut, which includes two brothers, is aligning with one of its existing firms.

Wells Fargo sued twice over cash sweep rates, LPL sued again
NEWS BROKER DEALERS AUG 01, 2024
Wells Fargo sued twice over cash sweep rates, LPL sued again

Impact of litigation will affect some business models going forward, source says.

Raymond James swipes $245M advisor from LPL
NEWS BROKER DEALERS AUG 01, 2024
Raymond James swipes $245M advisor from LPL

The independent broker-dealer has bolstered its employee advisor unit with the latest addition in New York.

GPB execs guilty on all fraud counts
NEWS BROKER DEALERS AUG 01, 2024
GPB execs guilty on all fraud counts

Jury finds Gentile and Schneider guilty on a total of eight counts after seven-week trial.

SEC claims B-D, advisor violated Reg BI in GWG bond sales
NEWS ALTERNATIVES JUL 30, 2024
SEC claims B-D, advisor violated Reg BI in GWG bond sales

"This was not a systemic issue for us," says LifeMark Securities' CEO James Prisco.

GPB "not a Ponzi!" defense attorney claims
NEWS ALTERNATIVES JUL 30, 2024
GPB "not a Ponzi!" defense attorney claims

GPB executives Gentile and Schneider "are guilty as charged," says federal prosecutor.

Finra fines broker-dealer $475k over churning supervision failures
NEWS BROKER DEALERS JUL 29, 2024
Finra fines broker-dealer $475k over churning supervision failures

Firm dinged for flaccid response to red flags across 100 accounts, with nine accounts incurring more than $2.5M in excessive trading costs.

LPL extends NY footprint with ex-minor league baseball pro from Osaic
NEWS BROKER DEALERS JUL 29, 2024
LPL extends NY footprint with ex-minor league baseball pro from Osaic

The broker-dealer giant’s latest addition brings 31 years of industry experience and reportedly managed $250M in assets.

LPL dumping two branch offices with $20 billion in assets
NEWS BROKER DEALERS JUL 26, 2024
LPL dumping two branch offices with $20 billion in assets

All IBDs, not just LPL, have a love/hate relationship with OSJs, industry sources said.

Ameriprise, Raymond James report new highs in wealth management
NEWS BROKER DEALERS JUL 25, 2024
Ameriprise, Raymond James report new highs in wealth management

Meanwhile, senior execs at both firms are keeping an eye on increases of yields on cash at competitors.

Morgan Stanley will increase some cash yields to 2%
NEWS BROKER DEALERS JUL 24, 2024
Morgan Stanley will increase some cash yields to 2%

The changes in yields on cash pose a big problem for future profits at large wealth management and brokerage firms.

Goldman installs JPMorgan’s Bryon Lake to boost public franchise
NEWS BROKER DEALERS JUL 22, 2024
Goldman installs JPMorgan’s Bryon Lake to boost public franchise

Star hire expected to significantly enhance ETF and SMA offerings.

Higher rates on cash could cost LPL $380 million: analyst
NEWS BROKER DEALERS JUL 19, 2024
Higher rates on cash could cost LPL $380 million: analyst

"This would effectively be a reset in earnings," the analyst wrote.

Blackstone prepping new funds for retail market
NEWS ALTERNATIVES JUL 18, 2024
Blackstone prepping new funds for retail market

"With a big name like Blackstone, it's easier for a broker-dealer or RIA to get behind that brand," says industry executive.

Raymond James welcomes Vanguard veteran in planned ETF platform launch
NEWS BROKER DEALERS JUL 18, 2024
Raymond James welcomes Vanguard veteran in planned ETF platform launch

The broker-dealer giant has unveiled plans to launch an ETF product platform next year, led by a former NYSE leader.

Finra employees saw a 4.7% comp bump in 2023
NEWS BROKER DEALERS JUL 17, 2024
Finra employees saw a 4.7% comp bump in 2023

"No one has ever gone hungry working for Finra," said one compliance executive.