GPB raised $1.8 billion from investors starting in 2013 through sales of private partnerships, but it has not paid investors steady returns, called distributions, since 2018.
Broker-dealers sold just $362.3 million in nontraded BDCs last year, the least since 2010, which was the year after the first product was launched, according to Robert A. Stanger & Co. Inc.
Wirehouse advisers who want freedom and more control over the business they’ve built are no longer hampered by some of the historical challenges that once came with taking the leap.
The first investor arbitration claims involving the products have been decided over the past few months, but the claim against Arete Wealth Management appears to be the first substantial win for investors against a broker-dealer.
Michael Topinka, Carl Boomhower and Daniel Tyburski set up shop in Wayne, New Jersey, as Topinka Financial.
Moody's Investors Service this month gave a shot in the arm to the parents of Advisor Group and Cetera Financial Group when it raised its credit outlook from negative to stable for both. Advisor Group is home to 10,500 reps and advisers and Cetera has about 7,500 under its roof.
Brendan Biruk and Dan Rattigan form Washington Crossing Financial Group in Washington Crossing, Pennsylvania.
The loan program was aimed at buoying businesses with less than 500 employees; while National Securities surpassed that number of reps and advisers, those were not employees, but rather independent contractors.
FirstBank’s investment unit, with 17 advisers, had been affiliated with LPL Financial.
Chuck Crist, Chuck Gillingham and Ryan H. Jones are joining the firm's employee channel in St. Augustine, Florida.
2020 was the year that independent broker-dealers needed to rely on technology more than ever, with home-office staff and a large number of advisers working from home or in remote offices. What if criminals breach a broker-dealer's cyber wall?
Independent broker-dealers saw gains in recruiting coveted wirehouse advisers despite the massive disruptions caused by COVID-19. Firms are also building out registered investment advisory platforms to lure advisers.
West Texas WealthCare will use JFC Financial as its office of supervisory jurisdiction.
The second half of fiscal 2020 was tough, the firm reported in its annual proxy statement; CEO Paul Reilly's total compensation fell almost 17% from the prior year and other top executives also saw their pay decline.
John and Evan McCoy run Integrity Financial Services in Lancaster, Pennsylvania, and were previously affiliated with Securities America
Dale Kramer opens an indie shop, Kramer Wealth Strategies, in upstate New York
Foursome creates Campbell Johnson McGiboney Wealth Advisors in Franklin, Tennessee
The sanction addressed failures to maintain proper oversight of advisers, which included a Ponzi scheme, according to the regulator
The conflicts of interest ranged from 12b-1 fees to cash sweep accounts to alternative investments
COVID-19 slowed down but did not halt the flow of advisers fleeing wirehouse firms for the independent channel
