Combined, the new firm will have 1,270 advisers and $260 billion in assets.
Finra said the firm failed to mandate and enforce its own written supervisory procedures, resulting in the unsuitable sale of L-share variable annuities tied to long-term riders.
The personnel changes come weeks after the insurer's controversial decision to stop paying trail commissions on some annuities.
Management makes public statements about weaknesses at company's funds.
B. Riley Financial will own 49% of the shares of the broker-dealer, which has 700 independent reps and advisers
Firm is boosting adviser payout to compensate for increased office expenses and investing savings in enahcements such as new technology.
The firm remains tight-lipped about how many investors were affected.
A change in auditors can be perceived as a red flag by many investors.
Firm wants to help brokers shifting to fee-only business, and compete with custodians such as Schwab in technology and practice management.
Program hopes to give advisers a fully digital client experience on par with robos.
Broker-dealer returns to investors the nearly $900,000 it gained by placing clients in higher-cost funds.
IBD's advisers have invested $70 million of client money in PE funds over the past two years.
Douglas Simanksi told clients he would invest their money in a 'tax free' fixed-rate investment, SEC charges.
The broker-dealer lost 56 brokers and advisers in the third quarter, and not all of them low-producers the firm wants to shed.
Seattle First Asset Management seeks the leverage of the nation's largest independent broker-dealer
The process, which took two years, involved serious planning and a lot of hard work.
Additional brokers an improvement of both prior and year-ago quarters when the firm lost people.
Overall, broker and adviser movement slowed during the quarter, with 101 teams shifting firms compared to 124 at this time last year.
Departure by Retirement Benefits Group comes on the heels of IFP's decision to start up its own broker-dealer.
Former CEOs of eMoney Advisors and Lincoln Financial Network among those replaced with those having ties to the new private equity owner.
