Labor Day weekend this year marked more than the unofficial end of the summer. It also marked the end of TD Ameritrade’s custodial platform for independent financial advisors. Over the weekend, 3.6 million accounts and $1.3 trillion in assets held across 7,000 registered investment advisors finally moved from TD to...
The Financial Industry Regulatory Authority Inc. has censured and fined a New Jersey-based broker-dealer and its chief compliance officer for allegedly violating the compliance and care obligations of Regulation Best Interest. From January 2016 to March 2022, Network 1 Financial Securities, a firm with 14 branch offices and approximately 100...
In the ongoing fight between three giant networks of financial advisors, LPL Financial has landed a blow against Cetera Financial Group. Legacy Wealth Advisors, a Town and Country, Missouri-based firm that managed $280 million in advisory, brokerage and retirement plan assets, has left Cetera to join LPL’s broker-dealer, RIA and...
The warm months of 2023 haven’t been a vacation for Charles Schwab Corp. Investor scrutiny of Schwab began in March after the collapse of several midsize banks. In July, Schwab reported a data breach had occurred in May that may have impacted up 61,000 TD Ameritrade customers and could bring...
A class-action lawsuit filed in Nebraska federal court accuses TD Ameritrade and parent company Charles Schwab of neglecting their responsibilities to protect customer data. In July, hackers exploited a vulnerability in MOVEit, a file-transfer system, to access sensitive information — including Social Security numbers, financial account information, dates of birth...
Pontera is continuing its growth with yet another partnership with a large wealth management firm. The fintech company, which lets financial advisors manage assets in held-away retirement accounts, announced a deal Wednesday with Summit Financial Holdings, a firm for breakaway advisors with $9 billion in assets under advisement. Advisors affiliated...
David Canter is stepping aside as president of Bluespring Wealth Partners just one year after joining the firm. Canter will remain with Bluespring as a senior strategic advisor and will assist in the search for a new president, the company announced Wednesday. Stuart Silverman, who helped found the business...
Through successful fundraising, acquisitions and a marketing campaign to lure financial advisors put off by the pending Charles Schwab-TD Ameritrade mega-merger, Altruist has established itself as a significant player on the asset custody market with ambitions to grow even larger. But it may have to do so under a new...
The ongoing bitcoin bear market has been difficult for cryptocurrency entrepreneurs like Tyrone Ross, but it hasn’t been enough to slow him down. Bitcoin is down more than 60% since it reached a high point in November 2021, and the broader cryptocurrency market has been plagued by bankruptcies, scandals, criminal...
Jeff Rosenberger is about as close to a “lifer” as one can get in the relatively new financial technology industry. Growing up just north of San Francisco in Marin County, Rosenberger was exposed to financial products at an early age by his father, a executive with FICO, and mother, a...