Raymond James Financial Inc. this week said that the president of its independent contractor division, Jodi Perry, has been promoted to the newly created role of national head of advisor recruiting. She officially starts her new position Jan. 1, according to a statement from the company. Shannon Reid,...
With the Securities and Exchange Commission teeing up an inquiry into another giant firm’s cash sweep business, this time that of Wells Fargo & Co., securities attorneys said there is plenty for registered investment advisors connected to broker-dealers and banks to worry about if they’re falling short on telling...
iCap Enterprises Inc., a real estate investor and manager that raised $245 million from investors by selling through independent broker-dealers, declared bankruptcy near the end of September, and now clients who bought the high-risk securities are suing those firms. Based in Bellevue, Washington, iCap was founded in 2007 by...
A Southern California registered representative and a broker-dealer executive on Monday lost an arbitration claim of a little more than $1 million in damages to an investor who bought GWG Holdings Inc. L bonds in 2018. Dozens of broker-dealers sold about $1.6 billion in GWG L bonds, so-called because...
A stockholder in Avantax Inc., which is being acquired by the giant broker-dealer network Cetera Holdings Inc., last week sued Avantax, claiming that its board of directors had approved the filing of a proxy statement that had incorrect information about the merger and potentially could harm investors. One of...
This week, Charles Schwab Corp. CEO Walt Bettinger called the process of moving registered investment advisors working with TD Ameritrade onto Schwab’s custody platform “imperfect.” A day later, Dan Arnold, CEO of LPL Financial Holdings Inc., a broker-dealer that is increasingly focused on RIA custody, said “opportunity” often results...
With the market for listed real estate investment trusts at historic lows, financial advisors may want to dust off the real estate allocation in clients’ portfolios and begin to expand that position. That’s according to Rich Hill, senior vice president and head of real estate strategy and research at...
Now that the merger of the Charles Schwab Corp. and TD Ameritrade Holding Corp. is in the rearview mirror, Schwab is throwing more technology at the thousands of registered investment advisors who use the firm to custody close to $4 trillion in client assets. Over Labor Day weekend, 3.6...
The contracts are signed, the champagne glasses have been clinked, and the deal to sell your RIA is done. Still, an owner of a registered investment advisor may have lingering doubts about selling his or her firm. But there are ways to avoid pitfalls, mishaps and selling to the...
Women appear to be making some advance in the broad financial advice industry, with an increase in the numbers of women getting the certified financial planning designation last year just one example of that. There are roughly 320,000 working brokers and financial advisors in the United States, and for years...