While Cetera Holdings is trying to make the 3,100 financial advisors at Avantax Inc. comfortable as Cetera works to close its acquisition of the tax-focused firm by the end of the year, it looks as if very few will get a New Year’s gift in the form of “transition...
Just weeks after it announced that it was acquiring Goldman Sachs Group Inc.’s registered investment advisor business, mega RIA Creative Planning is continuing to focus on deals. It said Tuesday morning it had acquired a Philadelphia-area firm, Kistler-Tiffany Advisors, that has close to $1 billion in client assets. Terms...
Massachusetts Secretary of the Commonwealth William F. Galvin fined Fidelity Brokerage Services $750,000 over the company’s alleged past practice of “rubber-stamping” clients’ applications to trade options, according to a statement from Galvin’s office. Galvin, long an unpopular figure in the retail securities industry because of his wide powers over Wall...
Morgan Stanley’s 15,000 financial advisors will have to work harder in 2024 and generate more revenue to earn the same amount of take-home pay as they did this year. Large wirehouses like Morgan Stanley rely on complex, cumbersome pay schemes known as “grids” to determine what percentage a financial...
A Los Angeles-based broker who was a big seller of GWG Holdings bonds is facing a staggering $7.85 million in investor lawsuits as GWG winds its way through bankruptcy proceedings and no one knows what the bonds are worth. The broker, Tony Barouti, is registered with Emerson Equity, the...
Cetera Financial Holdings senior management is planning a webinar Thursday afternoon with Avantax Inc.’s financial advisors to discuss questions raised by some of the 3,100 advisors in the wake of Cetera’s announcement earlier this month that it’s buying the tax-specialized broker-dealer for $1.2 billion. The advisors have plenty of questions...
Wealthspire Advisors, a registered investment advisor owned by insurance broker and retirement consultant NFP, said Tuesday that it had made its most significant acquisition since 2019 with the purchase of GM Advisory Group Inc., an RIA that manages about $3 billion of client assets and advises on another $3.3...
A group of financial advisors with $260 million in client assets and a specialty in retirement programs for schools, universities and hospitals, known as 403(b) plans, has jumped from Valic Financial Advisors Inc. to LPL Financial. The diverse practice is headquartered in Albuquerque, New Mexico, and led by financial advisor...
The Securities and Exchange Commission said Friday that it had reached a $50,000 settlement with a small firm in Oshkosh, Wisconsin, Carl M. Hennig Inc., for violating Regulation Best Interest from June 2020 to the start of this year and for falling short in its procedures and policies concerning...
Big banks can struggle when they’re trying to figure out a wealth management strategy that works for everyday retail investors. Look no further than Goldman Sachs Group Inc.’s decision to dump the retail financial advisor business, Personal Financial Management, that it bought just four years ago. Goldman is returning...