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Broker-Dealers

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News |Company |Broker-Dealers | May 25 2017

Former SEC Executive Joins Independent Broker-Dealer as General Counsel

HD Vest Financial Services, a tax-centric independent broker-dealer, announced that David Peavler has joined the firm as general counsel and will oversee the firm’s legal matters…

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News |Company |Broker-Dealers | May 24 2017

DFPG Investments Adds Two New Advisors

DFPG Investments Inc., a dually-registered independent broker-dealer and registered investment advisor, announced that Coughlan and Coughlan Financial Solutions (CCFS), located in…

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News |Company |Broker-Dealers | May 23 2017

LPL Recruits $120 Million Team from Cambridge

LPL Financial LLC, a leading independent broker-dealer and RIA firm, announced that Pennsylvania-based firm CFG has joined LPL’s broker-dealer platform and aligned with Independent…

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News |Company |Broker-Dealers | May 18 2017

Invest Financial Recruits Three Financial Institutions with $5.5 Billion in AUM

INVEST Financial Corporation, a member of National Planning Holdings, one of the nation’s largest independent broker-dealer networks, added three new financial institutions to its…

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News |Company |Broker-Dealers | May 15 2017

Advisor Group Affiliate Lures $420 Million Advisory from NPC

FSC Securities Corporation, an independent broker-dealer and registered investment advisor affiliated with the Advisor Group network, has nabbed Financial Independence LLC – a…

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News |Company |Broker-Dealers | May 10 2017

Broker-Dealers Adopting NASAA Fee Disclosure Model

The North American Securities Administrators Association announced that nine more securities firms have agreed to provide their clients with a fee disclosure schedule based on a…

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LPL to Pay Restitution to Vermont Investors over Improper NTR Sales

The Vermont Department of Financial Regulation reached a settlement with broker-dealer LPL Financial to reimburse $460,000 to eight Vermont investors and pay the state a penalty of…

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LPL to Pay up to $8 Million to NH Investors over Unsuitable NTR Sales

In December 2015, the New Hampshire Bureau of Securities Regulation entered into a consent order with broker-dealer LPL Financial LLC related to the improper sale of non-traded…

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News |Company |Broker-Dealers | May 04 2017

Ameriprise Reports 11% Increase in Net Income and 5% Growth in Net Revenues

Ameriprise Financial Inc. (NYSE: AMP), one of the nation’s largest independent broker-dealers, reported its financial results for the first quarter 2017.  • Net income totaled…

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SEC, FINRA Announce National Compliance Outreach Program for Broker-Dealers

The Securities and Exchange Commission and the Financial Industry Regulatory Authority are holding their National Compliance Outreach Program for Broker-Dealers on July 27 and will…

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News |Company |Broker-Dealers | Apr 28 2017

LPL Earnings Down, Revenue Up in 1Q17, CEO Predicts DOL Fiduciary Will Benefit Nation’s Largest IBD

LPL Financial Holdings Inc. (NASDAQ: LPLA) announced its financial results for the first quarter of 2017. Earnings per share declined 7 percent compared to 1Q16, while revenue…

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News |Company |Broker-Dealers | Apr 25 2017

Ameriprise to Acquire Texas-Based Independent Broker-Dealer

Ameriprise Financial has signed an agreement to acquire Investment Professionals Inc., an independent broker-dealer based in San Antonio, Texas specializing in investment programs…

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News |Company |Broker-Dealers | Apr 21 2017

Cornerstone Research Finds SEC Actions Against Broker-Dealers Up 20 Percent

Cornerstone Research, an economic and financial consulting firm, released a new research report where it found an increase in SEC enforcement actions involving broker-dealers,...

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News |Company |Broker-Dealers | Mar 09 2017

LPL Names Jim Putnam as Chairman of the Board

LPL Financial LLC, a retail investment advisory firm and independent broker-dealer, named Jim Putnam as chairman of the board of directors. Putnam replaces Mark Casady, who retired…

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News |Company |Broker-Dealers | Mar 07 2017

Massachusetts Man Sentenced for BD Fraud

Nathanial Ponn, a defendant in an ongoing SEC litigation, was sentenced to 15 months imprisonment for orchestrating a three-year scheme that defrauded numerous brokerage firms. In…

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News |Company |Broker-Dealers | Mar 03 2017

Securities America to Pay Additional $1 Million to Massachusetts MedCap Investors

Securities America will pay 63 Massachusetts investors $1 million in the final chapter of a case brought against the independent broker-dealer for the sale of $697 million in…

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FINRA Fines Purshe Kaplan for Overcharging Native American Tribe

The Financial Industry Regulatory Authority has ordered broker-dealer Purshe Kaplan Sterling Investments to pay nearly $3.4 million in restitution to the Saginaw Chippewa Indian…

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FINRA Suspends Former LPL Broker for Unsuitable BDC Sales

The Financial Industry Regulatory Authority suspended a former LPL Financial broker for one year for allegedly engaging in unsuitable non-traded BDC sales and overstating the net…

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FINRA Fines Massachusetts BD $300,000 for Failing to Disclose Customer Complaints

The Financial Industry Regulatory Authority fined Massachusetts broker-dealer, Citizens Securities, $300,000 for allegedly failing to report certain disclosable events, according to…

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Financial Services Institute Pledges to Lead Effort to Replace DOL Fiduciary Rule

Financial Services Institute president Dale Brown pledged to “go on offense” to block implementation of the Department of Labor fiduciary and to advocate instead for “a uniform…

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