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Investment Advisor
July 2006
Kathleen M. McBride |
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded.   |
Registered Rep.
June 7, 2010
Halah Touryalai |
LPL To Go Public. At What Valuation? It's the moment LPL Financial (and much of the broker/dealer world) has been anticipating for at least the last five years. The independent channel's largest b/d filed forms S-1 with the SEC on Friday, signifying its intent to float shares to the public. |
Registered Rep.
July 1, 2006
Halah Touryalai |
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. |
Registered Rep.
May 1, 2006
Halah Touryalai |
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. |
Registered Rep.
August 8, 2006
Halah Touryalai |
A.G. Edwards' Challenge to OT Pay Fails Are registered reps hourly employees and, therefore, entitled to overtime? The overtime-pay case keeps getting stronger. A California court announced that it would not dismiss an overtime-pay case brought against A.G. Edwards. |
Registered Rep.
December 12, 2006
Halah Touryalai |
Smith Barney Pay Package: Perks Balance Cuts? This week, Smith Barney will become the first firm to make a change to its payout grid as a result of the securities industry's recent battle over broker overtime pay and so-called chargebacks. |
Registered Rep.
March 3, 2006
Halah Tourylai |
Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks. |
Registered Rep.
September 14, 2005
Kristen French |
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. |
Registered Rep.
July 14, 2010
Halah Touryalai |
LPL Acquires Retirement Broker/Dealer LPL continues its growth streak with the acquisition of assets from National Retirement Partners, a California based broker/dealer. |
Investment Advisor
April 2007
James J. Green |
Watch LPL Grow The largest independent broker/dealer acquires three Pacific Life Insurance Co. broker/dealers. |
Registered Rep.
October 23, 2007
David A. Geracioti |
If Allegations Prove True, File This Under: Stupid Broker The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: stealing his clients money. |
Registered Rep.
March 1, 2006
John Churchill |
Everybody Wants Their Overtime UBS said it has agreed to pay $89 million to settle class-action wage and hours claims of reps filed this past summer in several federal courts. |
Registered Rep.
March 1, 2010
Halah Touryalai |
Bonus Repayment Suit Turns Into Battle Over Forced Arbitration A court case over the repayment of upfront loans to brokers is turning into a legal battle over forced FINRA arbitration. |
Registered Rep.
September 1, 2005
Kristen French |
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. |
Registered Rep.
February 9, 2006
John Churchill |
Pro Or Hourly Wage Earner? UBS Pays $89 Million to Settle Overtime Suits The settlement resolves claims that UBS incorrectly classified financial advisors and financial advisor trainees as exempt from overtime pay under federal and U.S. state laws. |
Registered Rep.
August 1, 2006
Halah Touryalai |
Blotter Wachovia Self-Dealing Suit... Merrill Fined for Firing Rep... LPL: On the Prowl?... |
Registered Rep.
February 21, 2007
John Churchill |
Smith Barney Comp Pleasant Surprise Judging from initial reports from reps, the written version of the new plan is an improvement from the prior version -- a plan many reps equated to a pay cut despite the firm's insistence that it was "revenue neutral." |
Registered Rep.
June 1, 2006
Halah Touryalai |
Overtime Settlements Stacking Up Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months. |
Registered Rep.
May 22, 2006
Halah Touryalai |
Brokers Ring Up Another Big Overtime-Pay Settlement Citigroup has agreed to pay a up to $98 million, a record-breaking figure, to past and present advisors to settle their overtime-pay claims. |
Registered Rep.
November 29, 2006
Halah Touryalai |
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. |
Registered Rep.
September 13, 2007
Halah Touryalai |
Overtime Finally Pays Off Smith Barney brokers may be the first to cash in on overtime lawsuits that have been all the rage over the last two years. |
Registered Rep.
April 27, 2010
Halah Touryalai |
Judge Says Citi Brokers Must Repay Bonuses; Appeal Comes Next Former Citigroup brokers, who wanted courts to dismiss debts the firm said they owed on loans awarded when they were hired, were turned down by a district court judge. But they are planning to appeal that decision. |
On Wall Street
July 1, 2010
Lauren Barack |
Beating Back The Independents So a mere eighteen months after the sky fell, is it really possible that life at the wirehouses isn't so bad? |
Registered Rep.
July 14, 2008
Halah Touryalai |
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008. |
Registered Rep.
December 1, 2006
Halah Touryalai |
Department of Labor to Brokers: No Overtime Pay for You Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.) |
Registered Rep.
January 1, 2006
John Churchill |
More, More, More Faced with growing competition from other advice providers and fewer inherent advantages in the way of products and platform capabilities, wirehouse brokers will feel pressure to do more fee-based business and to make wealthier clients a bigger part of their practice. |
Registered Rep.
February 7, 2011
Jerry Gleeson |
LPL Financial Posts Growth in Assets, Advisors LPL Investment Holdings reported higher revenue and adjusted profit numbers for the fourth quarter, as the acquisition of an advisor network in 2010 boosted assets and advisors at the firm. |
Registered Rep.
February 22, 2006
Halah Touryalai |
Brokers Headed for Sweep in Overtime Pay Cases? Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more. |
Registered Rep.
February 18, 2009
Halah Touryalai |
LPL's New RIA Offering Lookin' Healthy; But Still A Pipsqueak Compared To Rivals There are some folks in the industry actually doing relatively well these days. Seriously. LPL Financial said today its new-ish RIA platform now has over $1 billion in new assets. |
Financial Advisor
April 2009
Sherri Scordo |
LPL Seeing Explosive Recruiting Growth The turbulence sweeping the financial services industry, coupled with the continued deterioration of some of the nation's largest securities firms, is triggering explosive recruiting growth at LPL Financial, the nation's largest independent brokerage firm. |
Investment Advisor
March 2010
James J. Green |
RIA Growth at LPL The biggest independent broker/dealer is growing rapidly in another way: as a custodian for advisors that use LPL Financial as the custodian for their RIA activities. |
Registered Rep.
January 25, 2010
Halah Touryalai |
LPL's New RIA Platform Rakes in Assets Since launching the platform in October 2008 through the end of 2009, the firm gathered $7.3 billion in assets. |
Registered Rep.
March 8, 2007
Halah Touryalai |
LPL's Got `Bank.' What's Next? An IPO? LPL's acquisition last week of three Pacific Life Insurance Company b/ds was just one more step in its quest for a successful sale of the company -- or an initial public offering. |
Investment Advisor
May 2006
Kathleen M. McBride |
B/D Briefing: Pick Three In a recent reader survey, when asked where reps would go if they were to consider moving to another B/D, three firms were consistently mentioned: Commonwealth Financial Network, LPL Financial Services and Raymond James Financial Services. Here's why. |
Investment Advisor
July 2010
James J. Green |
LPL Financial's IPO: The Competitive Equation How the broker/dealer universe will change with LPL's plans |
Investment Advisor
January 2006
Kathleen M. McBride |
Balancing Act The broker/dealer model is changing, spurred by business and regulatory pressures, and reps may stop talking to their clients. |
Financial Advisor
June 2009
Jeff Schlegel |
Money In Motion The economic crisis has wreaked havoc on wirehouses, and more advisors are looking for new opportunities. |
Financial Advisor
November 2008
Gail Liberman |
War Breaks Out For Wirehouse Brokers The economic crisis on Wall Street, among many other things, is causing wirehouse brokers to reconsider the value proposition offered by the giant financial service firms. |
Registered Rep.
August 10, 2011
Diana Britton |
LPL Conference Opens with New Initiatives, Support for Advisors LPL Financial kicked off its annual conference in Chicago on Monday by ringing the opening bell of the NASDAQ stock exchange and announcing some new initiatives aimed at supporting advisors. |
Financial Planning
December 1, 2005
Bob Hirschfeld |
Behind LPL's Big Deal Does the largest broker-dealer's sale to investors mean that acquisitions or an IPO are in the offing? |
Registered Rep.
November 18, 2005
Kristen French |
Smith Barney Cuts Pay for Smaller Brokers The new pay scale was announced to brokers internally in October and will take effect in January. |
Registered Rep.
January 1, 2007
Kristen French |
More or Less? Smith Barney overhauled its pay package -- just in time for the new year. Some of the changes it made were pretty radical -- especially for an industry in which any pay change, no matter how minor, is often a source of uproar. |
Registered Rep.
June 1, 2005
John Churchill |
Wall Street's Big Curtain Call How baby boomer brokers move into retirement over the next 10 to 15 years will change the face of the industry in many ways. |
Registered Rep.
August 29, 2012
Jerry Gleeson |
Devil Take the Hindmost The headlines in the media note that advisor headcount was down 2.3 percent overall in 2011. But it was the independent broker/dealer market that accounted for the biggest hit in the numbers. |
Registered Rep.
November 18, 2010
Jerry Gleeson |
LPL IPO Clicks with Investors CNBC star Jim Cramer may not have liked the valuation of the LPL Investment Holdings IPO, but investors sure did. |
Registered Rep.
August 10, 2004
David A. Gaffen |
Fleeing Brokers Can Take Some Client Info Three of the nation's largest brokerage firms have agreed to make it easier for registered reps to take clients with them when they change firms, eliminating a lot of the cloak-and-dagger antics that brokers often suffer when making a move. |
Registered Rep.
October 1, 2004
Will Leitch |
The Rep's Ugly Friend As the industry continues its inexorable march toward "wealth management," advisors have had to add new tools to their workbenches. Among all of them, reps seem to have the most trouble getting comfortable with life insurance. |
Financial Planning
November 1, 2009
Paul Menchaca |
LPL: "We've Arrived" Twenty years after the San Diego-based company was formed through the merger of Linsco and Private Ledger, LPL appears to have lapped its rivals, leaving nothing in its rearview mirror. |
Registered Rep.
March 31, 2015
Diana Britton |
The Rare Prop Product In REP.'s fifth annual Independent Broker/Dealer Report Card, only 19 percent of 2,058 advisors surveyed said they sell in-house or proprietary products. |
Registered Rep.
December 1, 2004
David A. Gaffen |
Meet the New Boss, Different From the Old Boss November's news that Bob Mulholland was leaving Merrill Lynch wasn't entirely a surprise. He had been co-head of the 14,000-strong retail brokerage unit, but Merrill insiders figured all along that only one boss would prevail. |
