Independent BDs

Mutual Securities has added five new affiliated practices this year to grow to 26 teams with more than $1.5 billion in AUM on its corporate RIA.

Retired former CEO Mike Sherzan ran unsuccessfully for Congress in 2016, and he became chairman of the board prior to the deal.

The founding partners spent a combined 54 years with the No. 6 IBD before launching the fee-only firm.

The former MetLife advisors had affiliated with three different IBDs over four years amid the increasing consolidation in the space.

Soon after shuffling C-suite, the independent broker-dealer brings on nine advisors while it continues hunt for a new CFO.

Merrill Lynch’s head count isn’t suffering, but some regional BDs have grown by thousands in the past five years.

The Advisor Group IBD acquired Capital One’s in-branch brokerage unit last month, but it hasn’t stepped away from traditional recruiting either.

The ongoing shift away from commissionable products is driving major changes in the space.

The IBD network is following its rivals in launching a centralized program on succession planning and acquisitions.

Five fired and barred former registered reps stole more than $1 million from clients over a four-year period, according to the regulator.